CT Real Estate Today - January 2024 Edition

In This Month’s Edition Pg. 06 - Decoding the Buzz: PACs for Connecticut Housing Providers

Pg. 20 - Connecticut Multi-Family Housing: Unlock Savings and Comfort with Energy Efficiency

Pg. 10 - Water Woes in the Nutmeg State: A Guide to Insurance and Claims for Connecticut Housing Providers

Pg. 28 - Finding Great Tenants: A Connecticut Landlord's Guide to Tenant Screening

January 2024

Published by:

Table of Contents Publisher’s Message A Message From Bob DeCosmo, President Of CTPOA

News And Views From The Capitol Decoding the Buzz: PACs for Connecticut Housing Providers

Realtor Report Connecticut REALTORS® Level Up Tenant Screening with TenantTracks: Accuracy, Convenience, and Compliance in One Package

Insurance Insights Water Woes in the Nutmeg State: A Guide to Insurance and Claims for Connecticut Housing Providers

Property Management Tips & Tricks Winterization Tips for Multifamily Properties

Helping Property Owners Since 1994

Published by: CTPOA

Financially Speaking

CTPOA’s Mission:

2024 Real Estate Outlook Educate our members on the Best Practices.

Get Energy Efficient

Increase profitability.

Connecticut Multi-Family Housing: Unlock Savings and Comfort with Energy Efficiency

Provide access to Core Services.

The Legal Corner

Advocate for Property Owner Rights.

The Importance of a Lease Agreement When Leasing a Property

Meet Our Team:

Vendor Spotlight

Bob DeCosmo

Introducing TheGuarantors - your partner in protecting your rental income and providing coverage for damages

Carmine DeCosmo Melissa DeCosmo Paul Jenney

Chelsea Sayegh

Tenant Screening Tips & Tricks Finding Great Tenants: A Connecticut Landlord's Guide to Tenant Screening

PO Box 4795 Waterbury, CT 06704 800-369-6153 info@ctpoa.com

By Bob DeCosmo Advocate For Property Owner Rights Let’s Resolve the Landlord / Tenant Debate in 2024 Over the course of time, the debate over landlord and tenant legislation has become more heated and hostile. There are many dynamics at play, some political while others seem practical.

If you listen to some tenant advocates, they believe landlords are mean spirited people that enjoy the opportunity to make a tenant’s life miserable. They are just money grubbers that evict their renters on a whim, just because they can. These advocates seek legislation for eviction moratoriums, rent control, concealing a rental applicants’ true background and other proposals that will not only hurt all landlords, but will also hurt the good tenants, their proposals are misguided. These advocates don’t have a housing agenda, they have a political agenda!

The truth is landlords and tenants need each other and strive for good relationships. If a

landlord doesn’t take care of a tenant, they lose that tenant to a more responsive landlord and that’s how the business works. Supply and demand, better quality service means a longer tenancy at the same address, a win-win for all parties.

So, let’s get to the heart of the problem. Years back, I was having a discussion with Judith Dicine, then the Supervisory Housing Prosecutor for the Chief State’s Attorney office and was told that Connecticut cannot prosecute out of state landlords for failure to

04 / Publisher’s Message

maintain a building. Connecticut lacks jurisdiction in States like New York and can’t serve the process papers on that out of State landlord.

I also heard that stacks of unopened certified letters were piled high at the Waterbury Fire Marshals office because out of State landlords refused to sign their code violation notices or fix their units! Something needs to be done to remedy this situation and I say it’s most of the tenant complaints we often hear about.

Having managed rental property for 25 years daily, you get to see a lot of things and surely, I have seen my share of bad landlords. The truth is nobody wants these people to own buildings, not the tenants that live in them, or the owners who own property next

door, or the other residents that live in the neighborhood. Typically, slumlord owned buildings have the worst tenants and worst physical appearance.

Also, properties owned by bad landlords often house drug dealers and gang members.

They deprive the neighborhood of a good quality of life. They lower nearby property values. They force good tenants living near these buildings to move while giving local officials a constant headache with calls for emergency services, blight, and noise complaints.

