The majority of landlords spend less than 40 hours a month managing their properties, and 20% spend less than four hours. Are you spending more time than that?
If so, you're likely dealing with a lot of stress. You may even be considering selling your rental property. Before you call it quits, read this guide.
Below, we discuss how landlords can manage their stress and what you can do to make it easier.
Improve Time Management Skills
The first thing you need to do is learn to manage your time. There are a lot of tasks to take care of when you're a landlord. If you don't know how to prioritize tasks and get things done promptly, you'll spend more time than necessary managing your properties.
Create a schedule and delegate any tasks you can. You should also invest in tools and landlord software that can help you streamline processes and improve your efficiency.
Set Clear Communication Channels
If you're communicating with your guests in Boca Raton via email, text, messenger, and phone calls, you're going to get overwhelmed. Information will get lost, and there will be a higher risk of misunderstanding. This will also lead to added stress on you.
You need to set clear boundaries with your tenants and guests. Consider using a portal or a second device to talk to your renters. Refrain from giving tenants your personal cell phone.
Once you have clear communication channels established, you and your tenants will then be able to establish a healthy relationship.
Work With Professionals
Hiring a property management company to help you with your daily tasks will significantly decrease your stress. They'll be able to help you with tenant screening, rental property repairs, and managing your maintenance fund.
A property manager will help you manage your properties so you can focus on your personal life or spend more time building your business. You can take a vacation and have peace of mind knowing your investment is protected and taken care of.
Landlords Must Stay Informed
Landlords need to spend time researching and staying informed. Trends shift within the housing market and local regulations can change as well.
Staying informed about Boca Raton's local laws will decrease your stress. You won't have to worry about accidentally breaking the law or being fined. Going to law seminars or joining landlord associations will help you ensure compliance with your business.
Take Time For Yourself
When you're running your own business in Boca Raton, it can be hard to step away. There's always something that needs to be done.
However, you need to take time for yourself. If you don't, you'll get burnt out and won't be able to run your investment efficiently.
Plan a weekend trip every once in a while so you can reset. Turning your phone off in the evening so you can be in the moment can help decrease your stress.
From Landlord Chaos to Stress-Free Leasing
We know how stressful being a landlord is. The steps above will help you manage your stress and improve your business at the same time.
PMI Beach Properties has been helping landlords just like you for over 20 years. Our team is here to support you. Send us a message here!
