Landlords aren't always the happiest lot, although anyone who hasn't been in that position would think their life is all fun and roses. The passive income is sweet, no doubt. However, behind the curtains, don't be surprised to find a landlord who's drowning in stress because they can't seem to stay on top of their rental property ownership duties and responsibilities.
If you're one of the many landlords currently undergoing job-related stress, you have to act fast. Left untreated or unmanaged, stress can morph into depression and cause other clinical health complications.
Knowing how to manage stress is key to being a healthy and successful landlord. Come along with us as we share a few practical stress management strategies.
Schedule Your Landlord Tasks
Most beginner landlords don't know what it takes to be an effective property manager until they purchase their first property. It quickly dawns on them that what they thought was a side hustle is in fact a full-time job.
If you have other personal everyday obligations, such as work and/or school, you might struggle to manage your time. Splitting your time between property management tasks and your other work life can become a challenge, especially since the landlord tasks can be sporadic. Imagine having to respond to a tenant emergency at 7 p.m., just after you've settled in at home after a hard day's work.
When tasks pile up, or when you can't effectively stay on top of your schedule, it's easy to start feeling overwhelmed and stressed. To prevent this, draw a schedule that incorporates all your important activities and stick to it. Although tenant emergencies will always happen, they won't throw your mental health off-balance if you're managing your schedule well.
Keep Good Tenants
Find and keep good tenants in your Ogden rental property and you'll have successfully kept away most of your landlord stress.
Tenants are probably the leading cause of stress for landlords. A tenant who doesn't pay rent on time and/or disregards your rental rules will make your life more difficult. If they persist, you'll need to evict them, and evictions can be long and stressful.
This is why savvy landlords do all they can to ensure their tenants are reliable people. Through comprehensive tenant screening, it's possible to identify rental applicants who are likely to become problematic and reject them.
Delegate Responsibilities
You already know that being a landlord is a full-time job, but it needn't be like that. You can delegate your duties and become a part-time or even hands-off landlord. All you need to do is outsource the job to a property management company.
A full-service company will take over all your duties. As long as you find an experienced professional, you can rest assured that landlord stress will become a thing of the past.
Stress-Free Landlords Look Like You!
Stress can make landlords rethink or even regret their decision to invest in Ogden rental property. The good news is that you have the power to prevent stress and combat it effectively if it gets to you.
These tips will help, but for even better outcomes, hire Wheeler & Associates Property Management. Family-owned since 1973, we're a trusted leader in local real estate and property management, actively engaged in the community and up-to-date with industry trends.
If you're reading to make landlord stress a thing of the past, call us!
