There are fewer than 1 million business entity landlords in the US. Most own an average of 20 or more units, with many managing hundreds at once. As a landlord in Lake Havasu, juggling multiple properties, units, and tenants can become stressful.
Without a plan, the stress could lead to burnout, affecting your ability to do your job.
Don't let stress get the upper hand! Read on for five tips on how to manage your stress as a landlord today.
1. Screen Tenants Thoroughly
Screening your tenants will help you avoid stressful situations in the future. Look for high-quality tenants who:
- Haven't missed rental payments
- Don't damage properties
- Have good credit
- Have no criminal background
- Don't have an eviction history
Avoid rushing through the screening process. Ask the right questions, verify their employment, and vet your options thoroughly.
Otherwise, irresponsible, unreliable tenants could add to your stress load.
2. Know the Law
Understand landlord-tenant law before you encounter a lawsuit or legal penalties. Otherwise, these situations can damage your reputation as a rental owner.
Look for a landlord-tenant attorney. Save their number in case you need legal assistance in the future.
3. Have Emergency Funds
Having an emergency fund available can relieve stress when unexpected expenses pop up. You can use your emergency fund to budget small maintenance costs as a private landlord.
Otherwise, spending thousands of dollars out of pocket can become stressful if there's an incident.
Consider landlord insurance to protect your property. You can request both property and liability insurance to protect yourself from financial losses.
Coverage extends to dwellings, other structures (like a garage or fence), and personal property used to service the rental.
4. Automate When Possible
Automation can save you valuable time and energy as a landlord.
For example, you can automate rental documents and communication with tenants. Automation will ensure accuracy and quick responses. It could help improve your reputation as a landlord while shortening your to-do list.
You can also collect rent online to track payments, apply late fees automatically, and send reminders to tenants.
5. Outsource
You don't have to juggle your responsibilities as a landlord alone. Instead, consider outsourcing. For example, you can hire a full-service real estate asset management company.
A property management company will keep you informed regarding your investments. They'll also provide your tenants access to maintenance requests and billing. Working with a property management company can save you time and money, reducing your stress load.
There are over 296,250 property management businesses in the US. The industry experienced an over 2% increase year-over-year. Take the time to find an experienced property management company.
They can help you find tenants, fill vacancies, complete maintenance requests, and more.
Use These Tips From Stress-Free Landlords
Becoming a successful landlord doesn't have to feel stressful. Instead, use these tips from successful landlords in the Lake Havasu, Arizona area. With these tips, you can minimize stress and ensure your business thrives.
Become a stress-free, successful landlord today.
Remember, outsourcing to a property management company can help ease your stress. We're here to help.
Contact us today to request a free rental analysis.
