83% of Americans experience work-related stress, and landlords are no different.
Just because you own a rental property doesn't mean that you're coasting through your work life. There are plenty of landlords with highly successful commercial and residential rental properties who still get stressed out by the job.
That's because renting out a property and dealing with tenants can be incredibly difficult work. In today's post, we'll tell you a few different tactics for managing landlord stress in Hampton Roads, VA. If you feel as though you're drowning in responsibility, keep reading and learn how to cope healthily.
Tenant Screening
The biggest source of stress for most landlords is a poor tenant. When you have tenants you can't trust living in your property, it's not easy to relax. If they're damaging the unit or failing to pay rent on time, you feel like you're constantly having to chase them down for answers.
There's only one way to avoid this kind of stress-tenant screening. When you implement high-level tenant screening practices that thoroughly look into applicants' histories, you'll get the right types of tenants. This includes background checks, credit checks, and calling past landlords and employers.
Automation
The day-to-day aspects of running a rental business can be overwhelming, too. If you've got more than one tenant, things like collecting rent and keeping track of maintenance become a constant burden.
You can save yourself the trouble and stress of landlord tasks by automating them. There's plenty of landlord software available that makes it easy for you to keep everything organized. Tenant portals allow them to pay rent online and make maintenance requests.
The result is a more streamlined approach to being a landlord. Everyone will be happier and you'll be far less stressed out.
Communication
Having a strong, but professional relationship with your tenant is important for any landlord. You can build this by having open lines of communication with them.
They should feel comfortable reaching out to you with any issues they're experiencing. The more you know about what's going on in your rental, the less is left up to mystery, which can be a big source of stress for landlords.
Stay On Top of Maintenance
If you own older properties, the maintenance involved can be a huge amount of work. To avoid falling behind and losing money, it's crucial to stay on top of maintenance.
Have an understanding of the essential components of your home, such as the HVAC system, plumbing, and electrical. When something starts acting up, you can avoid costlier repairs by dealing with it quickly. You'll eventually build a network of vendors that you can call for any given issue.
Stressed Landlords Need Property Managers
Whether you're a full-time landlord or you're doing it for a side income, it can get stressful. These tips will help stressed landlords manage their problems, but if you still feel like you're drowning in it, hiring a property manager will help.
Renters Warehouse Hampton Roads is one of Southeast Virginia's top full-service property management companies. To learn how our services can help alleviate your landlord stress, contact us for a consultation today.
