Everyone knows that becoming a landlord is a good way to build a healthy long-term financial future. However, while it’s one of the easier ways, it would be a lie to say that it’s easy. It positively is not! Indeed, there will likely be times when you wonder why you didn’t stick to a regular career rather than charge people to live in one of your homes. That being a landlord can be stressful is not welcome news. However, there is an upside — it’s one of those things that you can actively influence. While things might be stressful if you let things develop naturally, if you take a proactive approach, then you can keep the stress levels to a minimum. In this blog, we’ll show you some ways to do just that.
Who Are You Renting To?
If there’s one thing that’ll virtually guarantee stress in your life, it’s placing a tenant that will be difficult in one of your properties. Once they’re in, you’ll be dealing with them for a while. And if things get off on the wrong foot, then that’ll be a pretty clear indication of what it’ll be like in the coming months. The solution? Make sure that they’re a reliable tenant before you agree to rent your property to them. A robust screening process will give you a solid idea of who you’re renting to. It costs time and money to do these checks, but they can save a lot of stress in the long run.
If you’re still trying to stay on top of your property empire just with written documents, then there’ll be little surprise if you’re feeling more stressed than you’d like to be. There’s nothing worse than looking for a misplaced document. And this, of course, is completely avoidable. As with most things, it’s tech to the rescue. You can accept rent payments online or use a service like Quarem for effective lease management. You’ll find that there’s much less stress in your life when you know that technology is handling the important elements of landlord life.
Invest In Your Tenant/Landlord Relationship
A difficult relationship with a tenant can be a source of significant stress. At that point, you’ll likely be butting heads on any number of issues that make your life difficult. Of course, there will always be times when you have problems with tenants. However, you can help to minimize the chance of that happening by investing in your tenant/landlord relationship. As with most relationships, a little bit of effort can go a long way! Plus, it costs nothing to be friendly. Many landlords take a combative stance from the beginning, not realizing that they’re just creating problems for themselves.
Finally, be sure to build up an emergency fund. Knowing that you have this will allow you to rest easy, because you’ll know that if you experience a problem, then you’ll be able to handle it with ease. Also, be sure to build connections with reliable tradespeople — they can make your life a lot easier.