Pg. 12 - I’m a Landlord - Do I Really Need Landlord Insurance?
Pg. 20 - Food for Thought: Guaranteed Rent
Pg. 26 - The True Cost of Having to Evict a Tenant from Your Rental Property
Pg. 30 - What Can Happen When You Fail to Use a Quality Tenant Screening Provider?
Publisher’s Message
A Message From Bob DeCosmo, President Of CTPOA
News And Views From The Capitol
Connecticut House Approves Early In-Person
Voting Bill
Realtor Report
CT Home Sales Are Down Dramatically From Last Year. What’s Causing That?
Insurance Insights
I’m a Landlord - Do I Really Need Landlord
Insurance?
Property Management Tips & Tricks
Spring Cleaning Recommendations for Landlords
On July 9th, 2023, President Biden signed a new executive order aimed at promoting competition in the American economy. The order includes several provisions that could negatively affect landlords, particularly those who own multiple properties or have significant real estate holdings. In this article, we'll explore how Biden's new executive order may negatively affect landlords in 2023.
1. Increased scrutiny of mergers and acquisitions: The executive order includes provisions to increase scrutiny of mergers and acquisitions in industries where consolidation has led to decreased competition. This could impact landlords who are looking to acquire or merge with other property management companies. If the government deems the merger or acquisition to be anticompetitive, it could be blocked, which could limit growth opportunities for landlords.
2. Limits on exclusionary zoning: The executive order calls for limits on exclusionary zoning practices that limit the availability of affordable housing. This could impact landlords who own properties in areas with restrictive zoning laws,
as they may be required to make changes to their properties to comply with new regulations, it may also over-burden some communities that have limited infrastructure to handle increased demand from more residents.
3. Increased focus on tenant protections: The executive order includes provisions aimed at protecting tenants from unfair practices, such as high screening fees or large rent increases. This could negatively impact landlords who rely on this revenue to protect marginal profit margins. Additionally, landlords may be required to make costly upgrades to their properties to comply with new safety and accessibility requirements.
4. Increased competition from public housing: The executive order includes provisions aimed at increasing the availability of affordable housing, including funding for public housing projects. This could increase competition for landlords who own rental properties in areas with a high demand for affordable housing. This pus private sector business directly in competition with government subsidized housing
5. Increased regulation of short-term rentals: The executive order includes provisions aimed at regulating short-term rental platforms, such as Airbnb. This could negatively impact landlords who rely on short-term rentals as a source of income, as they may be required to comply with new regulations or pay higher fees.
In conclusion, Biden's new executive order includes several provisions that could negatively affect landlords in 2023. Landlords who own multiple properties or have significant real estate holdings may face increased scrutiny of mergers and acquisitions, limits on exclusionary zoning, increased focus on tenant protections, increased competition from public housing, and increased regulation of shortterm rentals. It's important for landlords to stay informed about these changes and adapt their business strategies accordingly.
Article from FoxNews.com
Connecticut voters would have 14 days to cast ballots early in general elections under a bill that cleared the House of Representatives late Thursday, moving the state closer to ending its reputation of having some of the strictest voting rules in the U.S.
The legislation, which also allows seven early voting days for most primaries and four for presidential primaries and special elections, comes six months after voters approved a constitutional amendment that essentially gave the Democratic-controlled General Assembly the go-ahead to create a new, in-person early voting system.
"Not for nothing are we called the ‘land of
steady habits,’" said Rep. Matt Blumenthal, D-Stamford, referring to the state's often-used slogan.
"For much of our almost three centuries of existence as a state, we have had some of the most restrictive voting laws in the country," he said. "And that is a principle that does not align with the values of our state."
Connecticut's constitution for many years has dictated the time, place and manner of elections, essentially requiring voters to cast ballots at their local polling place on Election Day unless they qualified for absentee ballots. And that option is limited to specific excuses, such as being out of town on Election Day, active
military service or sickness, a provision added during the pandemic.
Connecticut is one of only four states in the U.S. without pre-Election Day inperson voting.
Advocates for early voting say busy people want options for when they can cast ballots, while some critics have questioned whether it's financially worthwhile. The state of Connecticut is expected to cover the cost of the early voting initiative, estimated to be about $4.5 million.
During debate Thursday, Rep. Gayle Mastrofrancesco, R-Wolcott, and other Republicans raised concerns about whether the state's 169 cities and towns can find enough staff to offer 14 days of early voting.
"We have a hard time trying to finding people to help out just for one day," said Mastrofrancesco, who called for reducing the number of early voting days to three within a five-day window. She proposed an amendment that would have changed the number, but it failed. She and other Republicans also
complained that many details of the new system have not yet been ironed out.
"There's a lot of unanswered questions," said House Minority Leader Vincent Candelora, R-North Branford. Blumenthal, who is also co-chair of the General Assembly’s Government Administration and Elections Committee, acknowledged that lawmakers will need to pass additional legislation concerning the system.
