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When a tenant submits a 30-day notice letter, it's an important moment in the landlord-tenant relationship. As a landlord, it's essential to handle this process effectively. In the video, Sydney, a landlord and real estate investor, outlines key steps to ensure a smooth transition. The first step is to review the lease agreement, as it contains important terms regarding tenant termination and notice requirements. Understanding this document is crucial for managing the transition process properly, setting the foundation for effective communication and actions moving forward.