Stress is the number one factor in health problems and lowered quality of life in every vocation. While landlords face some challenges in renting apartments that can be somewhat invigorating, if landlord stress is excessive, it takes the enjoyment out of renting.
The following are five tips apartment owners can use to lower landlord stress levels and be more successful:
1. Hire a Property Manager
Having someone else rent, oversee and manage rental properties is one of the best ways to lower the landlord stress levels of owning and renting property. Whether a company or an individual is hired, care should be taken to select someone with experience and a proven track record. This person may also be selected from among existing tenants in exchange for free rent. With the right property manager, landlords can rest easier, avoid the hassles of renting out properties and just collect profits.
2. Outsource Maintenance
Some landlords are fairly handy and choose to maintain their properties themselves. While the DIY tenant screening and property management route can save money, it can also amplify the landlord’s stress levels and workload. Hiring professionals to take care of maintenance is always the less stressful route. Hiring a property manager who will take care of basic maintenance duties can reduce costs as well as landlord stress.
3. Collect Rent Digitally
The Internet makes money and fee collection easier than ever. Consider offering incentives to tenants who will allow their rent to be deducted from their bank account each month. PayPal is another option for collecting digital rent payments, and fees are minimal. A digital record of all payments and fees makes bookkeeping easier and more organized as well.
4. Create an Emergency Fund
When accidents happen, landlords require access to cash quickly. While emergency plumbing or electrical jobs can be put on a credit card, eventually these bills will have to be paid. Having at least a few thousand dollars set aside as a buffer can soften the blow of tenant emergencies and keep properties in top shape all through the year. Knowing this money is there in the case of emergencies will lower landlord stress and result in added peace of mind.
5. Use Professional Tenant Screening
One of the most stressful elements of being a landlord is getting stuck with poor quality tenants. A problem tenant is often late with the rent, misses payments or in some cases creates a bad debt of thousands of dollars that is never repaid. By contrast, quality tenants are responsible, financially viable, respectful and stick around for a while.
One of the best ways to ensure high quality tenants is by using tenant screening. A professional tenant screening service can check criminal history, credit report, eviction history and much more. This can help to ensure landlords make the best choice when selecting the tenants who will rent their properties. This step can also be outsourced to the property manager to reduce landlord stress even more. However, make sure to choose a high-quality service that’s experienced in all the types of screening you will require.
Being a landlord can be financially rewarding, but it is not without its hassles, stresses and challenges. For a less stressful experience as a landlord, implementing these five tips to reduce landlord stress can make a big difference.