Introducing myself as new management to my first ever tenants

[Alexis A Peinado]

I am currently in escrow on my first investment property with existing tenants. I want to introduce myself professionally and provide all necessary information needed to move forward smoothly so I don't want to miss anything! Of course, I do plan on doing this once everything is official and I sign on the dotted line haha I just want to be prepared and start working on it now! Does anyone use a standard letter or what things should I include when sending out the letter? I'm nervous but excited!

[Joe Martella]

@Alexis A Peinado I technically inherited one set of tenants in 2018 and I purchased a property with a tenant in July of this year.  

One thing that we need to remember - the tenants are just as anxious about getting a new landlord as you are with a new tenant.  While we are worried about the care of the property and rent payment, they are worried about the new LL raising their rent, putting on restrictions, and asking them to leave.

For the set of tenants I technically inherited - it was a property I owned and lived in.  I moved an hour plus away for work and decided to get a property manager to deal with the property.  After a year, I was not happy with the property manager and decided not to renew their services.  I called and typed a letter well in advance of taking over the management, but I owned the property.  

For the property that I purchased in July of this year, I met the tenant when I initially saw the property in May.  When the contract was finalized, I had inspection.  I knew the tenant was going to be there to give access.  I had my welcome letter and new lease for her to read (she was month - to - month and drastically low rent).  I presented her with 2 leases  - a 3 month lease at her current rental rate and a 12 month lease with a reasonable increase ($50 a month) (with self-addressed stamped envelopes).  This would have allowed her to move if she did not want to pay the increase.

I gave  her the leases and had discussion with her and my goal was to build rapport.  I found out that she was there for 6 years, and the landlord did not allow her to paint - the place was painted an ugly green color.  Telling her that she would be allowed to paint and she could use my discount at Home Depot made her very happy.  Additionally, providing the leases answered all her questions and laid out the expectations, so that relaxed those fears too.  She was very happy when my lease had a provision for a dog/cat with a pet deposit.  

I let her know that she cannot do any of these things or execute the lease until I officially close and own the property.  She should get updates on closing from her LL.

I did not ask her to sign the leases since I didn't own the property, yet, but after closing I had that baseline where I can call and ask her to execute the leases.  She had several weeks to review and read every word and it allowed me to be open and honest.  

I did not ask for permission.  

My welcome letter that I use really just reiterates the lease in some aspects and provides the following:

• Contact Information
• How to pay rent
• When the rent is due
• When rent is late
• Utilities contact information
• What utilities they are responsible for.
• Deposit information (where will be held)
• inspections (when applicable)
• Renters Insurance (it is on them if they want it)

These are just some of the things I do.