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Meeting the tenants in person

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When you first acquire your new residential rental property, contact your tenants in person and reassure them that you intend to treat them with respect and have a cordial yet businesslike relationship. Deal with your tenants’ questions honestly and directly. Often, the first question they ask is whether they’ll be allowed to stay. Other common concerns are 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 those concerning pets and rent. Anticipate these concerns, and prepare your responses. You’ll lose credibility and damage your relationship with tenants if you later decide to implement changes that you didn’t acknowledge up front.

Give your tenants a letter of introduction during this brief in-person meeting. This takeover letter should provide your contact information and explain your rent collection policies and procedures, the status of tenants’ security deposits, and the proper procedures for requesting maintenance and repairs.

Property Management Kit For Dummies

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