In 2024, I would like to see landlord and tenant advocates work together. We should focus and find a way that allows Connecticut to get other States that are home to these bad landlords to cooperate with our Connecticut housing code officials and bring these non-compliant landlords to justice. The problem the past few years is the tenant advocate proposals that are being floated will not impact the bad landlords but instead, they will harm our local mom and pop owners that provide the bulk of affordable housing in our State.

We lost many good Connecticut mom and pop landlords during the eviction moratorium

that Covid caused and many out of State owners replaced them. This is a devastating blow to our housing in Connecticut. Not all out of State owners are neglectful and many are in fact good property owners, but we need a way to get the out of State bad landlords in front of a Judge to answer for their actions for letting their property turn to garbage.

For the upcoming Legislative session, I say it’s time to get to the source of the landlord / tenant problem and solve it. We must stop dancing around the housing issues at public hearings and not debate economic and political ideologies like we have been doing lately, let’s put the out of State slumlords out of business.

05 / Publisher’s Message

Decoding the Buzz: PACs for Connecticut Housing Providers By: CTPOA As a housing provider in Connecticut, you juggle resources to influence elections and policies, but countless responsibilities. But have you ever considered the potential impact of Political Action Committees (PACs) on your business? If

they operate under different rules: •

Traditional PACs: 

you're scratching your head wondering what a

Limited contributions from individuals

PAC even is, or why you should care, stick with

($5,400 per election cycle in

me! This article will demystify the world of PACs

Connecticut) and companies

and showcase the potential benefits they offer

($10,800)

Connecticut housing providers like you.



or political parties

So, what's a PAC? 

Simply put, a PAC is a group of individuals who pool their resources to support or oppose

Cannot directly donate to candidates

•

Must disclose donors publicly

Super PACs:

candidates, ballot initiatives, or legislation. Think of it like a collective voice for individuals with



individuals, corporations, and labor

shared interests, amplifying their impact on the

unions

political landscape.

Traditional PACs vs. Super PACs: Know the



06 / News & Views From The Capitol

Can spend directly on supporting or opposing candidates

Difference PACs and Super PACs are both groups pooling

Unlimited contributions from



Less stringent disclosure requirements

Why should you care as a housing provider?

Policy decisions in Connecticut directly affect your business, from tenant rights and rent regulations to infrastructure development and tax policies. By contributing to a PAC aligned with your priorities, you can: •

•

guidelines, ensures your contributions are used responsibly and serve the greater good of the housing industry.

**Influence Policy: Politicians influence policy

Remember, your voice matters. Consider

and PACs influence elections. PAC

researching PACs focused on housing issues or

contributions provide critical outside resources

aligning with your specific area of interest.

for candidates you support, potentially shaping

Evaluate their track record, transparency, and

future policies that benefit your industry.

alignment with your business objectives. By

**Gain Access and Voice: PAC contributions policymakers, offering opportunities to directly voice your concerns and perspectives. Your

making informed decisions about PAC contributions, you can amplify your voice, protect your investments, and shape a brighter future for the Connecticut housing industry.

insights can shape legislation and regulations

The Property Owner Defense League (PODL

that create a more favorable environment for

PAC) was formed in 2016 to protect the rights of

housing providers.

property owners in Connecticut. They believe that

**Build Relationships: Contributing to a PAC strengthens your ties with other industry stakeholders and legislators. This network can be invaluable for sharing information, advocating for joint interests, and navigating the ever-changing political landscape.

•

values, and adhering to ethical disclosure

Ready to explore the world of PACs?

often open doors to lawmakers and

•

key. Choosing a reputable PAC aligned with your

**Protect Your Investments: PACs act as a safeguard against policies that could negatively impact your business. By supporting prohousing legislators and opposing those creating harmful legislation, you're actively

elected officials are attacking property owner rights and that landlords are losing money because of rent control and other policies. The PODL PAC wants to elect politicians who will support property owners. If this sounds like something you’re passionate about, check out their website HERE. Don't let the world of PACs remain a mystery.

Embrace the opportunity to actively influence the

policies that affect your business and create a thriving housing market for yourself, your tenants, and your community.

protecting your investments and creating a

Remember, knowledge is power! Start your PAC

stable operating environment.

exploration today and unlock the potential of influencing positive change in Connecticut's

But are there downsides?

housing landscape.

