When you think about your rental property, you experience one or more symptoms: headaches, heartburn, insomnia, tense muscles, high blood pressure, stomachache, high blood sugar, or a weakened immune system. You aren't alone in your struggle, as 55% of Americans struggle with stress every day.
Thankfully, there are practical ways for landlords to take control of that stress. These effective strategies for managing landlord stress will keep stress at bay.
1. Carefully Screen Tenants
Problematic tenants will generate unnecessary stress. Being a landlord means you can define how the experience will go. Carefully screen your applicants to determine the best fit.
Call the applicant's former landlords and provide references. Many landlords ask for this information but don't actually call. This is a mistake, as these calls can give you better insight into the applicant's personality and sense of responsibility.
2. Embrace Automation
One of the most important pieces of landlord advice to reduce stress is to automate. Embracing modern technology reduces the amount of manual work you have to do. With fewer tasks, you reduce your stress and have more free time.
Property management software can keep you organized, making it easier to find needed documents. It can also have a tenant portal, allowing tenants to access the necessary information without asking you.
3. Know the Law
Dealing with evictions or lawsuits is an incredibly stressful experience. You can avoid both of these by knowing the law. Download and read the Georgia landlord-tenant handbook.
This handbook will tell you your legal responsibilities as a landlord. It will also tell you your legal right of recovery.
4. Prepare for Emergencies
An emergency is a stressful experience as it requires you to react quickly. You can reduce your stress when owning a rental property by preparing for these emergencies.
Start by establishing long-term partnerships with contractors. Do the research now when there isn't an emergency to sign service contracts with vendors that are high quality and fit your budget. That way, when an emergency happens, you can stay calm and make a single call.
Establish relationships with these types of vendors.
- Home repair
- Electrician
- Plumber
- Landscaper or tree professional
In addition to having your vendors on speed dial, you also need to prepare financially. Set a portion of the monthly rent aside to pay for repairs and maintenance needs. That way, you do not feel stressed about how you will pay for the emergency when it happens.
5. Outsource
Handling your property management tasks can feel stressful, even with the first four recommendations. Perhaps you have other professional and personal responsibilities that make it challenging to dedicate attention to your rental. It's time to consider outsourcing to a property manager.
A property manager will act as a buffer between you and the daily demands of your rental and tenant. They can also provide monthly reports to keep you informed.
Join the Low-Stress Landlords
Not all landlords deal with high levels of stress. Those who choose their tenants carefully, embrace technology, and prepare for emergencies feel calm and confident. Then, there is the option of outsourcing that completely removes all of the day-to-day management stress.
Reduce your stress by hiring our team of skilled property managers.
