Are you feeling the impact of work-related stress seeping into every aspect of your life? Research shows that almost 50% of American workers suffer from at least one night of poor sleep per week due to stress.
If you're juggling a full-time job and managing investment properties on the side, the resulting stress levels can be overwhelming. As such, finding effective ways to address the unique challenges of being a landlord is crucial to avoid potential health and mental health issues.
To help you navigate this, we've curated three powerful tips to guide you towards a more balanced and stress-free life. Keep reading to discover how to reduce landlord-related stress and reclaim peace of mind.
Do a Thorough Tenant Screening
One of the first ways to reduce the stress of being a landlord is to ensure you lease to the right people. For this reason, it's important to thoroughly screen your tenants before handing over the lease agreement.
A background check is a critical part of the tenant screening process. It can help you identify potential red flags, such as a history of evictions or criminal convictions.
A credit check can also be helpful when screening tenants. It can give you an idea of their financial responsibility and whether they will likely pay their rent on time.
Utilize Landlord Tools
When you make life easier for yourself, you should experience less stress. As such, using a tenant portal is one way to make your life easier as a Las Vegas landlord.
This online tool is helpful for both you and your tenants. It allows all parties to view important documents 24/7, such as the lease agreement.
It also offers the tenant an easy way to pay rent, thus reducing any rent collection headaches. Finally, it can help you stay on top of property maintenance, as tenants can file maintenance requests immediately.
Hire a Property Management Company
If you're feeling overwhelmed by the responsibilities of being a landlord in Las Vegas, consider hiring a property management company. A property management company can handle all the everyday tasks of managing your rental property, freeing up your time to focus on other things. Here are just a few of the things a property manager can do for you:
- Screen tenants: They'll thoroughly screen all potential tenants, checking their credit, rental, and employment history
- Handle maintenance requests: They'll handle field rental property maintenance requests and liaise with contractors
- Follow up on rent collection: They'll be responsible for collecting rent from tenants on time
- Handle eviction: If a tenant becomes a problem tenant, the property manager will handle the eviction
Ensuring You Remain a Stress-Free Landlord
As a Las Vegas landlord, reducing stress and maintaining a healthy work-life balance is essential. To achieve this, you must screen new tenants thoroughly so you know who you're leasing to.
You should also utilize a tenant portal to simplify landlord/tenant communication. Finally, hire a property management company to handle your rental property so you don't have to.
If you need the services of a Las Vegas full-service property management company, contact us today. At Avalon Realty and Oaktree Management, our experts take the gamble out of property management.
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.