You can't sleep at night. You feel anxious, irritable, or depressed. These symptoms signal that you have landlord stress.
Owning a rental property should be a positive experience that helps you generate monthly income and long-term financial gain. It should not be a hindrance to your well-being or mental health.
Landlords who feel stressed should identify the source. Then, you can manage it with strategies that directly address the cause.
Buy Insurance
You buy insurance to give yourself peace of mind in your personal life. Do the same in your professional life by buying landlord insurance. Incorporate the cost of the insurance premiums into your rental property costs.
There are several types of insurance landlords can buy to protect them from potential profit-impacting scenarios. For example, rent loss or liability. With insurance, you do not have to pay out of pocket for the loss experienced.
Renew Tenant Leases
An empty rental property creates a significant amount of stress for landlords. It does not bring in monthly income, creating financial stress for the landlord. It also means increased tenant placement costs.
You can avoid this additional stress with a thorough tenant screening process. This ensures you select high-quality tenants for your rentals.
You can also use strategies to increase tenant renewals. When tenants renew their lease, you avoid the stress and expense of having an empty rental property and new tenant placement. You also have peace of mind by continuing a relationship with a great tenant.
Know the Law
Knowing the law can mean you can unknowingly violate it. When this happens, you could face fines or lawsuits. Dealing with legal matters can quickly become expensive and stressful.
Staying knowledgeable of the changing laws ensures you follow them. For example, a recent bill proposal limits landlords when charging pet security deposits. It caps refundable security deposits at $300 and monthly pet rent at $35.
If you were unaware of this change, you could violate these limits by charging more than you should.
Get Expert Help
Having a support system can reduce your stress by eliminating the feelings of being alone. When asked, 47% of Americans admitted they wished they had someone to help them manage their stress. Working with a professional can reduce your responsibilities and stress when managing your landlord duties.
Hire a property management company to perform the daily property management tasks. This reduces the demands on your time and attention. With fewer demands, your stress level should be reduced.
Landlords Can Reduce their Stress
If you experience landlord stress, it is time to do something about it. Landlords should benefit from their venture, not have it negatively impact their life and well-being. These strategies can help you manage and reduce your stress by addressing the common reasons for it.
At PMI Cedarboldt, we work with clients to reduce their stress by providing expert support. We can manage tenants, stay updated on the law, and provide administrative support.
Reduce your landlord stress by correctly pricing your rental with our free rental analysis service.
