Pg. 08 - Why Stake Acquired Circa; Two Learnings From a Powerful Partnership
Pg. 26 - Know Your Rights: A Guide to Connecticut Security Deposit Laws for Landlords
Pg. 14 - Communication is Key: Building Strong Relationships with Connecticut Tenants
Pg. 32 - Payscore & TenantTracks Unite to Accelerate Accurate Prospect Selection
Publisher’s Message
A Message From Bob DeCosmo, President Of CTPOA
News And Views From The Capitol
Connecticut Real Estate Law Changed After MV Realty Investigation
Realtor Report
Why Stake Acquired Circa; Two Learnings From a Powerful Partnership
Insurance Insights
Insurance Rates Are Escalating
Property Management Tips & Tricks
Communication is Key: Building Strong Relationships with Connecticut Tenants
By Bob DeCosmo
It’s has not been fun the past few years dealing with housing legislations at the Connecticut Legislature. There has been a trend to reward irresponsible behavior under the guise of helping tenants but in all truthfulness, what’s been going on is a political agenda to advance Socialism and hinder the ability for private property owners to make a profit.
CT Landlords are facing increasing pressure from higher operating costs, long delays removing non-paying tenants in Court and increased regulatory pressure on their businesses. While rents are high, so are operating
costs and according to the National Multi-family Housing Council only $7.00 per hundred of rent is profit and just one eviction can wipe out two years of profit in a 3-unit building so owning rental property has become a non-profit endeavor for many.
Participating in the Housing Committee’s public hearings and listening to some of the Legislators speak, its enough to make anyone that believes in common sense shake their heads in disbelief. We need to get back to creating good policies that protects hard work and investment while creating an environment where all sides benefit.
To get back to the middle of the road in policy will require a change in the composition of the Legislature and property owners have had enough and are organizing and communicating like never before.
To facilitate the change in the Legislature, the Property Owner Defense League is an Independent Expenditure Super-PAC that was created to give rental property owners more ability to enact good policy. The purpose for this PAC is to help get legislators elected who protect the rights of property owners and selectively target Legislators that oppose Property Owners.
Managing rental property is hard work and it is important for our Legislators to better understand that property owners are housing providers and are a key contributor to our state’s economy and local communities. They provide housing, a service that the government cannot provide as good or as efficiently as the private sector does.
Property owners cannot subsidize tenants living for free in apartments or have limitations on their income without
any control over operating expense increases. Both issues have been raised in recent years at the CT Legislature, as Rent Control and a Winter Eviction Moratorium had public hearings in the housing Committee within the past 2 years
Understanding there are many types of property owners ranging from those that own just one property to owners that control thousands of units. Obviously, the larger owners have the most to lose and that is where the PAC will concentrate its fundraising efforts and then move into local networks with events.
The November elections will be here shortly and landlords, property managers and Realtors will need to step up and participate with the Property Owner Defense League - PAC if they want to reverse the trend of attacking the rental housing industry. Visit www.podl.net if you wish to contribute to the cause.
By: Cassidy Williams, with wfsb.com
A type of real estate agreement that Connecticut’s attorney general calls “predatory and unfair” will soon be illegal.
The legislature passed a bill to change how long you can be locked in to sell your home. The change is all related to a company called MV Realty. The I-Team first reported on MV Realty’s practices in February.
Oftentimes, in exchange for a couple hundred dollars, homeowners were signing 40-year listing agreements. The attorney general’s investigation found 400 Connecticut homeowners signed agreements with MV Realty, and most people did not understand what they were signing. MV realty wouldn’t actually act as a realtor, but would get 3% when the
homeowner sells the house. MV realty has since filed for bankruptcy, but now a new company won’t be able to do something similar.
The new law makes agreements like this invalid if they last longer than one year.
“The 400 homeowners in connecticut that we’re aware of who have signed these agreements, it gives them the ability to effectively cancel and get out of these agreements that are so predatory and so unfair,” said Tong. “Now it’s the law, and it gives us new powers and new authority to protect people from these predatory practices by companies like MV Realty.”
The bill officially goes into effect in October.
By: Rowland Hobbs, CEO, Co-founder
Today, Stake announced the acquisition of Circa to create the first Cash Back rent payments platform. Full announcement here with coverage by Thesis Driven here.
