So you're finally starting your new and exciting journey as a landlord, but the stress is starting to creep in. It's more pressure and stress than you thought, and now you're not sure what to do. Don't worry; this isn't uncommon.
Many new landlords experience this. With Denver experiencing near-records for evictions, it's clear that being a landlord involves making some stressful choices.
So how can you minimize that stress? We're here to offer some ideas. Read on to learn all about managing stress as a landlord.
Don't Overextend Yourself
If you're a new landlord who happened to buy several properties (or one property with several units), you're likely excited about this new venture! Be careful not to overextend yourself. This will almost always lead to burnout.
Consider sticking with one or two units or properties to start with. This way you'll be able to work your way up and adjust to your new role as a landlord. Once you have tenants in all of your properties, there's no going back.
Practice Self-Care
If you feel yourself getting overwhelmed, don't hesitate to practice self-care. When you're done with your work for the day (aside from any potential emergencies), sit back and relax.
Take up a relaxing hobby, like yoga or art. Consider seeing a counselor if you find yourself getting too stressed out and overwhelmed. Make sure you're taking good care of your body by eating a healthy diet and getting enough exercise.
Remember that you need to take care of yourself if you want to continue working (especially if you also have a day job and other responsibilities outside of your investment properties). You can't reach your long-term goals if you burn out!
Hire Help
There's no reason that you have to do everything on your own when it comes to your rental property. If you know that you're struggling, why not hire someone (or several someones) to help you out?
Hiring a property manager is a great place to start. A good property manager can help you with tenant screening and placement, help you understand housing laws and regulations, and so much more.
They can also help arrange property maintenance. Often, even if there's an after-hours maintenance request, they'll be the ones to send out a maintenance professional to help the tenant so you don't have to.
Life is so much easier when you let people help you. Avoid burnout by hiring a pro and finally getting some well-deserved peace of mind.
Landlords: Free Yourself from the Stress
If you're a landlord who's experiencing stress, these tips may help. Don't bite off more than you can chew, practice self-care, and don't be afraid to hire people to help you. Being a landlord can be stressful, but there are ways to mitigate and minimize that stress.
At Team PMI Foothills, we help Denver, Colorado landlords make the most of their property investments. From tenant screening to lease management, we can do it all. Get your free rental analysis and schedule a consult today.
