Magazine by Alexandra Velandia

NAR Proposed Settlement Agreement Timeline

The National Association of Realtors® announced a proposed settlement agreement, pending court approval, to end litigation claims brought by home sellers relating to the MLS cooperative compensation Model Rule. If the court approves this proposed settlement, NAR is expected to implement practice changes in late July.

New Jersey Realtors® encourages members to use the newly released New Jersey Realtors® updated Exclusive Buyer Agency Agreement, ahead of when the proposed settlement could take effect. Get this—and all of your forms—at njrealtor.com/zipform .

Visit facts.realtor for more information on the proposed settlement.

ESTIMATED TIMELINE OF KEY UPCOMING MILESTONES*

~LATE JULY NAR to implement practice changes

~MID/LATE APRIL Decision on Preliminary Approval

MARCH 15 NAR settlement agreement signed

MARCH 22

Plaintiffs file Notice of Settlement / NAR withdraws pending motions and seeks to stay litigation

~SEPTEMBER Anticipated Motion in Support of Final Approval

~DECEMBER Final approval hearing (estimated date TBC)

~EARLY AUGUST Class Notice

~EARLY/MID APRIL Motion for Preliminary Approval

60 days later:

• Deadline for Realtor® MLSs to execute Appendix B (in order to be included as a Released Party)

• Deadline for Brokerages to execute Apendix C (in order to be included as a Released Party)

• Deadline for non-Realtor® MLSs to execute Appendix D (in order to be included as a Released Party)

~MID/LATE AUGUST

Realtor® MLSs and optingin non-Realtor® MLSs and brokerages to implement practice changes

*As of April 19, 2024. Please refer to the settlement agreement for detailed information on deadlines.

This information and timeline was accurate as of printing date.

TOOLS SO YOU CAN GET AHEAD.

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We got you.

How to Show Continuous Value to Your Clients

Amid real estate industry changes due to the National Association of Realtors® proposed settlement agreement, it’s vital to highlight your value as a buyer’s agent. Pull back the curtain and accentuate your expertise, commitment, personalized service, and your value.

Enhance Your realtor.com® Profile

In this issue of New Jersey REALTOR® Magazine on page 16, we highlight how Realtors® can optimize their realtor.com® profile. Your profile is where you can make first impressions with potential clients just starting their home search. Give your elevator pitch for why clients should work with you and the services you will provide. Showcase your negotiation skills, immense knowledge about the market, and how you will help them navigate the current real estate climate every step of the way.

Create Homebuying Presentations

Homebuying presentations are the new listing presentations. Consider sitting down with your clients to explain how

the real estate transaction process works and highlight each step. You can direct them to different lenders, explain how you’ll assist in scheduling necessary appraisals and inspections when the time comes, and explain how you’ll support them through closing and beyond. You can also show data on the markets they’re considering and current homes for sale to understand what they’re looking for in a home.

Write Case Studies

We’ve all had transactions that require us to go above and beyond the call of duty. Write about them, how you worked through the homebuying road bumps, and how you helped your clients through closing. You can write these in a newsletter, on a blog, or through LinkedIn articles.

Implement Value in Your Marketing Efforts

It’s time to reinstate your social media marketing strategy as Gen Z buyers become the next wave of first-time buyers. Gen Z grew up on social media and turns to those platforms to do their research, even before online listing websites and search engines. As

you create posts, put your value at the forefront of your social media plan. Rather than just posting a photo of your clients at closing with a caption like “Congratulations to my stellar clients,” include a few ways you helped your client during the process. Did you help them navigate a low inventory market? Did you help them expand their search? Provide insight into what it’s like to work with you.

PRESIDENT

Gloria Monks

Updated Exclusive Buyer Agency Agreement to Further Protect Your Business

While our version of an exclusive buyer agency agreement has existed since 2001, we know the coming mandate—due to the proposed NAR settlement—will be a change in practice for many of our agents in New Jersey.

For the past year and a half, we have been working internally to update that Exclusive Buyer Agency Agreement and we were able to release it in early April. We made extensive changes to the agreement in order to protect you, your business, your time, and your compensation—but also your clients.

We had our Chief Legal Counsel Barry Goodman and General Counsel Yuliya Tedeschi conduct a form review webinar where they went through the entire form and answered questions from attendees. You can view that recording at njrealtor.com/antitrust . While practice changes will not be mandated

until late July, we wanted to release the form early so you have time to review it, add it to your work pipeline, and consider any questions that may arise from it.

Updating the the Exclusive Buyer Agency Agreement is just step one— we know there is more to do in order to protect our members’ businesses and ensure consumer transparency. We’re working with the legislature on a comprehensive bill that would institute regulatory changes from the State of New Jersey and we look forward to updating you soon.

Buyers’ agents are crucial parts of the transaction and continuing to show your value as licensed, ethical, professional agents who are there to serve and clients will be critical in this new environment.

In this issue, you can refer to the inside front cover for a basic timeline

of the proposed NAR settlement, but I urge you to continue checking facts.realtor for the most up-to-date information on a constantly changing situation.

CHIEF EXECUTIVE OFFICER

Jarrod Grasso

Important Dates & Deadlines

CHIEF EXECUTIVE OFFICER

Jarrod C. Grasso, RCE

PUBLIC RELATIONS AND MARKETING DEPARTMENT

DIRECTOR OF PUBLIC RELATIONS & MARKETING

Colleen King Oliver | editor@njrealtor.com

DEPUTY DIRECTOR OF PUBLIC RELATIONS & MARKETING

Erin McFeeters

COMMUNICATIONS COORDINATOR

Lisa Fant

MARKETING COORDINATOR

Julia Ventrone

2024 OFFICERS

PRESIDENT Gloria Monks

PRESIDENT-ELECT Kathy Morin

FIRST VICE PRESIDENT Sue La Rue TREASURER Jairo Rodriguez

ADVERTISING SALES

Laura Lemos | 973-668-2449 laura@boja.com

DESIGN

ENCOMPASS MEDIA GROUP

Rebecca Ryan McQuigg rebecca@encompasspubs.com

New Jersey Realtors® provides legal and legislative updates as well as information on a variety of real estate related topics solely for the use of its members. Due to the wide range of issues affecting its members, NJ Realtors® publishes information concerning those issues that NJ Realtors®, in its sole discretion, deems the most important for its members.

The content and accuracy of all articles and/or advertisements by persons not employed by or agents of NJ Realtor® are the sole responsibility of their author. NJ Realtors® disclaims any liability or responsibility for their content or accuracy. Where such articles and/or advertisements contain legal advice or standards, NJ Realtors® recommends that NJ Realtors® seek legal counsel with regard to any specific situation to which they may seek to apply the article.

