Are You an Overwhelmed Landlord? Here are a Few Tips from the Pros
The idea of being a landlord sounds grandiose and, well, perfect to so many people just starting out in the field. You invest in some property and strangers pay you to live there. Score! You can just sit back and collect the rent check, right?
If only it were that simple.
Truth be told, being a landlord is not that simple. It can be incredibly overwhelming - and if being a landlord is not your full-time job - then you’ll find this especially true.
The role of a landlord comes with many responsibilities, such as finding (and keeping) great tenants, physically and financially maintaining the property, handling all repairs and emergencies, and so forth. There will be paperwork galore and physical jobs that require your attention.
It is not a job for someone who doesn’t have a lot of time on their hands.
So, no matter where you are on your journey as a landlord, rest assured that you aren’t alone. Overwhelming feelings have plagued new and seasoned landlords for years. To make things a bit easier, we’ve got a few tips for you from the pros who have been there.
Write Everything Down
Whether you use a small notebook that you carry with you, an agenda, or your cell phone, have a place where you can write things down. This may include notes about a call from a tenant or contractor, or perhaps a thought you don’t want to forget.
Here’s the situation – as a landlord, you are busy. There are going to be things you need to do, things you need to remember, and so forth as you go throughout your day. Though, there will be a time and a place to address each. To help you stay on top of everything, write it down.
Before you start your new day, make a list of the priorities or things you need to address – then check them off your list as you go!
Don’t Delay Repairs
It doesn’t matter if it is routine maintenance, preventative repairs, or a call from your tenant about an ill-acting appliance – you need to address each and every situation with priority. Why? Well, if you don’t, you will find that these items get pushed back, further and further, on your to-do list. By the time you are ready to take care of the repairs, you may find that the situation has escalated.
Delaying repairs and maintenance can end up costing you extra time and money. Not to mention extra stress!
Take care of it as it happens and move on.
With anything you do in life, it is hard to succeed if you don’t know what you are doing. Educating yourself as to the laws, restrictions, and other dealings that come with being a property investor and landlord can make life a bit easier. In addition, it can save you from the legal battles that you face – and save you from doing something you shouldn’t.
Rely on a Property Manager
If you are a good investor, but find being a landlord too stressful and time-consuming, then perhaps you need to reach out to a property manager. Doing so will allow you the freedom to focus on your investment portfolio without having to deal with the paperwork, repairs, and other time-consuming activities that come with being a landlord.
Property managers handle tenant screening, maintenance, rent collection, emergency services, and so much more. This is a logical choice for many who find themselves in your shoes.
Being a landlord can be very rewarding, but it can also be very challenging. If you find yourself overwhelmed, be sure to take a step back and get organized. Or, reach out to a property manager who can help ease the burden and let you focus on what you do best.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Managementis 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 atwww.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube,Bigger Pockets and REI CLub and LinkedIn.