Stress is impossible to avoid in any business venture, and owning rental property is no exception. A landlord who feels optimistic when renting out his first unit will develop a less rosy perspective after dealing with difficult tenants or a middle-of-the-night maintenance call.
Although stress is unavoidable, there are effective strategies for managing it. Keeping tension under control minimizes negative side effects like headaches, appetite changes, exhaustion, and (ultimately) burnout. But minimizing stress is easier said than done amid a busy schedule. Read on for suggestions to ease your stress and avoid landlord burnout.
Set Boundaries
Boundaries are critical in multiple areas of business and property management. First, know your financial limits. Investing beyond your means or failing to keep emergency funds on hand will be a source of tension and a business setback if unpaid bills damage your credit score.
Landlords must also set (and enforce!) boundaries with tenants. While availability and open communication are essential to the landlord-tenant relationship, you shouldn’t be on call for a renter’s every whim. Instead, give clear instructions up front about appropriate ways to contact you in different situations. For instance, you might offer an online form for questions and a phone number for emergencies only.
Avoid the I-can-do-it-all Syndrome
No matter how organized, handy, or ambitious you may be, no property owner can do it all. From legal and accounting expertise to appliance repairs to maintaining positive tenant relationships, property investment requires a wide range of skills.
Outsourcing is available for nearly every landlord task, allowing you to relieve some pressure and play to your strengths. Maintenance can be handled by a reliable contractor, while rent collection, document management, and tenant placement may be handled by a property management firm. Finding ways to streamline your business responsibilities will free up your time for the tasks best suited to your temperament and skill set.
Plan Ahead
Planning is essential at every level of your property investment business. Keep a long-term perspective as you set goals and choose valuable investments. While staying informed about the market activity is critical, chasing trends will soon lead to burnout. Align your research with your goals and be willing to set other advice aside.
And remember that short-term planning lessens stress, as well! Build relationships with quality contractors early on so you’re not scrambling for help when a maintenance issue arises. Develop a thorough tenant screening process and follow through with it every time to avoid the stress of irresponsible or negligent tenants. And don’t underestimate the power of daily planning. It can structure your to-do list and keep you organized and in control.
Restore
When all else fails, take a break! Even the most dedicated landlord benefits from a vacation. Plus, a chance to refresh will help you maintain better focus and interact more cheerfully with tenants and colleagues. It also prevents the kind of burnout that steals inspiration and derails investment dreams.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is wholly dedicated to property management, and we’re here to help landlords navigate the rental market.
