The city of Nashville has the 11th-highest vacancy rate among metro areas.
Having to fill those empty spaces can leave a landlord overwhelmed. They may spend so much time trying to keep their units from turning into money pits that they have no time for their other priorities. It affects their bottom line and their mental health.
Read on to learn how to manage landlord stress.
Tenant Screening
1 in 3 residents of Tennesee have a criminal background.
Many landlords may think that they can stop screening there. Finding a record may seem like enough, but it's not. They should never skip comprehensive tenant screening that includes components such as:
- Identity verification
- Credit checks
- Employment checks
- Reference checks
- Rental history
The process may be long, but skipping it leaves you with more headaches from dangerous or delinquent tenants.
You can also outsource the process. You'll get responsible tenants without the stress of finding them yourself.
Deal With Repairs Quickly
It's easy to get overwhelmed by a property's constant maintenance requirements, but ignoring them does more harm than good.
Tend to rental property repairs as quickly as possible. It keeps them from becoming a major issue that's even more time-consuming and expensive to fix.
Routine property maintenance and inspections help you keep and attract tenants. Attending to any issues they point out makes them feel valued and safe. It's also necessary to comply with landlord-tenant laws about habitable housing.
Keep an Emergency Fund
Many sources of landlord stress come down to money. There's always the fear of not making enough to keep your property profitable.
Setting aside a certain amount for emergencies helps relieve this issue. Create an emergency landlord maintenance fund of 3-10% of the monthly rent. You won't have to worry about how to pay for major unexpected repairs.
Use the Right Tools
Technology allows you to automate several time-consuming tasks. A tenant portal is one of the most useful landlord tools you can get. It automates tasks such as lease management, maintenance
The tenants get easy access to any information they need and can send messages from anywhere. The landlord can automate several important tasks, including tracking expenses, vacancies, income, and leases.
The tenant portal makes the experience easier for everyone and helps create a better relationship.
Outsource
Does nothing you try seem to lower your stress? Find out what tasks you're having the most trouble with and outsource them.
Hiring a full-service property management company is an all-purpose solution. They'll help with every property management task you can think of, including:
- Tenant placement
- Rent collection
- Maintenance and inspections
- Taxes and bookkeeping
Get Landlord Help Today
Being a landlord can be a stressful job. Ease the burden by screening tenants, promptly handling repairs, keeping an emergency fund, using software, and outsourcing the items on your to-do list.
Green Tree Property Management is the premier leasing and property management company in Tennessee. Our licensed, professional team knows how to maximize your investment. We charge zero marketing or upfront fees. Contact us to see how we can make your landlord experience less stressful and more profitable today.
