Around 83% of Americans suffer from work-related stress, landlords included, showing that many of us don't know how to manage it.
Creating a coping strategy is essential for protecting your mental health and making it easier to run your business. But if you don't know how to manage stress, you likely won't know what to do when issues arise.
Sounds like your situation? Luckily, you've come to the right place. Here's how landlords can manage stress.
Know Your Triggers
Figuring out why you're stressed will help you prevent it. For instance, if you struggle with rental property accounting, you could either take a course or find a local bookkeeper. Being proactive with your stress means you can stop it from developing into a problem that is harder to handle.
Screen Tenants
Tenant screening is a great way to prevent stress. If you overlook it, you could accept an applicant who damages your home or doesn't pay rent. Luckily, you can avoid this situation by hiring a property management company to screen tenants and ensure you accept one that won't cause any stress.
Automate Where You Can
Tackling landlord responsibilities can be stressful, especially when it's time-consuming, like data entry and bookkeeping. Because of this, most landlords and managers use property management software to automate processes and save valuable time. Plus, this has become one of the top landlord tools because owners can use automation to collect rent.
Deal With Repairs Promptly
No one wants appliances or electrical systems to go wrong, but it's part of the game. The key to avoiding stress is to act promptly, so both landlords and tenants are happy. You should ask your property manager to respond to repair inquiries, so you needn't worry about finding a tradesperson and dealing with it in person.
Keep a Maintenance Fund
As with any business venture, landlords should have a maintenance fund for rainy days. You don't want to dip into your salary or savings when things go wrong, as it could eat into your monthly budget. If you ignore property repairs, the problem may worsen and cost even more in the long run.
To prevent this situation, set aside a small amount of the tenant's rent every month and build a fund for the property, so you're not reaching into your own pocket.
Outsource Your Needs
No one expects landlords to tackle every aspect of their rental business themselves. Instead, hire property managers to oversee the property and accountants to tackle the books. It's also wise to find professional cleaners to deep-clean the property before and after the lease agreement to protect your investment.
How Landlords Can Reduce Stress
Now that you know how landlords can minimize stress, it's time to get to business and earn a profit.
At PMI of Fairfax, we handle daily tasks for landlords, so both themselves and tenants are happy. If you need help with your rental property, we'd love to help you. Reach out to us to chat with a member of our team.
