CT Real Estate Today - October 2021 Edition

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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