I’m thrilled to welcome Circa to Team Stake. Here is why:
• It is unusual to find mission aligned PropTech companies, but we found that with Circa, which makes this announcement so special
• Stake partnered with Circa on collections management before the acquisition. In that partnership I saw Stake’s top cultural principal reflected in the Circa team: bring your authentic self. If you meet us and I mean now ALL OF US
you’ll see what I mean!
But today, I want to focus on two learnings we found in our partnership with Circa. These learnings are part of a larger transformation: to bring loyalty to the renter economy.
Learning 1: Where residents pay is where property performance happens….or not.
If your property uses a payment provider today — and maybe they even offer rewards like points — are they creating better performance for your property? Can you prove it? Track it? Optimize it? These were the first questions we had as we explored payments with Circa.
We knew that Stake had a big impact on property performance. You can see that in The Data. So we knew that at the moment of payment, Stake can change behavior. Or, put another way, build loyalty to the property.
And post-Covid where renter paying behavior has changed so dramatically that Freddie Mac, a Stake partner, sited it directly recently — properties need that to change. This has been the central solution for Stake since day one: Renters pay rent on-time, they get Cash Back, renters like getting cash, and properties reduce delinquencies.
With Circa, we saw the faster Stake could give Cash Back to residents, the better performance properties achieved.
But, as I mention in our public announcement, traditional payment providers do not drive performance. Yes, if a renter pays rent with those providers the money arrives. But properties should be asking if the payment provider improves performance at every step in the renter journey. Stake handles leasing, renewals, and delinquency, and now, with Circa, we can do it faster, at the moment of payment, and with every
payment type: credit card, debit card, ACH, and even 40,000 cash deposited locations nationwide.
Stake will still work with all the traditional payment providers to reward renters with Cash Back as we always have. Stake never mandates or forces one payment solution over another, we want to bring our property performance solutions to all communities in the industry. But, with Circa, we can bring an end-to-end payment portal to properties who want to upgrade and achieve even better results.
Uniting loyalty + payments results in better property performance. If you use rewards today either provided from your payment provider or otherwise and if you can’t show how it improves your performance, then the loyalty of those rewards isn’t being directed to the property, it is being directed somewhere else. Now, Stake + Circa can unite loyalty and payments to help properties outperform with every payment.
Learning 2: Collections should be centralized and on-ledger.
Early in Stake’s growth around 2021 we had experimented with collections, we called it Get Current. Stake
automated messages to residents with an incentive to pay back due arrears. There were three learnings then:
1. You can’t collect unless you can send a payment link, you’re still chasing the resident and wasting on-site team’s time.
2. Collections are hard, with many edge cases, and automation alone doesn’t deliver compelling results.
3. Stake did not write to the ledger, adding more work for property teams.
Circa had already proven success in collections management, and we partnered to prove it out. Here is how it changed the picture for Get Current:
• Circa sends a flexible payment link to residents.
• Circa uses a human-led CRM to connect with residents via text, email, and dropvoicemail through a trained team of resident payment coaches who support residents directly.
• Circa writes to the ledger and has a payments operations team to ensure payments are recorded correctly.
The results of the partnership were compelling: we saw repayments rates as high as 50%, and on average 30%. Now you can see we have made Get Current a full product available to all Stake Network Properties. Adding Collections Management to our leasing, renewals, and delinquency solutions for properties.
’s next?
It is exciting to be the first in the industry to unite Cash Back and payments. Especially at a time properties need more help solving the big challenges. There is plenty on the roadmap as Circa joins our team, and the energy here is palatable. I invite you to get in touch, learn more, the transformation of the renter experience has only just begun.
By: Tammy Enquist Canfield, Lead Sales Representative
Why are home rates, especially Landlord policies, escalating so much these days?
That is a question I get daily. Some the of largest increases we have endured have occurred within the last 4 straight years. With the cost of everything rising (labor, lumber, gas and all parts that go into a home), this has put an additional burden (cutting into profits) on the investor/ property owner community. In 2022, Connecticut P&C claims totaled approximately $6.4 billion (according to NAIC) and that number has continued to rise. And despite improved returns in the investment market, many insurance companies have struggled as claims costs have exceeded what they charged historically for premiums.
