In This Month’s Edition Pg. 8 - When, Where and How to Vote
Pg. 24 - The Importance of a Lease Agreement When Leasing a Property
Pg. 10 - Rising Interest Rates Are Causing a HUGE Shift in the Real Estate World of Supply and Demand
Pg. 30 - Why is Tenant Screening Important?
November 2022
Published by:
Table of Contents Publisher’s Message A Message From Bob DeCosmo, President Of CTPOA
News And Views From The Capitol When, Where and How to Vote
Realtor Report Rising Interest Rates Are Causing a HUGE Shift in the Real Estate World of Supply and Demand
Insurance Insights 10 Things You Should Know About Purchasing Home Insurance
Property Management Tips & Tricks Top 10 Fall Maintenance Tips for Landlords and Property Managers
Helping Property Owners Since 1994
Published by: CTPOA
CTPOA’s Mission:
Financially Speaking 5 Tips for Buying a Home With Mortgage Rates at 20-Year Highs
Get Energy Efficient 7 Energy Saving Tips for the Fall
The Legal Corner The Importance of a Lease Agreement When Leasing a Property
Educate our members on the Best Practices.
Increase profitability. Provide access to Core Services. Advocate for Property Owner Rights.
Meet Our Team:
Vendor Spotlight New England Residential Finance, LLC - A Mortgage Brokerage Firm Here to Serve Your Lending Needs!
Carmine DeCosmo
Tenant Screening Tips & Tricks
Chelsea Sayegh
Bob DeCosmo Melissa DeCosmo Paul Jenney
Why is Tenant Screening Important? PO Box 4795 Waterbury, CT 06704 800-369-6153 info@ctpoa.com
By Bob DeCosmo Advocate For Property Owner Rights Why It’s Important To Vote On Election Day Every election is important but this year it seems to carry greater weight than normal, especially for the future of Connecticut housing. I need to stress all real estate professionals vote and make sure your family votes as the future of your business is at stake. We have a long-standing battle in the legislative arena over housing and the future of landlord / tenant policy is up for grabs. Many progressive Democrats want to see an end to private ownership of rental property and replace it with non-profit owned or government owned operations. Their motto is “Housing for the people, not for profit” Just from sheer experience, their idea is a non-starter, it won’t work. I ask this question. Has anyone seen a housing authority complex that you would want to raise your family in?....Probably not because of a number of reasons including; there is a lack of pride of ownership, there’s no financial gain to pass down to your next of kin and no reason to go above and beyond from your efforts, it’s just a job. At a recent “Meet and Greet” the candidate event at the Greater Hartford Association of Realtors sponsored by TenantTracks it became apparent of the divide between the Republicans and Democrats that participated at that event. The Republicans want to downsize government and let business happen on its own course and the Democrats believe that a larger role is needed by government to help people with their lives; it’s truly a remarkable divide and I wonder if it can ever be bridged? People think politics is about good government, the sad reality is today it has evolved into the adjudication of power and the fight to spend the taxpayers’ dollars. I am an advocate for private property owner rights and seeking to grow a trade association for property owners but more and more housing providers tell me they are afraid to get involved because they fear retaliation by their local elected officials….this is an amazing rationale and fits the definition of tyranny! Politics is now a full contact sport and I believe that it’s a 10-80-10 equation with the extreme elements from both sides driving the car! Yet 80% of the public is near the center of the debate, but the tail wags the dog today in politics…this needs to change. So make sure you cast your ballot on Tuesday for the sake of your business interests and vote for the candidate that most closely resembles your philosophical position…political parties mean nothing, its about the candidate’s position on the issues.
04 / Publisher’s Message
ctpoa.com/events
ctpoa.com/events
Register at CTPOA.com/events
When, Where and How to Vote From: cbia.com Connecticut voters go to the polls on Tuesday
If you’re a first time voter, you must present
November 8, 2022 to vote for the state’s
current valid photo identification that shows your
next governor, all statewide officers, one U.S.
name and address; or a current utility bill, bank
Senate seat, all five members of the U.S. House statement, government check, paycheck, or of Representatives, and all 187 members of the
government document that shows your name
General Assembly.
and address; or cast a provisional vote.
Where Do You Vote?
All other voters must present their Social
Use the Secretary of State’s online locator to find your local polling place.
Security card or any pre-printed identification showing name and address; or name and signature; or name and photograph. If you
Connecticut polling places are open from 6 am
cannot present identification, you can sign a
to 8 pm on Election Day (November 8, 2022).
statement acknowledging your identity.
Any voter standing in line at the polls at 8 pm will be allowed to cast a ballot. Voters in Connecticut have certain rights—know your rights before you vote.
Voter ID Requirements You will be asked to provide identification
How Do You Vote? An optical scan machine is used by most inperson voters. A vote-by-phone option is available at every polling place for voters with disabilities or for any voter who prefers this option.
when checking in at your polling place before you vote.
