There comes a time in every real estate investor’s life when he has to decide whether to operate his rental business by himself or turn the day-to-day workings over to a professional property manager.

If you decide you need help, the next question is: How do you choose a property manager? Yes, they can be expensive. The going rate is 10-15 percent of the monthly rent, with the fee in some vacation home markets running as high as 40 percent. But the right one can be worth his or her weight in gold.

Managers come in all shapes and sizes, from single individuals -- usually real estate agents -- who specialize in rentals to big companies to property management chains a la McDonalds and Subway. The services they provide will depend on your specific needs.

Typically, though, they deal directly with tenants so you don’t have to. Remember, a passive investment isn’t passive if you have to work at it. So a good property manager will separate the operation side from the investment side, says Gary Beasley of Roofstock, an online marketplace where buyers and sellers trade in single-family rental properties.

A good property manager will help you determine how much rent to charge, take applications from would-be renters, run credit reports on them, check their references, speak with their current and former landlords, and make sure they work where they say they do and make what they say they make. Some even use screening companies to make sure possible tenants are on the up-and-up and have not been evicted from other properties.

Among other things, Reiss Properties in Las Vegas uses a detailed lease written for the company by a real estate lawyer, collects a security deposit and the first month’s rent in full before allowing anyone to move in, and it requires tenants to have renters insurance to protect their personal property.

It also uses a 12-page walkthrough report, completed before a tenant moves in and after he or she moves out, takes hundreds of digital pictures to document damage, and makes regular visits to the property. It even makes clients’ mortgage payments if they desire.

To find a property manager that’s right for you, start by contacting your local association of apartment owners for a list of manager-members. Look for affiliates of the Institute of Real Estate Management and the National Association of Residential Property Managers, or ask for referrals from friends and associates who also own rental properties.

Performing this kind of due diligence is key, advises Doug Brien, co-founder of MYND Property Management, which oversees 3,500 units on the West Coast. It’s “just as important” as doing your homework when selecting properties themselves, he says.

Of course, you’ll want to make sure the managers you are considering are bonded and licensed. Just because someone is a licensed real estate agent doesn’t necessarily mean that he or she can act as a property manager. In many jurisdictions, a separate license is required.

Once you settle on two or three potential managers, check their references. Speak with several clients to get a feel for how the candidates operate. You’ll specifically want to know about whatever shortcomings the managers have, such as charging you their monthly fee whether the tenant pays his rent or not. After all, if they can’t collect, why should you have to pay?

Brien of MYND says to be leery of online reviews, which he warns are “highly subjective and polarizing,” and therefore should be taken with a grain of salt. For one thing, some tenants post complaints as a tool to negotiate a better deal with their landlords, he explains. For another, some sites may not display reviews posted by people who are not otherwise active on their sites.

Another aspect of the manager’s job that you’ll want to consider is how he or she reports to you. For example, do they have an online portal you can access to look at bills, rent payments and so on? In addition, your tenant should be able to report maintenance issues and pay their rent electronically.

At the minimum, according to Roofstock, you should be given photos of any damage and written estimates for repairs. Once you give the OK and the repairs are made, you should receive an itemized statement of the costs.

How your rent is collected will determine how quickly your share is forwarded to you. If it is done electronically, it can be deposited directly into your bank account almost as soon as the manager receives it. But if it is all done by check and by mail, it could be weeks before you get your money.

Read the manager’s contract with a specific eye toward how you can cancel the manager’s services if you don’t like how he is performing. Some allow you to opt out with a 30-day notice, but others require you to remain a client for up to 90 days after you give notice you want to dissolve the relationship.

Other contract provisions to study include whether you will have to pay extra for such things as legal representation, evictions and the like, how late fees are charged and who gets them (you or the manager), and how your place will be marketed to new tenants when the old ones leave.

Home inspections are often a major bone of contention between buyers and sellers. Buyers tend to demand that sellers fix every little thing that their examiners find wrong with the house, and sellers sometimes hold firm that they won’t mend items that they believe amount to nothing less than nitpicking.

Worse, though, buyers tend to ascribe the cost to repair everything the inspector discovers at two or even three times what it really might set them back. So they prune their offers by that amount. That leaves sellers stuck having to decide whether to accept a lowball offer or bite the bullet. Let more hard bargaining ensue.

It’s doubtful that this scenario will ever end, no matter how hard the buyer’s agent pleads with her client not to sweat the small stuff -- and no matter how hard the listing agent begs the seller to consider the big picture. But now there are several ways both sides can obtain accurate repair estimates quickly.

If you are familiar with inspection reports, you know they can be lengthy and detailed -- and therefore difficult to decipher. They also offer little, if any, insight into what it might cost to repair what the inspector says needs to be fixed.

Before going any further, it is important to realize that bargaining over every little thing an inspector discovers could be counterproductive. If a buyer dickers too hard, the seller is likely to tell him to take a hike. Existing homes often come with defects, many of which are cosmetic in nature that won’t impact the home’s livability. Even new production houses aren’t perfect, and buyers can take their time making cosmetic fixes after they move in.