In 2023, the P&C industry absorbed a $21.2 billion net underwriting loss. In addition, the frequency of severe weatherrelated claims has increased significantly causing, not just rate increases, but underwriting limitations on homeowners. So how do we survive as business owners as the rates continue to rise?
Regardless of rate it is imperative that you have the appropriate coverage to ensure that your property is repaired/ replaced in the event of a claim for both property damage and liability concerns. There is no point in getting insurance if you are not going to get the right stuff. And then it’s important to shop around. I know it’s a pain to shop every year but that is why I am here for you.
When you get your renewal and you are unhappy with the renewal rate, call me to completely evaluate your coverage and seek out the best possible rate in the market today. In this insane time, we are living in right now with all the attacks on us as property owners it would be nice to get a little bit of break on a very big part of our business expenses.
Tammy Enquist Canfield
By: CTPOA
In the world of Connecticut real estate, effective communication is the cornerstone of a successful landlordtenant relationship. Clear and consistent communication fosters trust, prevents misunderstandings, and ensures a smooth rental experience for everyone involved. But navigating the best methods and setting expectations can sometimes feel tricky.This blog post dives deep into communication strategies specifically tailored for CT landlords, equipping you with the tools to build strong relationships with your tenants.
Before delving into specific tactics, let's explore the benefits of prioritizing communication as a landlord. Here are
some key reasons:
• Reduced Conflict: Clear communication minimizes misunderstandings and misinterpretations, preventing disputes over lease terms, maintenance requests, or rent payments.
• Timely Maintenance: When tenants readily communicate maintenance issues, you can address them promptly,avoiding bigger problems down the line.
• Improved Tenant Retention: Happy tenants are more likely to stay long-term. Effective communication shows you value them and fosters a sense of partnership.
• Positive Reputation: A reputation for responsiveness and professionalism attracts quality tenants and simplifies future rentals.
Now, let's explore the different communication channels available and their ideal uses:
• Email: This is the preferred method for most non-urgent communication. It allows for clear documentation of the conversation and gives both parties time to thoughtfully respond. Use email for lease agreements, rent receipts,maintenance requests (with photos if applicable), and general inquiries.
• Phone Calls: Phone calls are best suited for urgent matters requiring immediate attention, such as major leaks or security concerns. Following up an email with a phone call can also be a good strategy to ensure a message is received.
• Text Messaging: Texting can be a convenient way for quick back-and-forth communication, but use it sparingly and
for non-critical issues. Always follow up with a confirmation email for important information.
Tenants naturally expect timely responses to their inquiries. Here's a practical guideline for setting expectations:
• Urgent Requests (e.g., water leaks, safety hazards): Respond immediately or within a few hours at most.
• Maintenance Requests: Aim to respond within 24 business hours and schedule repairs within a reasonable timeframe, depending on the severity of the issue.
• General Inquiries: Respond within 12 business days.
Communication shouldn't be solely reactive. Here are ways to be proactive and build trust:
• Welcome Package: Provide a welcome package upon move-in with clear communication guidelines, including preferred contact methods and response timelines.
• Regular Updates: Schedule periodic check-ins (e.g., quarterly emails) to inquire about tenant wellbeing and proactively address any concerns.
• Community Building: For multiunit properties, consider hosting community events to foster a sense of belonging and encourage tenant interaction.
Effective Communication Tips for CT Landlords
Here are some additional tips to elevate your communication game:
• Be Professional and Courteous: Maintain a professional and respectful tone in all communications, even during challenging situations.
• Be Clear and Concise: Avoid ambiguity. Clearly state your expectations and requests, and ensure the tenant understands the next steps.
• Be Empathetic: Acknowledge tenant concerns and show empathy.
• Document Everything: Keep a record of all communication, including emails, phone calls, and texts.
• Maintain Boundaries: While being responsive, establish boundaries around communication hours (e.g., no late-night calls for non-emergencies).
Utilizing Technology
Technology can be a powerful tool to streamline communication and improve tenant satisfaction. Consider these options:
Technology can be a powerful tool to streamline communication and improve tenant satisfaction. Consider these options:
• access to information and simplifies communication for both parties.