New Jersey Realtor®, publication number 13260, ISSN number 00285919. Published bi-monthly each year. Member subscriptions allocated annually from annual dues: $3. Non-member annual subscription: $10. Known office of publication: 10 Hamilton Avenue, Trenton, NJ 08611. Periodicals

and

FIRST-TIME HOMEBUYERS

For New Jersey residents looking to buy their first home, saving enough money for a down payment often comes second to more immediate costs of living – student loans, childcare, rent, insurance, and additional expenses.

When families are ready to purchase their new home, the New Jersey Housing and Mortgage Finance Agency can help.

FIRST-TIME HOMEBUYER DOWN PAYMENT ASSISTANCE PROGRAM

NJHMFA’s Down Payment Assistance program provides up to $22,000 in assistance to eligible first-time homebuyers for down payment and closing costs, which is forgiven after five years if the borrower doesn’t sell the home, refinance or default on their mortgage.

Contact Jesse Crawford @ jcrawford@njhmfa.gov to learn more about this opportunity for homeownership.

Leadership Team Advocates on Top Issues in Washington

New Jersey Realtors® Leadership Team recently set out on their yearly trip to Washington D.C. for meetings with the state’s Congressional delegation. There, they addressed crucial topics impacting Realtors® and the people they serve. These meetings, conducted either with members of Congress or senior staffers, are essential to establishing and maintaining relationships to allow New Jersey Realtors® to affect meaningful change at the federal level.

This year, the leadership team focused on a range of important issues, including the housing shortage and housing affordability, fair housing initiatives, independent contractor status, and the invaluable research products provided by the National Association of Realtors® to guide policy making. They also notified the congressional offices of their upcoming return in May for the annual Realtors® Legislative Meetings and hill visits.

2024 HILL VISIT AGENDA

Housing Shortage and Housing Affordability

NAR and New Jersey Realtors® have continuously advocated for legislation and initiatives aimed at addressing the pressing issues of the housing shortage and affordability. The historic 50-year shortage of affordable homes for purchase has significantly restricted access to the residential real estate market. Addressing this housing shortage is critical to making homes more affordable.

Fair Housing Initiatives

NAR understands the value of an inclusive housing market, which safeguards consumers and communities while also benefiting the American economy. Per NAR, Realtors® advocate for the reauthorization and increased funding for the U.S. Department of Housing and Urban Development fair housing enforcement programs. NAR actively encourages these members to cosponsor the Fair and Equal Housing Act, which would extend protections under the Fair Housing Act to encompass sexual orientation and gender identity.

Independent Contractor Status

New Jersey Realtors® urges these members to endorse H.R. 5419, known as the Direct Seller and Real Estate Agent Harmonization Act, emphasizing the importance of unified support for this legislative initiative. This important legislation

proposes to amend the Fair Labor Standards Act of 1938, specifically focusing on refining the definition concerning direct sellers and real estate professionals. By aligning the FLSA with the Internal Revenue Code, this bill aims to provide clarity and consistency in defining direct sellers and qualified real estate agents as independent contractors under

both statutes. The New Jersey Realtors® Leadership Team is extremely grateful to the members of Congress and their dedicated staff for taking the time to engage in these important conversations. This year, the team met with the member or staff members from the offices of:

• Sen. Cory Booker

• Sen. Robert Menendez

• Rep. Donald Norcross—District 1

• Rep. Jeff Van Drew—District 2

• Rep. Andy Kim—District 3

• Rep. Chris Smith—District 4

• Rep. Josh Gottheimer—District 5

• Rep. Frank Pallone—District 6

• Rep. Tom Kean Jr.—District 7

• Rep. Rob Menendez—District 8

• Rep. Bill Pascrell—District 9

• Rep. Donald Payne Jr.—District 10

• Rep. Mikie Sherrill—District 11

• Rep. Bonnie Watson-Coleman—District 12

NEW JERSEY LEGISLATIVE BILLS

A287 – Matsikoudis (R21)/S2014 –Gopal (D11), Schepisi (R39)

Prohibits adoption of any state rule or regulation mandating electric heating or water heating systems in buildings prior to issuance of DCA report.

New Jersey Realtors® Position: SUPPORT WITH AMENDMENT

We support this bill with an amendment that the DCA report will be made available to the public once completed.

Bill History:

1/9/2024—Introduced in Assembly and referred to Assembly Community Development and Womens Affairs Committee 1/9/2024—Introduced in Senate and referred to Senate Community and Urban Affairs Committee

A2280 – Lopez (D19), Reynolds-Jackson (D15)/ S1311 – Pou (D35), Ruiz (D29)

Codifies prohibition of discriminatory practices in real estate appraisals and requires real estate appraisers to complete anti-bias training.

New Jersey Realtors® Position: SUPPORT

We support this bill to assist with ending discrimination in housing appraisals that have been documented across the country.

Bill History:

1/9/2024 – Introduced in Assembly and referred to Assembly Regulated Professions Committee

1/9/2024 – Introduced in Senate and referred to Senate Commerce Committee

2/22/2024 – Assembly bill Transferred to Assembly Housing Committee and reported out of committee, second reading in Assembly

2/27/2024 -Senate bill transferred to Senate Community and Urban Affairs Committee

S1038 – Greenstein (D14), Space (R24)

Establishes certain requirements if purchasing and reselling same single-family home within one year of receiving certificate of occupancy.

New Jersey Realtors® Position: OPPOSE

We oppose this bill which creates unnecessary burdens on those selling homes they have owned for less than one year.

Bill History:

1/9/2024 – Introduced in Senate and referred to Senate Community and Urban Affairs Committee

AI AND MARKETING IN REAL ESTATE

BY WILLIAM THOMPSON, NJ REALTORS® DIRECTOR OF TECHNOLOGY

Artificial intelligence is a transformative force, rapidly reshaping how we live and work. It’s remarkable to witness the new products and features entering the landscape to help you market, engage, and navigate the real estate industry. Let’s explore a few AI-powered marketing tools capable of elevating your marketing presence, offering immersive virtual experiences and streamlining your workflow.

Generating Marketing Content

Creating marketing materials used to require specialized and expensive software or hiring a graphic designer. However, thanks to the latest tools, generating branded flyers and graphics is more accessible and efficient than ever before, all within your web browser. Tools such as Canva and Adobe Spark use AI to generate stunning graphics and visual content, allowing you to create eye-catching onesheets, social media posts, and email campaigns in minutes. These free or low-cost options give you access to thousands of fully customizable templates. Both platforms employ generative AI, allowing you to simply describe what you need and see the results within seconds.

