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Real estate is a very good investment for most people because its prices aren't always fluctuating like the prices of stocks and bonds. Real estate prices change, but they do so slowly, and, most of the time, they tend to rise rather than fall.

A dedicated property manager not only collects rents and finds qualified tenants, but also handles the property maintenance so you don’t experience deep landlord losses. Neglecting a property often leads to long-term damage that isn’t easily remedied. Some DIY landlords feel compelled to rush in and throw away leftover pizza, clean up stains or frantically vacuum before their tenants remove home. Although they have good intentions, DIY landlords violate privacy and trust in what is a professional relationship. On the other hand, a professional property manager takes care of major and minor maintenance concerns for better tenant satisfaction and lower turnover.

The relationship between tenants and their property managers is, first and foremost, a professional one. Maybe you live nearby, have shared plates of homemade cookies or traded fishing trip stories. Whether you're best friends with a tenant or have mutually disliked each other from day one, none of this precludes your duties as their property manager. This means that when it comes to the property, everything must be communicated in writing. Just as you can't hold tenants to requirements that aren't written in the lease, there are also many things you can't do without giving them written notice. While it's always safer to send a notice for absolutely everything, here are the primary situations and notices that will need to be sent: