High vacancy rates and delayed rent payments are causing many landlords unnecessary stress. Excessive stress can affect your mental and physical well-being. If you're struggling with landlord stress in Seal Beach, it's time to make a change!
Read on for the strategies you need to better manage your stress. With these tips, you can improve your profitability without experiencing landlord burnout.
Invest in Tenant Screening
Avoid stressful, problematic renters by developing a comprehensive tenant screening process. Many landlords only focus on an applicant's ability to pay rent. Instead, review their:
- Credit scores
- Eviction histories
- Employment verification
- Rental histories
- References
- Criminal background checks
Not all tenant background reports contain accurate information. Consider outsourcing. A property management company can gather this information for you.
Doing it yourself could steal valuable time from your schedule. It can take weeks to gather these reports on top of your other responsibilities. Outsourcing will save you time and reduce your workload.
Automate Rent Collection
Some renters struggle to pay rent on time every month. Already, eight million US adults are behind on rent payments. Automate rent collection using an online tenant portal.
The portal will automate payments and late fees. You can save time and avoid the stress of arguing with renters in person about delays.
Consider offering your tenants a rent payment grace period. Instead of expecting rent on the first, extend this period to the fourth of each month. Offering a grace period will make life easier for you and your renters.
Create an Emergency Fund
You can't anticipate an accident or natural disaster. Start creating an emergency fund as soon as possible. Use this fund to cover routine inspections and property maintenance projects.
Failing to complete maintenance in a timely manner can lead to frustrated renters. It's your responsibility to provide them with a habitable place to stay. Failing to complete repairs could encourage renters to move out or take legal action.
Streamline maintenance requests by offering tenants access to an online portal. Start building connections with local vendors.
If you need help, hire a property manager. They already have connections with local contractors. They'll even help you save money by gathering competitive bids before scheduling repairs.
Avoid Landlord Burnout
If you want to avoid landlord burnout, outsource. Choose a full-service property management company that can cover:
- Real estate marketing
- Evictions
- Tenant screening
- Inspections and maintenance
- Rent collection
Their comprehensive services will save you time and money. You'll have peace of mind knowing a professional team is taking care of your investments.
Join Seal Beach's Successful Landlords
If you want to become one of Seal Beach's most successful, stress-free landlords, ask for help. Hire a full-service property management company. You can leverage your property manager's expertise to avoid future stress.
Our team at PMI Patron has 20 years of industry experience. We can help you maximize your earning potential using the latest technology and proven strategies.
Find out what makes us the number one property management company. Contact us today to avoid burnout as a landlord.
