Here’s three signs of landlord burnout and how to avoid falling into the trap of getting tired, giving up and selling your properties.
1 – You no longer want to fix your property because your next lousy tenants are just going to break it anyways.
2 – You constantly worry about your property and have to do the “unscheduled drive by” to check on your property.
3 – You overcompensate for bad past experiences by adding clause after clause to your leases, applications and inspection reports, none of which are enforceable under law in your province.
Some of the more important character traits necessary to longevity in this business are acceptance, positivity and self evaluation.
Other people are not going to live like you. Does it matter as long as the rent gets paid?
You’re going to make mistakes and you’ll have to accept that too. If you’re a landlord long enough you will rent to bad tenants. It will cost you and you’ll have to accept it an move on or sell out.
Just like a bad marriage break up a bad landlord tenant relationship can leave you traumatized, resentful and angry. You have to believe that there are great tenants out there (and there are). Otherwise you’ll end up with a rebound tenantÂ – not good.
Just like any business you need to constantly try to improve, to bring more value to the market and improve your processes. Does this mean creating more work for yourself and reams of additional paperwork? No ! Today’s landlords are streamlining, using what works and discarding the rest.Â This is the ability to learn from your mistakes without killing yourself with guilt and self blame.
I rented to a very bad tenant in June of 2009, it took 9 months to kick her ass out. I thoroughly looked through every single bit of her application once it happened and even months later. Her application and credit were 100% perfect. What does it mean? I am human and so are you. Give yourself a break… I have to. The only surefire way to avoid all mistakes is to never do, learn or strive.
If you find that you are showing signs of burnout, work on some healing around problems you’ve had.
Remember when you first bought your property?
How does owning it compare to what you first thought?
How do you feel about your current tenant?
How is the reality of owning income property different than your expectations?
What have you learned?