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

[Steven Rogers]

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).

[Lorraine Pennington]

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.