You've just bought a great property that is loaded with potential. But you don't feel up to the day-to-day management of your new investment--you'd rather be out searching for the next one. What are your options? One of the biggest decisions you will make as a landlord is whether or not to hire a property management company. Many landlords manage their properties on their own just fine, but some need more help or would rather someone else do it. In the latter case, a professional management company might make the most sense.

Property management services save you valuable time and energy. Even if you have just a small apartment building (abut 60 units or less), hiring a company to take care of the details is a great idea because it means you'll have more time to find the your next great investment. You don't have to deal with rent collection and maintenance. Without a company to help you, you are required to deal with tenants, run credit checks, collect rent, and be "on call" 24/7 in case something goes wrong. And if you live nowhere near your property, successfully performing these daily managerial duties becomes even more of a hassle.

Hiring a professional company eliminates these daily worries for you. The manager provided by the company will maintain the landscaping, screen tenants, collect rent, complete property inspections, and even handle the accounting. Managing a rental property requires much more building maintenance and upkeep than a residential one. The fee that most property managers charge is nominal (10 percent), but So you've decided to lease your home but don't have time to do it yourself. What to do?

Consider hiring a Property Manager to take care of your property? Most single-family homeowners have no idea how to even start the process. Your home is probably your most precious asset and you don't want to hand-over its care to just anyone. Do not take this search lightly and really do your homework.

First you need to find prospective property management companies in your area. Here are a couple of ways to find them.

Search Engines: Type in "Property Management" for your search and maybe even add in the city where your property is located (ex. Nashville or Franklin). This will give you a list of potential companies. Call them and ask to speak with the lead property manager.

All Property Management: This site pre-screens featured companies and allows you to pick the zip code and property type (ex. home valued at $300,000 or less). The company will then receive your information and contact you.

Once you've contacted prospective property managers you will need to quickly weed out which ones will and will not be viable candidates to take care or your home. Here are some things to look out for and questions to ask:

Timeliness: Did the company call you back in a timely manner? Our company policy is to contact anyone within one business day. How long did it take this property manager to get back to you? If it took a week, you may be getting a glimpse of their future responsiveness.

Track Record: Find out how many properties the company currently manages. If you want more hands-on treatment you may want to go with a smaller company. Ask for references. If you have a commercial property make sure you find a firm that specializes in commercial property management.

Marketing: What marketing outlets does the property manager have? Do they just list on Craigslist or do they have a long list of sites? How often are their listings updated online?

Fees: Fees vary depending on the company and the property type. Make sure you find out all the fees involved with leasing and/or managing your property. Some fees to ask about include: setup fees, leasing fees, vacancy fees, showing fees, management fees, and more.

Licensing: Find out whether the company is a licensed real estate entity. Laws and regulations vary by state. Yours may require that any long-term management company must be a licensed real estate firm.

Personality: Make sure you meet the staff that will be having direct oversight of your property. Do you get along with them? Did you get a good or bad vibe?

There are a lot more questions you'll want to ask your management prospects. Sit down and write them out. When at all possible get your questions answered via email so that you have a written record that you can easily access.

Sometimes your search will be easy and other times you will have to interview four or five property managers to find the right one. Don't be afraid to shop around. Your most valuable asset deserves the best.considering all the work that they do, it could well be worth it.

Carlos Cooper is President and founder of Oxford Property Management and Oxford Vacation Rentals. He can be reached at ccooper@theoxford-company.com. His companies' websites are http://www.oxford-tn.com and http://www.oxford-fl.com