You might have dreamed of owning rental property in Denver, CO for years. That doesn't make the job any less stressful.
Being a landlord can come with many perks and benefits, but one of the biggest drawbacks is the toll it can take on your mental, physical, and emotional health. As the main point of contact for your property, you're responsible for every aspect of it, and this responsibility can feel overwhelming at times.
Thankfully, there are a few steps you can take to manage that stress and reclaim your quality of life. Today, we're sharing four easy and effective ways to get started.
1. Don't Sacrifice Sleep
We get it it. With so much on your plate, you might feel tempted to stay up all night just to make a dent in your to-do list. However, did you know that sleep deprivation can actually make you more groggy and less focused?
From tenant screening to property maintenance, there are many day-to-day steps that require your complete attention. You're much more likely to feel sharp when you've had enough rest. Try to get at least seven to nine hours of sleep each night, even if it means putting some non-
2. Talk About Issues
Are there certain issues that are causing you to experience excessive amounts of stress? For instance, are you finding it difficult to juggle all of your tenant responsibilities because your renters are difficult to work with, or late to pay?
Often, an honest and open conversation is all that it takes to help alleviate some of that burden. Speak to your tenants and try to resolve any outstanding issues before they snowball into bigger problems.
3. Secure Your Finances
Are money woes getting you down? If you're worried about the state of your finances, it's time to get serious about budgeting. You should have a clear picture of how much income your Denver rental property is generating each month, as well as how much you're spending on general upkeep and repairs.
It's also important to have a landlord emergency fund for unexpected expenses, such as roof repairs. Without such a safety net in place, such significant expenses could set you back a great amount.
4. Eat Well and Exercise
One of the best ways to bust stress is to eat a healthy, nutritious diet and make sure you're moving your body. You don't have to go vegan or train for a marathon, but nourish your body in simple ways every day.
Not only do you feel better when you prioritize your physical wellness, but you'll also give your immune system a boost, repair damaged cells, and ward off sickness!
Find Peace and Balance as Landlord
If you're suffering from landlord stress, it doesn't have to be this way. Remember to keep your overall health in check, and acknowledge when you're engaging in unhealthy habits that could veer you off track.
Often, landlords feel drained from the daily challenge of managing their properties. If this is the case for you, we're here. At Laureate LTD, we help Denver real estate owners and investors with every aspect of property management. To learn more about the services we offer, get in touch today!
