What do you do when you acquire a new rental? 'New Owner' packets?

4 Replies

Hey everyone,

I searched the forums without too much luck. But I was curious if others could share what they do for new tenants once they acquire a new property?

Do people put together a 'new ownership welcome packet' of some sort to give tenants? What does it include?

Also, what are the key things to do once you acquire a new property? (for example, the obvious thing is letting new tenants know where to mail new rents to etc).

We send the tenants a "welcome packet" this includes a welcome letter and letting them know nothing in their lease will change, also as you said how to pay rent, and basic contact information. I would suggest following up with a phone call repeating the same thing.

You may want to try and send it Fed-Ex as its able to be tracked and you know they received it. Everyone loves a fed-ex packet. No one likes a certified letter. 

I do the same as Steve mentioned. The units I've purchased all needed some repairs and so I highlighted on my welcome letter that we would be making these upgrades in the upcoming months to ensure they could fully enjoy their homes, etc, etc. 

I also do a annual letter to all tenants basically wishing them a new year and thanking them for taking the property. I also state that our property managers will be reaching out to them in the following weeks to set up times to replace batteries in the smoke detectors and other basic maintenance. It's basically is my way to get an annual walk through of each unit. 

Thanks for the info everyone! Does anyone else have any more suggestions and tips?

I do the same as the above.

My welcome packet also includes the most important information I can think of ~ Utility Companies for each specific utility and their appropriate phone number and a reminder that all utilities will be shut off (out of our name) 3 days from the start of the lease.

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