There's nothing to be ashamed of if you have a good cry every once in a while. Some surveys have determined that even men cry about four times a month.
Landlords especially have many good reasons to cry. It's a stressful job, collecting rent, arranging for property maintenance, and dealing with troublesome tenants. With such a fatiguing situation, is there any way to get landlord stress relief?
Consider this your Richmond landlord advice guide. Managing rental stress is about a lot more than just taking breaks and meditating. We'll discuss real property management tips to make your life easier.
Streamline Your Operations
There's a good chance the stress you experience is the result of a bad, inefficient process. Changing the way you handle your operations could well be the key to landlord stress relief. Let's take a look at a few things you can do.
Use an Online Portal
Most landlords collect rent on an informal basis. They coordinate over text message with the tenant and collect a physical check they have to deposit. All of this takes time, which can lead to stress from a tight schedule.
Consider upgrading to an online portal. Your tenant will receive automated reminders and be able to pay rent online. It's a hands-off solution that gives you back all that time doing clerical work.
Schedule Well
Doing everything informally often means taking care of things as they arise, which wastes a lot of time. Instead, consider scheduling everything in advance. Block out time for depositing checks, answering emails, and responding to tenants.
Find Low-Stress Tenants
Every landlord knows what it's like to have that one headache tenant. The one that is constantly causing you problems, and if not causing problems, wasting your time on trivial things.
It sounds silly, but try to find low-stress tenants. Do a more thorough job with the tenant screening process.
In a rush to fill vacancies, landlords often take whoever they can get. You'll be happier if you leave the property vacant a little while longer to wait for a better person.
Hire Property Management
Being a landlord has always been tough, especially in recent years. According to JP Morgan Chase, there was a 10% revenue decline for landlords during the pandemic. The market is always volatile, and legislation like the CARES Act makes property management even more treacherous.
The best way to manage your stress is to just let someone else do it. That's the beauty of Richmond property management. You hand off the reins to experienced property managers and then get back your precious time.
Find Other Resources for Landlords
Landlords suffer stress because, well, property management is just stressful. The best thing you can do is streamline your work and take the time to find the best tenants. At the end of the day, though, hiring property management is the most effective way to reduce your stress.
At PMI James River in Richmond, VA, we've made a name for ourselves with our prompt, professional services. Our clients love us because we treat their properties like we would treat our own. Become one of our happy customers, too, starting with a free rental analysis.
