Imagine if you had to hold up a falling building with your bare hands. You could only do it for so long before falling to the ground.
That's an exaggerated but fitting metaphor for being a landlord. Your property will fall without your help, and that's a mentally and physically taxing experience.
Read on to learn how landlords can reduce and manage their stress.
Keep an Emergency Fund
A recent survey found that finances are one of the most common stressors. 52% of respondents said it affected their mental health. 56% listed a lack of emergency savings as the primary issue.
Set aside a percentage of your rental income for emergencies. You'll be able to fix them before they grow and drain your wallet even more.
Know Your Local Landlord Laws
Keeping up with landlord-tenant laws is time-consuming, but it'll prevent a stressful and expensive legal battle later.
Take tenant screening laws as an example. You could get into major legal trouble if you don't ask permission to run criminal or credit checks or enact discriminatory policies.
Other important laws to remember include those surrounding:
- Fair housing
- Required disclosures
- Safe and habitable housing
- Security deposits
- Tenants' right to privacy
Screen Tenants Thoroughly
A major source of stress for landlords is vacant properties. Recent data lists the vacancy rate in Charlotte at 5.2% for a total of 343,222 units.
It's tempting to forgo the time-consuming and challenging screening process to get them filled. This backfires and causes even more stress due to loud, dangerous, or delinquent tenants.
Protect yourself and your property by looking into their:
- Rental history
- Income
- Credit score
- Evictions
- Employment
The best part is that this is only one of many landlord duties you can outsource and automate. The right tools and a bit of professional help make it much easier.
Use the Right Landlord Tools
A rental portal reminds renters when a payment is due and allows them to pay from anywhere. This makes it more convenient for them and reduces late payments.
You should also look for tools that let you access all your important documents available at the touch of a button. This makes other tasks such as bookkeeping and signing leases easier while also providing backup copies.
Outsource Your Landlord Duties
It's no wonder that landlord burnout is so common with all they have to keep track of. Their days are filled with paperwork, tenant requests, maintenance, and more.
Outsourcing even one of these tasks reduces stress. A full-service property management company can help juggle it all.
They can help market and maintain properties. They can help find tenants who they'll keep happy and collect timely rent from. They even know how to keep you legally compliant the entire time.
This reduces your stress as a landlord and makes your investment more profitable. You'll feel like all the time spent on it was worthwhile.
Hire a Property Manager
Landlords are the jugglers of the real estate world. They can lighten their load with emergency funds, proper tenant screening, legal knowledge, technology, and professional help.
PMI Charlotte is a property management team that understands all the complex components of real estate investment. Get started with a free rental analysis to see how we can reduce your stress and increase your profit today