When it comes to written content, AI writing assistants like OpenAI’s ChatGPT or Google’s Gemini can help you effortlessly craft compelling property descriptions and blog posts. These tools analyze text from millions of sources to generate natural-sounding descriptions, saving time and effort in the content creation process. Looking for ideas for your next email campaign? Try asking ChatGPT or Gemini for inspiration. For example, you could write, “Give me five topics for a blog post for my real estate email campaign, targeting sellers in New Jersey.” Within seconds, you’ll have relevant content ideas to increase engagement dramatically.

Video Marketing

With the increasing popularity of Instagram Reels and TikTok, we’re in the prime of short-form video marketing— and it’s here to stay. As with graphics, we’ve seen incredible advancements in the world of video generation and editing.

Consider online video editing platforms like Magisto and Lumen5, which make it easy for you to create professionallooking videos without the need for extensive editing skills. These tools use machine learning algorithms to analyze images and raw video footage to generate polished videos with an easy-to-use drag-and-drop interface. Take it a step further with BHuman, a tool which allows you to clone your voice and face to create marketing videos customized to each individual client. You can even set up automated campaigns to walk your clients through the home buying or selling process with a personalized video each step of the way.

Virtual Staging

Virtual staging has emerged as a cost-effective and efficient game-changer in the real estate industry, offering listing agents a powerful tool to enhance property presentations. Services like Virtual Staging AI digitally declutter and stage properties with virtual furniture and décor tailored to audience preferences. Agents can transform vacant or outdated properties into visually stunning showcases, allowing buyers to envision a property’s true potential. Virtual staging eliminates the need for physical staging, saving time and resources while elevating listings, attracting more potential buyers, and standing out in a competitive market.

Marketing Transparency

While the benefits of AI are undeniable, agents must exercise caution. Like any emerging technology, AI presents challenges and limitations. The sheer convenience of AI makes it easy to reach for, but you are ultimately responsible for the result and should avoid deceptive or misleading marketing. When it comes to generating/ modifying graphics or videos, I strongly advise you to be entirely transparent and detail exactly what has been changed so there is never a question as to what is real. Integrating AI into your marketing arsenal represents a significant opportunity to elevate your business and provide enhanced services to clients. By leveraging these innovations responsibly and thoughtfully, you can unlock new possibilities and thrive in this increasingly digital world.

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Hillsborough Township

BY ERIN McFEETERS

The perfect blend of suburbia and scenic natural beauty is in reach in the Somerset County township of Hillsborough. With sprawling open space, historical ties to the Revolutionary War, and countless township-sponsored events throughout the year, Hillsborough boasts convenient access to everything the Garden State has to offer.

“Hillsborough has a very unique community feel as we have 43,000 residents, but a tight community where everybody seems to know everybody. That’s a wonderful thing nowadays as the world has gotten faster and people have become busier,” said Mayor of Hillsborough Township Robert J. Britting. “Hillsborough Township is the place where you can live and still feel like life moves a little slower in every good way possible.”

Hillsborough’s history dates back to 1771 and the township was officially incorporated by the New Jersey Legislature in 1798. According to Hillsborough Township Administrator Anthony Ferrera, Hillsborough is one of the original 104 townships in the

state with deep historical roots and dozens of Revolutionary War sites located within Hillsborough and the surrounding area.

“Hillsborough is a wonderful place to live and raise a family,” said Ferrera. “It boasts some of the best schools in the nation, parks and hiking trails, farms, rivers, and streams, and a wide variety of restaurants, shops, and activities that appeal to Hillsborough’s diverse community.”

Named one of the best places to live in America by Money Magazine’s America’s Best Places to Live and New

Jersey Monthly Magazine’s Best Places to Live in New Jersey, along with many others, these achievements reflect the schools, diversity, sustainability, health, and quality of life for Hillsborough residents, according to Ferrera.

According to New Jersey Realtors® February 2024 housing market data report, there were 23 single family home closed sales in Hillsborough year-to-date, a 21.1% increase over the same time last year. The median sales price for single family homes clocked in at $680,000, a 13.1% increase over last year, and single family homes continue to receive over asking with

the percentage of list price received at 102.5% year-to-date.

Aspiring Hillsborough homeowners can expect a town that puts their community first and holds events in every season so there’s always something to do.

“The community overall is like a big family. I have seen the community come together during bad times and good times for one another. The community events are hit and well supported,” said Akhtar Farzaie, who runs Bella Pizza in town. “Newly elected Mayor Robert J. Britting, and his administration heavily involved in the community puts the community, its people and businesses first.”

Attend the Christmas tree and menorah lighting, participate in the scarecrow festival and vote for your favorite, dine at a Hillsborough-favorite restaurant during restaurant week this Sept. 24-29, and so much more.

“It seems like there is something happening at all times. Sports activities, annual fairs, live music events, and charity events,” said co-founder and operator at Eminato, Orest Levytskyy. “Hillsborough residents are

incredibly charitable and community minded. There are many charitable organizations in town and the community is always willing to lend a helping hand.”

Levytskyy’s coffee and tea shop, Eminato, is in the heart of Hillsborough. “We’re all about balance, flavor, and fuel in everything that we do. On our menu, you can find delicious specialty coffee, matcha, superfood lattes, smoothies, bubble teas, and more,” said Levytskyy. “Our space is that comfy spot where you have your most engaging conversations or do your best work while sipping on delicious, handcrafted beverages.”

Eminato participates in Hillsborough’s annual restaurant week and Levytskyy said the town creates promotional videos with the mayor about the restaurants and their specials and then shares the video in the township newsletter.

According to Farzaie, the Economic and Business Development Office does an amazing job going above and beyond to help local businesses. He said small business owners also have access to the Hillsborough Business Association which helps support local

businesses through promotion and development programs. The HBA, along with the Hillsborough Township Committee, also developed Experience Hillsborough, to highlight the very best of what the town has to offer.

Hillsborough’s 12 parks throughout town provide a multitude of ways to enjoy the natural beauty of the township. Ann Van Middlesworth Park is Ferrera’s favorite place in town and features 72 acres of softball fields, basketball courts, a universal playground, sensory garden, enclosed bee hives, and so much more. Parts of the Sourland Mountain Preserve is also in Hillsborough where residents and visitors alike can hike, bird watch, mountain bike, and more. The mountain is visible in many spots in town, boasting some of the best Hillsborough views.

“There is a small soccer field off of Willow Road where I sit with my children and watch the sunset,” said Britting. “Those are the moments for me that drive every decision I make, and every ounce of energy I put into what I do. I also love driving on Willow Road during the sunset as the Sourland mountains have the most insanely gorgeous sunsets I have ever seen.”