Transparency and responsible engagement are

07 / News & Views From The Capitol

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08 / Realtor Report

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09 / Realtor Report

Water Woes in the Nutmeg State: A Guide to Insurance and Claims for Connecticut Housing Providers By: CTPOA For those of us managing rental properties in

backups, appliance failures, and weather-

Connecticut, the threat of water damage is ever

related events.

-present. From burst pipes to overflowing appliances, leaks to heavy rains, these events

•

aware of the amount you'll be responsible

can wreak havoc on our properties and put a

for before the insurance company kicks in.

strain on our budgets. Navigating the complexities of insurance claims in such

•

tenants displaced by water damage, while

This comprehensive guide aims to equip you

others offer additional living expenses

with the knowledge and resources to handle

coverage.

water claims efficiently and effectively while

Understanding Your Policy: •

Check coverage for temporary housing: Some policies cover temporary housing for

situations can be equally daunting.

minimizing financial losses.

Know your deductibles and limits: Be

•

Document everything: Maintain proper

records of your property, including maintenance logs, receipts for repairs, and

Review your insurance policy

photographs of the damage before and after

meticulously: Familiarize yourself with the

mitigation efforts. This documentation will be

specific types of water damage covered and

crucial for your claim.

any exclusions that might apply. Look for clauses related to frozen pipes, sewer

10 / Insurance Insights

Taking Prompt Action: •

•

several estimates from qualified

Act fast to mitigate damage: The quicker

contractors to support the cost of repairs.

you address the source of the leak and prevent further damage, the lower the

•

•

Make sure the report accurately reflects

of a smooth claim process.

the extent of the damage and the proposed repairs. If you have any

Notify your insurance company

discrepancies, raise them with the adjuster promptly.

your insurer about the damage and follow their instructions to the letter. They may

•

•

Negotiate your claim: Don't be afraid to

advise specific steps for mitigating the

negotiate the settlement amount if you feel

damage and filing the claim.

it's unfair.Provide your documentation and rationale to support your position.

Contact a qualified plumber or restoration company: Choose a licensed •

Hire A Private Insurance Adjuster:

and insured professional to handle the

Private Adjusters represent your interests

repairs. Be wary of fly-by-night operators

and not the insurance company. They

who might overcharge or do shoddy work.

often can provide larger settlements for the claim.

Keep the lines of communication open: Maintain regular communication with your tenants,insurance adjuster, and repair technicians. Keep everyone informed of

Prevention is Key: •

maintenance checks for pipes,appliances,

situation.

and water heaters to minimize the risk of

Claim Tips and Tricks:

Gather detailed evidence: Take

Regularly maintain plumbing and appliances: Schedule preventative

the progress and any changes in the

•

Review the adjuster's report carefully:

repair costs and the higher your chances

immediately: Don't delay! Promptly inform

•

Document repair estimates: Obtain

leaks and failures.

•

Educate your tenants: Inform your

photographs and videos of the damage

tenants about how to prevent water

from various angles,including close-ups of

damage, such as properly turning off

the source of the leak, affected areas, and

appliances, reporting leaks promptly, and

any temporary repairs undertaken.

knowing how to shut off the main water valve.

11 / Insurance Insights

•

Consider additional coverage: Depending on your location and risk assessment, consider additional coverage for sewer backups, flood damage, or other specific waterrelated perils.

Additional Resources: •

•

Connecticut Insurance Department:

with confidence and protect your

https://portal.ct.gov/cid

investment in your Connecticut rental

National Flood Insurance Program: https://www.floodsmart.gov/

•

measures, you can navigate water claims

properties. Remember, knowledge is power, and being prepared can significantly impact your financial

International Association of Certified

wellbeing and ensure a smooth recovery

Home Inspectors: https://

from water-related mishaps.

www.nachi.org/ By understanding your insurance coverage, acting promptly, documenting your actions, and taking preventative

12 / Insurance Insights

Happy renting, and may your pipes always flow smoothly!

Register at CTPOA.com/events

For More Information Visit Our Website: landlordcollections.net Give Us A Call: (800)-369-6153

Winterization Tips for Multifamily Properties By: Water Signal, from watersignal.com Is your multifamily property ready for

Inspect, insulate, and monitor water

winter? Proper winterization is key to

pipes

keeping your community in good shape and ensuring resident satisfaction. Here are seven winterization tips to help your multifamily property this winter: Prepare for winter storms early Don’t wait until a bitter storm hits. Take time to create or review your property’s emergency winter weather plan, make sure you have an ample supply of road salt ready to go, and touch base with any seasonal contractors you use for snow and ice clearing.

