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We’ve seen tenants move when a new owner took over a rental property for no other reason than fear and worry over the new landlord.
Not to be confused with Intro Letter form, a Hello Letter is a letter you would provide to existing tenants on a property you have have just purchased. One of the more stressful situations in a stable tenant’s life is the change-of-landlord/change-of-property-ownership. Existing tenants have a clear understanding and expectation of their relationship with their landlord. When the landlord sells the property to you with existing tenancies in place, you now have taken over the responsibility for these new tenants. There can be a lot of fear, apprehension, confusion and frustration during an ownership transition.
The Hello Letter addresses the fears by making it clear they are unwarranted and introduces the new landlord to the current tenants. Consider this a tone-setting ice breaker that you can use to set expectations and manage the future landlord/tenant relationship. Ultimately, it may reassure and preserve good tenancies (and your cash flow!)
Note: This letter is designed for current tenants facing you, the new landlord. For welcoming new tenants, use the Intro Letter.
Why Do I Need This Form?
- Help appease existing tenant fear and apprehension over building ownership transition
- Use intro to personalize yourself as new authority figure of the property and set tenant expectations
- Encourages feedback and reinforces the importance of direct communication to resolving future issues