Being a landlord doesn’t mean to blindly dedicate yourself to your renters. The real key to becoming a successful landlord and begin managing your rental properties more efficiently is to achieve a balance between work and personal life. In simple terms such harmony, both internally and in relations with your tenants, will pay off sooner or later.
Keep calm and follow these five tips to maintain your work-life balance:
Upgrade your time management skills
You’ve probably heard that the more tasks you have to accomplish, the more quickly and efficiently you are likely to work. It goes without saying that productivity depends upon thorough planning that involves focusing on urgent tasks and creating daily to-do lists. You don’t necessarily need to include each step in the checklist, but those tasks that have to be completed in a timely manner should be written down. Besides, you’ll probably enjoy checking them off the to-do list. That magical checkmark next to the completed task will make your day and help you stay more organized. Plus setting goals for the day will motivate and encourage you to always keep control of your time.
Another trick to upgrade your time management skills is to avoid small talk and focus more on meaningful conversations. The main benefit of socializing for landlords and property managers is making more connections and, therefore, attracting a bigger audience to their rental properties. Even the most introverted people can take advantage of useful acquaintances and contacts to share ideas and experiences. You may disagree, but today public relations matter, and it’s quite important for long-term business growth.
Next, figure out your most and least productive hours of the day. Then maximize your productivity by setting up meetings and solving the issues with the highest priority during these hours. Combine an effective time management strategy with a schedule based on your own peak productivity and you won’t miss out on anything that needs your attention.
Avoid getting stressed out
Nobody enjoys tough situations, unexpected problems, and pressures. We’d rather avoid them. But tackling problems makes us stronger, more stress-resistant, and cool-headed—especially while dealing with stressful situations and difficult renters. To keep your stress level to a minimum, you should keep in mind the following principles:
- Get over perfectionism: You might get close to perfection, but you will never be 100 percent perfect. Accept that and let it go! In fact, perfectionism can be harmful both for your personal life and business relationships. Setting high standards is great, but obsessing over tiny mistakes will never lead to achieving success in the property management sector.
- Make time for yourself: Take a break, attend a yoga class, go on vacation—do anything that makes you feel good and helps you relax and recharge. Meditation and regular exercise are also beneficial for relieving stress both at home and at work.
- Cut ties with the outside world, at least for a while: Try to detach yourself from work to prevent burnout. This is an important point, since constant notifications, phone calls, and in-person meetings make you feel like a hamster on a wheel and could eventually lead to emotional exhaustion. Such a condition won’t ever contribute to your professional success. Notify your renters in advance that you’ll be unavailable for a couple of days, turn off notifications, and give yourself a break.
Being selective isn’t a crime
The people around us have a certain impact on our life, but they can’t dictate how we should do business or interact with each other. In the property management world, landlords have specific tools to select candidates with the potential to become great tenants. Most property management software systems, including TenantCloud, offer online rental applications and high-quality credit and background checks to help you choose the best long-term renters.
Use property management software systems
To keep your landlording business highly organized and less stressful, use an all-in-one property management software system that simplifies the lives of landlords, providing beneficial property management solutions—from residential lease agreements to a built-in accounting system. You should pay particular attention to the features such software offers and make sure you won’t need to use additional services if the former lacks something you need. Above all else, the automatic invoicing and online maintenance request options will reduce paperwork, while at the same time keeping your stress under control. Apps available for iOS and Android devices with a distinctive user-friendly interface are additional factors to look for.
Boost your reputation
First build a good reputation and then let it precede you. In the digital world, people might have heard about you before actually meeting you. Never underrate the power of social media channels when you think about basic promotion strategies. Also, take advantage of marketing websites to advertise your listings so that you don’t spend all your time doing it yourself. Not only will a marketing website attract more prospective tenants, but it will also draw attention to your rental listings. Thus leaving a part of your daily work routine to the professionals might just help you take a step forward in achieving work-life balance.
How do you maintain work-life balance? Do you have a specific recipe? Share your thoughts and leave comments below! :)