Managing a property and handling the problems and issues of residents is not easy. That’s why many property owners hire management companies to manage their properties professionally. These firms are responsible for putting a landlord or manager on site, hiring a handyman for day-to-day repair works, collecting rents from the tenants, ensuring tenants comply with rules and regulations, and finding new tenants for vacant properties i.e. apartments or shops. The owner of the property can change the management at any time but it’s important to inform the tenants about the change. A property management takeover letter is written to the tenants in this situation.
Importance of Property Management Takeover Letter:
As discussed above, a property manager has lots of duties and responsibilities. He deals with the tenants on regular basis i.e. collecting rent, late payments, receiving repair charges, updating tenants about rules and regulations, and most importantly, ensuring that there is no damage caused to the property and the tenants are residing under safe conditions. The owner of a building can change the management at any given time because of various reasons. The important thing is to let the tenants know about the change so they can update their records.
Informing the tenants about the management takeover can be vital in most cases. A tenant might want to file a repair request but the number or email of the previous landlord or manager is no longer in service. This can create a delay in the repair process and can cause further damage to the building. When the tenants have updated management details, they can remember to contact the new landlord as soon they have a repair request.
Another important element to consider is that the previous landlord used to receive rent payments through cash, check, and online bank transfer. If the tenants don’t know the landlord is changed, some might transfer their rent payment to the old landlord’s bank account. Usually when we talk about property management takeover letter, there is also a separate letter introducing the new management or landlord. This letter is mostly written by the new landlord where he introduces himself to the tenants, makes them familiar with his experience and expertise and asks them to contact him for further queries and requests.
Key Elements of Property Management Takeover Letter:
- Name and details of the recipient of the letter
- Date of writing the letter
- Subject stating the purpose of the letter i.e. property management takeover letter
- Statement saying that the property management is under changes
- Formal introduction of the new management
- Date from which the new management will takeover
- Key changes in the management method
- Suggestions from the new management for tenants
- Guidelines for the tenants from new management
Sample Property Management Takeover Letter
Tenant Welfare Society
Date: 17th December, 2021
Subject: property management takeover letter
It is hereby stated that as the owner of this building, I have changed the management including the landlord, handyman, security supervisor, genitor, receptionist and the lift boy. You will find the details of the new management in the letter attached here.
Previously this building was under supervision of DuPont Property Management and that was a good company. They handled the responsibilities very well for the past 10 years and neither I nor the tenants had any complaints about them. Sadly, the owner of the company died a few months ago and I wasn’t very happy about the way the company moved forward under new ownership. I also got some complaints from the tenants about misbehavior of the management with them.
Because of these reasons, I decided to change the management as soon the agreement expired. Instead of renewing the contract with them, I went with Leopard Property Management which was recommended to me by couple of friends and family members. This company has very good reviews and I have met with a few of their current clients who seemed very comfortable with their services.
I am sure that you will find them professional and experienced as well. Previously I didn’t have any saying in who will be the landlord of the building, who will sit at the receptionist and who will be appointed as the security supervisor but this time, I added specific clauses in the agreement that all the important positions will be filled with the approval of the welfare society. I have added the details of the selected individuals with this property management takeover letter and you can discuss these candidates in the next society meeting. If you have any concerns about someone, you can inform me and I will request the company to rethink and hire someone else.
I am waiting to hear good feedback from you on this.
Owner, building 243