Can you believe that 36% of Americans are renters instead of homeowners?
It's no secret that real estate can be one of the most lucrative investments out there, but owning rental properties comes with a lot of responsibilities. If you're a landlord, it's crucial to keep your stress under control so you can maintain your quality of life.
Have you ever wondered what landlords can do to improve their mental health? Read on to gather our top stress-reduction tips.
Screen Your Tenants Carefully
You should never underestimate the value of screening your tenants carefully before you sign any paperwork. Once you enter a legal agreement, facing problems with tenants can be challenging and expensive.
You spent a lot of money on your property investment so you shouldn't let careless tenants miss rent payments and cause extensive damage.
Take Your Business Online
One effective way to handle stress better is to put as much of your business online as possible.
Instead of going door to door to collect rent, you can create a tenant portal that automates everything. When tenants need to request maintenance, they should fill out a form so you don't have to be on the phone all day.
Create a To-Do List Each Day
People tend to build things up in their minds to make situations seem worse than they are. One trick you can use to combat this is to create a to-do list every day in order of priority.
You'll feel amazing crossing off each item from your list and you won't have to worry about anything else that isn't included in your list.
Always Nurture Your Own Needs
Learning about stress management techniques can work wonders for your overall well-being. Always set aside time to eat nutritious meals, go on calming walks, do hobbies that give you joy, and sleep.
Being a landlord can feel like a 24/7 job, but you have to create boundaries that allow you to keep work and life separate.
Consider Hiring a Property Management Company
One of the best tips for landlords is to give yourself permission to delegate. Hiring a property management company to handle some or even all of your chores can be the most freeing thing you do.
With rates that are fair, you don't have to watch your income shrink after you lift the weight off of your back. Many companies are happy to customize their services to cater to your unique needs.
These Stress-Reduction Tips Keep Landlords Happy and Healthy
Landlords are susceptible to dangerous levels of stress that put them at risk for all kinds of health problems. If you start using these tips, then you should notice an immediate improvement in your mental health.
Are you interested in making your job as a landlord in Salt Lake City, UT easier? Maxfield Property Management is here to support you. Contact us to learn more about our incredible and affordable services.