In This Month’s Edition Governor Ned Lamont Extends 9 Executive Orders Through February 2022
9 Fall Energy Saving Tips For Your Home
13 Tips For New Realtors
Is A Housing Market Crash On The Way?
Month Edition: October
Published by:
Table Of Contents 04 - Publisher’s Message A Message From Bob DeCosmo, President Of CTPOA
06 - News And Views From The Capitol Governor Ned Lamond Extends 9 Executive Orders Through February
08 - Realtor Report 13 Tips For New Realtors
12 - Insurance Insights 8 Tips For Buying Homeowners Insurance
16 - Property Management Tools, Tips & Techniques Rental Property Fall Maintenance Tips
18 - Financially Speaking Is A Housing Market Crash On The Way?
22 - Get Energy Efficient 9 Fall Energy Saving Tips For Your Home
24 - The Legal Corner Legal Tips For First Time Landlords
Published by CTPOA CTPOA’s Mission: Educate our members on the Best Practices for maximum efficiency.
Increase profitability by lowering operating expenses via vendor discounts. Provide access to Core Services needed to better manage and maintain properties. Advocates for Property Owner Rights
Meet Our Team: Bob DeCosmo Carmine DeCosmo Melissa DeCosmo Paul Jenney Sean Harnish Chelsea Sayegh
Helping Property Owners Since 1994
Publisher’s Message By Bob DeCosmo, Advocate for property owner rights. Dear Readers, Since last month, after a great
At the meeting, the next step is
response from CTPOA's
to do a survey to determine the
members providing input on a
extent of this situation and what
new CHFA loan program, we
financial aid package can be
met with both the
prepared as other funds may be
Commissioner for the Dept. of
able to be bundled together. We
Housing and the President of
welcome your thoughts and
CHFA on October 12th. We
own experiences on this
have strong concerns that
situation, please email us
funds are urgently needed to
at: info@ctpoa.com.
help local non-owner-occupied
Politics shape everything lately.
mom and pop landlords who
Did you ever really look at the
had been hit hard by
word formation? Poly means
unscrupulous renters that never many and Ticks are blood lost their job or income but sucking creatures - interesting simply stopped paying rent. 04 / Publisher’s Message
thought!
Helping Property Owners Since 1994
The Boston Mayor's race is
back. Landlords have lacked a
heading to the finish-line with
voice in government affairs for
Michelle Wu, a pro-tenant, far-
over two decades in
left-leaning candidate squaring
Massachusetts and Rent
off against Essaibi George, who Control, Tenant's Guaranteed supports private property owner Right of First Refusal (delaying rights. If you are not aware of
any sale by up to 6-months),
this fact, after the Supreme
Just Cause Eviction and other
Court determined that the
nasty policies are progressing to
federal eviction moratorium was become law unless the rental an overreach of power, Boston,
housing community pulls
Sommerville and Camden
together and wins the battle.
enacted new eviction
Enjoy the nice weather while it
moratoriums of their own, thus
lasts, and we look forward to
begging landlords to file lawsuit seeing you at some of our for relief. upcoming meetings and events CTPOA has been acting as a
we have in the works.
volunteer consultant with a couple of groups in Massachusetts that are now trying to organize and fight 05 / Publisher’s Message
Gov. Ned Lamont Extends 9 Executive Orders Through February From: nbcconnecticut.com Governor Ned Lamont has
facility workers, state hospital
extended the duration of nine
workers, state employees pre-k
executive orders through
through 12 school workers and
February 15, 2022, after his
staff at childcare facilities to get
emergency powers were
vaccinated or test weekly.
extended earlier this week.
One of the other executive orders
One of them gives Lamont the
extends protections for renters
authority to require masks in
against evictions.
schools, childcare facilities and
Senators debated for four hours
other high risk settings. That one with Republicans and a few has drawn sharp criticism from Democrats saying two years is the public.
too long for Lamont's executive
Another executive order that was powers to continue. extended requires long-term care 06 / News & Views From The Capitol
“The peoples' voice is not being the delta. We need to have
taken into consideration when
flexibility in the executive to
the governor makes policy and
move when necessary,” Sen.
that needs to be fixed," said
Martin Looney said.
