According to the American Psychological Association, nearly half of all US adults say stress has negatively affected their behavior. Over 75% have experienced headaches, tiredness, or sleeping problems due to stress. Meanwhile, 80% say they experience stress on the job.
Many landlords experience stress while navigating the Portland rental market. Instead of letting stress affect your health, apply these four property management tips. With these stress reduction techniques, you can maximize your profitability without compromising your health.
1. Research the Portland Rental Market
Before applying the rest of these landlord stress relief tips, research the Portland rental market. Start by reviewing Maine's landlord-tenant laws, which cover:
- Rental applications
- Tenant screening
- Security deposits
- Late fees
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlords accessing properties
- Landlord-tenant statutes
For example, landlords in Maine have a duty to provide renters with properties fit for human habitation (the "implied warranty and covenant of habitability"). If a landlord fails to keep the rental repaired and fit for habitation, tenants can sue or complete the repairs and deduct the cost from their rent.
Neglecting to follow these regulations can lead to costly fines and lawsuits. If you encounter legal trouble, consult a property management company. They'll help you remain compliant with local, state, and federal laws, allowing you to avoid future landlord stress.
2. Use Stress Reduction Techniques
Excessive stress can affect your mental and physical well-being. For example, you may struggle to sleep, which can affect your ability to focus during the day. Stress and a lack of sleep can also make you irritable, affecting your relationship with tenants.
Before that happens, apply stress reduction techniques like:
- Exercising
- Eating a healthy diet
- Meditating
- Socializing
- Yoga
- Journaling
Adding these healthy habits to your routine can help minimize your stress levels. You'll have an easier time focusing on your landlord responsibilities.
3. Create an Emergency Fund
Create an emergency fund before you need it. You can use this fund to cover inspections, maintenance, and taxes.
Otherwise, schedule regular inspections to spot problems with your rentals before they worsen. Preventative maintenance can help you avoid more costly repairs in the future.
Require tenants to have renters insurance before they move in. To protect your best interests, consider landlord insurance. These policies will give you peace of mind if there's an accident.
4. Hire a Property Manager
Instead of applying these landlord wellness strategies alone, partner with a property management company in Portland. Their comprehensive services will help you operate more efficiently. These services may include:
- Accounting
- Rent collection
- Tenant screening
- Property marketing
- Inspections and maintenance
Their services will help you find and retain renters, maintain your properties, and maximize your profitability. With help, you can find landlord stress relief before it worsens.
Rely on Property Management Tips for Landlords
Remember, you don't have to apply these property management tips for landlords alone. Instead, consult an experienced property management team in Portland. With help, you can maximize your earning potential using proven strategies.
Our team at DJC Management is committed to delivering personalized, unparalleled property management services. Rely on our tailored and proactive approach, attention to detail, and transparency.
We can unlock the full potential of your investment. Contact us now for a free property consultation.
