Preventing burnout while being a real estate investor

Investing in a real estate seems to be a very promising way to get money. No need to deal with a startup that may fail, or to make a dead money investment in gold as well, right? People have always looked for a shelter. It is a basic need you can make business from for centuries. Obviously, a real estate market is susceptible to change, but it is relatively stable.

It looks like the scheme is very simple. You buy a property and rent it out to a tenant who then brings you more money than you have initially invested. However, this type of business also demands much time, mental and emotional resources if you work full-time and do not have people who could do everything for you.

Most probably, you will have to:

• walk in a real estate agent’s shoes
• learn your and your tenants’ rights and responsibilities
• find out everything about the property you offer and even more (neighbors, schools, groceries nearby, etc.)
• receive and make many phone calls
• meet new people and many other things
• be a psychologist to get along with many different personality types

You should perceive your property as a product you are going to sell multiple times, so do not be surprised if you also have to try on the role of a designer or even a plumber.

And since you are a contact person if something happens during the day or night, you can occasionally become an emergency service specialist. It does not mean you cannot close your eyes until your tenants move out, just be prepared to change your plans if necessary. So, if you have not already bought a property for rent, consider something not far from your home.

Sounds like you can expect much stress. The good news is that you will experience it mainly during the “active phase” of a leasing process and that it is manageable.

Also, do not forget to avoid these things not to become a victim of an emotional burnout.

1. Schedule your day to make time for tasks besides your main job

You probably do not make a to do list for the rest of your day after work. However, when you have, let us say, a secondary job, you should record every hour not to get lost in your tasks. In this case, special productivity apps may be of great help. Do not rely on your memory: even if you really can keep everything in your head, replacing your to-dos onto other data carriers will help you to release additional energy for working more efficiently. However, do not overuse this technique buying several notebooks and downloading tons of programs in the pursuit of productivity. Otherwise, you might also need software for uninstalling applications on Mac or Windows not to overload your computer.

2. Determine for itself all the conditions under which you can rent your property

Of course, there is almost no way to skip negotiations with tenants. However, you should know beforehand what you can offer them and what you expect from them. This will save you much time, as you will not waste it on people you are not able to compromise with on leasing conditions. Moreover, it will let you to avoid conflicts caused by miscommunication. For instance, you should know when and how often you plan to visit your property, whether you allow animals or not and so on. To document all the conditions, you can use this standard lease form, for example.

3. Finally yet importantly, think where you can get additional sources of energy

You will need a lot of it, especially if you are not used to negotiating with people you see for the first time in your life. Remember that you are not the only one who makes a choice, so you cannot allow yourself to look irritated or bored while talking to your potential tenants. In order to keep calm and show a professional attitude, you should find what you can draw energy from. Look for useless and time-consuming activities and replace them with a good rest.