It’s no secret that being a landlord is stressful. There is always something that needs attention. Whether it’s a maintenance request, showing a property, completing a unit upgrade, or getting through mountains of paperwork; the job is never really done.
That’s why it’s important for landlords to control their levels of stress. Otherwise, all the anxiety that comes with the demands of the job can impact the way the business is run. That’s why learning to do things like delegate work, request help, and automate tasks can all alleviate the burden of running a property.
Given how important it is to avoid burnout, we’ve outlined the top four ways you can combat it.
1. Automate Tasks
As a landlord, you can waste hours a day doing paperwork. Everything from issuing notices, communicating with tenants, filing applications, reviewing documents and more can eat up precious time in a day.
Not only is it tedious and time-consuming, but as a landlord, your time could be better spent focused on other things.
That’s why it’s important to start automating tasks. Implementing things like an online portal can alleviate the stress of having to submit paperwork all on your own. With these systems, everything from filing new applications to collecting rent and more can all be done in an instant. That’s because an online system makes it easy to search, organize, and store tenant data.
At PMI, we even offer a convenient 24/7 online tenant portal that gives tenants real-time access to their accounts. With this option, renters can easily log onto the online platform whenever and at whatever time. Making it easy for them to do things like pay rent, submit maintenance requests, and communicate without having to burden you with it.
2. Pick the Right Tenants
The most important thing that will take the stress out of renting is to pick the right tenants. This means you should be carefully screening and interviewing each one. That’s because, the more reliable the tenants are, the easier your job will be down the line.
So, before signing off on a lease, you should confirm their employment, credit score, and salary to make sure they can afford the place without issue. And, confirm their reliability by speaking with references such as a previous landlord.
3. Know When to Expand
Many owners are eager to grow their businesses. But, it’s important to know when the right time is to expand. So, stay aware of what’s happening in the real estate market but don’t let the news solely govern your decision to do so.
Instead, know exactly how much money you can invest and don’t go beyond those limits. Owners should also be taking a look at their personal and professional responsibilities. While doing this, gauge if you really do have time to dedicate to an entirely new project. If not, or if you are in doubt, it might be better to hold off.
4. Consider Getting Help
It’s impossible for one person to handle everything on their own when it comes to running a property. From the paperwork to the notices, late fees, and more; keeping on top of it is tricky. This is especially true for owners who have multi-unit properties who likely struggle to manage it all.
But, managing it can be easier with the help of a property management team. Someone like us at PMI Midwest has a dedicated team that makes sure owners have the support they need. Regardless of the job that needs to be done.
To see how we can further help you, call 317-546-3482 or email info@midwestpmi.com.
02/17/2022
