Archives for December 2012

Here is a new 5-Star Zillow review from a Norwalk rental client:

When I contacted Todd and said I started a job in the area, he guessed the name of the company. He does his homework and knows the area. He also makes sure to figure out what you’re looking for upfront, and doesn’t waste your time showing you places that don’t meet your needs. Having dealt with another local realtor that never heard of the company I worked for, didn’t ask bother to ask me my must haves, showed me places that were too far away, too expensive, and didn’t meet my needs, I’m glad I switched to Todd. Todd showed me better places, at better prices, at better locations.

 Sean – Norwalk, CT

Want more?  Check out http://norwalkrealestatetodd.com/testimonials to read 30+ testimonials from clients I have helped with real estate in Norwalk and other towns in lower Fairfield County.

Looking for an apartment in Norwalk?  Check out my “Renters” page for more information specifically for apartment hunting: http://norwalkrealestatetodd.com/services/renters

 

This is the fourth article in a mini-series on how to find an apartment in Norwalk (or pretty much anywhere for that matter).

In this fourth article, I will touch base on security deposits, and why they can be different for different landlords.

Why is security deposit required in the first place?

On a fundamental level, a security deposit for a rental is literally the “security” the landlord has that the tenant will continue to pay rent on time and keep the property in good condition.  The security deposit acts as the incentive for the tenant to perform their duties required in the lease.  Without the security deposit, a tenant wouldn’t be as inclined to keep a property in great condition, and wouldn’t do as good of a job cleaning when they move out.

Why 2 months, rather than 1 month?

Most landlords in Norwalk and in lower Fairfield County charge 2 months for security deposit.  That deposit is returned to the tenant, with interest, when they move out (provided the property is left in good condition).   They prefer to charge 2 months, because it fundamentally gives them more protection should they have any issues with their tenants.

Think about it…  The landlord has to continue to pay his or her bills on a property no matter if they receive rent from the tenant or not.  If the tenant doesn’t pay rent one month, the landlord might use some of the security deposit to cover the rent.  The security deposit is also there for a landlord to use cover any damages caused by the tenant.

One month for a security deposit frankly doesn’t provide a lot of security for a landlord!  If the tenant doesn’t pay rent for just one month, the security deposit is gone!  In some cases, the tenant wont pay last months rent (forcing the landlord to use the one month security) and then will leave the rental in poor condition when they move.  That means the landlord has to pay for any repairs (cleaning, painting, etc.) out of their own pocket!

It really is just a matter of perspective.  If you are a tenant, you want to pay just one month security.  It makes sense that you want to keep more of your money in your own bank account.  However, if you are a landlord, you definitely want 2 months security deposit!  Many of the tenants out there today will eventually be landlords, and once they have some real life experience as a landlord they will definitely require 2 months security.

A common way to set up security deposit and initial rent in this area is “first, last, and one month security.”  This means the tenant still comes up with 3 months rent before moving in, just as they would with first months rent + 2 months security.  The difference is that this is technically illegal as a landlord is not supposed to collect advanced rent (more than 1 month).  Collecting “last” months rent would be considered advanced rent.  This is more a case of semantics, however it is still advisable for the landlord to require “2 months security” in the lease.

Want to learn more about security deposits in Connecticut?

Do you just love learning about security deposits?  If so, check out the following link from www.CT.gov for more info on security deposit:  CLICK HERE

 

Are you looking for an apartment in Norwalk? Check out: http://norwalkrealestatetodd.com/services/renters

Questions about rentals, or have a specific real estate question?  Email Todd by visiting:  www.NorwalkRealEstateTodd.com

This is the third article in a mini-series on how to find an apartment in Norwalk (or pretty much anywhere for that matter).

In this third article, I will touch base on what a tenant should offer, and the process they can expect once they find a place they like.

I found my next place, now what?

It doesn’t take too long for most tenants to find a place that they like.  Of course this depends on the accuracy of the information they give their Realtor explaining their needs and wants prior to meeting.

It isn’t very hard for most renters to see value.  The vast majority of renters are looking for pretty much the same thing…  They want the most clean and updated rental available in their price range and in an area of town they would consider.  They want to get the most for their money, just like everyone else.  Any other benefits, like a garage, or specific property features would make one place stand out above the other.

Once a tenant narrows their list of potential properties down to one place, they often ask “what should I offer?”  The only accurate answer you can ever give is “it depends.”  It really depends on a number of factors, like:  When are they looking to move (start a lease)?  How strong are their credit scores?  How long has the property they like been on the market?  Is the property vacant or occupied?  What is the typical market price for a unit just like this?

Imagine a tenant trying to come up with all of those answers.  They could certainly do it, but it might take them a while to come up with those answers, and who knows how accurate those answers would be.

The good news is that their real estate agent should be able to provide those answers, and in less than a minute.  If their real estate agent is familiar with the rental market, they should automatically know what units like this one normally rent for, and they could be able to predict the demand on a unit like this based on the list price.  They should also be able to factor in their client’s credit scores to determine how strong of an applicant their client is.

Depending on all of those factors, I have advised clients to offer full price or above full price in order to secure a property for them.  I have also advised clients to offer less than full price based on the above factors.

What is the offer process?

It is very easy for your real estate agent to submit your rental offer.  Once you find the property you like, you fill out a rental application and your agent runs a credit check.  Along with the application and credit report, your agent will include your lease start date and the price you are willing to pay.

The offer is either accepted, rejected, or a counter offer is made.  Once both sides have come to an agreement on price and terms, a lease is drawn and executed by both parties.

