Switching to Tenant Depositing Rent

[David Mathews]

Hello. Needing help on how to notify tenants of a change in policy. I have 2 active rentals and rehabbing my 3rd so I'm still pretty small time. With that said, I do intend to scale up while managing the properties myself. (As long as it's feasible) I no longer plan to collect rent in person. SCHEDULING! Whew! I just opened an account separate from all other accounts and plan to have the tenants deposit directly to that account.

So... question: How do I notify my tenants of this change? Letter? Email? In person? I'm thinking a letter would be best so I can include the account number,  banking locations, and hours of operation.  Any help is appreciated.  A sample letter or similar is GREATLY appreciated!

Thanks in advance.