Hi Currently under contract for a sfr that has tenants. Property is managed by a pm company and I have to stay with company through the current tenants lease. Once the lease is up I'd like to self manage. When and how should I introduce myself to tenants. I plan to use the Cozy platform. I'm not sure if I can reach out reach out to tenant now at closing to change payment or wait until closer to the end of lease. 7 months remaining on lease.

Here's a form letter I use.  Tweak as needed.  Remember there is a fair amount of consternation and anxiety from the tenants when someone new buys their building.  I seek to (a) allay those fears, (b) reinforce that stewardship of the property will continue (or improve), and (c) convey my expectations of them regarding their care of the unit and timely payment of rent.

Dear (person):

We are excited to announce that our company is in the final stages of purchasing the building within which you reside, and I’ll begin managing the property on (date). Being a local company, providing quality housing and great service is very important to us. As I mentioned in my previous letter, I look forward to continuing to maintain your address with the same pride and quality that (previous owner) has taken in it over the past (x) years.

We are hereby cancelling your existing month-to-month tenancy effective (date). Enclosed in this envelope is a new month-to-month lease agreement for you to sign, effective for (date). In the meantime, please completely fill out both the Rental Application (included with this letter) and the Lease Agreement. I will make arrangements to come by and go over the lease with you sometime next week.

This new lease will provide you with important information regarding our company’s policies. This lease does not change the length of your lease term (month-to-month); it simply updates relevant matters now that I will be assisting you with your housing needs.

Beginning with rent for the month of (month), please pay your rent by depositing the entire amount into the following bank account at XYZ Bank: account # 123456 ; routing # 78910. We do not accept rent checks at our P.O. Box; rent can only be paid by deposit.

For your convenience, the nearest location to your home is (branch address), or you can execute a bank-to-bank transfer using the routing number provided.

If you have any questions, concerns or maintenance issues, you may call or text my cell phone at (Google Voice #), or you may email me at the address listed at the top of this notice.

Please don’t hesitate to contact me with any questions about this transition or any other pertinent issue.

Sincerely,

(You)

@Tiffany U. Dearest tenant my name is Tiffany U. I am the new owner of the home now . I will be following the existing lease agreement . I wIll expect rent paid promptly on the first or a late fee will be incurred . That is all Tiffany u Aka landlord

@Wesley W. Very helpful. Thanks

Reach out, shake their hand and say, Hi my name is …………... I am the new owner of the property. I give them my business card and let them know I will send them a intro letter with all my contact information.  

Cut through all the formal BS.