Did you know stress can increase your risk of stroke, diabetes, and other serious health conditions? Headaches, heartburn, and insomnia are all signs that stress is affecting your health. If these symptoms sound familiar, you need to better manage your landlord stress.
Here are a few tips the most successful landlords use to keep their landlord responsibilities from causing stress. Read on to improve your health and profitability as a landlord today!
Research Bellevue's Market
Research the local real estate market to spot trends and opportunities in Bellevue. Complete a rental analysis before setting rental rates. The information you gather can help you remain competitive.
Renters may consider your rental property over another based on pricing alone.
The state's low vacancy rate could make it difficult for you to find renters. Washington has one of the lowest rental vacancy rates in the country.
However, there were spikes in unemployment and concerns about rental affordability. This could cause low activity in some parts of the rental market. Use digital marketing to attract tenants to your properties.
Avoid Tenant Disputes
To avoid tenant disputes (a major cause of landlord stress), invest in tenant screening services. A thorough analysis should include:
- Rental histories
- Eviction histories
- Employment verification
- References
- Criminal backgrounds
- Credit checks
Choose reliable renters with a good history. Talk to some of their previous landlords. Speaking with other landlords can help you avoid problematic renters.
Consider Technologies for Landlords
Streamline your landlord responsibilities with automation. The best technologies for landlords can handle:
- Rent collection
- Accounting
- Tenant communication
- Maintenance scheduling
Consult a property management company that uses state-of-the-art technology. They help you determine ways to operate more efficiently.
Prepare for Lease Negotiations
Learning how to retain tenants can improve your occupancy rate. You can reduce the cost of marketing and tenant screening services.
Send tenants renewal requests 90 days before their lease ends. This will give them time to review their options or the new leasing agreement.
If tenants decide not to renew, you have time to market the listing. Begin marketing as soon as possible to avoid a long-term vacancy.
Use your research to determine a fair rent increase rate. About one in four renters are successfully negotiating lower prices. Remain willing to negotiate to retain more tenants.
Request Property Management Services
You don't have to juggle a long list of landlord responsibilities alone. Consider relying on professional property management services. A full-service company can handle:
- Rent collection
- Tenant disputes
- Maintenance and inspections
- Legal compliance
- Marketing
- Tenant screening
Their services can save you time while minimizing your stress load. Rely on their experience and expertise to avoid making costly, stressful mistakes.
Lead the Stress-Free Landlords in Bellevue, WA
What's the secret to becoming one of the stress-free landlords in Bellevue? Avoid doing it all alone! Instead, rely on a property management company.
Our team of professionals at Brink Property Management can minimize your workload. We've served the Greater Seattle area for over 27 years. Rely on our experience, efficiency, and specialized services.
We can unlock the complete value of your investments. Contact us to schedule your consultation!