For the big-ticket stuff, like an HVAC system that’s on its last legs or an unknown roof leak, new online services like RepairPricer and PunchList can be invaluable.

Based on studies of real-life inspection reports, RepairPricer (repairpricer.com) claims a 98 percent degree of accuracy when it comes to true repair costs. But it does not guarantee its pricing because “there are too many variables and potential underlying issues” of which it may not be aware.

Punchlist (punchlistusa.com) not only provides an estimate of repairs called for by a home inspector but also does the work. The company furnishes its clients with what it says is a quick, but accurate, detailed pricing estimate using a proprietary program that analyzes the inspector’s report.

An estimate is not the same as a price quote, though. Estimates are not contracts and are subject to change based upon actual conditions. A quote, on the other hand, is a contractual offer not to exceed the stated prices. And PunchList, which has a $500 minimum, says it has to see the job in person to be able to firm up the cost enough to produce a quote. Its rates are based on the job, not by the hour, which is how most home repair services work.

At the same time, HouseMaster (housemaster.com) customers can click on the “Estimate Repair Cost” tab on the company’s website, enter the property information and begin generating quotes on items that need to be fixed. The report will build an estimate using data that has been researched and validated by a third-party vendor used by most major insurance companies to build their estimates. One repair estimate comes with every inspection.

Meanwhile, HomeZada (homezada.com), a digital program that helps owners manage maintenance schedules, home improvement projects and even finances, now has an app that allows you to make a digital list of everything you have in your house. All insurance companies recommend creating an inventory of your belongings. That way, if you experience a flood, fire or theft, you won’t have to rely on your memory to determine what was lost.

The technology detects both personal property pieces such as furniture, electronics and collectibles as well as fixed asset items like appliances, fixtures and even building materials. Itemizing both is important because homeowners insurance policies have two different amounts of coverage: one for personal property, and the other for the dwelling itself.

The names Samantha Keithley, Orlando Martinez and Steven Wilson probably don’t mean anything to you. But they are the names of three real estate agents killed in the line of duty in just the last six months of 2018, Keithley in Land O’Lakes, Florida, Martinez in Philadelphia and Wilson in Hanover, Maryland. A fourth agent, David Stokoe of Salt Lake City, was killed in January by his tenant while serving an eviction notice.

The possibility of being shot, stabbed or bludgeoned to death is hardly the only issue agents face when they show houses to total strangers at all hours of the day and night.

According to the National Association of Realtors’ Member Safety Report, a third of all agents experienced some sort of situation that made them fear for their personal safety in 2017. It happened everywhere, not just in the big cities. And while women felt threatened the most, so did men.

That’s why NAR and many member firms have made safety a top concern. Every September is Realtor Safety Month. But there is no Seller Safety Month, and agents rarely pass along safety tips to their clients. So sellers go forth, often totally oblivious to the dangers that may lurk.

Here are some precautions every seller should take to protect themselves and their property:

-- First and foremost, trust your instincts. Your intuition is your most powerful crime-fighting weapon. If something or someone makes you uncomfortable, be extra alert and extremely careful.

-- If someone shows up to see your house unannounced, have them call your agent to schedule an appointment. That’s why you have one. No exceptions!

-- If you fail to heed that warning, at the very least you should never, ever let a stranger into your home when you are alone. There is safety in numbers. If the visitor is insistent, ask a neighbor to come over while you show the visitor around. If no one is available to keep you company, tell the visitor to come back later, or call your agent. It’s better to lose a sale than your life.

-- Identify unknown agents. It’s too easy for someone to print up fake business cards, so call the agent’s office to make sure the agent is who he says he is. Never let another agent directly into your house. Instead, make them open the lockbox your agent placed on your door to gain access. Non-agents won’t be able to.

-- Don’t make an appointment with potential buyers unless they give you their names and phone numbers and you have called them back to verify the information.

-- Beware of callers who knock on your door at strange hours, either late at night or early in the morning. Again, no matter who they say they are, ask them to make an appointment at a more reasonable time.

-- In advance of an open house, remove your valuables, including jewelry, artwork and electronic equipment. Also, guns and other weapons should be locked up and separated from the keys and ammunition. And never leave money, mail, bank statements, credit cards or your keys lying around. Keep them on your person, not in a drawer. Lock up your prescription drugs, too.

-- Pay attention to the way prospects view your house. Professional burglars often linger in rooms, looking for items they can dispose of quickly. They also search for ways to get in and get out, scouting possible escape routes and checking for security devices. Couples up to no good often split up so one can case the joint while the other keeps you occupied.

-- Be mindful of someone who is asking unusual questions that have nothing to do with the house.

These queries could be an attempt to determine how long you’ll be alone, or when the house will be empty. Never let potential buyers know your schedule.

-- If a prospect asks you to show him around, let your visitor enter the room first. Don’t turn your back on them or lead them around. In other words, direct them as opposed to letting them follow you.

-- Don’t allow yourself to be trapped in a corner or behind a desk or other piece of furniture. And never go into a walk-in closet, laundry room, basement or storage area with someone you don’t know. Those spots leave little room for escape.

Overly cautious? Probably so. But it’s better to be safe than sorry.