If you live in a region that gets particularly frigid during the winter, then you know the danger of frozen pipes. Before temperatures go below freezing, you should inspect and wrap your pipes using an insulating tape or foam tubes, both of which are available at any hardware store. It’s also a good idea to install a water meter data management solution such as WaterSignal, which monitors your facility’s water system in real-time and detects leaks and other problems right as they happen. Should a pipe freeze and rupture on an especially cold

16 / Property Management Tips & Tricks

night, you’ll know about it immediately. system. Draining your irrigation Seal drafty windows, doors, and other cracks

system may not be as critical in more temperate regions, but if a sudden cold snap is in the forecast, make sure

Cold air wafting into your building from the freeze sensor is functional and be the outside is not only uncomfortable

prepared to turn the water supply on

— it wastes energy and results in high and off as needed. utility bills. Take the time to walk Keep an eye on leaning trees and around and inspect the building for branches signs of cold drafts, then repair or caulk those spots accordingly. You

Ice storms, high winds, and heavy

also want to make sure that weather

snow accumulation are more than

stripping and exterior door sweeps are capable of bringing down a tree. properly installed.

Before winter hits, have an arborist come in to determine if any trees

Clear your gutters

surrounding your property are

If your building’s gutters are loaded up compromised enough to warrant being with leaves and other debris, they cut down. won’t drain properly. This is technically a year-round recommendation, but a clogged gutter in the winter can result

Encourage residents to report issues as soon as possible

in a dangerous, weighty accumulation Make sure your residents know the of snow and ice that can cause leaks

protocol for reporting issues, and

and damage to your building.

when a ticket comes in, address it

Don’t forget your irrigation system

promptly. The sooner you become aware of issues affecting your

In colder regions, draining the pipes of property, the sooner you can have your irrigation system is strongly them resolved without causing extra recommended, or else leftover water

damage.

can freeze and damage your entire 17 / Property Management Tips & Tricks

2024 Real Estate Outlook By: Cory Bultinck, with wipfli.com Rising interest rates, tightened credit and declining occupancy patterns for office and multi -use properties caused many real estate investors to view 2023 with one goal in mind: stomaching short-term risks and debt until

2024 priorities for U.S. real estate firms To best prepare for success in the year ahead, real estate investors should consider these three priorities:

profitability is again in sight.

1. Invest in operational improvements

Given current market challenges, many

While the current market may not deliver

investors have slowed or paused acquisitions

immediate profitability, it offers investors the

while waiting for property price points and

perfect opportunity to reset and invest in tools to

interest rates to reconcile. As a result, property

upgrade their long-term operational efficiency

transactions as a whole fell significantly in 2023. and effectiveness.

Deals that returned profitability often did so

Many investors are finding ways to maximize

through the savvy leverage of available

profitability on their current and future holdings

incentives, including tax credits, TIF subsidies,

by:

municipal grants, energy credits and opportunity • zone supports.

Outsourcing key tasks to third-party

It’s likely the rocky property investment climate

estate sector faces significant employee

may continue into 2024. As a result, wins in the

shortages. To overcome staffing gaps, many

coming year will require strategic decision-

investors have opted to outsource tasks like

making and awareness of razor-thin profitability

property management, asset management

margins.

or accounting services to dedicated third-

18 / Financially Speaking

specialists: Like all industries, the real

party vendors. In the process, many achieve greater to support office-to-residential conversion projects, time and cost efficiencies compared to baselines

and a proposed 20% federal tax credit for qualifying

when managing these tasks in-house.

projects is currently under legislative consideration.

•

Embracing data analytics to drive better

There’s also talk that the coming year could bring

decision-making: New, data-driven platforms

potential federal extensions or even expansions to

can provide investors with real-time insights into

the qualified opportunity zones program. First

the current values of their existing properties

launched in 2017, the popular incentive allows

and profitability potentials for future investments. developers to defer capital gains tax for investing in With these tools, investors can rely on reputable

low-income areas. But without an extension, the

data and analytics — rather than dubious

program is set to expire at the end of 2026.

hunches or guesswork — when deciding what to buy and sell.