Secretary of the State Stephanie Thomas, a Democrat, has said there is not enough time to implement early voting for this fall's elections.
Under the bill, cities and towns, which run elections in Connecticut, will decide how many early voting sites they want to offer. The measure only requires that at least one be included in each municipality's plan, which must be approved by the Secretary of the State's Office.
The bill passed in the House on a 10735 vote and awaits action in the Senate. Democratic Gov. Ned Lamont is expected to sign it into law.
Despite New York City renters continuing to pay more for new leases and renewals, higher mortgage rates appear to be dissuading many from hitting the eject button and buying in the suburbs –with historically low numbers of Connecticut homeowners testing the market by listing their properties for sale so far this year.
Just 1,900 Connecticut properties sold in February to push the total to nearly 4,200 in the first two months of the year, according to Berkshire Hathaway HomeServices New England Properties. For the first two months of this year, sales are down 30 percent compared to
2022, with new listings off 16 percent from a year ago.
For the first time in a year, the average selling price of a Connecticut home matched the listed price in the Berkshire Hathaway report which factors in prior price reductions, after an extended stretch of buyers offering extra in their "best and final" offers to seal deals. That is a sign of dampening demand among buyers, as they factor in escalating interest rates to their purchase calculations that are tacking on to the cost of a monthly mortgage.
The Mortgage Bankers Association reported a third-straight drop in weekly
mortgage applications nationally at the tail end of February.
Speaking two weeks ago on a conference call, the CEO of Anywhere Real Estate noted the impact of higher mortgage rates not just on people actively looking to buy, but also potential sellers who are leery about having to get a mortgage themselves to fund the purchase of a new home after selling their current abode. Anywhere Real Estate owns Coldwell Banker which has a large brokerage base in Connecticut, as well as the Danbury-based relocation services provider Cartus.
"Looking back on 2022, it was a rapidly changing year for housing with substantial declines in the market that got worse every single quarter," said Ryan Schneider, CEO of Anywhere Real Estate. "Higher mortgage rates continue to put pressure on affordability, and these higher mortgage rates are hurting this new supply of inventory as many homeowners are locked into their
current home with low mortgage rates."
Stamford led Connecticut with more than 135 sales transactions in the first two months of this year, about 85 fewer than during the start of 2022 for a nearly 40 percent decline.
With 120 sales, Waterbury edged Bridgeport by six transactions as the second busiest real estate market in Connecticut, but sales were down by roughly 30 percent in both cities.
Among the 10 Connecticut cities and towns to record more than 70 transactions, only two were able to stave off declines of 24 percent or more: Hamden and Milford where sales were off about 15 percent between the two communities.
In Connecticut, real estate brokers say houses are selling swiftly that are hitting the market at prices that are adjusted to reflect the higher interest rates buyers are having to pay to get mortgages. But far few are coming onto the market this year. Among the top 10 Connecticut markets for transactions through February, only Waterbury and Norwalk had declines of less than 10 percent for newly listed properties compared to early 2022.
Greenwich dropped out of the 10 busiest markets statewide barely as sales there fell 37 percent to 70 transactions. In Darien, just five properties sold in February, after the affluent town kicked off the year with sales roughly in line with their totals of January 2022. Home sales in New Canaan were also well off
their 2022 totals.
With all three towns benefiting from an influx of New York City residents during the COVID-19 pandemic, that trend did not sustain itself in the early going of 2023, despite pressure on renters there. In a monthly report of New York City’s rental market, Douglas Elliman Real Estate and Miller Samuel reported Brooklyn’s median rent up 17 percent from a year ago to $3,400 a month.
“We're seeing activity expand a lot faster than we would normally expect seasonally,” said Jonathan Miller, president of Miller Samuel, as quoted by Investopedia. “That's an indicator of the impact that rising mortgage rates are having on would-be homebuyers into the rental market.”
Owning a rental property is a great way to earn extra income. Homeowners who decide to rent their properties may wonder, “Do I need landlord insurance, or will a homeowners insurance policy suffice?” Generally, a landlord will need to purchase a landlord insurance policy to cover the rental property, as a homeowners insurance policy doesn’t provide the same type of coverage as a landlord insurance policy.
Landlord coverage protects the property owner if the home sustains damage from a list of named perils. It can also provide financial protection if the landlord is found legally liable in certain situations.
Homeowners insurance typically only covers a dwelling that is occupied by the owner, so owners of rental properties will want to get landlord insurance coverage.
Homeowners insurance helps protect policyholders from unexpected expenses as a result of damage to their home caused by a covered event. As an example, if a windstorm knocks a tree branch onto the roof of a home, creating a hole and causing damage to the home’s contents, homeowners insurance would typically cover the cost of repairing the damage, replacing damaged contents, and the cost of the cleanup, less the deductible. If this same scenario were to happen in a rental home, the landlord insurance policy would pay to repair the damages to the home, but the renter’s personal property would not be covered under the landlord policy.