Sen. Rob Sampson. “I believe people in this state are fed up and frustrated. And more
and more people every day are realizing that while COVID is something we still have to deal with it, it doesn’t rise to a level of an emergency," he added. “I think that we’re well capable
Pictured Above: CT Governor Ned Lamont
of dealing with the pandemic without an extension of the
"I want the legislature involved.
governor’s orders," said Sen.
Sometimes they abdicate.
Cathy Osten.
Sometimes they don’t want to
Some Democrats and Lamont said extending the executive powers is a necessary step to keeping the COVID-19
vote and I have to stand up and make some decisions," Lamont
added. In the end, the Senate did vote
pandemic contained in our state. to extend Lamont's executive powers. It came down to a vote "We don’t know if there’s going of 18 to 15. to be a variant more deadly than 07 / News & Views From The Capitol
13 Tips For New Realtors From: showingtime.com Finally getting your real estate license and beginning your career as a new realtor is an exciting and stressful time. On one hand, you’re ready to embark on a new journey.
2. Find a Mentor (or Two) It’s so important to find a wise, successful veteran to lean on and learn from.
On the other, you might not know exactly
Think about it: Luke Skywalker couldn’t
where to be begin. Here are some tips for
restore the Jedi Order until he completed
new realtors on how to succeed in the real
his training with Yoda; Will Hunting was
estate industry:
going nowhere until Sean McGuire broke
1. Interview at Different Firms Do you think you’re ready to start selling listings now that you have your license? Not so fast, my friend! Your first step should be to find an office, brokerage or firm to join that fits with your
goals. This is a very important and commonly overlooked step. Don’t simply focus on the commission split. Instead, think about the things that matter most in getting your career off on the right foot, such as educational opportunities, training programs and resources. 08 / Realtor Report
through his walls; and Michael Jordan didn’t win until Phil Jackson became his coach. Find someone who not only knows what they’re doing, but who you truly connect with and feel comfortable around. And don’t be afraid to ask questions. The mentor/mentee relationship can work both ways. After all, the Mighty Ducks were a ragtag bunch of hoodlums and Gordon Bombay an arrogant lawyer before banding together to experience personal growth (and a Pee Wee hockey championship).
3. Create a Business Plan What are your goals for your first year?
You can’t begin to sell yourself until you decide who you’re selling.
How are you going to reach them?
5. Work Your Sphere
How much are you going to spend on
Your sphere of influence — friends, family,
marketing? On technology?
acquaintances — is your most important
Don’t make an already-difficult transition harder than it already is. Sit down, think about and plan how and what you can
achieve and provide as a real estate agent.
prospect base, both now and in the future. These are the people you’re closest with, and the most likely to have you top of mind when they, or their family and friends, are ready to buy or sell their home. Keep in touch personally, via social media and/or a reliable customer relationship management system (CRM).
6. Prospect, Prospect, Prospect Different real estate agents consider differing things the lifeblood of their business.
4. Discover Your Brand
For some, it’s all about marketing. For
Your new career title is realtor. But who
others, it’s more about putting forth all of
are you as a realtor?
their effort into prospecting for new clients.
What property type is your niche? What age group? Do you think you can be hip and better connect with millennials? Or do
Both are important, but which of those two areas (and others) you decide to put more effort into is completely up to you.
your interests and activities more closely
Regardless, make sure you spend a lot of
align with an older generation?
time prospecting – especially at the outset
Your brand is who you are as an agent and business person. It also impacts how you present yourself as a person and in your marketing.
of your career. Cold call, attend community events and put up fliers. Do everything you can to get your name and brand out into the world.
09 / Realtor Report
7. Discover the Right Lead Gen for
Create a professional email account.
You
(Pro tip: Use an email address that you
Are you going to focus on building your
brand and business through your sphere of influence and traditional cold calling and door-to-door marketing? Or are you comfortable enough with technology that you believe you can build
own, rather than one provided by your firm. That way, if you leave, your email address stays with you.) Remember: Don’t skimp on marketing. The more professional and eye-catching it is, the more eyes will catch it.
an online brand through social media, video 9. It’s About What You Know and SEO skills? Don’t forget why people hire real estate The truth is, all of these lead generation agents. It’s not only because of your avenues are important for every agent. And beautiful marketing and witty personality. you should implement a nice mix of It’s about your knowledge. traditional and digital marketing tactics. You’ll likely skew one way or the other, however, depending on what you’re most comfortable with and your target demographic.
8. Market Yourself
Keep up on national and local trends. Learn your market like the back of your hand. Start taking the steps now that will eventually make you a local market expert.