Get Ready for Gen Z

BY MICHELE LERNER

While most Realtors® work with millennials or baby boomers, the two largest generational cohorts active in the real estate market today, some are already encountering the next group of homebuyers: members of Generation Z.

“The Gen Z buyers I’ve worked with are energetic, excited and ready to buy,” said Judy Chin, a Realtor® with RE/MAX Villa Realtors® in Edgewater. “They understand the value of homeownership and think renting doesn’t make sense.”

That financial savviness may not seem surprising, but the oldest member of Gen Z, born between 1997 and 2012, is turning just 27 this year.

“I worked with one client who was 24 years old who decided to buy a multifamily building so the rent would supplement their income,” said Chin. “These young buyers don’t seem scared. They just want to get started and build equity.”

Given their young age, just 4% of homes were purchased by members of Gen Z in 2023, according to the National Association of Realtors® 2023 Home Buyers and Sellers Generational Trends report, with 30% of Gen Z moving directly from a family member’s home into homeownership.

They also buy the smallest homes, with a median size of 1,480 square feet, according to NAR, and are expected to remain in their newly purchased home for 19 years.

CHARACTERISTICS OF GEN Z

Gen Z is the most diverse generation in the U.S. and, because of their use of social media, is also the most globally connected, according to Cognition Smart Data surveys from Green Builder Media. In addition, because they grew up experiencing two recessions and a pandemic, they tend to be more budget-conscious and focused on

safety and security in their homes. More than 80% aspire to own a home, with 45% hoping to buy within five years

Unlike millennials, many of whom delayed homeownership, Gen Z is eager to start their homeownership journeys.

“Younger buyers aren’t that concerned about the size of the house and are happy with a small space as long as they have some kind of usable outdoor space and a place to work at home,” said Jennifer Romero DeFeis, broker/owner of RE/MAX Lifestyles in Hackensack. “I recently sold a one-bedroom, one-bathroom split level house with lots of windows and a little yard to Gen Z buyers. They were happy to find something nice and affordable even though it’s small.”

While they may need to compromise on their first home, Gen Z aspires to own an energy-efficient property with a home office, a peaceful area for meditation, and smart home features, according to Cognition survey data. Many in this generation recognize the long-term value of homeownership and the total operations cost, so they may be less focused on initial affordability.

While many members of this generation are in school and living at home with their parents, 38% are now in the workforce. Still, the biggest obstacle for this next generation is accumulating the funds for a down payment.

“Some of them get down payment and closing cost help from their parents, while others have parents who cover some costs such as the home inspection and appraisal,” said Simao Vassalo, a Realtor® with Coldwell Banker Realty in Sparta.

AFFORDABILITY ISSUES FOR GEN Z

While plenty of Gen Z strives to become homeowners, many bump into a financial challenge, particularly in high-cost locations in New Jersey, said Vassalo.

“A few of them have trust accounts from their parents and grandparents, and others are successful in their careers at an early age,” said Vassalo. “But it’s more common to see these young buyers in parts of Pennsylvania where the cost of living is lower. Some of them will move there and commute farther to work so they can buy their first home.” Typically, these buyers finance their homes with 3% to 5% down, sometimes with a little gift from their parents, said Chin. “They’ve already run the numbers and are comfortable with a low down payment loan.”

Many members of Gen Z shop around for the best mortgage rates and programs, including grants for first-time buyers, said DeFeis.

“But they’re also willing to sacrifice to get into a house,” said DeFeis. “If they’re paying $3,000 a month for an apartment, plus the broker’s fee and security deposit, they realize buying is a better deal even if they have to buy something that doesn’t have the amenities their apartment has.”

Among the Gen Z buyers Vassalo has worked with, many are willing to take the risk of investing more in a property, even if it requires a new roof or siding, in order to afford buying a home.

“They’re willing to compromise and work with the sellers on inspection issues more than older buyers,” said Vassalo.

EDUCATED, YET READY FOR GUIDANCE

Chin, who has worked with multiple members of Gen Z for several years, said this generation does plenty of research before contacting a Realtor®

“But they know they don’t know everything, especially the nuances, so they rely on Realtors® to help them through each step,” said Chin.

This young generation needs extra guidance, said Vassalo. “They tend to rely on their parents, especially if they’re getting financial help, but they also ask a lot of questions and are willing to listen to advice from their agent.”

DeFeis finds it refreshing Gen Z knows what to expect from the market, primarily because of the information they get through social media.

“They often already know the difference between Federal Housing Administration loans and conventional financing because they’ve looked it up, but they really want to know the specifics about a neighborhood such as the nearest dog park and coffee shop, along with commuter information about buses and trains,” said DeFeis.

NEXT GENERATION MARKETING

Social media is the main communication tool of Gen Z, according to Cognition Smart Data surveys, which found that 85% watch YouTube daily and 64% use Instagram daily. In addition, this generation prefers to handle as much as possible of the real estate transaction digitally through text or social media messaging.

“Once buyers find me on Instagram or Facebook, they often use direct messages even more than texting,” said Chin. “I have to tell them that I’m not always on Instagram to encourage them to text instead of messaging through the app. Sometimes I text them to let them know I need to call because there are too many details to discuss.”

The influence of social media is naturally pervasive within this generation. According to Coldwell Banker Real Estate’s 2024 Consumer Survey, 64% of consumers aged 18-24 report social media significantly influences their home preferences, compared to just 16% of people age 55 and older

64% 16%

In addition, consumers in Gen Z said they’ve been most influenced by TikTok, 68%, in their decision to buy a home, compared to buyers aged 55 and older, who said Facebook, 54%, was bigger influence.

“Social media is the number one way to market to young buyers,” said DeFeis. “It doesn’t have to be that elaborate, either. Just a simple self-recorded video providing a few tips is all you need. I use live Instagram and live TikTok, especially if you partner with someone like a lender or a credit repair person to do a quick conversation.”

Still, most of the Gen Z buyers Vassalo works with found him at open houses or other events. “I’m young myself, so I think younger buyers gravitate to me,” said Vassalo.

No matter which generation you’re in, your local market knowledge and transaction insights will be needed by the next generation of buyers.

How to Optimize Your realtor.com® Profile

BY PAMELA BABCOCK

There’s nothing fun or assuring about clicking on a blank or incomplete business profile or the message, “[Insert business’ name here] hasn’t provided a bio yet.”

But that’s just what happens to potential buyers and sellers if you don’t make the most of a free online Realtor® profile to help attract more business.