08 / News & Views From The Capitol
Absentee Voting If you can answer yes to any of the following
For an emergency ballot within six days of an
questions, you are eligible to case an absentee
election, please use the Emergency Application
ballot:
for Absentee Ballot:
•
•
Are you an active member of the armed
Application for
forces of the United States? •
Absentee
Will you be out of town during all the hours of
Ballot (English)
voting on Election Day? •
Does illness prevent you from voting in
person on Election Day? •
Emergency
•
Solicitud de Emergencia para Obtener Papleta
Do your religious beliefs prevent you from
para Voter en Ausencia (Español)
performing secular activities like voting on
You should return your completed absentee
Election Day?
ballot application to the municipal clerk in the
•
town in which you are a registered voter in
Will you be performing duties as an election
official at a polling place other than your own
Connecticut.
during all the hours of voting on Election Day?
Absentee ballots will be mailed to approved
•
applicants beginning 31 days prior to the date of
Do you have a physical disability that
prevents you from voting in person on Election
the general election. If your application is received within 31 days of the election, your
Day?
ballot will be mailed to you once your application
The Connecticut Secretary of the State’s office will mail absentee ballot applications for the November election to the state’s more than 2.1 million registered voters 31 days before the
is processed. Complete the ballot, carefully following the enclosed instructions and return it by mail or in person. Only complete absentee ballots
election date.
received before the close of polls on the day of You may also download and use the following
the election will be counted.
absentee ballot application: Application for Absentee Ballot (English) Solicitud de Boleta Ausente (Español)
09 / News & Views From The Capitol
Rising Interest Rates Are Causing a HUGE Shift in the Real Estate World of Supply and Demand By: Michelle Lorenzetti, Investment Broker Rising interest rates are causing a
When rates rise, purchasing power of
HUGE shift in the real estate world of
borrowers shrinks. The average loan
supply and demand. No one has a
amount in September was $305,550 –
crystal ball but all signs appear to be
way lower than the February peak of
pointing towards a recession, even
$340,000.” Many sellers are still not
though reports on gross domestic
comprehending this – and still think they
product looked positive for us last week. can get a number they are wanting – just The 30-year fixed rate mortgage is at
because that is the number they need!
7.08% - 20-year high - since April 2002,
Not the case! Sellers need to
and really contributing to slowing in the
understand the facts of the market, and
housing market. On top of this, there
if they want to take advantage before
are higher costs all over, which means
rates go higher they should do so now.
low consumer confidence. Many buyers It helps we have a huge amount of are “waiting” and the decrease in
closed data on the books with the higher
demand has shrunk buyer pool and real
purchase numbers due to the sellers’
estate prices even further down.
market we’ve enjoyed over the past year
10 / Realtor Report
and a half, and still kind of a low
not had a chance to compete for some
inventory. We are still seeing people
time. Just keep in mind this shift is
buy – even multiple offers - when a
not “instant” or “overnight”, so again
property is priced right. Definitely
just keep a close eye of what is going
NOT at the same velocity we had a
on out here and how it affects you.
few months ago for sure, still moving, just slower. The overpriced listings will not be moving anytime soon – that is for sure. I have also seen many deals that are in process just “fall apart”. Even to the point of buyers just forfeiting their deposits. As they have explained; they just cannot afford the payment and have to walk away.
About Michelle Lorenzetti CT Real Estate Broker, Investor, Wholesaler. Agent to Investors.
So, what can we do about this? Stay
Expert in
informed and aware of what is going
locating off
on – and make the best decisions for
market deals & passing them on to my
you! It’s also VERY smart to have
Investors. Specialties include
funds in reserve, just in case! And if
significantly discounted single family
you were one of the lucky people who rehab projects, commercial & multi sold at the top of the market and made family projects with owner financing.
a good profit congratulations! (I was
Many of my clients offer package
one of them too!) And a little good
deals. To learn more about my current
news for buyers – I feel they will be
off market deals please e-mail
able to start presenting offers with
michellelorenzetti@sbcglobal.net or
terms that sellers may consider given
call 860-335-0681
the way things are going. They have
11 / Realtor Report
10 Things You Should Know About Purchasing Home Insurance From: insureonline.org 1. You Need Home Insurance Homeowners
each claim and applies only to coverage on
need to purchase home insurance to protect
your house and personal property. Make sure
their homes and personal property. Those who
when choosing a policy that you are
rent need insurance to protect their furniture
comfortable paying the deductible if you make a
and other personal property. Everyone needs
claim. Remember, a policy with a $100
protection against liability for accidents that
deductible will cost more than one with a $250
injure other people or damage their property.
deductible. Higher deductibles may be available
2. Decide How Much Coverage You Need
at a reduced price.
The better your coverage, the less you will have 4. Replacement Cost or Actual Cash Value? to pay out of your own pocket if disaster strikes. You have the option to choose to insure your In some cases, your lender decides how much
home and belongings for either replacement
coverage you need and may require you to buy cost or actual cash value. Replacement cost is the amount it would take to replace or rebuild a policy that covers at least the amount of the mortgage. It is important to note that the
your home or repair damages with materials of
amount of coverage you buy for your house,
similar kind and quality, without deducting for
contents and personal property will affect the
depreciation. It is important to insure your home
price you pay.
for at least 80 percent of its replacement value.
3. Compare Deductibles The deductible is the amount you have to pay out of pocket on
12 / Insurance Insights
Actual cash value is the amount it would take to repair or replace damage to your home after depreciation.
