How Do I Let It Go (to a Property Manager)

[Julie Marquez]

My family has managed our own properties for over 35 years, so we have a little bit of experience and knowledge. We aren't perfect, but the forms have been tailored to all our specific issues over the years. I've been talking to professional property management companies over the past couple of years and I am kind of interested in getting some help. I was thinking that I could start with (1) of our (4) fourplex buildings (they are all next to each other, but different addresses).

We have some pretty specific things that we have found work well for us, can I ask that the PM have the same terms (even if it is different than their norm)? Like month to month (instead of year leases), rent late the second day (instead of the 5th), and a limit to the number of vehicles and working on vehicles and storing vehicles. Can one building have completely different terms and rules while a building with the same owner, but managed by myself, has completely different policies? I don't want to get into the issue of discrimination - so is that based on the manager or the owner?

Anyway, I am really reluctant to give up control but am willing to try it with one building. Even though we might be working right next door and see our old tenants, but not be in the place to accept their rent or help them. I'm interested to see if having a property manager is really helpful for us, or just a burden to have to manage. I understand both sides of the PM/owner coin, I guess I won't really know how it plays out in my life until I try it.