While you may already have a website, Facebook, and Instagram for your business, you may be overlooking an important resource viewed by potential leads: your profile on realtor.com®

Crafting a well-written biography to highlight your strengths, expertise, and experience is crucial, especially since New Jersey Realtors®’ free Find a Realtor® tool can direct business your way.

“Having a profile on any site gives potential clients some insight about you and helps with their decision on who they would like to work with,” said Realtor® Frank D. Isoldi of Coldwell Banker Realty in Westfield. “With so many agents out there, any additional information you can give to set yourself apart is crucial.”

The National Association of Realtors® offers webinars and online tutorials to help enhance your profile. The first step is to claim your profile, followed by a high-resolution profile photo that accurately represents you.

Ensure your profile includes contact information, such as your phone number, email, website link, and your business/brokerage name and address. Consider adding a quote that speaks to your expertise and adds a human touch.

Localizing your profile by specifying the cities or neighborhoods you work in helps search engines like Google find your profile. Additionally, consider asking for referrals and incorporating existing ratings and reviews into the platform.

“The process was very easy,” said Isoldi. “I was able to copy and paste information I have for other sites and adjust them accordingly.”

Include a cover image which serves as a banner across the top of your profile. Some opt for an aerial view of the region they sell, while others might show their agency logo or a photo reflecting the type of properties they sell. Isoldi chose his company’s bold black and white logo as his banner.

“Brand recognition is very important, and I try to stay as consistent as possible,” said Isoldi.

About Me

The “About Me” section is the core of the realtor.com® profile and perhaps the most challenging section to write, especially for new agents. It typically covers expertise, key interests, what makes you stand out as an agent, passions, hobbies, where you grew up, or even your previous life.

Established Realtors® usually have short bios on their website or Facebook page they can use here, perhaps with a little tightening.

“This is a great space to outline your experience in the business and to add a look into your personal interests,” said Isoldi. On his site, Isoldi notes he is a lifelong Westfield resident, owns three homes in the town and is a product of the highly-rated Westfield public school system.

“I often have people reach out to me since I went to the local public schools in Westfield. One of the top reasons people choose to look in Westfield is the schools,” said Isoldi. “You never know what the connection will be.”

In Morristown, Realtor® Ryan Bruen’s profile highlights the fact he holds a Certified Public Accountant license and describes him as an empathetic, motivated, friendly and ‘fun’ real estate agent. It goes on to say Bruen possesses “a perfect balance of quantitative and qualitative skills, thanks to his numbers background as an accountant, and his creativity honed via his marketing degree and entrepreneurial endeavors.”

Bruen, who works on a team with his mother Debbie for Coldwell Banker, notes he was born and raised in Morristown and grew up in a family of prominent Realtors®, which includes his grandfather, father, and mother. “No commission is worth my reputation,” his profile says—a family philosophy passed down through many years.

On her realtor.com® profile, Realtor® Kate McDonough with Prominent Properties Sotheby’s International Realty in Montclair, highlights a quote from a former manager who calls McDonough “a consummate professional, always on top of her game.”

McDonough has lived in Montclair for more than 30 years and has been a top producing agent for more than 15. Among other things, McDonough’s bio states she’s a past president of the Junior League of Montclair-Newark and past chairman of the Central Business District Revitalization

Committee. It also mentions her hobbies: theatre, tennis, reading, Mahjong, and vacations on the beach.

Patricia M. Romano, a Realtor® with RE/MAX at Barnegat Bay, begins her profile with a slightly different approach designed to appeal to client’s emotions and make them feel more comfortable. Buyers are often “filled with fear and trepidation...terrified of making a wrong decision with life-changing consequences,” she writes.

Fortunately, her bio adds, most stress and fear can be allayed by giving clients the information they need to make the right decision with confidence. Romano vows to be “absolutely committed to providing my clients with the highest level of customer service…You have worked hard to be able to achieve your dreams. I can help make them come true.”

Help is on the Way

Writing a professional bio can be a challenging task, according to Valerie Garcia, author of the e-book “Writing a Professional Bio: How to Build Trust, Get Attention, & Sound Like A Human.”

“People want to see who you are, what you believe in, and how you conduct business,” writes Garcia, a keynote speaker and consultant specializing in the real estate industry. “A great professional bio tells that story.”

According to NAR, the more complete your profile, the higher your ranking will be on its Find a Realtor® tool. But, too often, Garcia says people approach writing a bio as if it’s a résumé and cut and paste a dull list of accomplishments and accolades. “It’s a turnoff,” writes Garcia.

Garcia recommends gathering some ingredients before drafting your bio. Define your values and target audience, identify their biggest problem or need and consider how you can help solve that problem. Reflect on what led you to this career, your successes and failures and the results you’ve achieved. Consider your passions and the impact you want to make, and think of adjectives to describe yourself such as trustworthy, kind, driven or helpful, said Garcia.

A strong opening line is key to grabbing the reader’s attention and enticing them to continue reading. Start with a story or statement to resonate with prospective clients. For example: “Sarah Sloane moved six times by her 10th birthday. When her family bought their first house, she never forgot the feeling of realizing that from now on, she would get to grow in one place. Today, Sarah is honored to help buyers and sellers find the right community to plant their own roots.”

As you draft your introduction, according to Garcia, you might characterize yourself as a “business owner, community builder, creator, football fan, problem-solver, personal trainer, health nut, artist, negotiator,” or mention you’re focused on helping “neighbors, seniors, baby boomers, investors, real people, seekers of the American dream, members of the military, down-sizers, my community or students.”

When concluding your bio, add credibility with credentials, such as advanced degrees, specialized expertise, or industry honors. In the end, it’s important to review your professional bio periodically. After all, Garcia writes, it’s “a living thing” that could change “as your accomplishments, audience, and possibly even your values change.”

At a loss for words? Here are more tips from writing a professional bio that sells:

Choose a Voice: Decide whether you’ll write in the first or third person. In the first person, you’ll use words such as “I” and “me,” while writing in the third person means using your name. Writing a slightly informal bio for your X (formerly Twitter) profile? First-person might be best. But if you’re adding a bio to your company page and all your coworkers used third-person, you should certainly follow suit, according to Indeed.

2 3

Be Authentic: Make sure your bio is an accurate representation. Describe accomplishments honestly, without exaggerating. While it’s good to highlight professional strengths, “you also want to be able to live up to your promises,” according to Indeed. “Authenticity and sincerity are the best option when writing a short bio.”

Encourage Next Steps: Bios should end with a call to action that spells out the next step you want readers to take. For example, Garcia said someone might write: “For a no-pressure meet-up with Sarah over coffee—or preferably pie—reach out today,” and include a phone number and email address.

