Being a landlord in New York opens up hefty income opportunities, considering landlord salaries in the state average $95,488 yearly, according to ZipRecruiter. But while lucrative, it's a 24/7 job that can be very stressful, especially for accidental or new landlords. It's also rife with legal complexities, including federal, state, and local laws.
Fortunately, there are several ways to relieve the stress of being a Long Island real estate property owner and landlord. And our team at PMI Lighthouse will share them with you in this guide.
Read on to discover the top strategies to meet landlord responsibilities in Long Island, NY, in a less stressful way.
Understand Common Landlord Stressors
Landlord stress often arises from several areas, such as:
- Tenant management, including screening, communication, and retention
- Property maintenance, from handling repairs to regular upkeep
- Legal compliance, especially keeping up with changing laws and regulations
- Financial management, like collecting rents and managing budgets
Being informed about such stressors lets you develop tailored strategies to manage or eliminate them. So, you can reduce their risk of occurring and causing stress in the first place.
For instance, suppose you worry about renting to "bad" tenants who may fail to pay rent or damage your property. If so, consider outsourcing your tenant screening process to professionals. With their knowledge and state-of-the-art technology, these experts can help you:
- Market your property to more potential applicants
- Find and vet highly qualified tenants
- Reduce rental property risks posed by irresponsible renters
Practice Better Financial Planning
Financial management can often be a source of angst for landlords. To manage this stress, create a solid financial plan and budget, such as by:
- Establishing an emergency fund for unexpected repairs
- Keeping detailed records of income and expenses
- Regularly reviewing budgets and adjusting them as needed
Consistency in financial practices can create an organized system that helps minimize stress.
Invest in Full-Service Property Management
One of the best ways to ease the burden of landlord duties is delegating all property management operations to a full-service firm in Long Island, NY. A reliable property manager will:
- Provide tenant placement solutions, including thorough tenant screenings
- Perform all necessary maintenance tasks, ensuring your property stays in great shape
- Handle all financial transactions, from rent collection to bookkeeping
- Stay updated on local laws to keep you compliant and protected from legal issues
With a dedicated, full-service property manager, your workload can significantly decrease. You'll have more time for yourself and your family and enjoy your income more. You may even want to consider diversifying your asset portfolio at this point, which can help you reduce your investment risks, as Investopedia points out.
PMI Lighthouse: Helping Long Island Landlords Succeed
By embracing full-service property management, landlords can create a more enjoyable, less stressful experience.
So, consider partnering with PMI Lighthouse, our full-service property management firm serving Suffolk County, Long Island, as early as today. Our co-owner, Paul Landman, is a licensed real estate agent who runs the company with Pam Landman. We're proud to be part of PMI, the nation's fastest-growing property management franchise, which manages over $13 billion in assets, including 20,000 residential and commercial properties.
Don't let stress dominate your life. Call us today for a free consultation so we can help you discover the peace of mind that property management can provide.