It won’t happen overnight. But as you become more experienced and your
Once you figure out who you are as an
business begins to grow – whether it’s one,
agent, what your brand is and through
three or five years down the road – you’ll be
which avenues you want to market, it’s time thankful you began to immerse yourself to … market yourself! Create a logo. Get fresh business cards. 10 / Realtor Report
in market stats at the beginning of your career.
10. Utilize Time Blocking
12. Communication is Key
Now through nine tips, you might be
All leads, prospects and clients are equally
starting to get overwhelmed and thinking:
important.
You want me to find a mentor, create a
Sure, you might get along with one seller
business plan, prospect, market myself
better than another. And one listing might
and study market stats. You haven’t even
be priced higher than another – some
mentioned showing listings yet. How can I even significantly so. possibly find the time to do all of this?
It’s all about being organized, creating a
But when it comes to marketing listings,
promptly responding to messages and
daily list of your activities and sticking to it. discussing prices, each and every lead/ Or in other words: time blocking. It’s a tried-and-true method to not only complete every task on your plate, but also build a routine that eventually
prospect/client deserves your best and most professional effort. It’s those little things that make or break your reputation and business.
becomes second nature.
13. Stay Educated
11. Leverage Technology
Yes, you have to take a
That said, even the most organized person could have some tasks taken off their plate. Thankfully, we’re in an age where technology continues to evolve. Use a CRM. Consider email automation if you plan on doing a monthly newsletter.
Schedule your social media posts a week or so in advance. We also automatically request feedback on your listings after showings, provide a mobile app, reporting tools and several other features.
real estate exam every year to renew your license. But simply doing that is a barebones approach to being a truly qualified realtor. Read real estate books. Listen to industry podcasts. Follow industry blogs. Attend inperson networking events and join social networking groups. Life itself is a journey of never-ending education, and your career in real estate should be no different.
11 / Realtor Report
Eight Tips For Buying Homeowners Insurance From: washingtonpost.com People purchasing their first homes
these areas will usually cost more because
represented 31 percent of all buyers in
of it. Home buyers should also be aware of
September, according to the National
local flood disclosures laws when buying a
Association of Realtors. Among the many
house in a flood zone. You’ll want to know if
steps in the process is purchasing
flood insurance is required for the property
homeowner’s insurance.
and whether the home has experienced any
“Home buyers — especially first-time home
flood damage in the past.”
buyers — often don’t think about budgeting
Buyers should start looking for a home
for home insurance when looking for their
insurance provider as soon as they have a
dream home, but they should,” Sean
contract accepted to buy a home.
Harper, co-founder and CEO of Kin Insurance in Chicago wrote in an email.
“Most mortgage companies require proof of insurance before closing,” wrote Bill
“Where you live can have an enormous
Gatewood, corporate vice president at
impact on your home insurance rates,”
insurance brokerage Burns & Wilcox in
Harper added. “For example, homeowners
Detroit. “Homeowners should begin
near open space in California and on the
shopping around at least 30 days prior to
coast of Florida are more exposed to
closing — waiting until the last minute can
extreme weather (like wildfires and
delay the process.”
hurricanes, respectively), and insurance in 12 / Insurance Insights
Many first-time buyers will often go with
typically aren’t covered either,” Gatewood
whatever home insurance company their
wrote.
real estate agent recommends, but that isn’t the way to get the best price or necessarily the best coverage, Harper wrote. Try these tips to make a wise decision about your homeowner’s insurance policy:
3. Check the insurance company’s rating.
A rating is an independent assessment, usually by AM Best or Demotech, of the company’s financial standing, according to Harper. “A good rating means the company can meet its claim obligations
1. Go online and get some quotes. Make
even after a widespread disaster,” Harper
sure you’re comparing apples to apples
wrote.
when assessing your options — some policies may offer substantially more coverage, Harper wrote.
4. Pick a high enough deductible. When
selecting an insurance policy, homeowners need to make sure they’re covered in the wake of a catastrophe that could fully wipe out their home and belongings, wrote Gatewood, but to save money, buyers should choose as a high a deductible as they can afford. Gatewood recommends choosing a deductible of $2,500 and filing a claim only for something worth more than that amount.
