There's a common perception that landlords have it easy. This couldn't be further from the truth.
There are plenty of landlords out there who have to question whether the stress is worth the reward. From dealing with tenants to maintaining the property, being a landlord can be a massive burden whether you've got one property or ten.
In today's post, we'll help you navigate landlord stress. Keep reading and you'll see that a few key tactics and decisions can make your life so much easier.
Tenant Screening
Easily the biggest source of landlord stress comes from poor landlord-tenant relationships. When you've got tenants who don't respect you or your property, dealing with them takes a major toll on your mental health.
This is why tenant screening is so integral to your job as a landlord. By taking the time to perform background checks and call references, you can find the best tenants Denver has to offer and save yourself a lot of annoyance.
Even when you've gathered evidence and followed the process, it can take months to go through an eviction. By then, your property could have suffered irreparable damage. Take the time to screen tenants and you'll never have to worry about evictions.
Property Management Software
There's a lot that goes into being a landlord. You've got to deal with tenant requests, collect rent, advertise vacant units, and perform maintenance. It's a lot to keep track of, especially with multiple properties.
It's in everyone's best interest to implement property management software to automate some of these tasks. For example, a simple tenant portal can give your tenants a place to raise questions and concerns and pay rent. This helps you stay organized and on top of your tasks.
Better Accounting
Another major source of stress for landlords is money. Although you make good money as a landlord, your property goes through a huge amount of wear and tear. If you need to make any significant repairs to your property, it'll cost you thousands of dollars.
To avoid the stress of these situations, get your accounting in order and start a landlord emergency fund. A little bit of money each month will accumulate to the point that you can cover any household emergency.
Hire a Property Manager
If you're really feeling in over your head with stress, the best thing you can do is hire a property manager. Property management will take some or all of the landlord duties off of your plate, from tenant screening and maintenance to evictions.
You'll pay your property manager a small monthly fee. In return, you can sit back and enjoy all the perks of being a landlord without any of the stress.
Making Life Easier for Landlords
Landlords are more stressed than ever, but they don't have to be. With the right approach and tools, landlords can thrive alongside their investment properties. Sometimes, the easiest thing for a landlord to do is hire someone to take care of the hard work for them.
Team PMI Denver West is focused on helping de-stress Denver's landlords. Contact us today to learn more about our property management services and how they can help you.