Before renting out their property, landlords may want to look at the best landlord insurance companies. Comparing landlord’s rental insurance quotes from different carriers makes it easier for a rental property owner to find the
best combination of coverage and affordability.
Landlord insurance offers coverage for property damage caused by a covered event.
When comparing landlord insurance vs. homeowners insurance, customers will see that both types of policies offer dwelling coverage for the insured property. Dwelling coverage applies to the physical structure of the rental building. If the building experiences damage from a covered event, landlord insurance helps cover the cost of repairs.
As an example, if a burst pipe in the rental home causes flooding in one of the bathrooms and damages the floors and walls, the landlord’s insurance policy generally helps pay to clean up water and repair the damaged floors and walls.
Some landlord insurance policies include coverage for other structures. This protection extends the dwelling coverage to detached structures on the property, such as a garden shed, fence, or detached garage.
Whilesomeinsurersmayofferactualcash value coverage, it’s recommended that landlords take out replacement cost coverage.
Similar to how a homeowners insurance policy works, a landlord insurance policy will pay out claims in one of two ways: actual cash value or replacement cost.
• Actualcashvalue: Actual cash value coverage calculates the cost to repair or rebuild a rental property at its current value, minus depreciation (which accounts for age, condition of the home, etc).
• Replacement cost: Replacement cost coverage pays for the cost to repair or rebuild the property at today’s prices, without depreciation.
It’s often suggested that landlords choose replacement cost coverage for their rental units. While replacement cost coverage will typically cost more up front, it can prevent a policyholder from having to pay a substantial amount out of picket in the event of a claim.
For instance, if a fire destroys an older rental property, a policyholder with an actual cash value policy would receive a claim payout that accounts for the long-term depreciation of the home. If the landlord has replacement cost coverage in this type of scenario, the insurance company would pay to repair or rebuild the home at today’s prices, and depreciation would not be a consideration.
Landlord insurance can provide coverage for lost rental income if the property is uninhabitable and the renters must move out.
Many events covered by landlord insurance could potentially cause a rental to be uninhabitable. Fire damage and water damage, for example, could require several
weeks, months, or longer to mitigate. Tenants can’t live in the property during this time, and the landlord won’t receive rent payments.
Landlord insurance may offer lost rental income coverage if the property is uninhabitable due to covered damages. This coverage is usually limited to situations where a tenant must leave the property, however. There are other types of coverage a landlord can look into purchasing that can provide protection if a tenant falls behind on their payments. For this reason, landlords will want to check their landlord insurance policies carefully to find out what is and isn’t covered as it pertains to landlord rent insurance.
A landlord insurance policy will also offer liability coverage for medical or legal costs. Accidents are unpredictable and sometimes unavoidable. When a landlord rents their property to a tenant, they may want to make sure they have the necessary tenancy liability insurance coverage in case of landlord liabilities. This coverage helps protect the
landlord if a tenant, guest, or even a third-party contractor is hurt on the property. If an accident occurs, the landlord liability insurance can help cover the injured party’s medical costs, and it can also provide financial protection to the landlord if the injured party decides to pursue legal action.
For example, if a tenant breaks a leg when on the property by falling through a rotten deck board, the landlord’s liability insurance for rental properties could help pay the medical bills of the injured tenant, as well as the costs of potential lawsuits against the landlord related to the accident.
Depending
Landlords can generally customize their landlord insurance to fit their individual needs. Many landlords add extra coverage to tailor their policy for unique risks their property faces.
For example, a standard landlord insurance policy doesn’t cover damage related to flooding. Landlords can opt to purchase additional flood insurance for their rental property if the property is located in an area at high risk for a flood.
Other coverage options for landlords include:
• Guaranteed income insurance: This protection helps cover monthly rental fees if a tenant misses a payment or can’t pay the full amount.
• Emergency coverage: Emergency coverage can help cover the cost for a landlord to travel to their property and fix any emergency issues their tenant has, such as a leaking appliance.
Additionalconstructionexpenses coverage: After damage, such as a fire or burst pipe, the rental property may need additional repairs to bring it back up to code. Additional construction expenses coverage helps pay for these additional repairs.
Landlord insurance premiums tend to be slightly higher than homeowners insurancepremiumsbecauserental properties are more likely to sustain damage.
The average cost of landlord insurance is generally higher than the cost to insure the property with homeowners insurance. In general, rental properties are more likely to sustain damage than an owner-occupied
home because tenants often don’t feel a sense of ownership when renting a home. This can lead them to skip general maintenance or let small issues develop into large ones before contacting their landlord.
In addition, the cost of landlord insurance can vary depending on the property. Several factors go into determining landlord insurance rates, including:
• Location of the property
• Size of the unit or home
• Value of the property
• Age of the home
• Long-term versus short-term tenants
• Deductible and coverage amount
Additional coverages
Premiums may be even higher for a shortterm rental property than for a property with long-term tenants.
