Raleigh's rent growth is among the highest in the nation, making it an appealing place for new landlords. However, many new landlords don't anticipate all of the work associated with the role. They end up experiencing a lot of landlord stress early on.
Can you relate?
If you're a landlord who's feeling overwhelmed, you're not alone. We're here to offer some helpful advice. Read on for our top tips that can help you manage landlord stress and make the most of your real estate investment.
Don't Take on Too Much
Many people who are new to owning rental properties try to bite off more than they can chew, and this leads to a lot of stress. While you're still learning the ropes, you want to keep your portfolio manageable.
Stick to one or two properties, especially if you're managing them on your own. You don't want to find yourself struggling to keep up with all of your tenants or falling behind on maintenance.
Outsource Maintenance
Speaking of maintenance, do you plan on doing all of the maintenance on your own? If you've always been handy and you only have one small property to maintain, this may be achievable. If not, you may find yourself becoming too stressed out.
There's nothing wrong with partnering with a local maintenance expert or company to take some of that stress off of your shoulders.
Communicate With Tenants
Don't underestimate the value of communicating with your tenants. More often than not, they're more open to reason than you'd expect.
Your tenants just want to live happily in their rental homes. If you're behind on something, communicate with them and let them know you'll get to it as soon as possible. As long as it's not an urgent matter, most people will be satisfied with that.
You can also ask your tenants what they'd like from you as a landlord. Knowing what specific goals to strive for may lower your stress levels.
Consider Hiring a Property Manager
A property manager can make your life as a landlord so much easier. A good property manager can help arrange maintenance, they know the ins and outs of landlord-tenant laws, they can handle tenant screening for you, and so much more.
A property management company can help you keep vacancies at a minimum so you can maximize the value of your property. They take care of a lot of the day-to-day work associated with being a landlord so you can relax.
Decrease Your Landlord Stress This Year
If you've been dealing with stress as a new landlord, try these tips. Don't take on too much, outsource your maintenance, communicate with your tenants, and consider hiring a property manager. Being a landlord doesn't have to be stressful.
Are you looking for an experienced property manager in Raleigh, NC? At PMI Triangle, we offer a wide range of property management services to suit the needs of all of our clients. We'd love to help you.
Schedule a consult with us today.