•

Updating and standardizing accounting and reporting systems across their holdings: Cutting-edge software systems can modernize and streamline accounting and data management processes, saving time and

3. Adopt a realistic, long-term profit horizon The current market doesn’t support the quick-turn, three-to-five-year profit horizon that had been driving development prior to the pandemic. Instead, deals may now take 10 to 20 years to become profitable.

preventing errors by reducing the need for

Investment firms need to be aware of this timeline

duplicative data entry. These tools provide

shift and pivot their risk analysis accordingly.

investment practices, both large and small, with

Investors also must be realistic about their profit

an effective pathway to upgrade the reliability

expectations since rates of return are not as robust

and accessibility of their accounting and

as they used to be. In today’s market, a successful

operational reporting.

deal might return 10% to 12% profit on investment

2. Engage available incentive programs Until interest rates decline, investors will need to

— not the 20% or more that had been common in more bullish markets.

continue actively engaging in cheap funding through Given these parameters, well-established, familymunicipal, state or federal incentive programs if they run investment firms may find themselves optimally

hope to push upcoming investments into the black.

Energy efficiency incentive programs, in particular, continue to be a key legislative priority, with several energy tax credits currently available to developers, including some that offer solar credit transferability.

positioned to justify signing on for the types of longhorizon projects currently available on the market.

On the other hand, private equity-driven development groups, which typically seek opportunities that promise more immediate returns, may prefer to wait until the market settles to secure major investment deals.

New federal funding lines have also been unveiled

19 / Financially Speaking

Connecticut Multi-Family Housing: Unlock Savings and Comfort with Energy Efficiency By: CTPOA In Connecticut, where winter chills bite

strategies and valuable insights to

and summer heat sizzles, energy costs

optimize your energy use.

can put a serious squeeze on your multi-

family budget. Whether you shoulder the burden of utility bills or pass it on to your

In the meantime, let's explore some key ways to boost your energy efficiency:

tenants, keeping your buildings energy-

Lighting Upgrades: Ditch the old

efficient is a win-win. It saves you money,

incandescent bulbs and embrace the

enhances your property value, and

power of LEDs. Not only do they last

creates a more comfortable living

longer, but they use up to 90% less

environment for everyone.

energy! Consider occupancy sensors or

Ready to unlock these benefits? Join our webinar on January 16th for the webinar "Unlock Savings with Energy

smart lighting controls to further automate

and minimize unnecessary illumination.

HVAC Optimization: Programmable

Efficiency Programs, with Eversource!" thermostats are your friend. Schedule heating and cooling adjustments based on This event will equip you with practical occupancy and outside temperature.

20 / Get Energy Efficient

Regularly maintain your HVAC systems to

Remember, attending the CTPOA webinar

ensure peak performance and prevent

on January 16th will unlock a treasure trove

energy waste.

of energy-

Water Efficiency: Leaky faucets and inefficient appliances drip away your money (and water!). Invest in low-flow fixtures and appliances, and encourage tenants to adopt water-saving habits. Bonus points for installing leak detection systems to catch problems before they turn into financial torrents.

saving wisdom.

Natalia Sudyka from Eversource will delve deeper into specific

programs, financial incentives, and

Building Envelope Enhancements:

practical implementation strategies. This is

Sealing air leaks around windows, doors,

your chance to learn from the pros and craft

and pipes traps precious heat in winter and

a tailor-made energy efficiency plan for your

cool air in summer. Consider upgrading

multi-family property.

insulation in attics and walls for even greater thermal control.

Don't let rising energy costs dim your

financial outlook. Embrace the power of

Renewable Energy Options: Explore the

efficiency and create a sustainable,

potential of solar panels, wind turbines, or

comfortable, and cost-effective living space

geothermal systems to harness natural

for yourself and your tenants. Register for

energy sources and reduce your reliance on the CTPOA webinar today and unlock a the grid. These investments may require brighter future, one kilowatt at a time! upfront costs, but the long-term savings and environmental benefits are substantial.

Click here to register for the FREE webinar "Unlock Savings with Energy Efficiency

Beyond the Hardware: Tenant

Programs, with Eversource" on January

engagement is key! Inform your residents

16th!

about the benefits of energy efficiency and empower them to participate in cost-saving practices. Share tips, offer incentives, and create a culture of conscious energy consumption.