2. Know what your policy does and
Harper wrote that buyers should make
doesn’t cover. Homeowners insurance
sure they budget for their deductible, in
protects against most common exposures
case they have a claim, and to have an
like water damage, electrical fires and roof emergency fund that also covers small leaks, but maintenance issues like mold
repairs that cost less than the deductible.
and pest infestations usually aren’t covered, according to Gatewood. “You may need special coverage for items like fine art, a wine collection or antiques that
13 / Insurance Insights
5. Check out additional protections. Depending on their location, homeowners need to make sure they have adequate coverage for severe weather disasters such as wildfires, hurricanes and floods, which sometimes require an additional policy, according to Gatewood. “People in natural disaster catastrophe zones should also do all they can to protect their homes before disaster strikes, such as clearing brush from around their property, installing impactresistant doors and windows and using
qualify for discounts, too.
7. Add liability protection. Every homeowner should have at least $100,000 in personal liability coverage, enough to cover common claims like a slip and fall accident on the property. “If you have a swimming pool or have a high net worth and could be a target for frivolous lawsuits, it may make sense to increase your liability
coverage above that minimum,” Harper wrote.
noncombustible landscaping,” Gatewood
8. Don’t forget to buy enough loss of use
wrote. In addition, Harper wrote, insurance
coverage. Coverage for your living
companies may give you a discount for
expenses, if you must relocate while your
making your home safer, such as investing
home is being repaired, is part of most
in wind mitigation in Florida.
standard homeowner insurance policies.
6. Look for discounts. While there are common home insurance discounts, they aren’t standardized across the industry, Harper wrote. Most companies offer at least a 5 percent discount for security systems. Water mitigation systems like automatic water shut-off valves and leak sensors can 14 / Insurance Insights
“We typically suggest that homeowners have about 20 percent of their dwelling coverage in loss of use (also known as additional living expenses) coverage,” Harper wrote. “So, if your home is insured for $300,000, you’d have $60,000 in loss of use coverage.”
Rental Property Fall Maintenance Tips From: rentecdirect.com School supplies are lining the
to visit those maintenance issues
shelves of your local stores, and
that took a back burner during the
those long summer nights are
busy summer months.
beginning to feel just a little colder.
This change of seasons marks the need for fall maintenance at your rental property.
By being proactive with your annual
and seasonal inspections and a little preventative maintenance, you can help keep your rental property in tip-
With the autumn season just around top condition and can make the corner, now is a great time to
expensive items like your roof or
address all your property’s needs
furnace last much longer, which
before the cold weather makes it
means a more profitable property
difficult. Performing routine
long-term.
maintenance will ensure that your property is protected from seasonal elements like rain, snow, sleet, and freezing weather, so take a moment
This fall, be sure to cover everything on this fall property maintenance infographic to ensure your property is prepped for the coming season.
16 / Property Management Tools & Tips
TENANT CHECK-IN:
small holes & cover large holes with
Seasonal or fall maintenance is a great mile marker for inspecting the unit for issues and checking in with your tenants to see if there are any issues that need addressing.
from critters or overflowing gutters can create roof damage long-term. HIRE A PROFESSIONAL: Have a professional inspect big-
INDOOR MAINTENANCE:
ticket items like your HVAC system
Check doors and windows weather stripping, sweep chimney, and
and your roof. These should be checked yearly to ensure that minor damage is dealt with proactively.
animal-proof your chimneys to prevent against nesting critters.
Although it might seem like a lot to attend to this season, most fall
OUTDOOR MAINTENANCE:
Remove tripping hazards. Tend to stairwells, walkways, and patios to ensure that handrails can support a person who may slip. Trim trees to prevent debris in pathways and on roofs. Reset irrigation systems as needed and winterize sprinkler and
irrigation systems.
hardware cloth. Harmed insulation
maintenance can be done quickly and without spending much money. Most importantly, remember that maintaining a good relationship with your tenants is key as colder months approach. Establishing open communication with your tenants will significantly increase the likelihood that issues will be
EXTERIOR PROPERTY:
reported sooner, and in the cold
Clean all gutters, animal-proof
temperatures especially, a prompt
attics, and basements. Cold weather repair can prevent significant–and brings small animals indoors. Caulk costly–damage down the road.
