Are you drowning under a stack of paperwork, maintenance requests, rental applications, and financial documents? As that stack of paperwork rises, your stress levels will as well. Unfortunately, that stress can affect your mental and physical well-being.
Eventually, it could lead to burnout.
Being a landlord doesn't have to feel stressful! Here are tips from successful landlords you can apply to start managing a property without stress.
Prioritize Time Management
If you want to reduce landlord stress and improve your work-life balance, you need to properly manage your time. Start by creating a to-do list. Determine which action items are priorities.
Dedicate time for property-related tasks and relaxation. Proper time management can help you avoid rushed or stressful situations. You can ensure each task on your list gets the necessary attention.
Determine which items on your list cause the most stress. If there are too many items on your list to complete, consider outsourcing property management.
Screen Tenants
Do your tenants cause the bulk of your stress? Screening tenants could help you avoid stressful situations. You can choose renters who will:
- Respect your property
- Report maintenance issues promptly
- Pay rent on time
- Get along with neighbors
Develop a tenant screening process or outsource this task to a property manager. In a single year, 65% of these reports contained inaccurate information. Outsourcing could ensure better accuracy.
Hire Professionals
Save valuable time by outsourcing property management tasks. Have a list of local professionals you already know and trust for specific tasks. For example, you can start building a list of contractors for maintenance projects.
Allowing local vendors to handle repairs quickly will ensure your investment properties stay in the best possible shape. It can also help you boost tenant satisfaction. If you delay, they could get frustrated.
You could struggle to retain tenants. If your vacancy rate increases, you'll have to spend time and money marketing your properties. This process can become stressful, especially if you have long-term vacancies.
Find Ways to Reduce Stress
Chronic stress can affect your mental and physical health. Symptoms of chronic stress include:
- Anxiety
- Depression
- Headaches
- Insomnia
- Irritability
- Tense muscles
- Stomach aches
- Rapid breathing
- Increased risk of heart attacks
- High blood pressure
- Weakened immunity
Find ways to reduce stress and make them part of your daily routine. For example, you can try meditation, breathing exercises, yoga, or journaling. Finding a strategy that works for you can take time.
Think about the situations that have caused you stress in the past. For example, perhaps you encounter expensive maintenance issues. Start building a maintenance fund to prepare for future emergencies.
Maybe you struggle with tracking expenses and booking tours. Start automating processes to save time and energy.
Learn From Successful, Stress-Free Landlords
The most successful landlords own several properties without experiencing excessive stress. Use these tips to better manage your stress. Remember, outsourcing property management can make all the difference.
PMI Heartland Realty has over 20 years of industry experience helping landlords. We use state-of-the-art technology to streamline operations. We can make managing a property manageable!
Contact us today to discover how our services can relieve your stress.
