Stress isn't just an unpleasant side effect of a busy life. It can make you both mentally and physically ill when improperly managed. Landlords have a lot of responsibility, legal liability, and time-management challenges stemming from 24-hour availability.
Stress is inevitable, but there are steps that you can take to decrease anxiety when managing rental properties. Read on for some landlord stress solutions to keep in mind.
Recognize the Signs of Landlord Stress
Knowing that you're stressed may sound easy, but there are several signs to look for that you may not have considered yet. Anxiety and nerves are just the tip of the iceberg.
Unusual levels of exhaustion and procrastination are also common signs that you're stressed out, as are memory problems and appetite changes. Bad sleep and irritability might point to stress. If you're experiencing frequent headaches, they also might stem from a place of anxiety.
Choose Tenants Wisely
Recognizing the signs of stress lets you combat it retroactively, but you can also take preemptive measures to decrease the likelihood of stressful situations. Choosing quality tenants means that you won't need to field constant complaints night and day.
You also are less likely to contend with noise ordinance violations and vandalism to your property. Screening tenants saves you the headache of not getting rent on time and dealing with annoying renters.
Make sure to look into rental history, past evictions, criminal records, and income to determine whether you should rent to someone.
Use Property Management Tools for PA Landlords
Tenant screening is made easier with Chester County property management professionals. They don't just help you choose renters, either - they help you communicate with them throughout every step of the rental process.
You won't be on call 24/7 in case of emergencies. Tenants call the property manager when there are issues and complain to them instead of you.
Since quality property managers have pre-existing contracts with repair teams, plumbers, cleaning crews, and pest exterminators, you won't have the headache of finding expert help, either.
Property management teams also help you financially by collecting rent and ensuring that all the funds are there. Beyond that, they set fair and competitive rent that will nip vacancy in the bud while turning a high profit.
Tips for Landlords: Set Aside Emergency Money
Speaking of money matters, landlords can also decrease their own probability of stressful situations by keeping some funds for emergencies. Rent is a passive income for you to spend and enjoy, but being a landlord is a hard job.
Keeping a bit of cash set aside for a rainy day means that you won't need to scrounge together nonexistent funds if your property is damaged and needs extensive repairs. If you find yourself subject to legal trouble, these funds can also pay for a good lawyer.
Get Landlord Support in Chester County
Now that you know how Pennsylvania landlords can manage stress, it's time to excel at your job with Chester Country property management professionals.
Our team is committed to helping you screen tenants, communicate with them, create legal documents, and more. Get a free rental analysis from Key PA Property Management to get started!
