75% of Americans have experienced some kind of stress in the last month, according to findings of a study done by the American Psychology Association. Rising inflation, a wobbly economy, and money are the primary stressors for most of these people.
And then there's you!
You're stressed because your rental property is proving to be a big pain. From dealing with horrible tenants to low occupancy rates, there isn't a shortage of things to give landlords in San Diego County sleepless nights.
Knowing how to combat stress is key to keeping both your health and your investment in good shape. Read on for a few tips that will usher you into the world of stress-free property management.
1. Buy a Good Rental Property
Some landlords invite stress into their lives by making poor decisions during the property purchase process. For example, if you snap up a fixer-upper without doing a proper inspection and establishing how much money it will take to repair it, stress might be waiting for you on the other side once you realize it's a money hog.
If you're currently in the purchase phase, you'll do your mental health a lot of good by taking the time to buy a property that ticks all the boxes of an ideal rental property. You want to spend most of your time as a landlord cashing the rent payment checks, not paying repair contractors every other day.
2. Screen Your Tenants
Whenever you find a stressed landlord, chances are high that the cause is tenant-related.
Having a tenant who doesn't pay rent on time, causes malicious damage to your property, or violates noise regulations, is a recipe for stress. The good news is there are steps you can take to prevent such tenants from ever setting foot in your rental. The secret is investing in comprehensive tenant screening.
When you dig into a tenant's credit history, for example, you'll gain insight into their financial wellness and determine whether they're likely to default on their rent-paying obligation. Rental history will reveal whether the renter has any evictions on their record.
Tenant screening is a time-consuming job, but you can always hire a tenant screening service, or a property management company, to do it.
3. Get Professional Mental Health Help
Taking care of the property management side of things goes a long way in promoting landlord stress relief, but it might not be enough. Left unmanaged for too long, stress that was otherwise manageable can become a clinical illness.
It's crucial to see a mental health professional if you feel that being a landlord is taking a big toll on you. They're in a better position to diagnose and treat your condition effectively.
Alongside that, always put your health first. Take time away from your landlord duties to pursue your passions, hobbies, and other things that bring you happiness and joy.
Landlords, Don't Let Stress Win
Landlords have plenty on their plate. You're no different. Many challenges will test your mental resolve, but with these stress management tips, you're well-equipped to fight back and win.
Furthermore, McLain Properties is here to give you a helping hand whenever you need it. As a full-service company, we can take over all your duties, enabling you to take a step back and focus on your health. Established in 1978, we've built a solid reputation as the premier property management company in San Diego County.
Contact us to learn more about how we can help you.
