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Nearly 94% of Americans, landlords included, experience regular stress at work, which shows how common it is.
Learning to manage landlord-related stress is essential for making the right decisions for your property and reducing the risk of mental health issues. But it's often easier said than done, especially if you're a new landlord.
Are you in this position? Luckily, you've come to the right place. Here are our top tips to help you.
Screen Tenants
Tenant screening is an effective way of minimizing stress.
Although it takes time, conducting a background check is essential for attracting quality tenants who respect the lease agreement. If not, you could get someone who doesn't pay rent or even trash your property.
As a general rule, verify the tenant's personal details, credit score, and criminal record to understand who they are. You should also ask whether they have ever been evicted by asking for references, as it gives you peace of mind.
Create an Emergency Fund
Another way to slash stress is by starting a landlord emergency fund. You never know when an appliance will break or when it's time for annual HVAC maintenance, so it's important to funnel a chunk of your monthly paycheck toward repairs. If not, you may face debt or need a bank loan, which will make you suffer avoidable landlord stress.
Outsource Your Management Needs
Regardless of whether you live near the property, outsourcing your property management needs is a no-brainer. The key is to find a local company that has years of experience under its belt as it shows that it knows the industry inside out.
This means that you needn't worry about dealing with maintenance issues, screening potential tenants, and accounting so that you can focus on growing your portfolio instead.
Know the Relevant Laws
Sure, legal jargon can be tricky to navigate, but it's the only way to avoid lawsuits or penalties. Aside from triggering a huge amount of stress, you could lose your property and find it impossible to attract tenants. Instead, familiarize yourself with landlord-related laws, such as knowing your responsibilities and the tenant's rights to avoid any issues.
Use the Right Tools to Help You
One of the top landlord tools is automating wherever you can. For instance, use landlord software as it'll help you track profits and communicate with tenants seamlessly. It also lets you remind tenants when rent is due, so you never miss a payment.
Many software options work via an app, which means you stay on top of your responsibilities wherever you are.
Become a Landlord in Fort Worth, TX Today
Once you understand how to minimize landlord stress, you're less likely to make costly mistakes and you'll enjoy your job more.
At 1st Choice Property Management, we understand the stress that landlords are under and how to avoid it. Our team of experts will manage your property so that you can focus on growing your business.
Ready to become a landlord or need help with your current property? If yes, contact our team today to get started.