With the rise in privately owned vacation rentals, more homeowners are renting out their vacation properties as short-term rentals. These homeowners might be surprised to learn landlord insurance often costs more for short-term rentals than for long-term rentals.
With a long-term rental, where the same tenant might rent a property for months or years, there’s less risk. A long-term renter
often wants their home to stay in good condition. This makes it more likely they’ll contact their landlord with maintenance issues or property concerns.
Short-term rentals, such as weeklong vacation rentals, have more tenants coming in and out over a short period of time. More tenants mean more chances for damage to the property. Additionally, short-term renters often aren’t at the property long enough to notice issues or report them.
As an example, a landlord who owns a beachfront condo and rents it out on a shortterm basis could have several different families come to stay at the property over the course of a month. Since each family would only be residing in the home for around a week, it’s likely that none of them would notice a leak under the sink. Over time, a leak could turn into a catastrophic failure and lead to water damage, but the landlord may not know until it’s too late. Since landlord insurance doesn’t cover a renter’s personal belongings, property
owners may want to consider requiring tenants to carry renters insurance as part of their rental agreement.
Renters insurance isn’t required by law, but landlords can choose to require it for their tenants. In most cases, requiring renters insurance is a good idea for both the landlord and the tenant.
There are many reasons for tenants to get renters insurance to protect their belongings. Landlord insurance only protects the landlord; renters insurance helps protect the tenant. Tenants generally need their own policy to protect their belongings such as furniture and clothing.
Additionally, requiring renters insurance for tenants can be helpful to landlords. A tenant who’s willing to purchase renters insurance shows they’re willing to work with the landlord. It can also show responsibility, meaning the tenant may take better care of the property over someone who refuses to protect their own belongings.
By: CTPOA
Spring is the perfect time for landlords to spruce up their rental properties and give them a fresh start for the season ahead. While indoor cleaning is essential, outdoor cleaning is equally important as it creates the first impression for prospective tenants. In this article, we will discuss some recommended outdoor spring cleaning tasks for landlords.
1. Pressure wash the exterior: Over time, the exterior of your rental properties can become dirty, covered with grime and mildew. Pressure washing is a great way to remove dirt and grime from the exterior of your property, including walls, sidewalks, and driveways. This will help to give your properties a fresh and clean appearance, which can attract potential tenants.
2. Clean gutters and downspouts: During the winter, gutters can become clogged with debris such as leaves, twigs, and dirt. This can
cause water to overflow and damage the roof or siding of your property. Cleaning the gutters and downspouts will help to prevent this damage and ensure that water is properly diverted away from the property.
3. Trim trees and bushes: Overgrown trees and bushes can detract from the beauty of your rental property and create safety hazards. By trimming the trees and bushes, you can create a more polished and inviting appearance. This will also help to remove any dead branches that could fall and damage your property or injure tenants.
4. Repair and paint exterior: Harsh winter weather can take a toll on the exterior of your rental properties. Take the time to inspect for any damage such as cracks or peeling paint, and make repairs as necessary. Repainting the exterior will help to create a fresh and updated look that can make your property stand out
from the rest.
5. Clean and repair outdoor fixtures: Outdoor fixtures such as light fixtures, mailboxes, and fences are exposed to the elements and can become damaged over time. Clean and repair these fixtures to ensure that they are in good condition and functioning properly. This will help to create a polished and welcoming appearance that tenants will appreciate.
Bonus: Here are some indoor spring cleaning recommendations:
1. Check smoke and carbon monoxide detectors: Smoke and carbon monoxide detectors are critical safety features in rental properties, and they should be tested regularly to ensure they are working properly. Spring is a good time to test and replace batteries in these detectors to keep your tenants safe.
2. Replace air filters: HVAC systems work hard to keep your properties comfortable, and they need regular maintenance to continue functioning properly. Spring is a good time to replace air filters in your rental properties to improve air quality and prevent breakdowns. Clean air filters also help reduce energy consumption and save you money on utility bills.
3. Schedule professional carpet cleaning: Over time, carpets can accumulate dirt, dust,
and stains that can be difficult to remove with regular vacuuming. Spring is a great time to schedule a professional carpet cleaning for your rental properties to freshen them up and remove any allergens that may have built up over the winter. This can also help extend the life of your carpets and improve indoor air quality.
In conclusion, spring is an excellent time for landlords to focus on indoor and outdoor spring cleaning tasks to maintain and enhance the beauty of their rental properties. By pressure washing the exterior, cleaning gutters and downspouts, trimming trees and bushes, repairing and painting the exterior, and cleaning and repairing outdoor fixtures, landlords can create a more inviting and wellmaintained environment for their tenants. This can help to attract new tenants paying at a higher rate and/or retain existing ones, ultimately leading to a more successful rental business.