21 / Get Energy Efficient

The Importance of a Lease Agreement When Leasing a Property From: 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

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.

2. Clarify Who's Responsible For Repairs

terms of the lease the tenant and the landlords

Repairs of the house may happen. If a lightbulb

have agreed upon. The lease agreement also

is busted, usually, it'll be the tenant who'll take

helps set who's going to be responsible for

care of it. However, for major issues, like

certain events and answers many questions

broken doors and windows, which is already

during the rental term. It's always a good idea

part of the physical property, it should be

to review the lease agreement with tenants so

specifically stated who'll do the maintenance of

they won't have to come back to you if they

major repairs.

have questions.

Most landlords would be responsible for the

The following are just some of the importance

functional systems of a rental property, such as

of a lease agreement when leasing a property:

plumbing, electricity, heat, and air-conditioning,

22 / The Legal Corner

but there has to be a process in place in case

tenant has to stay in a property for two years.

tenant needs their assistance.

Tenants will know if this fits their needs

For example, will the tenant take care of these major repairs and have the money paid back

because some tenants will only stay in a place for six months.

by the landlord, or will the landlord be

Tenants can also encounter personal issues

responsible for the repairs themselves? The

and may have to move out earlier than

lease should also include the time frame when stipulated in the agreement. In this case, it the repairs should start.

These terms are important because a tenant cannot live in a house with repair issues.

should be determined what the penalties are and if the tenant will be agreeing to be responsible for it.

Repairs must be done immediately because it 5. Terms of The Security Deposit can get uncomfortable living in the property or even dangerous.

3. Determine Which Utilities Are Covered

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.

Utilities are almost always the responsibility of Many landlords will ask for this deposit, and it the tenant. However, there are some lease

should be made clear to the tenant when the

agreements that include utilities with the

money will be returned to them and under

monthly rent.

what conditions. Usually, landlords will only

The tenant will have the chance to know which utilities they have to pay for and which ones will get covered with their monthly rent.

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 will be staying in a property. This gives them a clear idea that they have to fulfill the contract.

Some lease agreements will state that a

return the deposit once they've fully inspected a property and have seen that it's damage free. Some landlords, on the other hand, will 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.

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

23 / The Legal Corner

guest or non-tenant stay with you for an extended period of time. The landlord should be informed. If the rental property is unattended, the landlord should know because it can affect insurance policies in case something happens.

8. Know What Types of Pets Some tenants will have pets, and it's important for a landlord to state explicitly which kinds of pets are allowed in the property. For example, can a tenant keep large breeds of dogs? If

Tenants also have a responsibility to the upkeep possible, the lease agreement should state the of the rental property, and it's within the landlord's best interests to be immediately informed if there's any damage to the functional system of the house, such as plumbing and electricity. These issues should be repaired quickly because the damage will spread if it's left untouched.

The tenant should know in the lease agreement if they should inform the landlord if any such issues happen.

7. Conditions For Rent Increases

type of breeds allowed.

Pets affect the property due to the noise, smell,

and mess they make. Pets also potentially bring in allergies, so a landlord should have a stipulation for pets because it affects the living conditions of the other tenants as well as the cleanliness of the property.

Final Thoughts A property is an investment, and you want to make your property earn money for you.

However, renting a property can cause you to

If a tenant is only going to stay in a property for a lose money if you have tenants that are not short period of time, rent increases won't be an

aware of lease agreements and do things that

issue. But, renting for a longer period of time can are counter to it. increase the price of the rent.

It's important to review the lease agreement with

The lease agreement should specify the

them, so there should be a clear expectation for

percentage which the rent will rise.

each party.

24 / The Legal Corner

Have you ever wished for a financial safety net for your rental property?

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in protecting your rental income and providing coverage for damages.

With their customized coverage, you decide how much coverage you want, and voilà! They also have an easy and lightning-fast claims process – claims are typically paid within 5 business days. And did we mention it’s at no cost to you?

TheGuarantors has proudly served some of the biggest names in real

estate since 2015, which means you’re in good company.

Say goodbye to restless nights, and hello to peace of mind knowing your income is secure with TheGuarantors.

