The Emotions of Being a Landlord
The Emotions of Being a Landlord
Being a landlord is like riding a roller coaster – only this time, it’s an emotional one. You are happy when things run smoothly, but this happiness turns bitter the moment you hit a slump. Each landlord has different emotional triggers. For most people, financial planning is the source of a headache while others get infuriated if they see a tenant missing out on their payment. It’s far more complicated than it seems as several factors lead to the outburst of emotions when it comes to rental property management. Some landlords who inherit their rental property report that even looking at the property is tough as it has the memories of pain and loss. Maybe that’s the reason why property management companies exist.
Before you step into real estate investing, it is good to have an idea of the type of landlord you are. Emotions are often associated with expectations. There is a simple formula you need to understand;
The more you expect, the more you come face-to-face with your feelings.
The Landlord Types
Property investors and DIY landlords are usually divided using two terms: The newbies and the veterans. Both types have their triggers and their own way of dealing with emotions.
It is the new landlords who end up confronting their emotions more often. Why? Because they expect more and want everything to work out smoothly. They follow ideal scenarios where the rent comes on time, the property asks for no renovations, the taxes are negligible, and no laws threaten their hold. They often overreact to emergencies that are merely natural occurrences and end up being angry and loud at times.
On the other hand, veteran landlords are more understanding. They still have their emotional outbursts on the ‘deal breakers,’ but their experience has taught them to be humble in their expectations. Another reason why they don’t get too emotional is that they hire a property manager to take care of the property on their behalf.
The Two Most Dominant Emotions
Real estate investing comes with emotions. At times there’s so much at stake that you can’t control their emotions. Whereas other times things don’t seem to be working in your favour – which results in the two most dominant emotions: Stress and Disappointment.
- Stress – It is the most difficult one to handle among the two. Real property management is different from the ideals, as you have to face unusual situations. Imagine it’s 10 pm and your tenant calls to say they have no hot water. What will you do? You will get angry and bothered as you will have to leave your home to fix it yourself (if that’s what you want); or, jump online or on your phone to look for someone to fix it. This anger and restlessness get you worked up and damage your emotional well-being in the long run.
- Fear – This is the emotion which comes with overthinking and overworking. Imagine you are waiting for the rent to arrive on a specific date so that you can pay for insurance or property related. On the due date, you receive a call from your tenant saying that they are unable to pay rent on time. Scenarios like these not only build tensions but also lead you into thinking if you have made the right choice while choosing your tenants. Similarly, you also become fearful of what’s to come and whether you will make it work as a real estate investor or not. You also feel disappointment and you no longer like being a landlord.
Remember, when it comes to business, it is essential to manage your emotions and not let them dictate your business decisions.
We at airpropty not only offer property management services in Auckland but also help you take a chill pill! By professionally dealing with the day-to-day tasks of managing your property, we also build a relationship with your tenants and make sure we offer you a hassle-free experience. All this for a fixed $25 fee per week. That’s $3.57/day – an amount less than a cup of coffee, for you to focus on better emotions & feelings: emotions of growth in life, emotions of love with your family, feelings of gratitude.