As a landlord, ensuring a steady stream of rental income is crucial for maintaining your investment property and generating profits. Unfortunately, tenants may sometimes fail to pay rent on time, which can cause financial strain for landlords. Rent guarantee programs like TheGuarantors can provide peace of mind and financial security for landlords by guaranteeing rental payments even if the tenant defaults. In this article, we will discuss the benefits of a landlord having a rent guarantee from tenants.
1. Financial security: The most significant benefit of a rent guarantee program for landlords is the financial security it provides. If a tenant fails to pay rent, the landlord can still receive rental income through the rent guarantee program. This can help to cover expenses and mitigate any potential financial losses.
2. Reduced risk: Rent guarantee programs can help to reduce the risk of rental property ownership. If a tenant defaults on rent payments, the landlord may need to take legal action to evict the tenant and recover unpaid rent. Rent guarantee programs can help to minimize this risk by guaranteeing rental payments and reducing the need for legal action.
3. Enhanced tenant relations: Rent guarantee programs can also help to enhance tenant relations. Knowing that their rent is guaranteed can give tenants peace of mind and improve their relationship with the landlord. This can lead to better tenant retention and fewer vacancies.
4. Competitive advantage: Rent guarantee programs can also provide a competitive advantage in the rental market. Offering a rent guarantee can help to attract high-quality tenants who value financial stability and security. This can give landlords an edge in a competitive rental market and help to generate more rental income over time.
In conclusion, rent guarantee programs like TheGuarantors can provide numerous benefits for landlords, including financial security, reduced risk, increased tenant screening, enhanced tenant relations, and a competitive advantage. While rent guarantee programs may come with a cost, this cost is often accrued by the tenant and doesn’t cost landlords anything additional. It’s beneficial to tenants because I’m many cases, rent guarantee programs allow them to put less down initially. We’ll talk more about this topic during our May webinar on May 11th at 1pm. It’s free to join -- sign up HERE.
Summer brings with it so many great things. It’s the perfect time to take the kids to the lake or go on a long road trip. But it’s also hot in a lot of the country, and that means it’s expensive to stay comfortable in your home. Even if you can’t replace your air conditioner this year, there are plenty of small changes you can make around the house right now to reduce your summer cooling bills.
It’s easy to flip a switch or press a button on an app and have cold air come rushing into your home. But finding a way to prevent that heat from entering in the first place takes a bit more effort. First, you need to understand where the heat in your home is coming from, which can be a lot trickier than it sounds.
“Increased indoor heat is usually the result of three core areas of your home: your attic, overall home insulation and your windows,”
says Michael Jestadt, owner at Smart Heating and Air Conditioning in Concord, California. “If the majority of your windows are south or west facing you will see an even higher increase in indoor heat. Windows are one of the largest contributors to your home's indoor temperatures. Older windows or large windows allow more heat through and can make your home feel more like a greenhouse. As your roof sees the sun the most, it also draws in a large portion of heat.”
What happens once heat’s inside your home? It goes upward and warms up the attic. If you don’t have good insulation, it will also spread into your living areas. Properly installed insulation can help prevent this.
"Heat rises and will wind up in the attic, but you don’t want it to come back down into the house,” says Tony Abate, Vice President and Chief Technology Officer at AtmosAir Solutions
in Fairfield, Connecticut. “This is where a good layer of attic insulation is important, an R32 layer will provide good insulation. Insulate the attic floor where the underside of the ceiling below is, but don’t insulate the underside of the roof. Ultimately that can damage the roof and may work against you as it won’t allow the heat to escape out of the house.”
The best offense is a good defense, as they say, and it goes doubly for keeping your summer heating bills low. The less heat you let in will be less heat you have to air condition away.
“You should consider using curtains or blinds, energy-efficient appliances and proper ventilation,” says Tim David, CEO at Airlucent in Huntsville, Alabama. “This will help reduce indoor heat and improve comfort levels during the summer months. I always recommend using blackout or thermal curtains with reflective backing as the best options for reducing heat as they effectively block sunlight and insulate against outdoor temperatures.”
Additionally, you can supercharge your attic space with both radiant barriers to prevent heat coming in through the roof, and powered attic fans that actually remove heat from the space, according to David.
Additionally, adding large landscaping now
will shade your home in a few years. Not all tall plants and trees are created equal, however.
“
Strategic and aesthetically pleasing landscaping can help keep sunlight out, but in areas where you have a winter season, remember you’ll want that sunlight to help warm the inside,” says Abate. “Choose trees that leaf in the summer, blocking out sunlight, but that are bare in the winter, letting in sunlight."
Window films are a popular DIY solution to older windows. They’re not terribly difficult to install and are a lot cheaper than putting in new windows, but can they actually make a difference?
“Window films help keep heat out during the summer by reflecting solar radiation and reducing the amount of sunlight that enters the home,” says David. “They can also decrease heat transfer through windows by adding insulation. These films are typically made with polyester, metal, or ceramic, and their effectiveness is measured by the Solar Heat Gain Coefficient (SHGC) - lower SHGC values indicate better heat-blocking
performance.”