In an ever-changing market environment, there is an even greater need for realtors to proactively engage with first-time homebuyers at the outset of the house-hunting journey, so they can provide insight into the associated costs and responsibilities of buying a home. Realtors® also play a pivotal role in encouraging buyers to seek out a lender early in the process. They can partner with Realtors® to create a well-adjusted and informed budget, among other considerations.

When it comes to the housing market, the past few years have been characterized by low inventory and high rates, and New Jersey was no exception. However, looking toward the remainder of 2024, falling interest rates could lead to market improvement as more homeowners in the Garden State start listing their houses for sale.

As New Jersey’s first-time homebuyers gear up for their search, many of them show preparedness, but are still hesitant on how to best maneuver the challenging real estate market.

According to TD Bank’s 2024 FirstTime Homebuyer Pulse, that surveyed 1,000+ Americans who intended to purchase their first home that year, nearly all (97%) of national respondents have started taking initial steps in the homebuying process, and more than two in five expect to utilize a down payment assistance program to buy their first home.

Finding Alternative Solutions

Affordability remains a concern for many New Jersey residents, particularly in northern New Jersey near the larger New York City metro area. Despite this, buyers are still prioritizing their forever homes, with nearly half (48%) of respondents expressing their intention to purchase one.

With the Fed expected to cut rates mid-year but not lower them to pre-pandemic levels, it is especially important for Realtors® to engage with clients early on in their process to identify an expert approach for

How Realtors® Can Help First-time Homebuyers Maneuver the New Jersey Housing Market

their unique homebuying needs and fulfill their “forever home” dreams.

Against the evolving economic backdrop, Realtors® can help clients set client expectations early based on rate changes, offering options for flexibility and long-term strategy. For example, last year 59% reported they were pursuing a fixer-upper or starter home. According to this year’s data, 52% of participants are pursuing the same goal, with most respondents (60%) seeking a home that costs under $300,000.

When looking at the New Jersey real estate market, and particularly it’s high property taxes, mortgage experts can prepare to help evaluate these alternative options by looking at a buyer’s personal financial situation, how long they expect to be in the home, and other risk-based considerations to offer sound counsel based on market opportunities.

Looking Beyond the Short-Term

Even as first-time homebuyers encounter challenges, many are excited about the opportunities that accompany building home equity and stability — such as intergenerational wealth and investing in long-term financial goals — but feel they don’t have the knowledge or financial stability to move forward.

For instance, almost half of survey participants (40%) cited that saving money for the down payment was a barrier to purchasing a first home,

but many were not aware of the many mortgage options available to them, including the flexible down payment assistance programs many lenders offer, which allow borrowers to provide as little as 3% down when purchasing their first home in some cases.

Interestingly, nearly half (49%) of respondents view the homebuying process as painful. It presents another opportunity for Florida Realtors® to provide expertise, conduct their due diligence and understand local and state barriers affecting first-time buyers. That guidance will assist buyers by providing them with counsel on all aspects of the decision, so they can find the home that best suits their needs.

Taking action and working closely with Realtors® and lenders can help lessen buyers’ anxieties and set them up to be more successful by providing helpful insights on budget, potential closing costs, and first-time homebuyer assistance and down payment programs they may be eligible for. And in this market, having a team of professionals on the buyer’s side can be the difference between sitting on the sidelines and nabbing the home of their dreams.

Bill Westdyk

Let’s Get Social: Strategies for Realtors®

BY LISA FANT

When it comes to marketing your business, social media isn’t just an option anymore— it’s a necessity. Understanding the nuances of each platform’s best practices and guidelines allows you to share your content effectively, earning more reach and engagement. However, navigating the various platforms requires finesse—each has its own culture, guidelines, and best practices. By understanding these nuances, you can maximize your reach and engagement, turning every post into a powerful tool for business growth.

Facebook

Facebook is a top social media platform among Realtors®, according to the National Association of Realtors® 2023 Technology Survey, with 92% of Realtors® utilizing the platform regularly. Facebook provides a versatile platform to display listings and interact with potential clients, making it essential to maintain an active presence for success.

To make the most of Facebook, prioritize quality over quantity when posting. Aim for consistency by posting content at least once a day, focusing on visually appealing photos and videos with key information highlighted in your captions.

Along with regularly posting to maintain a presence on your audience’s feed, utilize Facebook Live to host Q&A sessions or share behind-the-scenes glimpses of your work as a Realtor®. These live sessions help humanize your brand and build trust with your audience.

Don’t forget to analyze your Facebook analytics or audience insights regularly to understand what content resonates most with your audience and adjust your strategy accordingly to optimize engagement and reach.

As the go-to platform for professional networking, LinkedIn offers professionals a platform for thought leadership and to establish themselves as industry experts. LinkedIn’s business-focused platform is the place to showcase your industry knowledge, network with other professionals, and grow your clientele.

Post educational content such as market insights, industry trends, and how-to guides, aiming to post two or three times per week. Focus on engaging with industry groups and discussions to connect with fellow professionals and potential clients. Participate in relevant conversations by offering valuable insights, asking questions, and sharing relevant resources. LinkedIn is also a prime opportunity to reinforce your personal branding. Ensure your profile is complete and professional, with a headshot and a clear description of your expertise and services. You can also share updates about your achievements and awards to showcase your track record and credibility as a Realtor®

Instagram

Instagram remains an essential platform for Realtors® seeking to make a visual impact and connect with a broad audience. With its emphasis on visuals and storytelling, Instagram provides a dynamic canvas to showcase a wide variety of content.

To maximize your presence, aim to post to your feed at least once a day, with additional Stories and Reels throughout the week to maintain engagement. Use high-quality photos and videos to showcase properties in their best light, highlighting unique features and amenities. For example, you might share a carousel post featuring multiple photos of a newly listed property, accompanied by detailed captions highlighting key selling points. Include a call to action encouraging potential clients to contact you with questions.

Instagram Stories and Reels can be utilized to provide behindthe-scenes glimpses into your day-to-day life as a Realtor®. Share sneak peeks of upcoming listings, property highlights, or tips for homebuyers and sellers. Their interactive formats allow you to connect with your audience on a more personal level and keep them engaged with your content.

Stay connected with your audience by promptly responding to comments, direct messages, and mentions. Cultivate a sense of community by initiating conversations, running polls, and encouraging user-generated content on your posts and Stories. For instance, you could create a Story poll asking users to vote on their preferences or needs, providing valuable insights for creating new content.

