1. Your personality doesn't fit the role of a landlord.
Being a landlord sometimes requires less-than comfortable interactions with tenants. If you either can't bear with the idea of confrontation, this isn't the role for you. At the same time, understanding and compassion is a key trait. If you lose your temper easily or tend to act out of emotion, hire someone else.
2. You are relocating or live outside of a reasonable distance from the property.
Many states have written law about who can manage a home when the owner lives out of state.
3. You are inexperienced.
One bad tenant can turn your profitable venture into a money pit. You will benefit from an established procedure that a property manager uses. Appropriate market analysis, tenant screening, statement accounting will ensure that your property is well-managed. In most states, a property manager must be a licensed real estate agent, which means they understand the laws and duties that are required. At this time Idaho requires no license so it is important to hire someone that adheres to a code of ethics from an organization like NARPM.
4. The property cash-flow more than pays for the service.
There is no industry standard for fees because each company structure is different but it is usually a percentage of collected rent and possibly a placement fee called a lease up fee when a new tenant is signed into the property. While this will diminish your overall return, it ensures that you're property will be well-managed. This value should not be underestimated. The lowest priced company is not always your best option.
5. Your time is more valuable spent elsewhere.
While much of the time will consist of quite enjoyment on behalf of the tenant, maintenance and repairs will occasionally be necessary. Whether it's unit preparation between tenants or a plumbing issue, the Property manager will supervise all work done by preferred vendors. In the event that a tenant turns out to be a deadbeat, they handle the eviction process and legal proceedings for all damages. These things take time, and when you're already responsible for a full-time job and family, it's easy to see why having someone else on your side makes perfect sense.