• Property Management Software: For landlords managing multiple properties, property management software can centralize communication, track maintenance requests, and automate tasks.
Conclusion:
Effective communication isn't simply about responding to emails and phone calls. It's about fostering a collaborative environment where both landlord and tenant feel valued and respected. By implementing these communication strategies,you can build strong relationships with your Connecticut tenants, ultimately leading to a smoother and more successful rental experience for everyone involved.
Bonus Tip: Consider including a "Communication Guidelines" section in your lease agreements. This can outline preferred communication methods, response timelines, and contact information for both parties.
• Join CTPOA for only $99/year and get instant access to countless webinars, resources and special invites.
• Connecticut Department of Consumer Protection Landlord/ Tenant Rights:https:// www.jud.ct.gov/lawlib/law/ landlord.htm This website provides valuable information on landlordtenant rights and responsibilities in Connecticut.
By taking the time to refine your communication strategies, you can build a positive and productive relationship with your tenants. Remember, a little effort goes a long way in creating a successful and rewarding rental experience for everyone involved.
Reading
By: Molly Grace, with businessinsider.com
Mortgage rates are down in response to news that the Consumer Price Index increased 3.0% in June, a downtick from the previous month and lower than what many forecasters had been expecting. Average 30 -year mortgage rates are currently hovering around the mid-6% range, according to Zillow data.
Mortgage rates are expected to fall once the Federal Reserve starts lowering the federal funds rate, and this cooler inflation report makes it more likely that the Fed will move to lower rates soon. According to the CME FedWatch Tool, which tracks the likelihood of upcoming Fed changes based on Fed funds futures pricing data, the probability of a Fed cut in September is now above 80%.
Mortgage rates don't track the federal funds rate, but they're often pushed up or down
based on how investors expect Fed policy moves to impact the broader economy.
This means that those looking to get a mortgage in 2025 and beyond should be able to get better rates than those who are in the market today. But even in a high-rate environment, borrowers can find ways to save. If you're getting ready to start the homebuying process, be sure to get quotes from at least three different mortgage lenders to be sure you're getting the best deal possible.
Mortgage rates increased dramatically for most of 2023, though they started trending back down in the final months of the year. As the economy continues to normalize this year, rates should come down further.
In the last 12 months, the Consumer Price Index rose by 3.0%, a significant slowdown compared to when it peaked at 9.1% in 2022. As inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of the best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
When Will House Prices Come Down?
We aren't likely to see home prices drop anytime soon thanks to extremely
limited supply. In fact, they'll likely rise this year as mortgage rates drop.
Fannie Mae researchers expect prices to increase 4.8% in 2024, while the Mortgage Bankers Association expects a 4.5% increase in 2024.
Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices. But prices aren't currently expected to increase as much as they have in recent years.
Fixed-Rate vs. Adjustable-Rate Mortgage Pros and Cons
Fixed-rate mortgages lock in your rate for the entire life of your loan. Adjustable-rate mortgages lock in your rate for the first few years, then your rate goes up or down periodically.
So how do you choose between a fixed-rate vs. adjustable-rate mortgage?
ARMs typically start with lower rates than fixed-rate mortgages, but ARM rates can go up once your initial introductory period is over. If you plan on moving or refinancing before the rate adjusts, an ARM could be a good deal. But keep in mind that a change in circumstances could prevent you from doing these things, so it's a good idea to think about whether your budget could handle a
higher monthly payment.
Fixed-rate mortgage are a good choice for borrowers who want stability, since your monthly principal and interest payments won't change throughout the life of the loan (though your mortgage payment could increase if your taxes or insurance go up).
But in exchange for this stability, you'll take on a higher rate. This might seem like a bad deal right now, but if rates increase further down the road, you might be glad to have a rate locked in. And if rates trend down, you may be able to refinance to snag a lower rate
How Does an Adjustable-Rate Mortgage Work?
Adjustable-rate mortgages start with an introductory period where your rate will remain fixed for a certain period of time. Once that period is up, it will begin to
adjust periodically typically once per year or once every six months.
How much your rate will change depends on the index that the ARM uses and the margin set by the lender. Lenders choose the index that their ARMs use, and this rate can trend up or down depending on current market conditions.