Even though window films can be a great addition to your arsenal of tools helping to keep your home cooler this summer, they’re not the perfect solution for every homeowner. You’ll need to consider your local climate before making that decision. "Window films can help in that some have heat reflecting capability to keep sunlight out,” says Abate. “My feelings are mixed with these in colder climates as you would want to also be able to let sunlight in (during the winter)."
Using ceiling fans is highly encouraged by both HVAC specialists and environmentalists, for their ability to help you use less electricity when cooling your home. It doesn’t actually make your home cooler, but you’ll feel more comfortable.
“Although ceiling fans use electricity, when paired with your home cooling system it actually helps use less electricity overall,” says Jestadt.
“Running the fan helps circulate the cooled air
in your home more effectively, creating the feeling that your home is actually cooler. This usually means you can set your air conditioner a few degrees higher without noticing a difference in temperature. This, over the course of a summer heat wave, can help reduce your cooling bills.”
Along with ceiling fans, Jestadt recommends looking into a dehumidifier, explaining that “dry air feels much cooler than moist air because it helps wick away the sweat from your skin. When a home is very humid, it can make you feel hotter even if it is the same temperature inside.”
Keeping your
cool
summer
less can be achieved, even if you don’t have the budget for a higher efficiency air conditioner. Turning the fans on and setting the thermostat a bit higher, adding window films in warm climates, using curtains strategically, and even planting some trees and tall bushes to help beat the heat are just a few things that can make a huge difference for your energy bills and the environment.
Evicting a tenant from your rental property can be a difficult and costly process. It's something that every landlord hopes to avoid, but sometimes it becomes necessary. In this blog, we'll explore the true cost of having to evict a tenant from your rental property.
1. Legal Fees: Evicting a tenant involves legal proceedings, which can be expensive. Depending on the complexity of the case, legal fees can range from a few hundred to several thousand dollars. This includes attorney fees, court fees, and filing fees. In addition, if the tenant contests the eviction, it can further increase legal expenses.
2. Lost Rent: When a tenant is evicted, they are typically required to vacate the property immediately. This means that the landlord may lose out on rent for the remainder of the lease agreement. Depending on the length of the lease and the rental rate, this can be a substantial loss for the landlord.
3. Property Damage: Unfortunately, some tenants may not leave the property in good condition when they are evicted. They may cause damage to the property, which can be costly to repair. This includes things like broken windows, damaged appliances, and holes in the walls.
4. Cleaning and Repairs: In addition to property damage, the landlord may also have to spend money on cleaning and repairs to get the property back to its original condition. This includes things like repainting walls, replacing carpets, and fixing any damage to the plumbing or electrical systems.
5. Time and Stress: Evicting a tenant is a time-consuming and stressful process. It involves multiple steps, including filing paperwork, going to court, and physically removing the tenant from the property. This can take weeks or even months and can be emotionally draining for the landlord.
6. Difficulty Finding New Tenants: After an eviction, it may be more difficult for the landlord to find new tenants. Prospective tenants may be hesitant to rent a property where an eviction has taken place. This can result in longer vacancy periods and lost rental income.
7. Good Tenants Move Out: Some States like Connecticut have a lengthy eviction process. This fact was made
8. worse when the Legislature granted free Legal Aid Attorneys to tenants being evicted and they extended that lengthy timeframe by several more weeks. Good tenants don’t want to live with disruptive renters and will often move out before a bad tenant is evicted leaving the owner with two vacancies. In conclusion, the true cost of having to evict a tenant from your rental property can be substantial. It includes legal fees, lost rent, property damage, cleaning and repairs, time and stress, and difficulty finding new tenants. It's important for landlords to carefully screen potential tenants before renting to them and to address any issues as soon as they arise to avoid the need for eviction. CTPOA endorses TenantTracks as their preferred screening provider, as TenantTracks’ reports include exclusive tenant data that no other provider offers in the state of Connecticut. Their reports are easy to use and read and their company has an excellent reputation for quality and customer service.
When disaster strikes your property, call Ranciato Public Adjusters Group, LLC, as soon as possible. We will be your fierce advocate and do what it takes to maximize your settlement.
Whatever you do, don’t take the word of your insurance company’s assigned claims adjuster. After all, it’s in their best interest to downplay damage to your property and underpay you, since it’s their job to save the insurance company money. There’s a better way to get the insurance settlement you deserve.
Instead, leverage the expertise of our public insurance claims adjusters. We work for you. Whether you’re in Connecticut, Vermont, or Florida, we’ll fight on your behalf and do everything we can to help you get your life back on track.
Contact us today to receive a free review of your claim. The sooner you engage our public adjusters after a loss, the more beneficial your settlement will be.
Phone: (888) 298-9014
Website: Click here!
As a team of public insurance claims adjusters with 100 years of combined experience, we are insurance experts. Our job is to maximize your recovery with fairness and efficiency.
