Property management is a critical part of being a landlord and it certainly is not easy.
How Stressful is Being a Landlord?
Screening tenants, collecting rent, staying on top of maintenance, handling complaints and juggling additional managerial tasks while keeping your tenants happy and safe takes a toll on any landlord.
Dealing with cash flow problems and with the impending stress of wondering if you’ll be able to pay the mortgage, taxes and other bills to keep the property above water can be very overwhelming.
Tenants paying late or irregularly is aggravating. When tenants do not make their payments on time not only does this affect your cash flow but also leads to you spending time and energy chasing your tenants down for their payments. Plus you risk adding tenant, landlord conflict which is never a positive for either party.
We all know how extensive and important real estate legal jargon can be and we know or will find out the importance of the legality in your agreements. Legal issues are never fun and will definitely lead to stress. Do your part now to prevent more stress later by ensuring all your I’s are dotted and T’s are crossed.
There seems to always be at least one “bad apple” tenant. The laundry list of stressors bad tenants can cause is exponential including damaging your property, refusing to pay and the eviction process.
Have You Thought About Outsourcing Some Landlord Tasks?
No matter how much you enjoy being a landlord, there are some tasks you probably wouldn’t mind never doing again.
Taxes – Having an attorney to handle your taxes instead of trying to find time to take care of it is well worth the money spent. This is an annual task and expense that will be handled correctly by your attorney and be given the proper allotted time so you can spend your time on other matters while giving you peace of mind knowing your taxes will be taken care of both correctly and timely.
Administrative Duties – Virtual or part time assistants can help you with even the smallest of tasks. Pass several small tasks to them to help save you time and stress. Some of these smaller tasks might include managing online listings, closing work orders or managing late fee notices.
Rent Collection – Tired of excuses for late payments? Have your tenants pay their rent online and online only. No more “it’s in the mail” or “I already dropped it off.” Online rental payments are easily completed by the tenant and are also easily trackable on your end. You don’t necessarily have to buy a third party payment portal, you could have them use a digital payment network to transfer their rent payment to a business account for free! This is nice because the tenants won’t have an additional service fee to complain about.
Outsourcing tasks will cost you money and a bit of time upfront. Think about it as an investment will reduce your stress and save you lots of time in the long run and as the saying goes “time is money.”
Landlord Thermostat Experts in Chicago
If you are worried your rental properties may be costing you, call or contact Chicago Controls Thermostats, Inc today. One of our experts can advise you on how you can save big when it comes to rental property energy bills, up to 30%! Let us help to reduce your stress of being a landlord.