Landlords sometimes feel as though they are on call 24/7, or at the very least, like they have a full time job. All landlords need to work on minimizing landlord stress and maximizing the benefits of being a rental property owner.
The following are five ways to reduce landlord stress and make being a landlord easier:
1. Screen All Tenants
A professional tenant screening service takes the guesswork out of applicant screening and allows landlords to get a clear picture of each applicant quickly and efficiently. Problem tenants are one of the most stressful aspects of being a landlord, and tenant screening can help to reduce the possibility of conflicts and landlord stress.
2. Outsource and Delegate
Even if a landlord is handy around the home, keeping up with repairs and maintenance for multiple rentals can be very time consuming. Outsourcing repair work as well as tasks like house painting, cleaning and landscaping can go a long way to reduce landlord stress and make a landlord’s job easier and more enjoyable.
3. Use Technology to Save Time and Reduce Landlord Stress
The Internet age has brought with it a whole host of time-saving technologies that can help to streamline the renting and property management process. Landlords can list open units online, utilize a digital document signing service, accept rent payments online, and hire a professional tenant screening service all via the Internet.
4. Create and Enforce a Late Rent Fee Policy
One of the top ways to ensure tenants make their rental payments on time consistently is by being clear and strict about enforcing a late rent fee. Each state has laws and limits about policies and how much can be charged, so these parameters should be consulted and adhered to. However, not enforcing the late fee (or worse yet, not having a policy) can lead to financial headaches with tenants down the road.
5. Hire a Property Manager
Hiring a property manager or management company is perhaps the ultimate in outsourcing for landlords and can dramatically reduce landlord stress. Doing so affords property owners the opportunity to pursue other business opportunities or live in a different state than their rental properties. A quality property manager can take away many of the headaches of being a landlord and should be strongly considered by those landlords who would rather be “hands-off.”
Owning and renting property can be an excellent business opportunity; however, it also has the potential to be very stressful. Following these five tips can help with minimizing landlord stress and maximizing the benefits of being a rental property owner.