5. Shop Around Before You Buy You are not required to purchase insurance from the company your lender recommends. There are a number of unbiased sources available to find out what different insurers charge for identical products and services, including your state insurance department, consumer publications and your public library.
6. Ask Your Agent About Discounts In some states, insurers offer lower prices for such things as insuring your home and car
9.
Read Your Policy Carefully You
with the same company, installing deadbolt
should be aware that a home insurance
locks or alarm systems or replacing the roof. policy is a legal contract. It is written so that 7. Basic Coverages Available Whether you own or rent, there are different packages of home insurance offered to
protect your home and belongings. Each package protects against a specified number of events that cause damage to property. Three examples are fire, windstorm and theft. In addition, each
your rights and responsibilities as well as those of the insurance company are clearly stated. When you purchase home insurance, you will receive a policy. You should read that policy and make certain you understand its contents. Keep your policy in a safe place and know the name of your insurer.
package policy usually contains four
10.
additional types of coverage: property
Needs Every Year Check with your
damage, additional living expenses,
insurance agent at least once a year to
personal liability and medical payments.
make sure your policy provides adequate
8. Where to Shop Check the newspaper and yellow pages of the telephone directory for companies and agents in your area. In addition, ask your neighbors, relatives and
Review Your Home Insurance
coverage. The addition of a room, new insulation or remodeling add value to your home and therefore may increase replacement cost.
friends for recommendations on insurance companies and agents. Remember to shop around to get the best price and service. 13 / Insurance Insights
Top 10 Fall Maintenance Tips for Landlords and Property Managers By: Alecia Pirulis, from apartments.com In many parts of the country, when
Consider getting gutter guards, but choose
temperatures cool and the leaves start to fall,
wisely. Installing gutter guards can keep out
deep freezes and piles of snow aren’t far
leaves and debris, but be wary of wire mesh
behind.
guards. They may keep out large debris, but
To prepare for winter’s annual assault on roofs, siding, and walkways, do these 10 fall maintenance tasks to get your rental property ready, and ensure your tenants stay warm, dry, and happy.
the pine needles and small leaves they allow to pass can block water flow. Mesh guards prevent you from reaching into the gutters, which complicates the task of cleaning. Alternatives include micromesh guards, which keep out pine needles and even shingle grit,
1. Clean the roof and gutters
and hinged guards that you can lift out of the
Gutter cleaning may not be a fun job, but it’s
way when cleaning.
something you need to do every year. While
2. Trim overhanging branches
you’re at it, use a rake and leaf blower to get the leaves off the roof. Clogged gutters and piles of leaves and twigs in roof valleys are the main reasons ice dams and icicles form. Besides creating extra weight for the roof to support, these freezing weather hazards eventually melt to form pools of standing water that cause leaks.
Ice storms happen, and iced-over branches that overhang the roof can snap off and damage the roof. Even if that doesn’t occur, overhanging branches are sources of roof debris that can cause ice dams, and they provide a bridge for rats, squirrels, ants, and other pests onto the roof and into the attic. Getting rid of them is an
14 / Property Management Tools & Tips
important part of fall maintenance.
days of harsh, foam-degrading summer
Branches that can potentially interfere with power lines should be the first to go. Working
sunlight are over and before the cold winds blow.
around power lines is hazardous, so this is
You can control drafts coming through window
probably a job for a pro.
and door casings by removing the casings
While you’re cleaning up the branches, don’t forget to prune back ivy and other creeping vines that have reached roof height.
and spraying foam insulation in the gap between the window or door frame and the studs. It will probably take a pro about a day to do this to all the doors and windows. If you
3. Rake the leaves
pay the heating bills, you’ll recover the
Autumn wouldn’t be as beautiful without falling expense by saving 10 to 15 percent in energy costs over the course of the winter. leaves, and raking them up is a fall maintenance job that every property owner should do. If you haven’t already assigned this job to your renters in the lease, you might want to offer them a nominal rent reduction so you won’t need to do it yourself. You might
also consider hiring a landscaping contractor or a local teenage entrepreneur. Removing and properly disposing of leaves protects the lawn and garden, prevents slipping hazards when the rains start, and keeps the homeowner’s association and neighbors happy.
5. Clean or replace HVAC filters Cleaning and replacing HVAC filters is a routine task that you should do every year, and ideally it should be part of your fall maintenance regimen. Central heating systems work 24/7 during the cold months, and they run more efficiently when the filters are clean. Replace all the return air filters as well as any filters on the heater housing itself. 6. Patch holes Small animals see your basement, attic, and
4. Check weatherstripping and insulation
Drafts coming through unsealed doors and windows drive up the heating bill and can make tenants uncomfortable and even unhealthy. Foam weatherstripping lasts from five to 10 years, depending on quality, and should be replaced when it cracks or shrinks. The best time to do this is in the fall, after the
the insulation in your walls as refuges from
the cold winter winds. Some critters can get in through holes as small as 1/4 inch in diameter. Patch smaller holes with caulk or foam spray, and use wire mesh, sheet metal, or plywood to cover the larger ones. Be sure to check the attic vents for holes or frayed edges. Do you have rot in the eaves or foundation? Dig it out and fill it with epoxy filler
15 / Property Management Tools & Tips
to prevent rodents from eating their way into
If your property has a wood stove or a fireplace,
your property.
yearly chimney maintenance is a must.