Your real estate agent should make things easy

Your real estate agent is the grease for the wheels from start to finish.  They should make everything quite a bit easier for you.

• They should be able to show you a selection of properties that fit your criteria.
• They should be able to advise you on what type of offer you should make.
• They should be able to negotiate the price and terms of the offer on your behalf.
• They should coordinate the lease signing and checks.
• They should provide you with the utility company and contact info you need.
• They should coordinate the keys for you.

Once in a while they might even help you carry your couch on moving day!

Are you looking for an apartment in Norwalk? Check out: http://norwalkrealestatetodd.com/services/renters

 

Questions about rentals, or have a specific real estate question?  Email Todd by visiting:  www.NorwalkRealEstateTodd.com

This is the second article in a mini-series on how to find an apartment in Norwalk (or pretty much anywhere for that matter).

In this second article, I will touch base on what resources a tenant should use when looking for an apartment.

What website(s) should I use to find an apartment in Norwalk?

We have already assumed that a website should be your first stop.  In this day and age it certainly should be.  The common percentage given for people who start their real estate search online is 90% with some sources estimating as high as 94% of people start their housing search online.  I touched on this point in the last article in this series, but it is clear why this is the case.  The internet offers amazing access to pictures and information about the property, as well as information about the neighborhood and town.

The top choices:

Here is a list of the most common website that renters use to find apartments.  Also included are their unique visitor count according to Compete.com:

• Zillow.com               12,218,250
• Trulia.com                9,734,571
• Realtor.com              7,970,776
• Craigslist.org            Unknown
• HotPads.com            1,380,428
• Listingbook.com      406,057
• Postlets.com              249,025

 

Each resource has their benefits.  The problem with most of these sites is that they are “aggregator” style websites.  What does that mean in layman’s terms?  It basically means they constantly are pulling data from the MLS database in almost every area of the country.  The MLS database is where Realtors add listings.  The MLS database has the most up to date real estate data on property availability.

Aggregators pull that data off, and post the listings on their websites.  The problem is that they just keep pulling data, and don’t update the data they have.  In most cases they just set an expiration date on the data to disappear from the website in 30-60 days or so.  That means that you can be looking at a listing on Zillow or Trulia that rented more than a month ago, but it still appears on their website.

Listingbook is the most accurate way for consumers to access the MLS.  It isn’t a household name because it is only available to certain MLS databases around the country.  Fortunately it is available to the MLS database here in Fairfield County, CT.  For more information on Listingbook, visit:

http://norwalkrealestatetodd.com/listingbook

Craigslist is really the only site in the list above where you can find places for rent by owner.  Zillow and other sites are starting to allow owners to post their rentals directly on their websites, but it isn’t as popular.  Craigslist, the juggernaut of classified ads, is still the most popular place to find apartments for rent by owner.  However, it is very common for real estate agents to post their rental listings on Craigslist also.

It comes down to preference

Renters use many different websites when looking for an apartment.  I find that renters use all of the websites I listed above when looking for rentals in Norwalk.  It really comes down to their personal preference and which site offers the most user-friendly interface.

Call a real estate agent

Many renters don’t know that they can use a real estate agent to help them in their search.  They might also think that there is a fee involved when using a real estate agent.  Technically they are right, but landlords in Fairfield County almost always pay the fee, and there is no fee to the tenant.  That isn’t the case in other areas, like New York City, where tenants often pay the real estate agent fee when finding an apartment.

A real estate agent can make efficient use of your time as long as the agent is familiar with the market.  They can take you to only the best properties and book all the appointments at the same time, so you can see 4-8 places in less than 2 hours.  They also offer lots of information on the neighborhoods and typical rental rates for the area.  Working with an agent is like having your own private advisor to help you in your rental search, and it is FREE TO YOU!

Are you looking for an apartment in Norwalk?  Check ou:  http://norwalkrealestatetodd.com/services/renters

 

Questions about what is written here?  Email Todd by visiting:  www.NorwalkRealEstateTodd.com

Here is a new testimonial from one of Todd’s short sale clients in Norwalk.  Todd helped this seller with their Norwalk short sale.

Todd Turcotte, is the most dependable, reliable, and most honest realtor I have ever met. As soon as I met Todd, he reassured me that he was the man for the job. He was very patient, kind, and super understanding of my concerns and questions.  He guided me through the process with thorough detailed explanations every step of the way. Todd was always available to answer any questions that I had, or just to provide clarity and reassurance.  Todd is truly a man of his word.  He is sweet, humble, but most of all, his honest personality, is what I found to be his best asset.  If you are looking for a reliable, dependable, and trustworthy realtor, with your best interest at heart, Todd Turcotte is the man for you!!!  Thanks Todd!!!  You’re simply the BEST!!!!!

 

To read this review posted on Zillow, CLICK HERE.

Visit www.NorwalkRealEstateTodd.com and click on the “Testimonials” tab to view 30+ client testimonials.

Have any questions about Norwalk real estate or short sales in Norwalk?  Feel free to call Todd or send him an email!

6 McAllister Ave, a short sale in Norwalk, just sold for $239,000.

This Norwalk short sale was on the market for 306 days when it finally closed.  Like most short sales, there were numerous issues to work through in order to complete the short sale.

Todd, and Milligan Realty.com were able to successfully negotiate the short sale with the bank, and the seller was able to get out from under the property and move on with their life.

Milligan Realty.com has successfully represented more sellers of short sales in Norwalk and the surrounding towns than any other real estate office.  For more information about how Milligan Realty.com can help you with a short sale, visit www.ShortSaleCT.com or email Todd by visiting www.NorwalkRealEstateTodd.com