How to Manage Landlord Stress

How to Manage Landlord Stress

Have you recently suffered from insomnia, anxiety, and headaches? Chronic landlord stress can affect your digestive system, cardiovascular system, and more. Using the right stress management techniques can make all the difference to your health and wealth.

Read on for the tips you need to avoid landlord burnout. Use these tips to become one of the most successful landlords in Dothan, AL!

Create an Emergency Fund

Failing to fulfill a tenant's maintenance request in a timely manner can lead to frustrated renters. They may decide to:

  • Move out
  • Complete the repairs themselves
  • Deduct the cost from their rent
  • Take legal action

Before that happens, develop an emergency fund. Building a nest egg will allow you to take action as soon as possible.

Create a list of contractors in Dothan before you need their services. You'll have peace of mind knowing you've already vetted them.

To keep up with maintenance requests, use an online tenant portal. Renters can submit requests and track each project's progress.

Market Vacancies

The rental vacancy rate in the US has increased since 2022. Vacancies can become a major source of stress and financial trouble. Develop a digital marketing strategy to avoid vacancies.

Update your online rental listings to include:

  • Eye-catching photos
  • A compelling headline
  • A detailed description
  • Amenities and special features
  • The rental rate
  • Your contact information

End the listing with a strong, urgent call to action. Urge renters to reach out to schedule a tour in person.

Use a mix of digital marketing strategies, including social media marketing and paid advertising. Online strategies will direct more people to your online listing.

To reduce vacancies, develop a tenant retention strategy. Improve tenant satisfaction rates to keep great tenants. You can improve your occupancy rate and ROI.

Screen Applicants

Develop a tenant screening process before choosing renters. Review each applicant's:

  • Criminal background
  • Credit score
  • Eviction history
  • Employment verification
  • References

Screening applicants can help you avoid stressful tenants. Otherwise, they could damage your property or fail to pay rent on time.

Hire a Property Manager

Consider hiring a property management company. An experienced property manager can keep your tenants happy. Their services can help you avoid landlord burnout.

Choose a full-service company that offers marketing, tenant screening, rent collection, and more. Rely on their state-of-the-art services to save time and increase efficiency.

Use Landlord Stress Relief Techniques

Consider using landlord stress management techniques, including:

  • Meditation
  • Yoga
  • Journaling

If you're still experiencing stress, talk to your Dothan property manager. They can help you implement processes for efficiency. For example, they can have tenants use an online portal.

From the portal, renters can pay rent, submit maintenance requests, and send messages. You can automate responses to frequently asked questions. Providing prompt responses will show renters that you care about their needs.

Join the Stress-Free Landlords in Dothan

To become one of the best landlords in Dothan, you need to start managing your landlord stress. Otherwise, you could experience burnout sooner than expected. Remember, you don't have to do it alone.

Instead, hire a property manager. PMI Wiregrass uses proven strategies and state-of-the-art technology to support our clients. We can maximize your earning potential.

Discover what makes us the fastest-growing property management company in the US. Contact us today to request our services.