Have you noticed you're more stressed since you became a landlord?
You're certainly not alone. Although being a landlord is a dream come true for millions of Americans, many don't prepare for the stresses that come with the job. What's the remedy for landlord stress, though?
Seeing a therapist can help, but if you don't solve or get rid of the same things that are causing the stress, you'll remain stuck in the same hole.
Read on for a few practical strategies for managing landlord stress.
Get Rid of Bad Tenants
If a tenant from hell is causing you sleepless nights, it's a no-brainer that evicting them will solve the problem. Unfortunately, a tenant can only be evicted by a law enforcement officer after the court has issued a writ of possession. This takes time and can cost you a lot of money in legal fees and lost rental income.
So, it's not surprising some landlords opt not to evict a bad tenant. For example, if a tenant always pays rent but is a nuisance to other tenants, they deserve to be evicted, but a landlord may put up with him and find other ways to address the issue.
That may work from time to time, but if you want a permanent solution, you have to be bold enough to initiate eviction proceedings against a bad tenant.
Don't Skimp on Tenant Screening
You have successfully evicted bad tenants and learned a harsh lesson in the process. But how did the renter become your tenant in the first place?
You probably didn't screen them properly. Going forward, don't underestimate the importance of conducting tenant background checks.
If you're doing it yourself, be sure to be thorough. Don't just check the renter's credit score and rental history. Dig into their criminal background, verify proof of income, and call a few references to make sure the renter's story checks out.
If you don't have the landlord tools necessary to do a comprehensive tenant screening, you can outsource the job to companies that provide screening services.
Keep a Landlord Emergency Fund
Financial emergencies can cause anyone a lot of stress. As a landlord, emergencies that require you to spend money can occur at any time. You must address urgent repairs and other issues as they arise.
Maintaining a landlord emergency fund will ensure you have the funds to make rental property repairs when you're cash-strapped. Otherwise, a property that's in a state of disrepair will be a constant source of stress.
Hire a Full-Service Property Management Company
Landlords who want to minimize their chances of being stressed should hire a property management company. These professionals will take over all your landlord functions.
You'll no longer need to screen tenants, handle tenant complaints, do maintenance inspections, and whatnot. You'll be able to live the ultimate landlord life, which is to chill and collect rental income!
If you're ready to find a property manager, PMI Potomac is here for you. We're a full-service property management company dedicated to serving landlords in Rockville, Maryland.
Get in touch with us for more information.
