How to Manage Landlord Stress?

How to Manage Landlord Stress?

Stress can creep into our lives without us even realizing it. According to research, approximately 18-35% of the population is affected by chronic stress.

Extra stressors can easily overwhelm you when you own one or more rental properties. This can happen when you're unprepared, and it can quickly affect your health if you don't deal with it timeously.

Luckily, there are things landlords can do to help decrease their chances of stress. Many of them are easy to implement, so you can immediately start working on becoming stress-free.

If this sounds good, keep reading and learn how to start reducing your landlord stress levels today.

Use a Tenant Portal

Using a tenant portal is one of the easiest ways to reduce landlord stress. Tenant portals make managing your rental properties much more manageable than traditional methods. A good tenant portal will allow you to do several things.

A tenant portal can provide a central location for landlords and tenants to handle rent payments, communicate, and share important documents. This can help reduce the time and effort spent on phone calls, emails, and in-person visits.

Screen Potential Tenants Thoroughly

Another way landlords can reduce their stress levels is to take the time to screen potential tenants thoroughly. This can help you find tenants who will treat your property respectfully and pay rent on time.

Renting to great tenants can reduce the headache of chasing up late or non-rent payments and help you avoid the eviction process. A tenant background check will include helpful information on the potential tenant's:

  • Credit history
  • Criminal history
  • Eviction history

Have a List of Vendors Ready

Many successful and stress-free landlords have a list of vendors ready before they're needed. For instance, your tenants can file maintenance requests at any time. Here are some reasons why having a list of pre-approved vendors is a good idea to reduce stress:

Saves Time and Hassle

You can quickly and easily get quotes for repairs or maintenance when you have a list of pre-approved vendors. This means you don't have to search for new vendors each time.

Better Pricing

When you have a relationship with a vendor, they may be more likely to give you a better price than if you were a new customer. Better pricing means higher profits for landlords.

Avoid Being Scammed

Nowadays, scams are everywhere, and many are not easy to spot until it's too late. Using pre-approved vendors makes you less likely to be scammed by unscrupulous contractors.

Reducing Landlords Stress

There are many things landlords can do to reduce their stress levels. By taking the time to implement some of the tips in this article, you can make managing your rental properties much more enjoyable and less stressful. Remember to use a tenant portal, screen tenants thoroughly, and have a list of pre-approved vendors.

Contact PMI Michiana if you're looking for an experienced, full-service property management in South Bend, Indiana. We have experts waiting to manage your real estate portfolio and help take your stress away today.