In the world of real estate investing, new bright stars emerge almost every few hours. However, even the brightest stars will one day burn out and fade away. What are we talking about? Burnout. It’s one thing to just rent a property out once and another thing altogether to do it concurrently and multiple times over and over. The positive experience of generating your first return can soon give way to the hectic stress and time it takes to properly manage your rental properties. So, how can you keep your star burning bright? Here’s a few tips and tricks for you to keep your optimism and sanity as a landlord!
More than money
While the prime motivator for your rental investments may be financial gains, finding the joy in other aspects of the activity should not be relegated to second place. Sometimes, when it’s all about the money, it will end up becoming a stress-fest of financial decisions. This can quickly lead to burnout when you’re only focused on the material aspects.
The solution: try to find some aspect of the process that you like. It may be meeting people; marketing your property during showings; cleaning or repairing the property with your own hands; being your own boss; or even the price of ownership. Think of the positive aspects of the rental business that you enjoy. Be excited about the prospect of a new house for sale in taiping, purchasing it, fixing it up, showing the product off, and renting it out. Know that you are making a big difference in the rental and housing market, however small your contribution may be.
Choose tenants carefully
The solution: screen through prospective tenants thoroughly and wisely. Make sure you meet them a couple of times to get a grasp of their personality and character. Have a set of expectations for them from the moment you meet them. You would do well to choose tenants that you can maintain a healthy landlord-tenant relationship with.
Select properties wisely
It’s easy to get burnt out when your rental property is not generating any income. This defeats the whole purpose of choosing to invest in rental properties. After all, the only reason for rental property investment is to generate a stable and passive source of income.
If your rental property is not generating the amount of money you’d like to be making, you need to rethink the approach that you use to pick your rental properties. Rethink the basics of property selection: location and condition. For example, you wouldn’t want the extra stress of dealing with repairs and upkeep for an outdated and defective building. Neither would you want to buy a property in a place that has low demand and high supply.
consistent demand for rental units. When you learn to choose properties more carefully and more wisely, you’ll put the pieces in place for you to make more money. If you’re making the amount of money you want, you’ll be less likely to experience the stress and pressure that leads to burnout.
Know when to disconnect
Being a landlord is a tough job. You might feel that you’re never truly off the clock. However, this doesn’t mean that you have to be available 24/7 to address the concerns of your tenants. Constantly working will make you feel overwhelmed and is a surefire way to make you less motivated and burnt out. Set aside some time to disconnect from your job. Perhaps you can devote your weekends as personal downtime, which means no work unless its an emergency. This allows your mind to focus on other things that you enjoy.
The solution: Work in a clause in your tenancy agreement with the stipulation that unless it is for emergencies, you can get back to your tenants in a reasonable amount of time. Direct your tenants to leave their concerns in the form of voicemail. You can then deal with the problem on your own time and your tenants will learn that they can’t expect you to pick up the phone for every minor little detail. Alternatively, you can require that all service requests from your tenant be in the form of writing, such as via email. This would serve both tenant and landlord well, as there would be a written record of the exchange. However, one caveat for this is that you need to make sure your tenants have your main phone number in order to reach you in case of emergencies.