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A whopping 83% of American workers suffer from some form of work-related stress.
Many people think that being a landlord is a simple job that brings in lots of cash for minimal effort. What they don't know is that there are major points of stress with landlord duties, and the job isn't always as lucrative as it might seem.
A landlord career is full of stressful situations, but there are right and wrong ways to deal with it. Keep reading, because in today's post, we'll tell you how landlords can manage this stress in a healthy way that helps avoid burnout.
Screen Tenants Thoroughly
Tenants are easily the biggest source of stress for landlords. If you've got a tenant who is disrespectful to your property or can't pay rent on time, it puts you in a bind. Taking the step to evict a tenant often creates more stress, so the best thing is to use preventative measures.
Tenant screening is one of the most important landlord duties. By performing background checks on prospective tenants and talking to their past landlords, you can ensure you get quality tenants in your rentals. Good tenants greatly reduce the amount of daily stress landlords experience.
Stay on Top of Maintenance
The other big source of stress is the property itself. If your property is old and not well-maintained, it's going to cause a lot of headaches. Not only is fixing large problems time-consuming, but it's also costly.
Hire people to look at your HVAC system, plumbing, and electrical so that you're never blindsided by an issue. Take the time to maintain important parts of the house, like the roof, gutters, and foundation.
By staying on top of routine maintenance, you can avoid major problems. That said, you should always have an emergency fund to cover unexpected expenses. Even with proper maintenance, major repairs will crop up from time to time, so it's better to be prepared.
Automate Tasks
There's a lot of amazing technology available to alleviate the most tedious landlord duties. One obvious example is automating rent payments so that you never have to chase tenants down.
You can also do this with tenant maintenance requests, making it easier to keep track of and prioritize tasks. Even tenant screening can mostly be automated these days. Setting up a system that sifts through the initial round of applications makes it so that you only choose from the top candidates.
Property Management for Landlords
Reducing stress and avoiding burnout isn't always simple for landlords, which is why it could be beneficial to hire a property manager. Property management makes being a landlord a breeze, because property managers take care of every important landlord duty, from tenant screening to eviction protection.
At PMI San Antonio, we're one of the nation's largest property management companies. Our slate of services makes it so that you can enjoy the perks of being a landlord without any of the stress. Contact us to learn about our services and how they can protect your mental health.