7. Drain exterior faucets
Creosote builds up quickly. Not many landlords or property managers are equipped with
Burst pipes are a perennial winter hazard, and
chimney cleaning equipment, so this is another
they often occur in pipes feeding hose bibs on
job for a pro. Don’t forget to check the damper
the side of the house or in the garden. Prevent
and clean the spark arrestor.
burst pipes by turning off the valve to these faucets, then opening each one to allow water
10. Do a fall maintenance safety inspection
to drain out. It’s a good idea to leave the
Loose decking boards and rotted stair treads
faucets slightly open to ensure that any ice that
are irritating in the summer, but they become
does happen to form in the pipes has room to
hazardous in the winter when buried in ice and
expand.
snow. When you’re replacing popped nails or
8. Turn off and drain the sprinkler system
rotted boards, pay special attention to the railings, especially on outdoor staircases. You
Most sprinkler systems have a drain valve
want to make sure they can support someone
located at the lowest point in the system; if you
who loses their footing. Applying a non-slip
can’t find this valve, you may need to get one
coating to the treads may prevent that slip from
installed. To use this valve effectively, you first
occurring in the first place.
need to turn off the main water supply, then open the valve for each zone while the drain valve is open. This allows the water backed up behind each zone valve to flow out through the drain. 9. Check and clean the chimney
Preparing your rental for winter protects your investment and minimizes the chances of getting emergency calls in the dead of winter. It reduces the chances of an accident on your property. You’ll sleep better at night, and so will your renters.
16 / Property Management Tools & Tips
For More Information Visit Our Website: landlordcollections.net Give Us A Call: (800)-369-6153
5 Tips for Buying a Home With Mortgage Rates at 20-Year Highs By: Ellen Chang, with finance.yahoo.com Buying a home as mortgage rates continue
Redfin. The dip is the largest annual decline
to increase has become more challenging.
and the fewest homes under contract in any
Some potential buyers have retreated to the sidelines and are taking a break until mortgage rates start declining again or for
October since at least 2015 when Redfin began its weekly housing market records. "Until this month, the pullback in the housing
home prices to fall to a level they can afford. market could be described as something of Home prices have not declined year-overyear because the number of listings have fallen as potential sellers concerned by high mortgage rates decide to stay in place.
a return to pre-pandemic conditions before sub-3% mortgage rates ignited a home buying frenzy in 2020 and 2021,” said Taylor Marr, deputy chief economist for Redfin, a real estate company. “But now both
Even as the sales of homes declined by over mortgage purchase applications and 30% from a year ago, new listings are down pending sales are below 2018 levels. A fournearly 20% because many prospective
year setback is a serious correction. With
sellers balk at giving up a 2% or 3%
mortgage rates still elevated, we are in for
mortgage rate.
further sales declines, but those should
Pending home sales declined by 35% year
eventually bring price relief to those who
over year during the four weeks ending
need to move this winter.”
October 23, according to a report from 18 / Financially Speaking
Some potential homeowners either can not
many homes are staying on the market for a
wait or need to move now. Here are five tips month or two. While mortgage rates are for buying a home as mortgage rates
much higher now, buyers have the
exceed 7%.
opportunity to negotiate. We've gotten
Look For Homes on the Market Longer Consider looking at homes that have been on the market for 30 or 60 days and making a lower offer, Marr said. “Not everything is dictated by asking prices, buyers should account for the fact that home values are likely about to decline when determining their offer price,” he said. One strategy is to offer $475,000 on a $500,000 listing, Marr said. If you like a home and can comfortably afford paying
sellers to agree to a lower price and to provide a credit, which enables the buyer to buy down their mortgage rate to below 6%." Pay Discount Points Some mortgage lenders offer discount points which are fees you pay now in order to lower your interest rate. When you pay for points, you receive a lower interest rate and pay less over time, according to the Consumer Financial Protection Bureau.
$475,000 for it and believe home prices will
“Points can be a good choice for someone
decline by 5% in the next year, you can
who knows they will keep the loan for a long
factor that into your negotiations.
time,” said the federal consumer protection
“When prices were soaring at the height of
agency.
the pandemic and expected to grow 10%
The points are calculated in relation to the
year over year, buyers often priced that into
loan amount - each point equals one
offering over asking price, and it also works
percent of the loan amount.
the other way around,” he said.
“As in other times of higher rates, mortgage
Some sellers are also willing to help buy
companies are getting creative with the
down your mortgage rate, which would
products they offer,” said Bill Golden, a real
mitigate some of the impact of higher rates.
estate agent and associate broker with
"Every set of market conditions comes with its own tradeoffs," said Sacramento real estate agent Michael Cendejas. "Today
Keller Williams Realty Intown Atlanta. “You can often pay some discount points upfront to buy the rate down.” 19 / Financially Speaking
There are products out there like the 3-2 “We have a saying in the real estate -1 buydown loan where the homeowner
business - you marry the house, but date
pays a buydown fee at closing and your
the rate,” he said. “We all know that
rate is 3% less for the first year, 2% less
rates fluctuate over the years,so buy the
for the second year, 1% less for the third house year, and then remains at the full rate for you want the rest of the life of the loan, he said. Refinance Your Mortgage Later
and just know you can
Most people will refinance their
always
mortgage within the first three years
refinance
during this current environment, Golden
when
said.
rates come back down, which they will.”
