Do you pull your hair out each time you receive a call from one of your tenants? Maybe you're not receiving rent on time or struggling with maintenance requests. Landlords have to juggle multiple responsibilities at once to succeed in the industry.
Instead of losing hair over it, read on to discover effective tips you can use to avoid landlord stress!
Start Outsourcing Tenant Screening
Developing a tenant screening process will ensure you find renters you can trust with your property. You can avoid renters who have a history of paying rent late or causing property damage.
Outsourcing tenant screening can ensure you receive accurate information. The Consumer Financial Protection Bureau received 26,700 complaints between 2019 and 2022. About 65% complained there was inaccurate information in the reports.
Outsourcing this process can help you avoid future landlord stress. Otherwise, you may choose frustrating tenants. Make sure the reports include:
- Rental payment histories
- Income verification
- Credit scores
- Eviction histories
- Criminal background reports
Screening tenants could help you find tenants worth retaining long-term. You can save money on marketing and tenant screening if you retain renters. You also won't lose money due to long vacancy periods.
Rely on Tools for Landlords
Save time, money, and energy by relying on state-of-the-art landlord tools. Choose tools that allow you to automate when possible. For example, you can automatically send emails and rental documents.
Automation can reduce human error while increasing productivity. Look for property management software that automates rent payments. You can track payments, send tenants payment reminders, and automate late fees.
Prepare an Emergency Fund
Unexpected payments will pop up as you continue managing your properties. Having an emergency fund can help you avoid the stress of collecting funds to cover these instances.
In the meantime, complete maintenance requests as quickly as possible. Delaying to complete maintenance projects will cause the property to crumble. You may end up paying thousands of dollars out of pocket to cover a more extensive issue.
Completing maintenance requests quickly will boost tenant satisfaction rates. You could have an easier time retaining tenants.
Neglecting these requests could lead to more landlord stress. Your tenants may take legal action if you fail to complete important repairs. They may decide to withhold rent or exercise their right to repair and deduct.
Hire a Rental Property Manager
One of the easiest ways to manage landlord stress is to rely on a property manager. A full-service property management company can handle:
- Applicant screening
- Rent collection
- Financial reporting
Outsourcing will save you time and money while allowing you to avoid stressful situations.
Avoid Landlord Stress Today
You don't have to continue managing your properties alone. Instead, become one of the most successful landlords in Omaha, NE. With these tips and help from a property management company, you can avoid landlord stress (and keep your gorgeous locks).
Need immediate help with your Omaha properties? Aksarben Property Management uses the latest technology and proven techniques to support our clients.
Our exceptional services can help you succeed in Omaha's real estate industry. Contact us today to discover how our services can ease your landlord stress!