Have you been considering getting into property management? Have you heard some of the great stories and the horror stories? Are you wondering what all the hubbub is about? Being a landlord has a lot of benefits and is a tool for great cash flow. For some of the reasons you should consider getting into property management, check out our blog The Benefits to Being an Anchorage Landlord. On the flip side, the truth is, owning property is not all roses, here are some of the main things that cause landlords the most stress.
Tenant Turnover
Dealing with tenant turnover is consistently listed as the most stressful part of owning property. There are costs every time you need to get a new tenant into your property. If you end up having to deal with a lot of turnovers, the stress can mount quickly. These costs can include:
- Making repairs after one tenant has left
- Finding new tenants
- Screening new tenants
- Having to cover the mortgage while you are looking for the new tenants
Chasing Rent
If you end up with renters that are consistently late on their rent or struggle to pay at all, you could end up stuck spending a lot of time constantly trying to get that money from them. If your cash flow is tight, the stress mounts because you get stuck with the mortgage even if they don’t pay. On top of that, if you have to initiate the eviction process the time and legal pieces can get overwhelming fast!
Finding Good Tenants
Find and then choosing the right tenants that will take care of your property is more stressful for some than others. Responsible landlords market their property, screen tenants, do back ground checks, and try their best to find renters that will be a pleasure to work with.
Keeping up with Current Laws & Regulations
As the landlord, you will be responsible for keeping up with the laws and regulations that are there to protect you and your tenants.
Being on Call 24/7
When you own properties, you are at the beck and call of your tenants. If the pipes freeze and burst on Christmas Day, you’ll get a call. The roof starts leaking or a garage door breaks, you’ll get a call, even if it’s 4 am.
Personal Conflict
Depending on the types of renters you get into your property, you can end up in the middle of some difficult conversations. If you don’t like confrontational situations, being a landlord will be stressful. Truth be told, even if you are pretty good at confrontation, bad renters will stretch you to the max.
Hopefully some of the good, the bad, and the ugly about property management haven’t completely scared you away from owning your property and benefiting from all of the positives. One of the best ways to manage the stress is by hiring a property management company.