7 Ways to Handle Stress as a Landlord
You thought that becoming a landlord would allow you to live a stress-free life outside of an office. You’d be your own boss, take care of a few rental properties, and spend time doing everything you’ve always wanted to do.
Ahh… it was going to be the life you’ve always dreamed of.
And then reality hits. Being a landlord is hard work. It involves finding good investments, selecting good tenants, maintaining the property, and being on-call nearly all hours of the day and night. Depending on a number of factors, such as the condition of your property and the carelessness of your tenants, being a landlord can be downright exhausting.
When you are feeling stressed or questioning why you ever thought being a landlord would be an ideal job, nip it in the bud with these 7 ways to handle stress.
1. Don’t disregard routine maintenance. The “big” issues usually arise when the little ones were not addressed. Be a proactive landlord and stop your maintenance repair issues before they start.
2. Choose the right tenants. Use a thorough and detailed approach when it comes to tenant screening. Do a credit check, background check, employment history, and even rental history.
3. Have money set aside. Having to spend money causes stress. Having to spend money with a low cash flow causes even more stress. Don’t let yourself end up in this situation. Instead, always make sure you have an emergency fund put aside for when a true emergency arises.
4. Take time for yourself. You may think that you are too busy to take time off, but it doesn’t have to be for weeks or even days at a time. But in order to maintain your sanity, it is important that you take some time for yourself. Take a day - or an afternoon – to go see a movie. Go fishing, play a game of paintball, take an art class. You need time to step away from your rentals and other investment obligations.
5. Stay healthy. If you are of healthy body, then you are likely going to be of healthy mind, too. Eat right, get enough sleep, and fall into a fitness routine you will stick with. The healthier you are, the stronger you will be to battle the stress you come face-to-face with.
6. Collect rent payments online. Gone are the days of having to drive from rental to rental to collect rent. If this is how you are still collecting rent, stop. Get connected with a platform that will allow you to collect rental payments online.
7. Ask for help. Seeking assistance does not mean that you are weak or that you didn’t succeed. In fact, it means that you know how to delegate so that you can focus on the parts you are best at – such as investing. Consider using the services of a property management team to care for your Atlanta rental properties.
Being a landlord can be everything you thought it was – and more. But, you have to work to keep your stress to a minimum. Put these 7 ideas to work for you and watch how much more relaxed you find yourself.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube,BiggerPockets and REI CLub and LinkedIn.