Being a California landlord isn't easy. From dealing with new deposit limits to being available 24/7, it's clear why many California landlords are always stressed.
Though this is part and parcel of being a landlord, too much stress can affect your day-to-day life. In the long run, stress is all but guaranteed to cause burnout. As such, it's important to figure out how to minimize it.
Not sure where to start? Here are some tips that will help you manage your landlord responsibilities!
Screen Tenants Thoroughly
Getting a high-quality tenant is one of the best things that can happen to a landlord. They pay rent on time, don't cause issues, and respect your property. As people say, prevention is always better than cure.
The best way to find good tenants is to be thorough with tenant screening. Look at all relevant information, from their credit score to income. Ask their earlier landlord for references before giving them an interview.
Have a Maintenance Fund
Even a good tenant may sometimes make a mistake. If they damage your property, there's a chance their security deposit may not cover the cost of repairs. This is particularly stressful with emergency repairs.
This is why it's important to have a maintenance fund for tenant problems. For a California landlord, unexpected expenses happen all the time. Being prepared for them can make all the difference for your well-being.
Know Which Laws Apply to You
Learning more about landlord-tenant laws in California can be stressful by itself. Even a single mistake can lead to hefty fines and penalties. On top of that, your reputation as a rental property owner may take a hit.
To ensure this doesn't happen, go through all the laws that apply to you. Start with local laws, then move on to state and federal ones. If you need help making sense of it all, consider hiring a property manager.
Automate When Possible
Owning a rental involves all sorts of time-consuming management tasks. Accounting and data entry alone may take you many hours each week. The best way to get some of this time back is to rely on automation.
Beyond data entry, automation is perfect for collecting rent. It allows you to remind tenants, track payments, and apply late fees automatically. You can also automate related tasks such as drafting lease agreements.
Outsource When Needed
At the end of the day, property management requires wearing many hats. Very few landlords can deal with all the management tasks that come with the job. Even if you can do them, is that the best use of your time?
If the answer to the previous question is no, start outsourcing some of the more demanding tasks. For example, if you're not a marketing expert, it's best to leave property marketing campaigns to the pros.
Making Things Easier for Landlords
As challenging as being a landlord is, it doesn't need to be overwhelming. The above tips will help you manage stress and become a better landlord!
Interested in hiring a property management firm that will take some load off your plate? If you live in Menifee, California, you've come to the right place! Contact PMI Warranted to hear more about what we can do for landlords!
