Are you facing challenging tenants or dealing with landlord tax issues? Despite the benefits, being a landlord comes with significant cons, which can often leave you feeling stretched thin and weary. That's why landlord stress management is so important!
With the right fixes, strategies, and support, landlords can reduce their stress and may even find new satisfaction stemming from their rental business. Check out our discussion on landlord stress and counteracting property management tips to discover how to turn your rental headaches around.
Factors That Often Place Stress on Landlords
The most common sources of landlord stress are either related to lousy tenants or bad admin. Some classic examples are:
- Tenants who pay late, if ever
- Tenants that bug their neighbors and damage property
- Difficulties with tax paperwork and late filing
- Running a loss (where mortgage repayments exceed rental income)
- Excessive vacancies and high tenant turnover rates
If you have a problem with any of these (or anything else), the first step in reducing stress is actually to avoid a key mistake. Many people in bad situations throw money at the wrong solution, making things worse.
Every source of landlord stress needs to be addressed by a unique strategy. Matching the correct solution to each unique problem is the best and fastest way to escape landlord stress.
Tenant Screening and Lease Enforcement
Tenant screening and placement services are preemptive measures that help you get better tenants. Applicants go through background checks, allowing you or your property manager to choose the best tenants. This helps avoid problems with late payers or destructive tenants.
However, there are special laws regulating how you run a background check and choose tenants. If you've never done a background check, consider working with a property manager to get the best and most compliant results. Property managers can also help you with current tenants with lease enforcement and eviction services.
Improving Maintenance Practices
Landlords often face stress from handling recurrent maintenance tasks, especially when there's a backlog. You can simplify maintenance administration with property management software. This type of software helps you:
- Receive and organize maintenance requests
- Track maintenance expenses
- Schedule repair and maintenance jobs
- Communicate with tenants
Alternatively, you can outsource your maintenance function to a property manager.
Outsourcing or Improving Administrative Tasks
Disorganized paperwork and taxes can be overwhelming. It can lead to:
- Missed deadlines
- Financial errors
- Legal risks
To stay on top of things, create a dedicated filing system for leases, receipts, and contracts. Use digital tools or hire an accountant to simplify tax preparation and ensure everything is in order.
Find the Best Partner to Help With Landlord Stress
The best way to reduce landlord anxiety in the long run is to improve or fix the root causes in the rental business. That's where property management services can help landlords reduce stress.
At The Burgh Property Management, our team benefits from decades' worth of expertise and internationally renowned services. Our locally run offices mean that we're uniquely positioned to give you personalized service, satisfaction, and peace of mind. Contact us to get the service you need to mitigate landlord stress today.