TikTok

TikTok offers Realtors® a creative place to showcase properties and connect with a younger audience. With its short-form videos and trending sounds, TikTok allows for unique and engaging content creation. Aim to post several times a week, focusing on creative storytelling and educational, but visually appealing creative content.

For example, you can transform entertaining videos into educational content by incorporating text on the screen, using a text-to-speech voice, or recording your own voiceover. Since these videos are designed to be quick and lively, viewers are likely to watch them multiple times to absorb the information, ultimately boosting your video’s visibility in the TikTok algorithm.

Tap into popular trends and challenges to increase engagement and be sure to interact with your audience by responding to comments.

YouTube

With its extensive reach and popularity, YouTube provides Realtors® with a platform to showcase properties through immersive video content. While 26% of Realtors® utilize the platform, a significant portion of professionals leverage YouTube for posting property tour videos or long-form content along with short videos on YouTube Shorts. While short-form content gains traction due to its ability to quickly capture and retain viewers’ attention, long-form content also holds its advantages. For consumers seeking expert advice, comprehensive neighborhood guides, and detailed content, YouTube serves as a strong platform.

Aim to upload videos consistently; uploading at least once a week keeps your channel active for your audience. Ensure your videos are high-quality and optimized for search with descriptive titles, tags, and eye-catching thumbnails. No worries if you don’t have a camera—your smartphone is typically all you need for filming. Use these tips to assist you in capturing high-quality videos with a mobile device:

• Ensure good lighting: Film during the day or use well-lit areas indoors. Natural light is often best.

• Steady your shot: Use a tripod or stabilize your phone to avoid shaky footage.

• Frame your shots: Position yourself in the center and maintain a clear background without distractions.

• Plan your content: Outline key points or a script beforehand to keep your video focused and engaging.

Consider creating playlists on your YouTube channel to organize your content by property type or location, making it easier for viewers to find relevant information. Don’t forget to engage with your audience by responding to comments and questions, fostering a sense of community on your channel.

X (Formerly Twitter)

Despite its lack of substantial visual content and character limit, X remains a vital platform for realtime conversations and industry news. X is fast-paced in nature and beneficial for real-time conversations and staying updated on industry trends. Be sure to inject personality into your tweets and participate in conversations to increase visibility and reach. Engage with timely updates about housing market data, mortgage rates, or even local community events to keep your audience informed. Inject personality into your tweets and participate in relevant hashtags to increase visibility and reach. Consider scheduling tweets during peak engagement times, typically early morning and late afternoon, to maximize reach.

To keep your content engaging and relevant, stay updated on the latest trends and platform changes. Mastering social media marketing and adapting your strategy to each platform will help you connect with clients and improve your business effectively.

Threads (by Instagram)

Threads’ focus on real-time updates and intimate sharing makes it the perfect tool for keeping your clients informed and engaged every step of the way. Whether it’s sharing sneak peeks of new listings or providing behind-the-scenes glimpses of the homebuying process, Threads allows you to showcase your expertise and stay top of mind with potential clients. To make the most of Threads, use the platform to showcase your listings with stunning photos and videos and engage with your audience by asking for feedback or answering questions.

Threads enables you to connect with your fellow Realtors® and industry partners. Threads’ discussionbased platform is suitable for sharing advice, staying updated with the latest market trends, and fostering a sense of community within the real estate profession.

In the world of real estate, inspiration is everywhere— and there’s no better place to find it than on Pinterest. With its endless array of images, ideas, and curated collections, Pinterest is your go-to destination for discovering the latest trends, gathering design inspiration, and showcasing your unique style as a Realtor®

From dreamy home decor ideas to practical renovation tips, Pinterest is the perfect platform for connecting with potential buyers and sellers who are looking to turn their vision into reality. Create boards that showcase your expertise and personality, curating content that speaks to your target audience and highlights your area of specialization.

Use the platform as a marketing tool to showcase your listings with eyecatching photos and detailed descriptions, driving traffic to your website and generating leads for your business. Create pins highlighting the unique features of your properties, or evergreen content like how-to guides and first-time buyer tips. Use keywords and hashtags to ensure your content gets discovered by the right audience, and be sure to engage with your audience by commenting on pins, repinning content from other users, and participating in group boards and communities.

Social Media Content Calendar

Brainstorming fresh social media content ideas may feel overwhelming if you’re not sure where to begin. Let these holidays inspire you to craft captivating content throughout the year.

MAY

Asian American and Pacific Islander

Heritage Month

Mental Health Awareness Month

1 International Workers Day

4 Star Wars Day

5 Cinco De Mayo

12 Mother’s Day

15 International Day of Families

27 Memorial Day

JUNE

National Homeownership Month

Pride Month

1 National Donut Day

8 National Best Friends Day

14 Flag Day

16 Father’s Day

19 Juneteenth

21 International Yoga Day

30 World Social Media Day

JULY

1 International Joke Day

4 Independence Day

17 World Emoji Day

21 National Ice Cream Day

30 International Friendship Day

AUGUST

National Black Business Month

7 Purple Heart Day

8 International Cat Day

9 National Book Lovers’ Day

15 National Relaxation Day

19 World Photography Day

26 Women’s Equality Day

30 International Dog Day

SEPTEMBER

Realtor® Safety Month

Hispanic Heritage Month

2 Labor Day

5 International Day of Charity

6 National Food Bank Day

8 Grandparents’ Day

21 International Day of Peace

29 National Coffee Day

OCTOBER

1 International Music Day

4 World Smile Day

5 National ‘Do Something Nice’ Day

14 Columbus Day

14 Indigenous Peoples’ Day

16 World Food Day

31 Halloween

NOVEMBER

American Indian Heritage Month

5 Election Day

11 Veterans Day

13 World Kindness Day

28 Thanksgiving

29 Native American Heritage Day

30 Small Business Saturday

DECEMBER

3 Giving Tuesday

4 National Cookie Day

24 Christmas Eve

25 Christmas Day

25 Hannukah Begins

31 New Year’s Eve

Crafting Effective ChatGPT Prompts for Best Results

BY JENISE PEREZ

In today’s real estate landscape, technological advancements are continually reshaping operations. Artificial intelligence, such as ChatGPT, stands out as a transformative force, revolutionizing communication and decision-making processes. However, real estate professionals must consider ethical and legal standards.

1. Be Clear and Specific

To make the most of ChatGPT’s capabilities, start by framing your questions effectively. Articulating queries with precision is key to receiving accurate and relevant responses. Avoid ambiguity and convey sought out information—the clearer your prompt, the more valuable insights you’ll receive. The clearer you are, the better ChatGPT can serve you.

2. Provide Context

Context is key to understanding any inquiry. Offering key background information can enable ChatGPT to grasp the nuances of your questions, resulting in more accurate and contextually relevant responses.