CTA - Register Today at TheGuarantors

26 / Vendor Spotlight

27 / Vendor Spotlight

Finding Great Tenants: A Connecticut Landlord's Guide to Tenant Screening By: CTPOA Finding reliable tenants in Connecticut's competitive rental market can be tough. You wear your "landlord hat" proudly, ready to provide quality housing, but sorting through applications can feel like sifting through pebbles for buried treasure. Worry not, fellow property owners, for a reliable tenant screening process awaits!

Connecticut's Unique Screening Landscape:

what's included (e.g., credit checks).

2. Credit Checks: Assess financial responsibility. TenantTracks offers comprehensive credit reports that go

beyond just scores, giving you a deeper understanding of payment history, debt-toincome ratio, and potential red flags.

3. Rental History Verifications: Confirm past tenancy details, rent payment records, and any eviction history. TenantTracks receives

Before diving in, remember Connecticut's fair

verifications directly from landlords and

housing laws. While you want great tenants,

court houses, ensuring accuracy and

discriminating based on protected classes like

avoiding self-reported misinformation.

race, religion, or disability is a big no-no. Stick to objective criteria relevant to tenancy.

Building Your Screening Arsenal: 1. Application fees: As of October 1, 2023, Connecticut caps these at $50. Be upfront about non-refundable fees and

4. Background Checks: Check for criminal records, especially those related to property damage, violence, or drug use.

TenantTracks' customized search options let you tailor the check to your specific concerns.

28 / Tenant Screening Tips & Tricks

5. Income Verification: Verify income and

•

Faster turnarounds: Get reports

employment to ensure tenants can afford

quickly, so you can make informed

rent. Paystubs, W-2s, and bank

decisions and fill vacancies sooner.

statements

•

Reduced risk: TenantTracks' rigorous

6. References: Contact previous landlords

process and accurate reporting help you

and employers for personal insights into

identify potentially high-risk applicants

the applicant's behavior and

early on.

responsibilities.

•

Beyond the Paperwork:

Connecticut's fair housing laws with

Go beyond the standard checks and consider: •

•

Compliance support: Stay on top of TenantTracks' resources and guidance.

Finding Your Ideal Tenant:

Interviewing Applicants: Get a feel for

By diligently screening applicants and using

their personality, communication skills,

tools like TenantTracks, you can confidently

and overall compatibility with your

choose responsible tenants who will respect

property and existing tenants.

your property and contribute to a

Following Up: If something seems off, like inconsistent information or missing documents, don't hesitate to ask for clarification.

harmonious rental community. Remember, fair, thorough, and efficient screening builds a solid foundation for successful landlordtenant relationships, allowing you to focus on what you do best – providing quality

TenantTracks: Your Screening Sidekick:

housing in the Constitution State.

Why go it alone? TenantTracks streamlines

Start streamlining your Connecticut tenant

and strengthens your screening process.

screening today and let TenantTracks be

Imagine:

your reliable partner in finding the perfect fit!

•

One-stop platform: Access credit checks, rental verifications, background checks, income verifications, and more – all in one convenient location.

29 / 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.

January 2024 Sun

Mon

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CTREIA

Events & Meetings & Networking

CT Real Estate Investors Association (CTREIA)

CT Real Estate Investors Association (CTREIA)

Connecticu Property Own Alliance (CTPOA)

Next Meeting: Jan 15th

Next Meeting: Jan. 16th

Next Meeting: Jan. 18

Time: 5:45 PM - 9:00 PM

Time: 6:30 PM - 9:00 PM

Time: 6:00 PM - 8:00

Where: Sheraton Rocky Hill Where: Courtyard Marriot 100 Capital Blvd.

780 Bridgeport Ave Rocky Hill, CT 06067 Shelton, CT 06484

Where: Black Rock C 3171 Fairfield Ave Bridgeport, CT 06605

Contact: 860-265-4414

Contact: 800-369-615

About: An evening with one of Connecticut’s most prominent developers Lexington Partners, LLC!

Contact: 860-265-4414

About: Join us for an exclusive presentation that will equip you with the top techniques to acquire more off-market deals, secure Lexington Partners, LLC has bigger deals, and minimize been one of New England’s cancellations. This is an most respected event you definitely don't development companies want to miss! over the last 30 years.

Their success, built on a Register here! foundation of visionary growth, makes them one of the most sought-after development, construction, property management and brokerage partners in the Northeast and beyond.

