Tenant Notification New Ownership and new Payment method

[Morgan Gruelle]

Hello, 

I purchased a triplex back in July and just signed a 6 month contract with the management company that was currently managing the property. Up until now they have been collecting the rent every month and transferring the funds to me every month so far. It has been pretty hands off for the most part aside from some minor maintenance items i have completed for 2 of the tenants. My contract with the management company is up this month and i should be receiving my final payment from them within the next week. Starting january 1st 2020 I was planning on managing the property myself and using either avail or cozy to collect rent and make listings etc. What I am not sure about is how to go about transitioning from using a management company to managing the property myself. More specifically how to notify the tenants of the changes, what exactly do i tell them? I assume they don't really need a ton of details on the situation.  How do I notify them? Should I just put a letter in their mailboxes? Should I go over and introduce myself and speak with them face to face about it? Are there any other things I should be considering for this transition? Honestly I am not sure how to go about this and having to take this on fully without the management company is making me really nervous even though there hasn't been much to do so far durring my ownership. 

[Morgan Gruelle]

well ive only owned it for 6 months now. it's been going smoothely because i guess the tenants pay on time every month (at least i think so) the management company has been paying me every month like clock work. Although there have been hickups and problems with getting paid the correct amount every month that i have had to be on them about, but ideally id like to get the experience of doing this myself and also increase my cash flow since im paying them like $120 a month for the service.