Education and news for smart DIY landlords!
Whether you own one rental property or more, it’s not easy to be a landlord. Stress is real and can be a bad thing for your business if you don’t know how to recognize and handle it. Landlord stress happens for several reasons. Sometimes it’s caused by tenants who don’t pay on time or multiple repairs as a result of an aging property.
Stress that happens occasionally is fine. But when you experience it more frequently, it’ll take a toll on your health and well-being. Deal with the stress of running a rental property the right way by following the tips below.
In a previous blog post, I shared the top errors that new landlords commit. One of them is not doing a proper background check on tenants. Remember that a smooth-sailing business begins the moment you screen potential tenants. Be sure to check a tenant’s references. Confirm their identity and allow them to tell you about their previous rental experiences. Proper screening gives you a clear idea of whom to welcome as a tenant.
Suggested reading: Top Tips for a Successful Tenant Screening Process
Technology has made the life of a landlord easier. Project management tools, online file storage services, and social media tend to simplify and even automate a landlord’s tasks. However, technology can also be a bad thing for a landlord if he relies on it too much to the extent that it takes away his personal time. Take, for example, the landlord who constantly checks his emails. Set a time for checking your device so that you maximize your downtime.
When it comes to managing your finances as a landlord, always prepare for the worst-case scenario. This means that you need to save up or set aside an emergency fund if you were to tackle bigger repairs. I suggest that you open up a separate bank account for your landlording emergency fund instead of merging the money with your personal finances. Also, take into account the number of rental properties you own so that you set a realistic budget.
Suggested reading: How Can Landlords Deal With Tenant Maintenance and Repairs?
Some landlords are fine with doing everything themselves. But if your responsibilities get bigger or there’s a change of plans in your life that affect how you run your business, a property manager can be extremely beneficial. A property manager is most applicable for landlords who live far from their rentals, have a limited time, and cannot commit to a hands-on management. But like finding tenants, hiring the right property manager is tricky. Read my tips on how to hire the right property manager to look after your rental.
It’s a rewarding thing to be a do-it-yourself landlord. But while working for yourself is fun, it can decrease your efficiency if you overdo it. Learn how to put a limit on the number of times you check devices, emails, etc. Handle emergency issues on your property if you must, but outside emergencies set aside time for yourself and family. Consider using separate phones for tenant communications and your personal contacts.
Successful landlords stay out of trouble because they update themselves with the right education. There are many ways to stay knowledgeable as a landlord. Pay attention to local and state laws. Listen to podcasts, read the news, check out stories shared by other landlords, and enroll in a landlording course. Education prepares you for different scenarios - Accommodating tenants with disabilities, tenants who own service animals, pricing the security deposit, and more.
Want to be a successful landlord?
Finally, I offer you the opportunity to take a complete DIY landlording course: Landlord Prep: Video E-Course and How-To Tutorials. Everything you need to know to become not just a landlord, but a successful landlord, is here.