Rental Property (SB)


I bought a rental property about a month ago. It’s not in a great area and I knew that, but I am having some challenges getting tenants. Albeit, it was the holidays so it’s expected that it might take some time. I talked to the property manager about it and he said that it will be tough but not impossible during this time of year. I know it’s not the actual money that’s stressing me out, because I can mentally tell myself that even if it takes two additional months to get tenants, that takes me to May and by that time the rental market here should be booming, AND it won’t really make a dent in my bank account. But nonetheless, I have a lot of anxiety about it.

I did a thought download and here are my unintentional models that resulted. I mostly need help with my result line – I have tried to be as specific as I can with my A line, but most of the time I’m not doing much – I’m just thinking thinking and ruminating which causes more of the feeling. I wonder if rumination is an (ineffective) form of buffering?

C: Potential tenants reach out and have credit scores >640 and income less than $3k/month
T: I’m not going to find good tenants
F: Anxious
A: Spin around in my head. Don’t take action. I avoid feeling my anxiety and kind of get stuck in it. I do nothing, and try to focus on something else, have more questions like “did I make a mistake? Should I have done more research?”, and other questions that cause more anxiety
R: I let my anxiety control my life, I am not intentional in the way I want to think and act.

C: Potential tenant with >700 credit reaches back out because the property manager didn’t follow up
T: I don’t trust my property manager
F: Distrust
A: I ask my potential tenant to reach back out if they don’t hear back from the PM in 24 hours
R: I act in a distrustful way

C: Owned property for one month, have 1/4 tenants
T: I should be doing more and don’t know what to do
F: Frustration
A: Try to ignore it, bury my head in the sand. Occasionally reach out to the PM to check in. Spin around in distraction not feeling my frustration.
R: I don’t do anything more, and I don’t find out what else to do

Ultimately, I want to trust that my property manager knows what he’s doing, AND I also want to be more involved in getting tenants into the place. I have been advised to post in Facebook groups, but I don’t think that’s going to work – I can certainly try it, though. But I don’t know what to do about the property manager not showing the place? I guess I could possibly show the unit myself a few times? What I also notice, though, is that I don’t want to upset anyone. I don’t want to upset the property manager by telling him I want to do some showings myself, and I don’t want to upset my friend (who told me to post in FB groups) by asking questions I’ve already asked.

What I *could* do is I could ask my PM to tag along for some of the showings so I can see what the applicants are like. After that, then I could ask to do some showings myself for candidates that seem to be very good. And, I could make a schedule to post listings on Facebook groups every day, OR I could find an administrative assistant to do this task for me . I could also update the listing to make clear that credit must be above 650 and income must be 3x rent. I guess these actions are driven by the thought “I can be doing more and I *DO* know what to do”. Which creates the F of Motivation.  Doing these actions above will seem to change my feelings, but then am I just not resolving the root of the problem?