Write down a list of everything you do to maintain your home. Put down even the smallest items such as wiping down a dirty doorknob.
Landlords have a similar list, but it gets multiplied depending on how much they take on. You double the tasks for one tenant or property when you take on another, triple it if you take on another, and so on.
It's no wonder that the job is stressful. There's so much to keep track of all at once, but there are ways to make it easier to manage.
Read on for tips on managing landlord stress.
Use the Right Tools
Being a landlord is time-consuming, but doing it by hand is enough to drive you crazy. It adds unnecessary stress as you try to swim through a sea of paperwork.
Modern landlord tools can rescue you. They can automate your most important tasks and help you complete them faster.
You'll also have to adopt them to stay competitive in today's market. They reduce stress for you, but they also make life easier for tenants.
That's why their adoption rates have shot up like a rocket. Rental portal usage is up 321% and electronic payment transactions are up 463% from their historical norms.
Tenant Screening
Vacancies may be stressful, but a tenant who doesn't pay rent on time or respect your property is even worse. That's why it's crucial to perform tenant background checks.
Develop a process for what to do each time you get a new applicant. Look into areas such as their:
- Rental history
- Employment history
- Income
- Credit history
- Criminal history
Have an Emergency Fund
The number of Americans with emergency savings has been trending down. 22% have none, and 30% don't have enough to cover three months of expenses.
This trend is even worse for landlords. The question for them is not if but when an emergency will strike. They could have an essential appliance break, a natural disaster come in, or a tenant take them to court at any time.
You can reduce your stress about this by establishing a landlord emergency fund. Set aside a small portion of your rental income. This lets you handle small issues before they become emergencies and handle unexpected disasters without dipping into your personal finances.
Hire a Property Management Company
A property manager can handle the daily tasks that stress a landlord out. Each one they help with is like a weight being lifted.
Full-service property management is the best option for reducing landlord stress because it helps with everything. It also has other benefits such as better marketing, tenant management, and legal protection.
Where Can Landlords Find Help For Their Stress?
Landlords have a stressful job attracting and managing the needs of tenants. They can make it easier on themselves by using the right tools, performing thorough tenant screening, setting aside an emergency fund, and hiring a property management company.
Wilkinson Property Management has almost three decades of experience. We've managed hundreds of properties in the greater Charlotte metropolitan market. Contact us to discuss your rental investment management needs today.
