Tip of the Month - March, 2022

Working with Current Tenants during Transition

Source: Property Management for Dummies
             By Robert Griswold

When you first acquire your new rental property, contact your tenants personally and reassure them that you intend to treat them with respect and have a cordial yet business-like relationship.  Deal with your tenants questions honestly and directly.  The most  common concerns are usually the potential for a rent increase, the status of their security deposit, the proper maintenance or condition of their rental unit, and the continuation of certain policies, such as allowing pets.  If you are not honest with the tenants, you will lose credibility if you later decide to implement changes that you did not acknowledge upfront.

Provide your tenants with a letter of introduction during this brief in-person meeting.  This letter provides your tenant with your contact information, plus explains your rent collection policies, the status of their security deposit, and the proper procedures for requesting maintenance.

Be sure to request an opportunity to perform a property walk through with each tenant.  Let the tenant know if you will be implementing your own standard lease or rental agreement form as well.

This web page was updated on 3/1/2022.