Refinancing does mean starting over on
Mortgages With Lower Down
a mortgage and resetting the clock on
Payments
the payoff date and paying closing costs again, but a lower rate means more of your payments will go towards the principal amount.
20 / Financially Speaking
There are several types of governmentbacked mortgages that require low or no down payment.
Instead of paying 20% for a down payment for a traditional 30-year mortgage, a FHA loan is backed by the Federal Housing Administration and lets you only provide a down payment as low as 3.5% since the intent was to encourage first-time homebuyers.
Mortgages backed by the Veterans Administration, known as VA loans, don't require any down payment. They're only available to veterans or active-duty military who meet a minimum service requirement.
The average U.S. fixed rate on Tuesday for a 30-year conforming mortgage was 7.05%, according to Optimal Blue. That same day, the average rate for a mortgage backed by the FHA was 6.86%, while a VA loan was 6.73% and
For people buying homes in rural areas, USDA was 6.92%. there's also the option of a zeroAdjustable Rate Mortgages down mortgage backed by the U.S. Department of Agriculture. The USDA
There are several types of adjustable-
defines "rural" as "any town, village,
rate mortgages, or ARMs, that carry
city, or place" with fewer than 20,000
lower rates.
people that is not located within a Metropolitan Statistical Area.
Typically, the rates for ARMs are fixed for five, seven or 10 years, meaning the
These government-backed mortgages
mortgage rate only resets – with caps
typically carry lower interest rates than
on the interest rate change –after that
so-called conforming mortgages,
time period. They can be a good option
meaning home loans that meet the
when mortgage rates are high.
standards to be purchased by Fannie Mae and Freddie Mac.
21 / Financially Speaking
7 Energy Saving Tips for the Fall By: Santee Cooper, with santeecooper.com After a blazing hot summer, it’s exciting to welcome cooler weather during a transition into fall. The humidity breaks, the landscape changes colors, and holidays begin to arrive. But if you’re not careful, higher energy consumption can creep into the season, too.
Seal cracks, leaks and drafts Before it gets too cold, check your windows and doors for gaps and open areas that could let heat out or cold in. Using weatherstripping and
caulking before you’re in the thick of winter will contribute to significant savings if you catch the
Fall is the ideal time to switch the energy saving drafts in time. Additionally, you should check tools and habits used throughout your home to
cut-throughs for pipe access, recessed lighting,
make sure you’re set up for savings when your
entries to unfinished spaces and chimneys for
next energy bill arrives. Here are seven ways
gaps that could be affecting your insulation.
how you can save on your energy bills this season: Let the sun heat up your rooms
Reprogram your thermostat During the summer months, we recommend
setting your thermostat at 78 degrees so your
Use curtains to your advantage. During the day, system doesn’t have to work too hard to bring opening the curtains to let in sunlight from
the temperature down. As we move into fall and
south-facing windows will help warm the room
the cooler weather it brings, we recommend
without using any extra energy. In the
reflecting the same idea with your heat.
afternoon, close the curtains to hold in heat and Keeping the temperature set so that the heat keep the chill out. Use the sun’s energy and warmth to your advantage!
22 / Get Energy Efficient
doesn’t turn
on until it’s 68 degrees or lower will help it run
most for a simple
systematically without being overworked or
way to
using too much power.
consistently help
A good practice is to find a temperature you like and leave it there for day-to-day use. If
maintain your energy usage.
you’re going to be away for a while, set it low
Assess your
– 65 or lower – and step up recovery two
fireplace
degrees at a time when you return. A programmable or smart thermostat is a great
way to stay on track as you can set it and forget it. Service your heating system Transitioning to fall is the perfect time to make sure your heating system is operating properly. Not only should you change the air filter monthly, but you’ll also want to make sure it is functioning properly and using the
right amount of energy for the size of your system and home. If you need to upgrade, it’s best to get it out of the way before it’s an
Your fireplace is a large, but sometimes not obvious, pathway for air to escape. The damper should stay closed unless a fire is burning so that warm air from your heating system doesn’t escape through the chimney. Check the seal to make sure the damper is as snug as possible. Tempered glass doors and an air exchange system that blows warm air back into the room will also help keep the heat where you want it - inside your home. You can also purchase energy-efficient grates that help draw cool air toward the fireplace and direct warm air back into the room.
emergency and too cold outside for comfort.
