As a Council Bluffs landlord, you may find yourself stressed more often than you'd like. This is not a coincidence! After all, it's your job to:
- Prepare and market your rental
- Find and retain good tenants
- Keep the property safe and habitable
- Collect rent and security deposits
When you list it out like this, it's a wonder how some landlords don't have constant anxiety! Chances are, these are the landlords who have a lot of experience. The more work you put in, the less overwhelming your various duties will seem.
Want to take a page out of the experienced landlords' playbook? Here are some essential tips on how to manage stress effectively!
Address Repairs Promptly
One of the most important property management tips we can give you is to deal with repairs fast. For starters, unattended issues will eat away at you until you get around to them. Plus, many minor problems can quickly turn into major ones.
Addressing repairs promptly also shows your tenants that you care about their comfort. This can be a major factor when the time comes for them to renew their lease.
Screen Tenants Thoroughly
There's no bigger source of landlord stress relief than having good, responsible tenants. The best way to make this happen is to refine your tenant screening efforts. Make sure your screening process considers key factors such as:
- Rental history
- Credit score
- Proof of income
- Criminal background
Have an Emergency Fund
The Council Bluffs rental market can be tumultuous. If one of your tenants decides not to renew their lease, your bottom line could take a major hit. On top of cleaning and advertising the unit, you'll lose money for every day it remains vacant.
A good way to prevent this issue from causing undue stress is to have an emergency fund. If you've saved up enough money, one setback won't diminish your cash flow. Plus, an emergency fund is a big help with unexpected maintenance issues.
Automate When Possible
If you're looking for property management assistance, consider automation. With the right management software, you can automate various time-consuming aspects of your job. Some tasks you can automate are:
- Accounting and data entry
- Maintenance requests
- Tenant onboarding
- Rent collection
Consider Outsourcing
Even if you have experience running a rental, it's hard to do everything yourself. Once in a while, you may need legal advice on rental laws in Iowa. Other times, you'll notice you're spending too much time on menial tasks like lawn care.
In these situations, it's often a good idea to outsource some tasks to a property management firm. Many of these companies offer a full suite of landlord support services, so it's only a question of choosing the right one for your needs.
We Help Stressed Landlords!
Though stress is a common issue for landlords, you don't have to let it dominate your life. The above guide will help you keep it in check! If you feel like you need more help, consider consulting the professionals.
At PMI of the Midlands, we've been helping Council Bluffs landlords like you for 20+ years. We offer you a Results Guarantee, meaning you don't pay us anything until you get results! Contact us here to learn more about our services!
