We all want more happiness and less stress, but property management can be a time-consuming task because it requires balancing tenants and homes with the real estate business.
How can you forget the situation and how can you better cope with stress in real estate in a stress-free environment?
It is very likely that a particular incident has triggered your anxiety, and the causes are usually two main sources.
Firstly, tenants expect the maintenance to be done as quickly as possible and if something goes wrong, it is usually the manager’s fault, provided everything went well.
Management is often a thankless task and things that work well are taken for granted, so management can cause anxiety and stress in the future.
Second, you have to be a jack-of-all-trades And then you are subject to costs and less transparency. Most people are aware of the costs of property management and the lack of transparency in the property industry. I imagine some property managers can handle it, but others can’t.
The most important factor for happiness, Harvard professor Clay Christensen wrote, is the level and depth of the connection with others. Ultimately, it depends on how much love you have shared with your neighbors. The rich, famous, poor and unknown all report that they are satisfied with their lives, but When all is said and done, we are all together.
The Harvard study looked at 536 people from different economic backgrounds who had lived for more than 80 years. The study concluded that deep relationships are the key source of happiness and that the end of life is about the love people share with their closest relatives.
In a perfect world, time and energy should be spent on such relationships, without distractions. Property management disproportionately takes away time and energy from the true source of happiness.
Here are three simple ways to make management less stressful and invest your time / energy in what really matters.
1 – Remember that tenants are your customer
You may have had a smooth relationship with your tenants up to now, but you should always set expectations, limits and rules to maintain healthy relationships.
Imagine if you had not been clearly informed about pricing and return rules when you made a purchase, but the situation is in the customer’s shop.
The lack of communication in advance prepares the ground for future conflicts with the tenant. At the same time, you will delight them with great service from the start and will see them move in the dark about every other aspect of the transaction. Whether it is a lease, an agreement with a tenant or even a contract between you and the landlord, keeping in solid communication can help you avoid a relationship chaos.
2 – Over communication is good
You don’t want surprises or fireworks, so work close with your tenant, service provider or real estate agent.
To avoid misunderstandings, we should establish a process in which everyone is involved in the cycle when they are needed. This is a fast and cost-effective way to build a team and have direct communication channels at all times. The best way to do this is to control your property management and build the best team of agents and service professionals who can do the job.
3. Utalise Technology
The only way for a landlord to spend more time with family and friends is to use something that makes it more efficient, such as when you need to be notified or do something that is not essential. This inefficiency directly inhibits the time spent doing what is most important to you, which is a great waste of time. The solution is that the real estate management software puts you in a car to manage day-to-day management.
“Utalising technology, building your own bespoke system is vital to the efficiency of the modern property business. Clients from first home buyers to people with a property portfolio will be serviced better when you embrace property management software “ – Property Finance Experts
Neglecting to use modern technology in the field of property management is a great waste of potential and could make you neglect the most important things in your life, such as your family and friends and taking regular exercise (laos great for stress)
Keep these three practices in mind, reduce your stress, and invest your time and energy in what is really important, your relationships with family or friends.