Owning an investment property is an amazing opportunity, but being a landlord can be highly stressful.
We always hear a lot about the stress of renting with rising living costs around the country. Not much is made about the stress in landlords, but it's certainly an issue, especially for landlords who have multiple properties or those who don't have time to deal with landlord duties because of their day job.
In today's post, we'll look at some of the ways you can alleviate your stress. Whether you're dealing with poor tenants or maintenance issues, keep reading, and let us give you some important landlord tips.
Dealing With Poor Tenants
A lot of landlord stress comes as a direct result of having poor tenants in your units. It's important to be an understanding landlord, but you always run the risk of being taken advantage of when you're too lenient.
Offering a grace period for rent payments, for example, gives lower-income tenants some cushion each month, which is a good thing to do. If your tenants are routinely late on rent, miss payments entirely, or wreak havoc on your rental, you need to take action.
Here's where it's important to understand local laws around eviction. The eviction process can be stressful, but it'll be worth it to rid yourself of a stressful tenant.
When you get rid of a poor tenant, you've got a clean slate. Having poor tenants really underlines the importance of good tenant screening practices.
Always perform criminal background checks, check employment and landlord references, and do credit checks. All of this will help you determine whether an applicant can afford rent and treat your property with respect. When you have good tenants in your units, it eliminates a lot of stress.
Benefits of Automation
You can take a lot off your plate by automating certain aspects of your landlord duties. Rent collection, for example, is easy to automate, so long as your tenants comply with automatic withdrawals.
In fact, you can automate a lot of accounting as well. There are programs that can help you manage money and deal with taxes, which can both be major sources of stress.
Preparing for Emergencies
It's when things go wrong that stress can really take a toll on a landlord. It's important to take every measure to ensure emergencies don't happen. A huge part of this is performing regular maintenance on the home and responding to tenant requests for repairs immediately.
Rentals go through a lot of wear and tear, but regular maintenance will keep major issues at bay. If one does crop up, it'll be expensive. Try to set aside money in an emergency fund to cover all maintenance, including any emergency repairs.
Stressed Landlords Should Hire a Property Manager
Everything we've discussed here will help you mitigate the stress of being a landlord, but you may not eliminate it entirely. If you're finding your rental property is becoming more stressful than it's worth, hiring a property manager is the next logical step.
All American Realty is Fort Walton Beach's premier property management service. We can help you manage your money, perform maintenance, and screen tenants, as well as anything else you might need. Contact us today to learn how we can make your life less stressful.