The margin is the amount of interest a lender charges on top of the index. You should shop around with multiple lenders to see which one offers the lowest margin.
ARMs also come with limits on how much they can change and how high they can go. For example, an ARM might be limited to a 2% increase or decrease every time it adjusts, with a maximum rate of 8%.
By: Johanna Neumann, with environmentamerica.org
Let’s face it. It’s hot out there and it’s getting hotter. On these dog days of summer, many of us are turning to air conditioners for relief. In 2020, air conditioning accounted for 19% of the energy use in U.S. homes.
But, running your A/C all summer can be expensive. Data from the EPA and Bureau of Labor Statistics suggest air conditioning adds an average of $438 to Americans’ utility bills each year. And when millions of people ratchet up their energy use to cool their homes, it strains on our electric grid and increases pollution.
To help protect consumers from high utility bills and our environment from increased energy use during hot summer months,
we’ve compiled some best practices that can help you keep your electric bill in check and keep you cool, regardless of what kind of weather summer dishes up.
Seven tips to staying cool while saving money on your electric bill
1. Install curtains or blinds on windows.
Most of the sunlight that enters our windows becomes heat in our homes. Light-colored curtains or blinds can help block that sunlight and reflect heat, keeping your home cool. If you’re on a budget, even just hanging a sheet over a sun-flooded window to block and reflect the light can make a big difference.
2. Cool your home naturally.
If you live in a region where it’s cooler at night and in the morning, opening windows during those cooler nighttime hours and inviting that cool air inside can help lower the temperature of your home. You can use a window fan to blow cool night air into your home. Then, as the temperature climbs in the morning, close your windows, shut the blinds or curtains, and turn on your fans or A/C which now won’t have to work as hard to keep your home comfortable.
3. Use fans.
Moving air creates a wind chill effect that cools your body.
Ceiling fans are a great option to take the edge off hot summer days and use less energy than air conditioning units. Ceiling fans make a room feel cooler for its occupants by circulating warm air up and cool air down. You’ll want to make sure the blades of your ceiling fan are all slightly tilted.
Box fans or standing fans are also good options to circulate air. If you want more cooling power from your fan, you can place a bucket of ice or a pan of cool water in front of your fan, which will create a cool mist as the ice melts. Adding salt to the ice can make the breeze feel even
cooler.
One important note about fans is that they don’t actually cool your room, but they cool people, as explained in this resource from the National Renewable Energy Laboratory. So if you’re leaving the house, turn your fans off so you’re not wasting energy.
4. Avoid using heat-producing appliances during day.
Appliances that produce heat while they’re working can counteract your best efforts of to keep your indoor air cool. Among the worst offenders are televisions, dishwashers, and clothes dryers. You can wait until the sun goes down and the outdoor air cools off to run your dishwasher and clothes dryer. And you can try to avoid using your stove altogether on the hottest days; instead, serve refreshing cool salads for dinner or grill outdoors.
If you’re in the market for new appliances, choose models with the Energy Star label. They’re guaranteed to be more energy efficient and put off less wasted heat than your old ones.
5. Tune up your A/C system and replace the filter.
If you have central A/C, seasonal tuneups can help keep your system running smoothly. If you can’t get an appointment with a technicians who would typically check refrigerant levels and clean cooling coils, one simple thing you can do is to change the system’s air filters yourself. If you haven’t done that in the last 3 months, we highly recommend. Changing your filter can help your A/C unit work more efficiently, lowering your energy use and therefore, your energy bill.
6. Set your thermostat to 78 degrees.
According to the Edison Electric Institute, raising your thermostat by just one degree in the summer will decrease your electric bill by 2 percent. So, when it’s in the triple digits outside, setting your thermostat to 78
degrees offers a respite from the heat. If you wear loose-fitting clothes, drink plenty of water, and use fans to circulate air, you’ll find that 78 degrees is a comfortable temperature and it won’t force your A/C to work overtime, driving up your energy bills.
7. Make your home more energy efficient.
Taking steps to reduce energy waste in your home can lower bills, make your home more comfortable and reduce pollution.
