For 51% of Americans, mental health is a top health concern. Unfortunately, being a landlord can have a mental and physical toll. Juggling multiple landlord responsibilities alone could lead to serious health complications.
Here are a few ways you can start managing your landlord stress. With these tips, you can become one of the most successful landlords in Boulder, CO. Read on to make a change for the better!
Invest in Tenant Screening
Troublesome renters could become your biggest source of stress. Before selecting renters, develop a tenant screening process. A comprehensive analysis should include:
- Criminal background checks
- Credit scores
- Employment verification
- References
- Eviction histories
- Rental histories
Some landlords only focus on a renter's financial health. Already, six million American households (15%) are behind on rent. However, you should also consider each renter's past behaviors.
Talk to their previous landlords. Look for high-quality tenants who haven't missed rent payments or caused property damage.
Choose reliable renters you want to keep long-term. You can increase lease renewals, improving your occupancy rate and ROI.
Find Landlord Software
You can streamline your landlord responsibilities by investing in automation software. For example, you can provide tenants with access to an online portal. From there, they can submit rent payments or maintenance requests.
Automate communication and rental documents. Automation will save you time and ensure accuracy.
Landlord software can apply late fees automatically, send tenants reminders, and store documents. You can remain organized and efficient. Tenants will have an easier time accessing the resources they need.
Your reputation as a landlord could improve. Increasing tenant satisfaction rates can lead to a higher retention rate.
Create an Emergency Fund
You never know when an emergency will strike. Create an emergency fund to avoid the stress of unexpected expenses. You can use this fund to cover taxes or maintenance.
Schedule routine inspections. Property inspections will allow you to spot issues before they get worse. You can pay for smaller maintenance projects instead of huge renovations.
Prepare for maintenance projects ahead of time. Start researching local contractors now. Find reliable vendors at competitive rates you can trust.
Outsource Landlord Responsibilities
Your landlord responsibilities can stretch you thin, especially if you own multiple properties. Instead, outsource. Hire a property management company.
Their services can cover:
- Tenant screening
- Marketing
- Rent collection
- Maintenance and repairs
- Inspections
- Evictions
Their landlord tools will ensure you operate efficiently. Rely on their experience and expertise to avoid costly mistakes. With their help, you can maximize your profitability as an owner without stress.
Avoid Landlord Stress in Boulder
The easiest way to manage landlord stress is to rely on a professional, experienced team. Consider partnering with the best property management company in Boulder. Their services can set you up for long-term success as a property investor.
Our team at PMI Flatirons Group has 20 years of industry experience. We use state-of-the-art technology and award-winning strategies to support our clients. Our services can maximize your earning potential.
Discover what makes us the number one property management company. Contact us today for help managing your Boulder, CO investment properties.
