How To Successfully Manage Your Rental Property Without Stressing Yourself Out
Being a landlord is funnily everyone’s dream. Or can you really find someone who’d say he doesn’t want to be a landlord and is satisfied with his current state of tenancy?
Your guess is as good as mine.
While it is true that the landlord position is such a highly revered one, there are a lot of problems associated with it. Being a landlord can be no fun. Maybe, if you had a house full of acquiescent tenants, it could be fun.
Having to solve problems from tenants --be they those who destroy parts of your property, those who love to owe, or those who are always having one complaint or the other over one fault or the other -- can be stressful beyond what words can describe. These issues shouldn’t of course discourage you from becoming a landlord since it’s such a lucrative business and will pay well in the long run. Instead, you should find ways to eliminate those stressful bits and make yourself sanguine.
Here are some ways to eliminate stress and remain happy while managing your tenants.
Get a Property Manager
Having a reliable, energetic, and the disciplined property manager is a blessing. Doug Brien from mynd.co says that a property manager will relieve your burdens as a landlord and cut those running around by a high percentage. They are trained uniquely to carry out such functions. With a property manager, you’re likely to have a better tenant screening process and higher tenant retention.
Develop A Strict Screening Process For Your Tenants
You need to choose your tenants. This is the first and most important activity you have as a landlord. Take it as seriously as universities screen their prospective students for admission. You’re also about to offer admission to tenants to be a part of your community. Knowing who they are and what they represent is essential to your safety and security. You’re not just checking in random people whose criminal record may be suspicious. It isn’t always about their ability to pay. You need to ensure the safety and security of the other tenants.
Having the right tenants in your properties can be soothing and relieving. Thus, screening them is a must even though it is the most time-consuming of tasks you’ll ever have as a landlord. As the tenant selection process lingers, you may have already turned down a good number of prospects. It is welcome to do so. However, you need to watch how you refuse prospect proposals or a lawsuit could easily be filed against you.
Also, you need to make sure you get the right tenants before the end of the exercise so that your property doesn’t remain vacant.
It is a brilliant idea to demand a lump sum as part of the renting fees from your choice tenants to ascertain their readiness and seriousness. Check the tenant’s employment history, income, credit history, former evictions or bankruptcies, and other background checks. Such past records are useful for knowing what kind of tenants you’re bringing in.
Enable Online Rent Payment
Allowing online payment will eliminate the usual excuses tenants give as reasons for delays and also allows you to maintain standard bookkeeping. You won’t have to wait for checks or return bounced checks and all such practices that are common with tenants. All payments would reflect almost immediately when they are made.
Don’t Work Alone
Get extra helping hands. The work of managing tenants can be outsourced to other professionals who do such as their primary business. You mustn't keep trying to do everything yourself.
Rather than spend time requesting checks and calling on tenants or receiving their calls, get a telephone operator who would be paid to do just that. You could easily find time to do other activities that add more value to your business.
Avoid Unnecessary Delays In Repairs
When tenants come asking for a correction of noticeable faults in their apartment, do well to check out those faults and fix them promptly. Not delaying repairs keeps you stress-free as you won’t be worried your tenant could call at any moment. Your tenant would also be satisfied and grateful for sure.
Prepare For Repairs
Keep some funds for repairs. It has to be in a separate bank account where a little percentage of the rental fees will be stored. Having such readiness sets you apart from other property owners and helps create a strong bond between you and the tenants. It is common to set a 3% - 5% budget from the rent for these unplanned repair expenses in case they happen.
Seeing that health is a priority, it will be well worth it to follow the steps outlined here for stress-free property management.