After all, the cleanest energy is the energy you never use in the first place. Our guide: How to weatherize your home offers a one-stop-shop with advice on where to start and basic DIY weatherization tips.
By: CTPOA
Security deposits are a crucial aspect of any Connecticut landlord-tenant relationship. They provide a safety net for landlords covering potential damages beyond normal wear and tear caused by tenants. However, navigating the legalities surrounding security deposits can be confusing. This comprehensive guide delves into Connecticut security deposit laws,equipping you with the knowledge to ensure compliance and maintain a positive relationship with your tenants.
Connecticut law dictates the maximum amount of security deposit a landlord can collect from a tenant. Here's a breakdown:
• Standard Limit: Landlords cannot require more than two months' rent as a
security deposit from tenants under the age of 62.
• Reduced Limit for Seniors: For tenants aged 62 or older, the maximum security deposit is capped at one month's rent.
Important Note: If a tenant who initially paid a two-month deposit turns 62 during their tenancy, they are entitled to a refund of the excess amount upon request.
Connecticut law mandates that landlords follow specific guidelines regarding how security deposits are held:
• Escrow Requirement: Landlords are required to deposit the entire security deposit received from each tenant into a separate escrow account within a
reasonable time frame. This account safeguards the funds and ensures they are readily available for their intended purpose.
• Financial Institution Choice: The escrow account must be established or maintained in a financial institution such as a bank or credit union.
• Landlord as Escrow Agent: The landlord acts as the escrow agent for the account, meaning they are responsible for managing it according to state regulations.
• Limited Withdrawal Permission:
Landlords can only withdraw funds from the escrow account for specific reasons outlined below (deductions for damages).
Permissible Security Deposit Deductions
Landlords are legally entitled to withhold a portion of the security deposit to cover specific costs incurred due to the tenant's actions. However, deductions can only be made for the following reasons:
• Unpaid Rent: Landlords can deduct any unpaid rent from the security deposit.
• Damages Beyond Normal Wear and Tear: This includes damage to the property, appliances, or fixtures caused by
the tenant or their guests, exceeding normal wear and tear expected from typical use. Examples include excessive dirt or grime, broken windows, unaddressed pet damage, or intentional property destruction.
• Missing Items: If the tenant fails to return all keys, access cards, or other required items upon move-out, the landlord can deduct the replacement cost from the deposit.
To justify deductions from the security deposit, landlords must provide proper documentation to the tenant. This includes:
• Detailed Itemized List: A detailed list of all deductions made from the security deposit, clearly outlining the reason and cost associated with each deduction.
• Receipts for Repairs or Replacements: Copies of receipts for any repairs or replacements made necessary by the tenant's actions.
Connecticut law dictates specific timeframes for returning security deposits to tenants after they vacate the property:
• Standard Timeline: Connecticut Landlords have 21 days from the date the tenant surrenders the unit (returns keys and moves out) to return the security deposit, along with any accrued interest (discussed later).
• Forwarding Address Exception: If the tenant fails to provide the landlord with a written forwarding address, the 30-day clock is paused until the landlord receives the address. Once received, the landlord has 15 days to return the deposit and any interest.
Failing to adhere to Connecticut security deposit laws can have significant consequences for landlords. Here's what tenants can do if a landlord violates their rights:
• Double Damages: If a landlord fails to return the security deposit within the legal
timeframe or withholds it without proper justification, they may be liable for twice the amount of the security deposit to the tenant.
• Legal Action: Tenants can pursue legal action against landlords who violate security deposit laws in Small Claims Court.
To ensure a smooth security deposit process and avoid potential disputes, landlords should follow these best practices:
• Provide a Move-In Inspection:
Conduct a thorough move-in inspection with the tenant, documenting the condition of the property with photos and a detailed checklist. This establishes a baseline for assessing normal wear and tear versus tenant-caused damage.
• Maintain Clear Records: Keep meticulous records of all communication with the tenant regarding the security deposit, including copies of the lease agreement, move-in/move-out inspection reports, receipts for repairs or replacements, and any written documentation of deductions.
• Communicate Effectively: Maintain open communication with the tenant throughout the tenancy. Address any potential damage concerns promptly and discuss solutions collaboratively.