Register here!

About: Bridgeport Ho Solutions with State R Rosario

Housing Provider ope discussion on the curr state of housing legisl highlighting key challe and opportunities.

Register here!

ut ners

Mid-State Association of Realtors (MSAR)

New Haven Middlesex Realtors (NHMR)

CT Real Estate Investors Association (CTREIA)

8th

Next Meeting: Jan. 23rd

Next Meeting: Jan. 25th

Next Meeting: Jan 27th

PM

Time: 1:00 PM - 4:00 PM

Time: 4:30 PM - 6:30 PM

Time: 11:00 AM - 4:00 PM

Where: Zoom

Where: Bill Miller's Castle 834 East Main Street Branford, CT 06405

Where: CTREIA 415 Silas Dean Hwy, 304 A Wethersfield, CT 06109

Castle

53

ousing Rep.

en rent lation, enges

Contact: 860-793-9414

About: Overcoming Obstacles Contact: 203-234-7700 Contact: 860-265-4414 Selling Oil-Heated Listings Susan Janett is an oil heat About: Welcome 2024 About: Do you FLIP, specialist and 35+ year industry (again) at our After the HOLD, WHOLESALE, veteran, and her course covers Holidays Party! NHMR SYNDICATE or are you just common concerns buyers members will enjoy getting started? This Clinic express when previewing an oil- networking and socializing may be that edge you've heated listing. as we celebrate the been looking for! Make installation of our 2024 2024 your year of real A few of the topics she'll cover Board of Directors. Come estate success! include: for a fun-filled evening of Register here! delicious food, 1. How to dentify indicators of a refreshments, lively buried tank. entertainment and 2. The 3 tell-tale signs a tank is exciting giveaways from our sponsors! at imminent risk & more!

Register here!

Register here!

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)

Eversource Energy

Phone: (800) 592-2000 Website: Click here!

Energy Efficiency Provider (Suppliers & Wholesalers)

Phone: (720) 706-8902

Rental Insurance

Website: Click here!

(Professional Services)

TenantTracks

The Guarantors

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)

Name

Contact

Service

Marion Szarzynski, HomeBridge Mortgage Loan Originator

Phone: (203) 768-5098

Mortgages & Loans

Website: Click here!

(Professional Services)

Brenda Tate, Photographer

Phone: (860) 631-7622

Real Estate Photography

Website: Click here!

(Professional Services)

Jeff Zappone, Loan Officer at CrossCountry Mortgage

Phone: (203) 592-3602

Mortgages & Loans

Website: Click here!

(Professional Services)

Dawn Cabral, Broker/ Owner, GRI, SRES at West View Properties LLC

Phone: (203) 228-7564

Real Estate Residential

Website: Click here!

(Professional Services)

Dana M Guiliano

Phone: (203) 419-5857

Attorney / Evictions

(Professional Services)

Venoal M. Fountain, Jr., Partner at Hirsch, Levy & Fountain, LLC

Phone: (203) 336-3144

Attorney / Evictions

Website: Click here!

(Professional Services)

Attorney Emanuele A. Mangiafico

Phone: (860) 827-8064

Attorney / R.E. Closings

Website: Click here!

(Professional Services)

Reckmeyer & Reckmeyer, Law

Phone: (860) 333-5677

Attorney / Evictions

Website: Click here!

(Professional Services)

Ranciato Public Adjusters Group, LLC

Phone: (888) 298-9014

Public Adjuster

Website: Click here!

(Professional Services)

Name

Contact

Service

BRRRR Loans

Phone: (215) 290-5108

Mortgages & Loans

Website: Click here!

(Professional Services)

Phone: (860) 956-6825

Property Management Services

Ironclad Property Management

Website: Click here!

(Professional Services)

About the CTPOA Vendor Program Let the Connecticut Property Owners Alliance help promote your business to the Real Estate and Property Owner community through our Vendor Affiliate Member Program!

Your company will be listed in our priority vendor database for all CTPOA members. Our events will allow you to display your promotional materials on our vendor tables, interaction with prospective customers and grow your presence on social media. CTPOA makes it easy for you to gain more customers without spending valuable time searching for them.

To sign up to be a CTPOA Vendor, click here!

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

V

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.