Being a real estate investor and landlord has its pros, but there are times when it can be stressful, even overwhelming. And it’s in those moments that you have a decision to make: Let the stress eat away at you, or grab control of the situation.
Five Ways to Lower Your Stress and Get More Sleep
Sleep is an odd thing. We need it to function properly and feel good. But in order to get the sleep we need, we have to make healthy lifestyle choices.
According to a survey of more than 2,000 Americans, Amerisleep found a direct correlation between average sleep per night and average overall happiness. As the article explains, “The time difference is a relatively small one, with perfectly happy people getting only about 24 minutes more sleep per night than completely unhappy people, but even that little bit of extra sleep seems to make a big difference.”
Unfortunately, the stress of being a landlord can keep you up at night and prevent you from getting the sleep you require for health and happiness. You can get caught in a vicious cycle that will eventually wear you down.
If you wish to get more sleep at night – and enjoy the benefits that accompany it – you must lower your stress levels so you’ll have an easier time falling asleep and staying there. Here are five practical ways to do this:
- Get Organized
It’s amazing what a little organization can do for you, mentally and practically. Every property you own should have a folder in a filing cabinet and/or your computer.
In these folders, keep titles, financing documents, loan applications, tenant applications, HVAC warranties, service agreements, receipts, copies of rent checks, etc. When all that is readily accessible, you don’t have to waste time tracking down lost documents.
- Take Preventive Measures
It’s much better to spend a little extra money on preventive measures than to be constantly stressed out over what could happen in an undesirable scenario. The best preventive measure you can take is to invest in adequate insurance.
If you’re renting out a property long term, you need to have a landlord-specific policy. You may also want to look at an umbrella policy to protect yourself personally in the event of specific calamities.
- Carefully Screen Tenants
You have to be careful about the tenant screening process, and make sure you adhere to the proper laws, but being selective on the front end will save you a lot of trouble later on. Good tenant screening involves more than a background check.
You should meet the prospective renters in person, ask the right questions, consult their references, and request a substantial deposit to ensure they’re serious.
- Automate Rent Collection
One of the worst parts about being a landlord is waiting on the rent checks to roll in. There always seem to be one or two problem tenants who don’t pay on time and come up with imaginative (or worse, repetitive) excuses for why the check is late. The best trick is to automate rent collection, so there’s less room for such problems.
- Hire a Property Manager
The more you remove yourself from the dirty, mundane, and monotonous tasks of being a landlord, the less stressed you’re apt to be. It’ll cost you a percentage of your monthly rent but hiring a property manager can be one of the best investments you’ll make – particularly if you have multiple units.
Say Goodbye to Restless Nights
When you’re stressed about your properties, tenants, and income, you may lie awake at night and fail to get adequate sleep. If you don’t get enough sleep, you’ll be unhappy.
When you’re unhappy, you’re more susceptible to stress and making unhealthy decisions. The easiest way to break this cycle is to gain control of your investments.
By staying organized, implementing smart preventive measures, carefully screening tenants, automating rent collection, and hiring a property manager, you can take charge and sleep well. Don’t put it off!