If you're a landlord in Boston, you know that managing properties here comes with its own unique set of challenges. From dealing with rowdy college students to navigating the ever-changing rental regulations, it's enough to make anyone reach for a cup of Dunkin' Donuts coffee for a stress fix.
But don't stress! We're here to help you get on track. Let's review our top tips for managing landlord stress.
Communicate Clearly
Clear communication helps avoid misunderstandings between landlords and tenants, reducing the potential for conflicts and disputes.
It enables swift and effective problem-solving. Issues can be fixed up quickly, leading to better resolutions and reduced stress for both parties.
Maintain clear and open communication with tenants. Set expectations regarding communication channels, response times for maintenance requests, and emergency procedures.
Keep organized records of all communication, rental agreements, maintenance requests, and repairs. Documentation helps prevent misunderstandings. It provides a reference point for resolving disputes.
Invest in Tenant Screening
Tenant screening helps identify reliable and responsible tenants who are more likely to pay rent on time, adhere to lease agreements, and maintain the property in good condition.
This lowers the overall risk of dealing with problematic Boston tenants who may cause disruptions or financial losses.
Verify the information provided by applicants. That includes things like employment and income verification, rental references, and contact details of previous landlords. Contact references directly to gather insights into the applicant's rental behavior and reliability.
Review the screening results carefully and objectively. Consider factors such as creditworthiness, rental payment history, eviction or legal disputes, and criminal convictions when making tenant selection decisions
Hire Property Management Help
If you're struggling, don't be afraid to reach out for a helping hand.
Property management professionals can handle various tasks such as tenant screening, rent collection, property maintenance, and emergency response. This frees up your time and reduces stress by delegating responsibilities to experienced professionals.
Property managers oversee property maintenance and repairs, including scheduling inspections, hiring contractors, and ensuring timely completion of work. This proactive approach using property management software prevents maintenance issues from escalating and reduces stress associated with property upkeep.
Property management companies have insights into the local rental market, rental trends, and pricing strategies. They can help landlords make informed decisions regarding rental rates, property marketing, and tenant retention, reducing stress related to market fluctuations.
Invest in Self Care
Establish clear boundaries between work and personal life. Designate specific work hours and avoid checking work-related emails or messages outside of those hours. Give yourself permission to disconnect and recharge.
Aim for a proper sleep schedule and prioritize getting enough restorative sleep each night. Quality sleep plays a huge role in managing stress, improving mood, and enhancing cognitive function.
If stress becomes overwhelming or persistent, consider seeking support from a mental health professional. Therapy or counseling can provide coping strategies, stress management techniques, and a safe space to discuss challenges.
Boston Landlord Stress: Now You Know
There's a lot you can do to reduce your Boston landlord stress levels. With this guide, you should be on the path to an easier time in no time.
Are you ready to hire property management support? PMI Bay State's franchise has been helping investors like you for over 20 years. Contact us today.
