Personally, I've always had a better experience dealing directly with small time landlords than with property managers. For a start, they have been less likely to raise rents at every opportunity. I also prefer when my money goes to someone in my community/local area.
I've never once gotten a security deposit back from a mom-and-pop landlord without forcing the issue legally, and I did an informal poll of acquaintances last year and we had never even heard of that happening. Unlike mom-and-pops, corporate property managers just do what they say they're going to do.