17 / Property Management Tools & Tips
Is A Housing Market Crash On The Way? From: azbigmedia.com With the real estate market experiencing
decade for most markets to recover. Even
surging prices, scant inventories, and a backlog today, several local real estate markets have of new home construction, many consumers are wondering if what’s gone up must come back down — in other words, are we headed
for another housing market crash? Let’s take a closer look.
not fully recovered. With the robust market activity we’ve seen lately, are we in for a repeat housing market crash? The short answer is “not likely.” Today’s mini boom cannot be sustained, but a crash as
Memories of the Great Recession Are serious as the last one is highly unlikely Still Fresh
because of a few determining factors:
Few people foresaw the housing market crash
Factor #1: Higher Lending Standards
15 years ago that ignited a worldwide recession. Fueled by low interest rates, loose mortgage lending standards, and the nation’s unshakeable faith in homeownership, home values rose at record rates year after year. When the housing bubble burst, some nine million families lost their homes to foreclosure or short sale between 2006 and 2014. Housing values plunged 30% or more, homeowners lost a collective $7 trillion, and it took nearly a
18 / Financially Speaking
Loose mortgage lending practices ultimately brought down some of the nation’s largest banks and mortgage companies. The fallout forced Congress and federal regulators to make significant adjustments that have since fundamentally changed how mortgage lending is regulated. Since then, standards have been raised and the process of obtaining a mortgage is now more transparent. “Anyone can get one” types of loans are illegal, while borrowers must undergo rigorous income and asset checks.
An entirely new regulatory agency, the
have since resumed their employment, and
Consumer Financial Protection Bureau, was
thus their home payments. According to
created to enforce this new regulatory
CoreLogic, by the end of 2020, overall
framework. Lenders who do not comply with
mortgage delinquencies declined 5.8% due to
these standards risk severe penalties.
the forbearance program. The share of
As a result, the housing finance marketplace is now more robust and safer than it was 15
mortgages 60 to 89 days past due declined to 0.5%, lower than 0.6% in December 2019.
years ago. Any dip in the housing market will
It’s worth noting, however, that serious
be cushioned by these stricter regulations.
delinquencies — defined as 90 days or more
Factor #2: Pandemic Mortgage Forbearance
past due, including loans in foreclosure — increased when owners who owed large amounts left
When the housing market crashed in 2007,
forbearance.
the influx of foreclosures pumped housing
By year end
supply into areas with falling prices and weak
2020, the
labor markets, while also preventing recently
serious
foreclosed borrowers from re-entering the
delinquency
market as buyers. According to the Federal
rate was
Reserve, foreclosures during a time of high
3.9%, up
unemployment could depress prices, plunging from 1.2% in December 2019. homeowners across the country deeper into negative equity.
Inevitably, some owners in forbearance will
However, in the pandemic era, the effects of
fail to secure a loan modification or a lengthy
mass unemployment bear little resemblance
repayment period from their lenders. Unless
to the Great Recession, thanks in large part to the government provides a bailout for these beleaguered owners, they will lose their forbearance programs that have allowed homeowners to postpone their monthly
homes when forbearances end. ATTOM Data
mortgage payments without suffering
Solutions expects at least 200,000 defaults in
penalties.
2021 and a 70% increase in foreclosures over
As of early March 2021, 2.6 million homeowners’ mortgages were in such forbearance plans. As the pandemic economy has slowly recovered, many homeowners
the subsequent two years ─ a significant increase from current levels, but a far cry from the 6 million foreclosures following the 2007 crash.
19 / Financially Speaking
Factor #3: The Cushion of Homeowners’ Equity
business sectors, real estate was expected (if not required in many locations) to lock down. But by mid-April, sales were soaring as buyers, Equity is the difference between the current many of them millennials, took advantage of market value of your home and the amount you record-low mortgage interest rates. Through the owe on it. In other words, it’s the portion of your remainder of 2020, rates remained below 3%, home’s value that you actually own. Equity can and existing home sales reached their highest be an incentive to stay in your home longer; if level in 14 years. prices rise — something we’ve seen almost universally across the country in recent months The combination of solid sales and depleted supplies drove the nation’s median existing— your equity increases, too. home price for all housing types to $309,800, Why does this matter? Simply put, higher levels up 12.9% from December 2019 and marking of equity cushion homeowners from default 106 straight months of year-over-year gains. when home values fall. The multi-year run of significant price increases Over the past decade, American homeowners will end, at least temporarily, but inflationary have enjoyed housing stability and growth, pressure on entry-level homes will continue in building up large home equity reserves. In the most markets until new home construction will third quarter of 2020, the average family with a relieve it. Economists at Fannie Mae, Freddie mortgage had $194,000 in home equity, and Mac, the Mortgage Bankers Association, and the average homeowner gained the National Association of Realtors forecast approximately $26,300 in equity over the median prices will rise between 3 to 8% in course of the year. In contrast, 2009 saw nearly 2021, a significant drop from 2020 but nothing a quarter of the nation’s mortgaged homes like the crash in prices seen in the last housing valued for less than the amount their owners crash. actually owed on those mortgages.