Replace your indoor air filter
Reverse ceiling fans
This tip is helpful year-round but is one that
We think of ceiling fans as a tool to cool us down, but they can also work to keep us warm. When you set the direction of the fan to
turn clockwise, it pushes warm air that has risen to the ceiling back down into the room. It also helps to redistribute air so the air coming out of the vents reaches all parts of the room rather than having warmer and cooler pockets
can be easily forgotten. When dust and dirt build up on HVAC filters, it makes the entire system work harder than it needs to, therefore
using more energy. Set a reminder to change your filters monthly or sign up for a subscription so your filters stay dirt- and allergen-free, keeping your system working at an optimal level.
of air in different areas. No ceiling fans? Consider installing them in rooms you use
23 / Get Energy Efficient
The Important of a Lease Agreement When Leasing a Property By: Bostonapartments.com Signing a lease is one of the most important steps in renting out a property. This protects you from any financial burden that may occur. If you fail to have a proper lease agreement, you may even end up as far as giving up your rental investment. Thus, as a landlord, you have to protect yourself and your property by having a lease agreement. Renting has a specified length of time. A lease agreement determines this time as well as the terms of the lease the tenant and the landlords have agreed upon. The lease agreement also
1. Determine Rent Details Stating the rental fee explicitly will avoid confusion and helps the tenant determine if the property is within the range of their budget or
not. It's also good to have a specific time for due dates on rentals, so there will be no delays in payment, and the tenant will have properly prepared their finances for each monthly term. If you have difficulty drafting an agreement, online resources, like iPropertyManagement, can help you.
helps set who's going to be responsible for
2. Clarify Who's Responsible For Repairs
certain events and answers many questions
Repairs of the house may happen. If a lightbulb
during the rental term. It's always a good idea
is busted, usually, it'll be the tenant who'll take
to review the lease agreement with tenants so
care of it. However, for major issues, like
they won't have to come back to you if they
broken doors and windows, which is already
have questions.
part of the physical property, it should be
The following are just some of the importance
specifically stated who'll do the maintenance of
of a lease agreement when leasing a property:
major repairs.
24 / The Legal Corner
Most landlords would be responsible for the
will be staying in a property. This gives them a
functional systems of a rental property, such
clear idea that they have to fulfill the contract.
as plumbing, electricity, heat, and airconditioning, but there has to be a process in place in case tenant needs their assistance.
Some lease agreements will state that a tenant has to stay in a property for two years. Tenants will know if this fits their needs
For example, will the tenant take care of these because some tenants will only stay in a place major repairs and have the money paid back by the landlord, or will the landlord be responsible for the repairs themselves? The lease should also include the time frame when the repairs should start.
for six months. Tenants can also encounter personal issues
and may have to move out earlier than stipulated in the agreement. In this case, it should be determined what the penalties are
These terms are important because a tenant
and if the tenant will be agreeing to be
cannot live in a house with repair issues.
responsible for it.
Repairs must be done immediately because it can get uncomfortable living in the property or even dangerous. 3. Determine Which Utilities Are Covered Utilities are almost always the responsibility of the tenant. However, there are some lease agreements that include utilities with the monthly rent.
5. Terms of The Security Deposit A security deposit, or a damage deposit, protect the landlord. This is a deposit that's
paid for by the tenant once the lease starts. Many landlords will ask for this deposit, and it should be made clear to the tenant when the money will be returned to them and under what conditions. Usually, landlords will only
The tenant will have the chance to know
return the deposit once they've fully inspected
which utilities they have to pay for and which
a property and have seen that it's damage
ones will get covered with their monthly rent.
free. Some landlords, on the other hand, will
It's important to state clearly the utilities that'll be covered. This way, the tenant will know which utility they will have to pay separately for. 4. Specify The Lease Term The lease term is the length of time a tenant
only return the deposit if the rental space has already been cleaned thoroughly. 6. Notification of Events A tenant has responsibilities to the landlord's property, and this should be stipulated. Every action of the tenant affects the property value and insurance of the property.
25 / The Legal Corner
For example, if the tenant goes on vacation, it should be stated that they should inform the landlord. You may also find that you'll have a
percentage which the rent will rise. 8. Know What Types of Pets
guest or non-tenant stay with you for an extended Some tenants will have pets, and it's important for period of time. The landlord should be informed. If a landlord to state explicitly which kinds of pets the rental property is unattended, the landlord
are allowed in the property. For example, can a
should know because it can affect insurance
tenant keep large breeds of dogs? If possible, the
policies in case something happens.
lease agreement should state the type of breeds
Tenants also have a responsibility to the upkeep
allowed.
of the rental property, and it's within the landlord's Pets affect the property due to the noise, smell, and mess they make. Pets also potentially bring best interests to be immediately informed if there's any damage to the functional system of
in allergies, so a landlord should have a
the house, such as plumbing and electricity.
stipulation for pets because it affects the living
These issues should be repaired quickly because conditions of the other tenants as well as the cleanliness of the property. the damage will spread if it's left untouched. The tenant should know in the lease agreement if Final Thoughts they should inform the landlord if any such issues A property is an investment, and you want to happen. make your property earn money for you. 7. Conditions For Rent Increases If a tenant is only going to stay in a property for a short period of time, rent increases won't be an issue. But, renting for a longer period of time can increase the price of the rent. The lease agreement should specify the
26 / The Legal Corner
However, renting a property can cause you to lose money if you have tenants that are not aware of lease agreements and do things that are counter to it. It's important to review the lease agreement with them, so there should be a clear expectation for each party.
