Have you ever experienced too much stress? Although the feeling isn't unique, it can be detrimental to your health in many ways. Keeping stress at bay can improve your overall well-being.
Landlords aren't immune to stress. If you manage a rental property, you may find yourself feeling overwhelmed by things like tenant turnover and maintenance issues.
Read on to learn about some key tips for managing landlord stress.
Keep Documents Organized
There's nothing worse than not being able to locate paperwork when you need it. Have a system in place to store and organize key documentation, such as:
- Rent receipts
- Lease agreements
- Maintenance requests
- Tenant communication
You can store your documentation in a filing cabinet with a lock to safely store confidential information. However, the best method for ensuring your documents don't get compromised is a secure cloud storage system.
Outsource Your Work
You may be the most organized landlord in the world but still have too much on your plate. This is where property management services come in.
A property management company can take care of some or all of your needs as a landlord. You won't have to worry about a thing, and you can even expand your rental property portfolio.
Stay on Top of Maintenance
Regularly inspect your property to see if there are maintenance issues you need to take care of. Sometimes what seem like small problems can become a pain if you put them off.
It's important to work with professionals to see if anything is wrong. For instance, have an HVAC contractor come out annually to ensure your system is functioning at its best.
Utilize Stress Management Techniques
When you manage a property, you may feel your stress levels creeping up. One of the best ways to keep your stress at bay is to work on containing it every day.
Good sleep is essential to reducing stress. Even losing a couple of hours each night can have a cumulative effect and interfere with things like cognitive functioning.
You can also try things like meditation and breathing exercises. If you're feeling particularly anxious, take a few minutes and center yourself while focusing on breath work.
Try Tenant Screening for Landlords
Tenant screening is a great way to proactively manage problems before they arise. When you find good tenants, you should do everything you can to hang on to them and avoid tenant turnover.
Modern technology allows tenant screening software to do the heavy lifting for you. You can filter out potential tenants based on factors like credit score, eviction history, or criminal records.
Alleviate Your Landlord Stress Today
Renting out a property should not be stressful for landlords. With this guide, you can go from feeling overwhelmed to effectively managing your stress triggers.
Are you a landlord in the Portland, OR area? PMI Bridgetown is here to help you with all of your property management needs.
Our combination of expertise and professionalism makes PMI Bridgetown the perfect choice. Reach out to us today to learn more.