A Moving Target Factor #4: Price Growth Will Slow, But While no one can say for sure what will happen Not Stop The sales boom following the outbreak of the COVID-19 pandemic in April 2020 surprised many real estate economists; like most other
20 / Financially Speaking
with the real estate sector, most experts are confident that we’ll experience a market dip, but certainly not a crash. Still, it’s important to stay informed of market trends, consumer sentiments, and expert insights.
9 Fall Energy Saving Tips For Your Home From: constellation.com Fall energy savings can help lead to a lower heating bill and reduce wear and tear on your heating system. It all begins by giving your heating system a thorough checkup and taking care of routine maintenance, among other important home heating energy-saving tips. Some
companies cover maintenance in their A/C service
would use for your front door. Also, check for gaps and cracks around your home’s foundation and around windows, doors and areas where utilities enter your home. Sealing these with caulk can help keep heat in your home.
plans, which are bundles that combine home
2. Lower your home’s thermostat to save
service protection with electricity.
energy
Tips for Energy-Efficient Heating This Fall
A simple way to achieve fall energy savings is by
Here are some energy-saving ways to heat your home and keep it running efficiently this fall.
running your heating system less often. Keeping your thermostat between 68 and 70 degrees during the day and turning it lower at night will
1. Find and prevent drafts throughout your
help to reduce the cost to heat your home. If
home
you’re willing to wear a sweater, the few degrees
For fall energy savings that pay off all year round, consider using weatherstripping to close gaps that
of temperature difference could result in savings over the season.
let in cold drafts. Make sure to check and replace
Many people forget to lower their thermostats at
aging weatherstripping around doors and
night. One of the benefits of a smart thermostat is
windows. But remember: Not all weatherstripping
that you don’t have to rely on your memory. The
is alike. For example, sealing a garage
thermostat will adjust the temperature according
door involves different weatherstripping than you
to the schedule that you set.
22 / Get Energy Efficient
3. Open and close curtains for better energy efficiency
You can reap more fall energy savings by using the power of the sun. Open curtains and drapes when the sun shines through your windows. Solar heat through a well-insulated window can raise the temperature in a room by several degrees — without your heater having to do extra work. When the sunlight fades, pull your curtains tightly closed to add another layer of insulation between the cold outdoors and the rooms of your home. 4. Inspect your furnace before winter arrives One of the best fall heating tips is to have an expert HVAC professional inspect your furnace. A professional has the experience and training to spot issues you might not notice and can make recommendations for how to keep your system running efficiently all year.
the temperature setting to make sure it isn’t set too high. For most people, temperatures between 110 and 120 degrees are hot enough for washing dishes and bathing. You can achieve even more energy-efficient heating for fall if you buy a blanket for your water heater. Stores sell insulation you can fit around your unit to hold in heat. 7. Check your home’s insulation If you haven’t checked your insulation in a few years, take the time to do it now. Believe it or not, insulation does wear out. And manufacturers are always working to improve their products. You may find some of the new attic insulation types are so much better that it’s worth the investment of time and money to add to or replace existing insulation. 8. Reverse the direction of your ceiling fans for fall
To ensure your system will be energy-efficient for fall, it must be clean and in good working order. Dirty ducts and filters clogged with debris make your furnace work harder than it needs to to heat your home. Keeping air filters clean is one of the most important fall heating tips. They’re inexpensive and easy to install, so there’s no reason to overlook this source of fall energy savings.
Improving the circulation of heat means you can do more with less, making it one of the best fall heating tips to follow. Warm air rises, meaning the warmest air in the room is near the ceiling where it doesn’t impact your comfort. Run ceiling fans clockwise at a low speed in the winter to draw cold air up from the floor. As it flows upward, it pushes the warm air out toward your walls and down into your living space.
