Lately, you've been struggling to sleep through the night. You're always uneasy during the day. On self-diagnosis, it's clear to you that your life changed after you became a landlord.
It was never supposed to turn out like this. Owning Boulder rental properties would be a dream come true for anyone. However, instead of relaxing and watching the passive income stream into your account, stress has taken over your life.
Well, stress isn't uncommon for landlords who self-manage their properties. Read on for helpful tips for stressed landlords.
Screen Your Tenants
Tenant screening might not appear to be a stress management tool, but it's one of the most effective ways to protect your mental wellness as a landlord. You use screening to find tenants who you can bank on to pay you on time and use your property respectfully, and in doing that, you'd have done a lot to keep stress away.
A problematic tenant can make your life a living hell. Whether you're chasing them down for rent payments every month or responding to distress calls from other tenants because the problematic one can't stop playing loud music, you'll curse the day you accepted their rental application.
As such, don't skimp on tenant screening. In fact, as a DIY landlord, it's advisable to outsource the job to a tenant screening service instead of doing it on your own.
Put Tenants on a Clear Lease
Some landlords invite stress into their lives by failing to make rental lease agreements with their tenants. Without an agreement that's signed by both the tenant and the landlord, it's hard to enforce your rental rules.
If you don't want the tenant to keep a pet, for example, nothing stops them from showing up with a pet and saying they didn't know they were banned on the property.
Following up on a tenant asking them to follow rules they didn't even know existed is energy and can quickly become stressful. With a clear lease agreement, you'll minimize violations that will cost you time, money, and physical and mental energy to address.
Stay Organized
Rental property ownership involves dealing with lots of physical or digital paperwork, such as:
- Tenant screening reports
- Rental agreements
- Rent invoices
- Inspection reports
When you have a proper organizational strategy, it's easier to stay on top of your to-do list. Getting all tasks done in good time keeps you focused, calm, and stress-free.
Being organized can prevent you from feeling frustrated and stressed, according to the World Health Organization.
Stressed Landlords Should Seek Professional Property Management Help
Stressed landlords are at greater risk of burning out and mismanaging their rental properties. If you're one of them, don't hesitate to get landlord support in Boulder.
At Team PMI Coal Creek, we're a locally-owned, independent franchise of Property Management, Inc., which has been refining the property management industry for over 20 years. As a full-service property management company in Boulder, we can take over all your functions, allowing you to focus on what matters most; your mental health.
Get in touch with us today and keep reading our blog for more Boulder landlord tips.
