The number of short-term rentals in Puerto Rico has jumped to around 25,000, up from about 1,000 just a decade ago. It's clear that many people are hopping on the property ownership train. Are you?
Landlords in Puerto Rico can have a lot of profit ahead of them, but also a lot of stress. Being a landlord is harder than people make it look!
Between problematic tenants, slow periods, and responsibilities, many people find it overwhelming. We're here to help. Read on to learn a few of our top tips for reducing stress as a Puerto Rico landlord.
Screen Tenants Well
Screening tenants thoroughly is crucial to when it comes to reducing stress as a landlord. All of the stress reduction techniques in the world won't help if your tenants are a constant source of anxiety.
A thorough tenant screening involves conducting background checks, including criminal records, credit history, and employment verification. Some tenants may not have employment, but they have income or savings, and that's also acceptable.
Additionally, checking references from previous landlords can help ensure reliable tenants. Using a consistent evaluation process for all applicants can also help landlords avoid potential legal issues (which are also stressful).
Set Boundaries
Setting clear boundaries is essential for a stress-free landlord experience. Landlords need to set boundaries with themselves and their tenants. To set boundaries with tenants, landlords should make a comprehensive lease agreement that outlines expectations and responsibilities. It should be as clear as possible to avoid misunderstandings.
When it comes to setting boundaries with themselves, landlords should give themselves set work hours they don't stray from. Being a landlord is a job, but you don't have to be "on" 24/7, especially if you have a day job as well.
Set Realistic Expectations
Many new landlords have lofty expectations that are unrealistic. They see "gurus" online talking about fast and easy money from owning property, and that's just not realistic.
When you remember that this is a job and an investment all in one, you can set realistic expectations. This job has peaks and valleys, and not every season will be a good and profitable one. Set aside money to weather the bad seasons and you'll reduce your landlord stress.
Hire a Property Management Company
Hiring a property management company can be a great way to reduce landlord stress. These companies can handle tasks such as rent collection, maintenance, and tenant screening, allowing landlords to focus on other things.
Research local Puerto Rico property management companies and find one that aligns with your needs and values.
Reduce Stress for Landlords With These Tips
Landlords experience a lot of stress on the job. These tips can help with that. Set boundaries, screen tenants well, have realistic expectations, and consider working with a property management company to make the job less stressful.
At PMI Puerto Rico, we help landlords take the stress out of renting. We handle everything from marketing to evictions, and we'd love to work with you. Schedule a free consult with us today.
