There are a lot of benefits attached to being a landlord, especially right now, especially if you get it right. However, for all of the financial rewards that have become synonymous with making money out of home ownership, the downside of it all is the stress you’ll incur. Oh, yeah, being a landlord can be immensely stressful.
It could be disrespectful tenants, people not paying you on time, expensive repair jobs, appliances needing maintenance, or whatever. What we are trying to say is, being a landlord isn’t exactly a glamorous lifestyle.
However, there are some tips and tricks that can help you enjoy all the lucrative benefits without suffering from any of the stress, which is what we are going to help you with. Just keep reading.
Screen Every Applicant
The most effective way to enjoy a stress-free existence as a landlord is to ensure you have the right tenants occupying your property. Yes, screening can be a fairly time-consuming task, and being too picky can mean no tenants which mean no income, but it will be worth it. The things we recommend you request are referrals, references, a large deposit, employment history, credit history and current income. The reason for this is simple: the past is the best way to understand the future.
Ask any landlord what the most stressful part of being a landlord is and they will say receiving payment, and they will probably say this without any hesitation. It is one of those pitfalls that can kill off your interest in being a landlord quicker than you care to realise. The best way to manage any stress on this front is to have your tenants set up a direct debit so that the money is automatically transferred from your account to theirs on the same day each month without any hassle. You could even make this a mandatory requirement to ensure no excuses are made. The more automated your processes the less stress you will incur.
If you want to heap the stress on yourself then try and sort everything out yourself. Trust us, within a week you’ll be enjoying little to no sleep. The best way you can get a great night’s sleep and wake up calm (and not wake up at 2.30am with a call about a broken boiler) is to outsource the jobs that stress you out. If it is an electrical issue, then have a company like Bailey Pollock electrical services on hand. If it is the cleaning job between tenancies, then get a professional cleaning service to take on the role. If you want all maintenance taken out of your hands, get the letting agents to manage this side of things. After all, this is time you could be using to screen tenants.
No Time Like The Present
Much like a car, the longer you leave an issue unresolved the more likely it will be to snowball, and it will drag your stress levels into it. If you have a maintenance issue that has cropped up, deal with it immediately. If you have a washing machine that requires a fix, get it fixed. It’s better to get it out the way than have that debt hanging over your head, while also running the risk of the issue worsening and the tenant starting a lawsuit against your negligence. Keep everyone happy by acting swiftly and moving on. This way your headache will be much more momentary.