• Consider Offering Security Deposit Return Options: Some landlords offer tenants the option to receive the security deposit refund via check, money order, or direct deposit. This can streamline the process for both parties.
Conclusion
Understanding Connecticut security deposit laws empowers landlords to manage their rental properties effectively and maintain positive relationships with their tenants. By adhering to legal requirements and implementing best practices,landlords can ensure a smooth and transparent security deposit process for everyone involved.
Additional Resources:
• Join CTPOA for only $99/year and get instant access to countless webinars, resources and special invites.
• Connecticut Department of Consumer Protection Landlord/ Tenant Rights:https://www.jud.ct.gov/ lawlib/law/landlord.htm
By familiarizing yourself with these resources and the information outlined in this guide, you can navigate the world of Connecticut security deposits with confidence.
Have you ever wished for a financial safety net for your rental property?
Well, it’s not a dream anymore. Introducing TheGuarantors – your partner in protecting your rental income and providing coverage for damages.
With their customized coverage, you decide how much coverage you want, and voilà! They also have an easy and lightning-fast claims process – claims are typically paid within 5 business days. And did we mention it’s at no cost to you?
TheGuarantors has proudly served some of the biggest names in real estate since 2015, which means you’re in good company.
Say goodbye to restless nights, and hello to peace of mind knowing your income is secure with TheGuarantors.
CTA - Register Today at TheGuarantors
In an increasingly regulated property management environment, the need for defensibly accurate leasing decisions demands swift and accurate income verification. After evaluating the options, TenantTracks partnered with Payscore to deliver ‘Click-toVerify’ simplicity and accuracy to your desktop and mobile phone. When you need to slash an hour from every application you process, access the leading solution in automated income verification from www.TennantTracks.com and start revolutionizing the way income is verified with unparalleled efficiency and reliability.
Based on our analysis, Payscore established itself as a beacon of trust and innovation in the income verification sector. Their automated solution connects directly with applicants' financial institutions, providing real-time, bank-verified income data. This direct approach not only speeds up the verification process but eliminates the potential for the fraud associated with documentation.
Verification with Payscore
• Rapid Turnaround: Payscore's technology streamlines the verification process, reducing the turnaround time to mere moments.
• Unmatched Accuracy: Leveraging advanced algorithms, Payscore ensures that the income data provided is precise and dependable.
• Enhanced Security: We employ robust encryption standards to safeguard applicant data, ensuring peace of mind for both businesses and their clients.
TenantTracks Integration: A Synergistic Partnership
The partnership between Payscore and TenantTracks brings together two powerhouses in the property management sphere. TenantTracks' expertise in tracking and managing
tenant applications is now augmented by Payscore's automated income verification, creating a seamless experience for landlords and lenders alike.
Verification
Embrace the future with Payscore's automated income verification, integrated within TenantTracks' robust platform. Say goodbye to the days of manual verification and welcome a new era of speed, accuracy, and security.
Next Meeting: July 15th
Time: 5:45 PM - 9:00 PM
Where: Sheraton Hartford
100 Capital Blvd.
Rocky Hill, CT 06107
Contact: (860) 265-4414
About: Our Main Speaker is Steven Bibisi. Steven will cover Rules for a Home Office and Avoiding Depreciation Recapture, Cost segregation myths and benefits, Section 179D commercial building deductions and 45L Home Tax credit.
We will also introduce Bob Ruzzo, building official, who will speak on the permit process in CT and the best ways to get your permit approved. Register here!
Next Meeting: July 16th
Time: 6:00 PM - 8:00 PM
Where: CTREIA
415 Silas Dean Hwy, 304A Wethersfield, CT 06109
Contact: (860) 265-4414
About: Real Estate Investor Workshop.
The best time to invest in real estate was 10 years ago. The next best time is RIGHT NOW.
The good news...you don't need to be a billionaire, or even a millionaire, to invest in real estate. You simply need to educate yourself.
Register here!
Next Meeting: July 17th
Time: 6:00 PM - 9:00
Where: Red Fox Restaurant
218 Smith Street
Middletown, CT 06457
Contact: (860) 538-3672
About: Welcome real professionals and lovers the industry. CTRE PROs will bring together all real estate professionals from the local area into one for the evening. This was organization created by for those who are fully dedicated to continuing exponential growth of estate and the power serve as a means of living. Register here!
