Despite the many benefits that come with being a landlord, there is, of course, some inevitable stress involved with the job.
At the end of the day, this is your money tied to your asset, so it’s understandable that you’ll want everything to be as smooth as possible.
So, what can you do to reduce your stress levels as a landlord? Let’s find out!
What has been one of the most tried and tested management strategies of all time? Delegation.
A letting agent can provide a number of services, including finding and vetting tenants, managing rent payments, dealing with communication, and handling other aspects of the property.
Having a trusted letting agent in your corner will mean that many of the stressful tasks that a landlord would normally oversee will be taken care of. It will allow you to get involved in only the most serious situations, and put your time and energy into other pursuits.
Most issues in a property will only get worse over time. A broken appliance won’t fix itself and a leaky floor will only cause more damage the longer it’s left unattended. So, to avoid extra headaches and a build-up of expenses, get any repairs completed as soon as possible.
Neglecting them could lead to permanent damage or larger repairs that will require your tenants to vacate the property and find alternative housing at your expense.
The standards of your property are a constant worry. You want your asset to maintain its value as much as possible, but you need tenants to make money. These tenants, through no fault of their own (in most cases), will contribute to any damage or wear and tear of your property.
So, how can make sure this stays in your favour? By making maintenance a priority. Regular checks and updates to your property will help you to keep on top of things, and dramatically reduce your chances of unexpected emergencies.
A smaller, regular expense will always be better for your bottom line than a sudden, massive, cost.
No one is a fan of insurance. If you’re lucky enough to never need to make a claim, it can feel like you’re simply dropping money in someone else’s pocket. That being said, few people have regretted their insurance in a pinch.
This is why we strongly recommend getting some form of insurance. It could be to protect your rental income or help offset the cost of emergency expenses that follow damage to your property - it’s up to you. Do your research on premiums and make sure you choose a provider you can trust. This will give you peace of mind knowing that you’re covered for the worst.
Just as you should always have a personal rainy day fund, it also pays to have one for your property. Just like insurance, this is here in case of the worst to help keep your head above water.
Knowing this money is sitting to one side can be very calming, especially in the unlucky chance of an emergency.
One of the biggest headaches you’ll have as a landlord is your tenants. So, how can you try to reduce your stress? By getting references as part of applications.
These references are as good as the number of times they’re contacted. If you don’t get in touch with previous landlords, you’re flying blind into a potential storm. Most people are respectful, but it never hurts to double-check.
Following these references will help you make more informed decisions and sleep a little easier at night.
No one wants to be woken up by a 3 am phone call, but when things go bump (or broke) during out of office hours, your tenants need someone to call.
If you don’t want it to be you, make sure to have someone who can handle this for you. Whoever has this role, make their details clearly accessible for your tenants so they know who to call and you can enjoy your weekends.
There you have it! Here are practical steps you can take to avoid stress as a landlord. We gave our best piece of advice at the beginning, so take note! A letting agent is someone whose aim is to protect your asset, reduce your stress, and handle many of the day to day tasks that would normally fall to you. If you're a landlord and need help, contact us - https://calendly.com/sales-billing-better/60min
