Over 25% of Americans rent their homes, and nationwide, renters spend around $485 billion in rent every year. Being a successful landlord is hard work and requires time and patience. Not only do you have to deal with the legal implications of owning property, but you also need to handle any complaints and queries your renters might have.

One of the first things you need to do if you're considering becoming a landlord is to research the different types of landlords out there. The way you approach being a landlord will change the way you view the role.

So keep reading to find out more about the different types of landlords.

First Time Investor

If you're a first-time investor, you might not realize the amount of work that goes into being a landlord. When you purchase your first property, it's very easy to get too invested in the space and think of it as your own. You need to treat it as an investment but also realize that it is someone else's home.

This is why it's important for first-time investors to consider hiring a property manager. Managing everything yourself is a recipe for disaster, even if you've read every source out there to prepare for this. Some things you can only learn how to manage by experiencing them yourself.

Property Developers

Developers are the type of landlords that build the properties they're going to rent out. This means the entire building will be constructed based on the fact that it will be a rental. So they will take extra consideration when it comes to amenities and added security.

These types of properties will often have well-maintained common areas and shared spaces. Developers keep their potential renters in mind while constructing the property as they want to ensure they land long-term renters.

The Individual

This is what's considered a "Mom and Pop” style of management. These landlords usually have smaller portfolios and take the time and effort to maintain the quality of their investments. These landlords will be more approachable as they want to secure long-term tenants that will care for the property as if it's their own.

This type of landlord cares about the well-being of their tenants and may negotiate terms for the right tenant. If you want to have a closer landlord/tenant relationship and pride yourself on quality investments, this might be the style for you.

Consider Becoming a Landlord

Being a landlord isn't a walk in the park, so you need to be ready for the challenges before you commit to becoming a landlord. Your relationships with your tenants will determine how pleasant it is to work with them in the future. Just remember, nobody is perfect, so simply try your best.

If you're looking for experienced property managers to help you become a successful landlord, contact us. At Carolina Property Management, we specialize in full-service property management and real estate services to fit your needs.