We have built a strong reputation as an outstanding mortgage brokerage firm, serving the lending needs of real estate professionals, individual homebuyers and current
homeowners throughout the state. We're a full service mortgage broker with an experienced staff offering expertise in every area of mortgage lending. We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan-with the best rates, terms and costs-to meet your unique needs. But that's just the beginning of our service. Throughout the lending process, we provide regular loan updates and progress reports so you always know the status of your loan. We provide local customized service and have access to some of the lowest rates and fees in the marketplace while providing transparency, exceptional client support, and a streamlined closing process. Thank you for visiting New England Residential Finance, LLC. We look forward to putting our mortgage service to work for you! Contact us: 203-441-4716 Apply NOW for a Better Mortgage Experience
28 / Vendor Spotlight
MICHAEL ROUSSEAU NMLS ID #36474 Michael has been in the mortgage lending business for more than 20 years, he is an experienced loan professional that is dedicated to providing honest and straightforward guidance to those looking to purchase, renovate or refinance their home. Michael has worked in many areas of the mortgage business and has an expansive knowledge of the loan process from application to closing. Michael is the owner of New England
Residential Finance, LLC located in Wolcott, CT where he manages the daily operations of the business, assists clients through the entire loan process as well as lead a successful sales team of mortgage originators.
NICHOLAS MINICUCCI NMLS ID #741584 With more than 20 years in the mortgage industry, Nick has a extensive knowledge of all aspects of the mortgage business. Before joining New England
Residential Finance, LLC (NERF, LLC) in 2015 as a Mortgage Processor, I was a Mortgage Loan Originator for Webster Bank for 13 years. I then became a licensed Senior Mortgage Loan Officer for NERF, LLC in November 2016. I am knowledgeable in both conventional and government lending and I am committed to helping all clients achieve the dream of home ownership or refinancing their current home. When I am not working which isn't often, I am a proud father of 2 boys. I spend my free time I have raising my two sons. I have a 20 year old son who is currently in college at Johnson & Wales in Rhode Island studying to become an anesthesiologist. My youngest son, who is 10 years old is in 5th grade. He keeps me busy with doing anything outside sports related and when not outside we are usually off to arcades, trampoline parks or playing video games.
29 / Vendor Spotlight
Why Is Tenant Screening Important? By: pendo.com One thing most landlords can agree on
Running a credit check is important for a
is the tedious task of searching for
multitude of reasons. A credit check
tenants. It’s grueling, time-consuming
reveals a person’s current financial
and if you’re not a property manager,
situation and their credit history going
overwhelming. The idea of ditching
back as far as 7-10 years. Do they have
tenant screening might seem like a good a history of paying bills on time or have idea in the heat of the moment but don’t
they had accounts sent to collections?
even think about it. There’s a reason
Are they currently in debt and if so, what
tenant screening is a standard industry
kind of debt? Have they gone bankrupt
practice.
before?
Searching for reliable, trustworthy
tenants is a short-term undertaking but with long-term returns. Part of a good screening includes a credit check, criminal check, and their previous tenant history. What do these things tell you about a potential tenant?
30 / Tenant Screening Tips & Tricks
This kind of information can give you
Have you contacted their previous
good insight into the type of tenant a
landlords yet? Then it’s time to pick up
person can be. If their debt is
the phone and start calling. This is an
connected to a student loan rather than important step in figuring out whether a credit card, it may be easier to
they’re in the habit of paying their rent
overlook or forgive. If they have fully
on time. Be forgiving, though — we’re
maxed credit cards, this person may
all human and if they’ve paid their rent
have problems paying rent on time.
late once or twice, know that no one is perfect. It’s important to specify when
Another important element of a background check is looking into their criminal history. A person with a criminal history could put you or your
asking previous landlords if they have a history of late payments. Also, do they still owe money to them?
neighbors at risk. Not all criminal
This is also the time to uncover any
convictions carry the same weight,
previous evictions!
though. Anything in their youth or minor traffic violations may not be dealbreakers but it’s important to see if there’s a pattern to their behavior. Any serious or lengthy records could be a red flag you shouldn’t ignore. Not only is there a possibility of putting you,
other tenants, and neighbors at risk, you put your property at risk, too. No one wants to field calls from angry neighbors or periodically check your property to uncover serious damage.
When you conduct a thorough tenant screening, you’re taking time early on in your tenant-landlord relationship to uncover what kind of person they are. By discovering their trustworthiness from the start, you can eliminate stress and headaches later on. Good tenants
are likely to stay longer when treated well, and keep your investment (i.e. home) in good condition when they do decide to leave.
31 / Tenant Screening Tips & Tricks
What’s Happening Near You? 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.