17th
PM Restaurant 06457 3672 estate lovers of PROs real from one room was an by and fully continuing the real it can living.
Next Meeting: July 20th
Time: 10:00 AM - 2:00 PM
Where: Delamar W. Hartford 1 Memorial Road
West Hartford, CT 06107
Contact: (860) 265-4414
About: Annual Women's Event 2024 with Multiple Speaker(s)
Come be inspired to take the next step in your real estate journey! Meet and network with women who are making things happen in real estate locally - this will be a fun and informative brunch!
Register here!
Venoal M. Fountain, Jr., Partner at Hirsch, Levy & Fountain, LLC
Pro Property Management
The Law Office of Yona Gregory
Ranciato Public Adjusters Group, LLC
TenantTracks
Tammy Enquist Canfield: Comparion Insurance Agency
ServiceMaster Restore by Recovery Solution
Phone: (203) 336-3144
Website: Click here!
Attorney / Evictions (Professional Services)
Eversource Energy
Phone: (203) 909-6333
Website: Click here! Property Management Services (Professional Services)
Phone: (860) 443-9662
Website: Click here!
Attorney / Evictions (Professional Services)
Phone: (888) 298-9014
Website: Click here! Public Adjuster (Professional Services)
Phone: (888) 610-4710
Website: Click here!
Tenant Screening (Professional Services)
Phone: (203) 695-3893
Website: Click here! Insurance (Professional Services)
Phone: (860) 735-4704
Website: Click here! Restoration (Maintenance & Tradesmen)
Phone: (800) 592-2000
Website: Click here!
Energy Efficiency Provider (Suppliers & Wholesalers)
The Guarantors
Phone: (720) 706-8902
Website: Click here! Rental Insurance (Professional Services)
Premier Real Estate Investment Group
Phone: (860) 335-0681 Real Estate Multi-Family (Professional Services)
Joseph V Scorese: Nationwide Direct Private Lender
Ironclad Property Management
Pet Screening
Dana M Guiliano
Phone: (215) 290-5108
Website: Click here! Mortgages & Loans (Professional Services)
Phone: (860) 956-6825
Website: Click here! Property Management Services (Professional Services)
Website: Click here! Tenant Screening (Professional Services)
Phone: (203) 419-5857 Attorney / Evictions (Professional Services)
Landlord Collection Agency
Junk Bear
Reckmeyer & Reckmeyer, Law
Dawn Cabral, Broker/ Owner, GRI, SRES at West View Properties LLC
Phone: (800) 369-6153
Website: Click here! Collection Agency (Professional Services)
Phone: (860) 378-2801
Website: Click here! Rubbish & Hauling (Maintenance & Tradesmen)
Phone: (860) 333-5677
Website: Click here! Attorney / Evictions (Professional Services)
Phone: (203) 228-7564
Website: Click here! Real Estate Residential (Professional Services)
Jeff
Zappone, Loan Officer at CrossCountry Mortgage
Circa Rent Collection
Phone: (203) 592-3602
Website: Click here! Mortgages & Loans (Professional Services)
Website: Click here! Rent Collection (Professional Services)
Let the Connecticut Property Owners Alliance help promote your business to the Real Estate and Property Owner community through our Vendor Affiliate Member Program!
Your company will be listed in our priority vendor database for all CTPOA members. Our events will allow you to display your promotional materials on our vendor tables, interaction with prospective customers and grow your presence on social media. CTPOA makes it easy for you to gain more customers without spending valuable time searching for them.
To sign up to be a CTPOA Vendor, click here!
https://ctpoa.com/
Follow CTPOA: https://www.facebook.com/CTPOA/
The Connecticut Property Owners Alliance is composed of experienced property managers, realtors and landlords working together to improve the business conditions for rental property owners. The Alliance saves its members money on essential real estate services, reviews and testifies on pending legislation & law changes and offers its members workshops and meetings on topics that impact landlords.
The Alliance strives to ensure your success in real estate by:
• Saving you money on essential real estate services
• Informing you of law changes impacting your business
• Providing workshops and meetings to help you become a better educated and prosperous rental property owner.