Life as a landlord can be stressful. Not only do you have a bunch of statutory obligations, but you also never know whether payment is going to come in and whether or not your tenants are going to trash your property. Given how many uncertainties there are as a landlord, it’s not surprising that many are in need of finding ways to chill out and manage their emotions.
The good news is that there are lots of practical things that you can do to help manage the whole process. Take a look at these tips on how to stay productive and manage your landlord stress.
Keep A To-Do List
Theres a lot involved with being a landlord, from ensuring that rent payments come in to repairing damage to your properties. Many landlords deal with problems as they come in, but simply reacting and not making a plan can give you that frantic feeling. This is why many landlords keep a to-do list. A to-do list allows them to get through all the tasks that they need to complete quickly and efficiently. It also allows them to prioritise tasks, depending on urgency: the most urgent first, followed by the rest. It doesnt matter whether you use a digital planner or a notepad, keeping a to-do list is an essential way of reducing your stress.
Keep Up To Date
The most common time landlords get stressed is when they face a new challenge that they havent seen before. Knowing what to do in a new situation can be difficult, especially if youre unprepared. Every landlord will, at some point, face problems that they havent encountered before: its all part of the job. But you can prepare yourself for these issues by educating yourself on the subject using educational resources. Once you know what youre up against, youll make better use of your time and money and wont be so stressed out when problems inevitably arise.
If youre super busy, you might not think you have time to educate yourself. But these days there are landlord podcasts you can listen to on the move or while youre driving.
Its a myth that landlords have to manage their tenants all by themselves. Companies like Houseen can help them with the process, advertising their properties on leading websites and making sure that they have the right insurance. In fact, most jobs can be outsourced if you look hard enough.
Suppose for instance you own a multi-property building. Going and cleaning the public areas yourself is a big hassle. Thats why most landlords hire cleaners to come in once every couple of weeks to clean the communal areas.
Give Yourself A Weekend
Working for yourself can be great. You get to choose when you work. But working for yourself can also be not so great, since you can work any day of the week, including weekends. Many landlords experience burnout because they dont give themselves the weekend off to relax. Its a good idea, therefore, to let all your tenants know when youre available, and when youre not.