We are the policyholder’s advocate for appraising, negotiating, and adjusting an insurance claim. In other words, while your insurance company has its own independent adjuster to represent its interests, you have us to represent you.
Our public adjuster services primarily involve:
• Documenting the damage to your property
• Preparing estimates for the building and/or personal property, as well as other claim documents
• Reviewing the policy and determining coverage
• Negotiating the replacement cost, depreciation, and actual cash value of the loss
• Meeting with the insurance company’s claims adjuster (and other contractors and professionals)
• Educating you, the policyholder, on your responsibilities under the policy and ensuring you comply with all required conditions
Importantly, engaging our public adjusters as early as possible will provide you with the best chance at receiving a fair settlement that covers all losses under your policy. Do this before your insurance company automatically assigns one of its own independent insurance adjusters to your case. We’ll make sure you don’t give inadequate or incorrect information that could end up turning around and hurting your case in the long run.
Whether your insurance claim is due to fire damage, water damage, frozen pipes, a severe storm, vandalism, or a vehicle collision, you can rest assured our public loss adjusters will make sure you reach an objectively fair settlement.
By: TenantTracks
Finding the right tenants is crucial for the success of any rental property. Good tenants pay their rent on time, take care of the property, and are generally low maintenance. On the other hand, bad tenants can cause a lot of headaches for landlords, from property damage to unpaid rent to legal issues. That's why it's important to have a quality tenant screening platform in place when looking for tenants. In this blog, we'll explore the implications of failing to use a quality tenant screening platform.
1. Increased risk of property damage: Without a proper tenant screening process, landlords may end up renting their properties to tenants who are likely
to cause damage. This could be due to a lack of care for the property or due to intentional vandalism. The cost of repairing or replacing damaged property can be substantial and can significantly impact the landlord's bottom line.
2. Higher probability of unpaid rent: A quality tenant screening platform will include a credit check, which can provide information about a potential tenant's financial history. A tenant who has a history of defaulting on payments is likely to be a risk for not paying rent on time. Without this information, landlords may end up with tenants who are unable to pay their rent, causing financial difficulties for the landlord.
3. Legal issues: A bad tenant can cause legal problems for landlords. This can include issues such as eviction proceedings, lawsuits, and property damage claims. A quality tenant screening platform can help landlords identify potential tenants who are more likely to cause these types of issues. In today’s age, where tenants have free right to counsel and there is talk of an additional eviction moratorium, you do NOT want to deal with an eviction in Connecticut.
4. Time-consuming tenant turnover: Failing to use a quality tenant screening platform can result in a high turnover rate of tenants. This can be due to tenants who are not a good fit for the property, leading to vacancies that need to be filled. The process of finding new tenants can be timeconsuming and expensive, especially if the property is vacant for an extended period.
5. Negative impact on the community: Bad tenants can have a negative impact on the surrounding
community. This can include noise complaints, littering, and other issues that can affect the quality of life of those living in the area. A quality tenant screening platform can help landlords identify potential tenants who are likely to be respectful and responsible members of the community.
In conclusion, failing to use a quality tenant screening platform can have a significant impact on the success of a rental property. It can result in property damage, unpaid rent, legal issues, time -consuming tenant turnover, and a negative impact on the community. By using a quality tenant screening platform, such as TenantTracks, that goes above and beyond to make sure their screening data is the most accurate in New England, landlords can reduce these risks and ensure they find tenants who are a good fit for their properties.
The Statewide Events and Meetings calendar is a resource for local landlords and property owners to meet up, network and grow your real estate opportunities. Get Involved, Stay Informed.
Next Meeting: May 11th
Time: 1:00 PM
Where: Zoom Webinar
Contact: 800-369-6153
About: May's webinar will cover a groundbreaking new resource for landlords, Rental Income Insurance, and guess what? This insurance is FREE for landlords.
The Webinar will cover:
• How rental income insurance works, why it works and what it costs (hint: it's free for landlords)
• How it benefits tenants
• How you can start protecting your rentals TODAY
Register here!
Next Meeting: May 15th
Time: 5:45 PM - 9:00 PM
Where: Sheraton Rocky Hill 100 Capital Blvd. Rocky Hill, CT 06067
Contact: 860-265-4414
About: Charles Dobens is a multifamily investor, attorney, and mentor to multifamily investors all around the country. Charles founded the Multifamily Investing Academy, where he works with students in his Owner Forum program to train them in the correct way to acquire, operate and own multifamily property. Register here!
Next Meeting: May 16th
Time: 5:45 PM - 9:00
Where: Keller Williams 2777 Summer St, Suite
Stamford, CT 06905
Contact: 860-265-4414
About: Charles Dobens multifamily investor, attorney, and mentor to multifamily investors all around the country. Charles founded the Multifamily Investing Academy, where he works with students in his Owner Forum program to train them in the correct way to acquire, operate own multifamily property. Register here!