5. Don’t block your vents
9. Check your fireplace for drafts
It may sound like common sense, but one of the best (and easiest) fall heating tips is to make sure air can flow freely from your vents. If you have furniture or drapes that block your vents, you could be wasting energy by preventing heat from flowing into the room and circulating. If you can’t move the furniture or drapes, an easy solution is to buy inexpensive vent extenders that direct air from vents under sofas or behind drapes out into the room.
If you have a fireplace in your home, that’s another opening to the outside. Fireplaces can be a major source of lost heat, so your heating tips for the fall should include making sure that doesn’t happen. If you have a loose or damaged damper, your chimney can suck heat from your room. Make sure to keep your chimney and damper in good condition.
6. Use less energy for water heating during the fall No list of fall energy tips would be complete without mentioning your hot-water heater. Check
You may also want to consider adding glass doors over your fireplace opening. They allow you to enjoy the fire, but they prevent room air from going up the chimney. You can also cover the fireplace opening when you’re not using it to put a stop to drafts.
23 / Get Energy Efficient
Legal Tips For First Time Landlords From: rocketlawyer.com Becoming a first-time landlord can be a lot of
gives you legal rights that would be more
work, but there’s also the promise of a lucrative difficult to prove without documentation. It also business (and regular rent checks). When
makes it clear that both parties have agreed to
you’re first starting out, beyond the basics of
specific terms that you can both reference later
getting the property purchased and ready to
if there is a dispute.
rent out, remember that setting yourself up for success also means having the proper legal
Get a security deposit.
protections in place—and being proactive with
Collecting a security deposit communicates to
legal issues could save you from big legal bills
the new tenant that you care about the
and hassles down the road. Here are some
condition in which the tenant keeps your
guidelines to help protect yourself when you’re
property. It also gives the tenant motivation to
starting out as a new landlord.
keep the property in the same condition in which it was first rented. If the tenant doesn’t
Put it in writing. It seems simple but putting everything in writing can be the smartest thing you ever do as a landlord.
keep the property in good condition or
damages it, you may be able to keep a portion or all of the deposit to pay for repairs or additional cleaning. Make sure you have the tenant fill out a Renter’s Inspection
The most important item to put in writing is the
Worksheet when the tenant first moves in to
Lease Agreement between you and the
reduce disputes about the initial condition of the
tenant. If you ever have problems with the
apartment.
tenant, the Lease Agreement protects you and
24 / The Legal Corner
Know the tenant financially.
Understand your rights as a
It’s your responsibility to vet your potential
landlord.
tenants. Start by having them complete
Although the
a Rental Application, which will help you
renter has
collect the information you need to screen
rights, so does
your potential tenants. Next, take the time to
the
verify their good credit and their employment,
landlord. For
which will help you determine their ability to
example, you
pay the rent. Keep in mind that it’s much
should be able to enter the property when
easier to find another potential tenant than it
necessary for maintenance with the
would be to evict a tenant who can’t pay the
appropriate amount of notice given to the
rent. Of course, you also need to follow any
tenant. You also have the right to evict a
laws that protect tenants against housing
tenant if they are not upholding their end of
discrimination, but the inability to pay the rent
the lease. You can use an Eviction
generally can be used to disqualify a potential Worksheet in this case, but before you get in tenant. You may also use a Letter to Request this situation, it’s smart to understand the a Credit Reference to verify the prospective
legal process for evicting a tenant in your city
tenant's good credit, and/or ask the tenant's
and state, since it varies by locality.
employer for a Salary Verification Letter.
Understand the Tenant's rights, and Understand key lease terms, like
your obligations to protect them.
rent, maintenance, utilities, etc.
Familiarize yourself with your state’s laws that
Make sure you know and follow the terms of
protect the tenant’s rights, and any applicable
the lease you’ve signed. If you create a
city or county laws that might affect
document and then flaunt the terms, your
you. Consult the Hud.gov Tenant Rights
tenant could take you to small claims court
resources by state to find out more about the
and you could be found liable. You could also laws in your area. get in trouble with local housing authorities. In This article contains general legal information addition, if you don’t follow the lease terms (by and does not contain legal advice. Rocket not maintaining the property, for example), it Lawyer is not a law firm or a substitute for an makes it harder to enforce regulations of the attorney or law firm. The law is complex and lease that you do want the tenant to follow— changes often. For legal advice, please ask a like paying the rent on time. lawyer.
25 / The Legal Corner
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