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Landlord Stress and How to Manage It Effectively

Landlords face a number of situations that stress them out. If you’re going to be a landlord or have just started out, make sure that to identify these possible stressors. That way, you can prepare for them. Most importantly, you should be able to manage the stress that comes with running a landlording business before it. You don’t want these business stressors to ruin your happiness, free time, and finances.

What are the biggest stressors for landlords?

Here are a few things that could stress you out as a landlord:

  • Maintenance and repair issues (roof repairs, tenant damage, landscaping, painting, etc.)
  • Finding a new tenant after the previous one left
  • Screening new tenants
  • Tenants who are being difficult
  • Increases in insurance or taxes
  • Being available to answer your tenants’ requests (if you don’t have a property manager)

Helpful ways that you can minimize the stress of landlording

These tips will help you stay sane and run your rental property business more effectively.

1. Get landlord insurance.

While landlord insurance is not compulsory, remember that you have tenants living in your property. You won’t be a covered by a lot of things (for example, loss of rent or property damage caused by tenants).

2. Start delegating and outsourcing some landlord tasks.

As a landlord, it’s easy to feel stressed when you’re doing all the work. You need to admit that you need help sometimes. Consider investing in professional services such as cleaning, repairs, and property management. Outsourcing saves you a lot of time that you can spend with your family and for relaxation.

3. Always screen your tenants.

A landlord who’s in a rush makes the mistake of failing to screen tenants or not screening them enough. You could find yourself facing theft, property damage, or lawsuits because you’ve brought in unqualified tenants.

4. Take good care of your health.

When you are stressed, you have the tendency to eat unhealthily, skip exercise, and lack sleep. Poor health choices cause more stress on your mind and body. To be able to cope with all the demands of landlording, be sure to invest in your health.

5. Stay organized.

The simplest way to stay organized is to put all your paperwork in one place -- inspection checklists, rental applications, invoices, etc. Have a filing system. You can categorize your landlording documents based on tenant, property, month, or year. If possible, keep printed and digital copies.

6. Deal with things as soon as possible.

Issues that remain unattended grow bigger. Avoid the snowball effect by dealing with problems right away. Tenant calls about repairs are common scenarios. By being proactive, you save yourself from a lot of worry and stress.

More Landlord Tips for You:

If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!