Around 44% of landlords worry about tenants not paying rent, which is the only cause of stress.
Being unable to manage stress causes many problems, from impacting your overall well-being and putting your investment at risk. Luckily, when you adopt stress-relieving strategies, you're less likely to experience burnout.
If that sounds like your situation, you've come to the right place. Here are five tips for dealing with landlord stress in Chattanooga.
1. Hire a Property Management Company
One of the top landlord tips is hiring a property management company. Aside from sharing sage property management advice, they will handle tasks that you do not have time for. This is invaluable for investors who live in another state or aren't able to frequently visit the rental.
Another benefit is that property managers understand the Chattanooga rental market so that they charge tenants a reasonable price while you earn a profit. Thanks to their expertise, you can use that money to grow your portfolio and continue running a successful business.
2. Thoroughly Screen Tenants
It's impossible to predict your tenant's behavior, but screening applicants slashes the risk of evictions and property damage. Your property manager will check each applicant's credit report, income, and references to ensure that they're reliable. Although it takes time, tenant screening reduces a huge amount of stress later on, making it an essential part of the process.
3. Set Clear House Policies
Out of all the landlord burnout solutions, this is the most underrated. Be open about rental policies and include this in the lease agreement. This should include the amount due, property maintenance expectations, and how tenants can use the rental.
Setting clear policies will help landlords deal with stress management because both parties know where they stand. Please note that if the tenant has breached these rules, it's easier to know the next steps to take.
4. Have an Emergency Fund
Like with any business, landlords should start an emergency fund. You never know when something breaks or you need to replace an appliance, so always be ready. A good rule of thumb is to have enough so that one setback won't impact your cash flow.
5. Schedule Regular Property Inspections
Ask your property manager to arrange regular inspections.
This helps you pinpoint potential issues before they develop into expensive problems. It also shows renters that you appreciate their business and the property's condition. As a result, tenants are more likely to renew their lease and you needn't worry about having a vacant property that's draining valuable resources.
Landlords: Find Stress Solutions Today
Now that landlords know how to prevent stress, it's time to have a clear head and profit from your investment.
At PMI Chattanooga, we are passionate about protecting our clients' investments so they can grow their portfolios. From tenant screening to property inspections, we're dedicated to keeping both tenants and landlords happy.
If you're in Chattanooga, TN, and are interested in our services, we'd love to hear from you. Drop us a line to chat with a member of our team.
