Is your life as a landlord becoming unbearable?
There isn't a shortage of things that can bring you stress. Problem tenants are the most common culprit, closely followed by keeping up with your maintenance responsibilities and finding tenants in a tough market.
Stress, though, shouldn't drive you out of the rental business. Nor should it become a permanent condition in your life. Knowing how to deal with it can make all the difference and you'll be able to enjoy being a landlord again.
Read on for a few tips on how to combat stress.
Buy a Good Property
Avoiding landlord stress starts before you even become a rental property owner. It starts when you're hunting for a rental property. It needs to be a property that ticks all the essential boxes, including location and size.
This is crucial because if you purchase the wrong property, you may struggle to keep it occupied. For example, if you purchase a rental house in a neighborhood that's rife with insecurity, or a 5-bedroom house in a student market, you'll only have yourself to blame if it remains unoccupied for several months on end.
While a good property won't eliminate all your landlord challenges, at least your target tenants will like it. If the rental demand in that location is strong, filling it up won't be one of your problems.
Avoid Problem Tenants
Dealing with a bad tenant will make you regret the day you bought a rental property. Although defaulting on rent is the worst thing a tenant can do, those who habitually pay late, cause damage to the property, and violate other terms of the lease are just as bad.
The best way to avoid dealing with problem tenants is to ensure they end up in your property in the first place. You can do this through thorough tenant screening, which involves checking a renter's financial history, criminal background, and rental history.
With reliable tenants in your property, you'd have eliminated many of the potential causes of landlord stress.
Hire a Property Manager
Many landlords run into challenges not because rental property management is hard, but because they're ill-prepared for the task.
For starters, managing a rental is a full-time job, yet some landlords have formal day jobs. Some landlord responsibilities, such as bookkeeping, require professional skills.
Being a DIY landlord has its benefits, but a major downside is you're likely to burn out and get stressed. Outsourcing your duties to a property management firm is an effective way to keep landlord stress at bay.
Be a Stress-Free Landlord
Being a landlord isn't always a walk in the park, so some level of stress is to be expected. However, there are several measures you can take to effectively prevent or manage stress.
Hiring a property manager to take over your duties is one of those measures. At SCUDO, we're all about shielding Kansas landlords from stress while protecting your investment. You'll love working with our locally owned and operated real estate and property management firm.
Contact us to learn more about our services.