16th PM Williams Suite 700 4414
Dobens is a to all works
Owner correct operate and property.
Next Meeting: May 17th
Time: 12:30 - 2:00 PM
Where: GBBR
843 White Plains Road
Trumbull, CT 06611
Contact: 203-880-5661
About: Connecticut Basement Systems is offering a Lunch & Learn! Subjects Include CT Basement’s Fix it to List Program, Overview of their Core 4 Divisions, Increase your Client’s Property Value and Improve Air Quality of Your Home.
To RSVP Call the Board office at 203-880-5661
More information here!
Next Meeting: May 25th
Time: 12:00 PM - 2:00 PM
Where: GHAR Classroom
430 New Park Ave, Suite 202 Hartford, CT 06106
Contact: 860-561-1800
About: Hear from a panel of industry professionals about how investment property owners can take advantage of a 1031 tax-deferred exchange. This exchange practice allows investment property owners to sell their properties for like-kind properties and defer capital gains tax. Lunch included in the $10 fee! Please register by May 23rd.
Register here!
Next Meeting: May 25th
Time: 6:00 PM - 9:00 PM
Where: Back Nine Tavern 245 Hartford Road New Britain, CT 06053
Contact: NEI Website
About: Jack Benjamin, Direct of Planning and Development for the City of New Britain will be speaking about publicprivate partnerships in multifamily development. He will share his experiences and tips for building relationships with local governments and towns, as well as provide an overview of the latest developments in New Britain, CT.
Register here!
BestWay Mortgage, Brandon Parenti
Phone: (203) 441-4059
Website: Click here!
Mortgages & Loans (Professional Services)
Pro Property Management
The Law Office of Yona Gregory
Phone: (203) 909-6333
Website: Click here! Property Management Services (Professional Services)
Phone: (860) 443-9662
Website: Click here!
Attorney / Evictions (Professional Services)
The Brodrick Law Firm
Phone: (203) 758-8822
Website: Click here!
Attorney / R.E. Closings (Professional Services)
TenantTracks
Phone: (888) 610-4710
Website: Click here!
Tenant Screening (Professional Services)
Tammy Enquist Canfield: Comparion Insurance Agency
ServiceMaster Restore by Recovery Solution
Phone: (203) 695-3893
Website: Click here! Insurance (Professional Services)
Phone: (860) 735-4704
Website: Click here! Restoration (Maintenance & Tradesmen)
Rentdrop
Email: support@rentdrop.io
Website: Click here!
Rent Collection (Professional Services)
Premier Real Estate Investment Group
Phone: (860) 335-0681 Real Estate Multi-Family (Professional Services)
Cesar L. Sousa, Real Estate Attorney
Phone: (203) 583-8299
Website: Click here! Attorney / Personal Injury (Professional Services)
PosiGen Phone: (866) 767-4436
Website: Click here! Solar Panels/Green Energy (Maintenance & Tradesmen)
Pet Screening Website: Click here! Tenant Screening (Professional Services)
Nick Minicucci: New England Residential Finance, LLC
Phone: (203) 509-2717
Website: Click here! Mortgages & Loans (Professional Services)
Landlord Collection Agency Phone: (800) 369-6153
Website: Click here! Collection Agency (Professional Services)
Junk Bear Phone: (860) 378-2801
Website: Click here! Rubbish & Hauling (Maintenance & Tradesmen)
First World Mortgage: Jesus A. Carrero
Phone: (203) 715-0961
Website: Click here! Mortgages & Loans (Professional Services)
The Miranda Team Home Inspections
Phone: (203) 490-7855
Website: Click here! Home Inspections (Professional Services)
Marion Szarzynski, HomeBridge Mortgage Loan Originator
Brenda Tate, Photographer
Phone: (203) 768-5098
Website: Click here!
Mortgages & Loans (Professional Services)
Jeff Zappone, Loan Officer at CrossCountry Mortgage
Phone: (860) 631-7622
Website: Click here!
Phone: (203) 592-3602
Website: Click here!
Real Estate Photography (Professional Services)
Dawn Cabral, Broker/ Owner, GRI, SRES at West View Properties LLC
Dana M Guiliano
Venoal M. Fountain, Jr., Partner at Hirsch, Levy & Fountain, LLC
Phone: (203) 228-7564
Website: Click here!
Mortgages & Loans (Professional Services)
Phone: (203) 419-5857
Real Estate Residential (Professional Services)
Attorney / Evictions (Professional Services)
Attorney Emanuele A. Mangiafico
Phone: (203) 336-3144
Website: Click here!
Attorney / Evictions (Professional Services)
Reckmeyer & Reckmeyer, Law
Ranciato Public Adjusters Group, LLC
Phone: (860) 827-8064
Website: Click here!
Phone: (860) 333-5677
Website: Click here!
Attorney / R.E. Closings (Professional Services)
Attorney / Evictions (Professional Services)
Phone: (888) 298-9014
Website: Click here! Public Adjuster (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!
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.