November 2022 Sun
Mon
Tue
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Thu
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Sat
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CTPOA
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CTREIA
CTREIA GAR
CTPOA
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Events & Meetings & Networking
Premier Real Connecticut Estate Investment Property Owners Group Alliance a (CTPOA)
Connecticut R Estate Invest Associatio (CTREIA)
Next Meeting: Nov. 5th
Next Meeting: Nov. 9th
Next Meeting: Nov. 1
Time: 11:00 AM - 2:00 PM
Time: 1 PM EST
Time: 5:45 PM - 9:00
Where: Testa’s Ballroom 26 S Center St. Southington, CT. 06489
Where: Zoom Link
Where: Sheraton Roc 100 Capital Blvd. Rocky Hill, CT. 06067
Contact: 800-369-6153
About: Presentation by John Contact: 860-265-441 Fisher, Fair Housing About: Think real estate is Coordinator, Author and 50 About: Create Massiv a man's game? NOPE! 64 Year Landlord Cash Flow and Wealth percent of all real estate Serving Property Own • Occupancy Limits pros are women. Come to Affected by Covid, Infl • Section 8 / Fair Market this unique WOMEN'S and Distress Rents ONLY event and join us for At this meeting, you w • Tenant Screening and a Saturday afternoon of learn how to serve se Discrimination fun, networking and with a quick exit, cash • Applicants with Criminal inspiration! them out to move on, Records Now Protected Sorry fellas, ladies only! leveraging by Law little known debt sourc • Marijuana & Smoke-Free Register here! that require zero cred Environments capital of your own. Contact: 860-265-4414
Register here!
Register here!
Real Connecticut Real tors Estate Investors n Association (CTREIA)
Greenwich Association of Realtors (GAR)
Connecticut Property Owners Alliance (CTPOA)
14th
Next Meeting: Nov. 15th
Next Meeting: Nov. 15th
Next Meeting: Nov. 16th
PM
Time: 5:45 PM - 9:00 PM
Time: 2:00 PM - 4:00 PM
Time: 6:30 PM EST
cky Hill Where: Keller Williams Where: JANGEORGe 2777 Summer, St. Suite 700 Interiors & Furniture 7 Stamford, CT. 06905 34 E Putnam Ave Greenwich, CT. 06830 14 Contact: 860-265-4414
ve h by ners lation,
will ellers hing by
ces it or
About: Create Massive Cash Flow and Wealth by Serving Property Owners Affected by Covid, Inflation, and Distress
At this meeting, you will learn how to serve sellers with a quick exit, cashing them out to move on, by leveraging little known debt sources that require zero credit or capital of your own. Register here!
Contact: 203-869-0240 About: Please join us for the second event in the GAR International Committee Pop-Up Series, which aims to highlight international businesses and business owners in our local community. Each event features speakers and discussion topics related to the global real estate and the global business landscape.
Register here!
Where: First and Last Tavern 32 Cooke St. Plainville, CT. 06062 Contact: 800-369-6153 About: Join us for an evening with fellow Bristol real estate professionals: •
Review the state of the housing market
•
Prep for the upcoming legislation session
•
Dinner and discussion with Mayor Jeff Caggiano
Register here!
Support the CTPOA Vendors! Name
Contact
Service
BestWay Mortgage, Brandon Parenti
Phone: (203) 441-4059
Mortgages & Loans
Website: Click here!
(Professional Services)
Pro Property Management
Phone: (203) 909-6333
Property Management Services
Website: Click here!
(Professional Services) The Law Office of Yona Gregory
Phone: (860) 443-9662
Attorney / Evictions
Website: Click here!
(Professional Services)
The Brodrick Law Firm
Phone: (203) 758-8822
Attorney / R.E. Closings
Website: Click here!
(Professional Services)
Phone: (888) 610-4710
Tenant Screening
Website: Click here!
(Professional Services)
Tammy Enquist Canfield: Comparion Insurance Agency
Phone: (203) 695-3893
Insurance
Website: Click here!
(Professional Services)
ServiceMaster Restore by Recovery Solution
Phone: (860) 735-4704
Restoration
Website: Click here!
(Maintenance & Tradesmen)
Rentdrop
Email: support@rentdrop.io
Rent Collection
TenantTracks
Website: Click here!
(Professional Services)
Premier Real Estate Investment Group
Phone: (860) 335-0681
Cesar L. Sousa, Real Estate Attorney
Phone: (203) 583-8299
Real Estate Multi-Family
(Professional Services)
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
Mortgages & Loans
Website: Click here!
(Professional Services)
Landlord Collection Agency
Phone: (800) 369-6153
Collection Agency
Website: Click here!
(Professional Services)
Junk Bear
Phone: (860) 378-2801
Rubbish & Hauling
Website: Click here!
(Maintenance & Tradesmen)
First World Mortgage: Jesus A. Carrero
Phone: (203) 715-0961
Mortgages & Loans
Website: Click here!
(Professional Services)
The Miranda Team Home Inspections
Phone: (203) 490-7855
Home Inspections
Website: Click here!
(Professional Services)
P. (800)369-6153
F. (888)900-9773
E. info@ctpoa.com
www.ctpoa.com
CT Real Estate Today allows you to hit your target audience for all things real estate. Contact us at info@ctpoa.com
ADVERTISE WITH US!
Becom
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The Conne composed o REALTORS improve the bu
Follo
me a CTPOA Member!
Visit: https://ctpoa.com/
ecticut Property Owners Alliance is of experienced property managers, S and landlords working together to usiness conditions for rental property owners.
ow CTPOA: https://www.facebook.com/CTPOA/
About Us Advocates For Property Owners 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.
Why The Property Owners Alliance Was Formed 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.