3. Use Complete Sentences

Framing prompts in complete sentences enhances ChatGPT’s ability to comprehend complex structures and generate coherent responses. This is particularly important when dealing with intricate real estate concepts and details. For instance, instead of asking “property value factors?” using a complete sentence like “What are the key factors that influence the value of a property?” provides ChatGPT with clearer context, enabling it to generate more precise and informative responses.

4. Experiment with Prompt Length

Real estate queries can vary in complexity. Testing both concise and detailed prompts allows you to assess how ChatGPT responds to different levels of information. This experimentation aids in finding the most effective approach for obtaining the desired information.

5. Ask Follow-up Questions

Transforming the interaction into a conversation by asking followup questions can yield more in-depth insights. This method allows you to refine queries and obtain more nuanced responses. For example, after receiving an initial response about the impact of location on property value, you could follow up with the question, “How do different neighborhood amenities affect property prices?” This approach encourages ChatGPT to go deeper into specific aspects of the topic, providing a richer understanding of the subject matter. Think of it as unlocking bonus features. You’ll get more detailed insights and maybe even stumble upon some hidden gems.

6. Specify the Format

Indicate your desired format of the response. Whether it’s a list, summary, or detailed explanation, specify the output to meet your specific needs. This customization ensures the generated content aligns with your requirements.

7. Include Keywords

Integrating relevant keywords related to the query assists ChatGPT in focusing on specific aspects. Choose specific keywords to capture your query, enhancing the model’s ability to generate targeted responses. For example, when seeking advice on optimizing property listings for online platforms, including keywords or phrases such as “SEO for real estate listings” and “digital marketing strategies” can guide ChatGPT to provide insights relevant to online visibility and lead generation.

8. Review and Edit

ChatGPT does its best, but it’s not perfect. After you receive a response, take a moment to review it. If something’s not quite right, don’t hesitate to tweak it. Fine-tuning any discrepancies ensures the final output is polished and accurately reflects the information sought.

9. Provide Feedback

Provide feedback to ChatGPT—it thrives on it! ChatGPT benefits from your input to learn and improve over time, becoming an even more valuable ally in your real estate endeavors. Share what’s working and what could be better; your feedback helps improve the model’s performance over time, making it an even more valuable tool.

10. Understand Legal Implications

Real estate professionals using AI tools must adhere to legal requirements such as data privacy and fair housing regulations to avoid legal risks. This includes ensuring AI-generated recommendations are based on accurate and unbiased data.

Ethical conduct is crucial, requiring transparency and accountability in AI usage to maintain trust with clients. In the podcast, “Decoding Real Estate: How Agents Can Leverage AI Tools with Jeff Lobb,” founder and CEO of SparkTank Media and Coach 52 Jeff Lobb discusses the significance of integrating AI responsibly. “We just have to be super cautious when using AI. It doesn’t know the code of ethics,” said Lobb in the podcast. “It doesn’t know the rules. Let’s just not make that mistake.”

Incorporating AI tools into real estate practices has the potential to revolutionize industry standards. Attorney and founding member of Smith & Williams Law Firm, LLC., James Bayard Smith Jr., Esq. urges real estate professionals to use caution when implementing new technology. “AI will be able to speed up real estate professionals’ ability to market properties and flood their audience with advertisements,” said Smith. “But it’s important to understand the laws to protect themselves and their clients.”

In the legal field, “The first thing all law firms must do is review the legal and ethical implications of new technology, next design a firm-wide plan to properly use the AI technology, with all employees understanding the boundaries,” said Smith.

By employing effective strategies for prompt creation, and maintaining adherence to ethical and legal principles, professionals can harness AI’s capabilities to drive innovation and success. As technology evolves, maximizing AI’s benefits and upholding ethical standards becomes essential for ensuring the industry’s sustainability. AI’s influence reaches beyond real estate, transforming diverse industries and propelling innovation and efficiency.

Examples of Real Estate Tasks Optimized with ChatGPT

Lead Generation

Prompts can provide ideas for lead magnets (free giveaways in exchange for an email address) you can use to add more contacts to your client relationship management including tips, guides, E-books, cheatsheets, tutorials, etc.

Content Marketing

Prompts can be used to create blog posts, articles, ads, and social media content. This content can attract potential clients, position you as the expert, and increase the visibility of your business.

Email Marketing

Prompts can provide ideas for email campaigns and newsletters, helping you keep in touch with your existing clients and leads. These can include data on your local real estate markets, tips for buying or selling, and more.

Networking

Prompts can suggest ways to build relationships with other local businesses, community groups, or influencers. These relationships can lead to joint marketing opportunities, referrals, or new ways to promote your business.

Client Testimonials

Prompts can guide you to request or showcase client testimonials. Testimonials can be used on your website, social media posts, or other marketing avenues to build trust with potential clients.

Realtors ® Q&A

Meet the Decision Makers

ASSEMBLYWOMAN & DEPUTY SPEAKER

YVONNE LOPEZ

Welcome to our series, Meet the Decision Makers, where we interview key decision makers on their influential role within New Jersey. For this issue, we have Assemblywoman & Deputy Speaker, Yvonne Lopez. Her verbatim responses are italicized below. Do you have an idea of someone you’d like to see us interview? Email editor@njrealtor.com

Can you tell us a little about yourself and how you got started in public service?

Public service has always been a significant part of my life. Whether in corporate grantmaking, professional development, and most recently nonprofit management, I understood the importance of giving back to the community. My first foray in an official capacity was serving as a member of the North Brunswick Zoning Board, where I saw firsthand the importance of local decision making and

the profound impact this work had on residents. From there I was asked to serve as a State Democratic Committeewoman and subsequently had the honor of being encouraged to run for the General Assembly, where I have proudly represented the 19th District for three terms. I see my role as an Assemblywoman as a privilege and always do my best to fight for the individuals I represent and to support and lead initiatives to make life better for hardworking New Jerseyans.

What

does the job of the Chairwoman of the Housing committee entail in the state of NJ?

We all deserve a safe and affordable place to call home and as Chairwoman of the Housing Committee, I lead the discussions and debate regarding housing policy in New Jersey. Housing in and of itself is a huge issue and my role is to parse through the hundreds of bills on the subject to consider the legislation that will have the greatest beneficial impact. I am blessed to have amazing colleagues on the

committee who alongside work hard to move legislative initiatives, many of which ultimately become law. I feel honored to lead such an immensely important committee and to really understand the housing issues impacting so many stakeholders.

What have you been working on that would help the real estate market in NJ?

Understanding the importance of appraisals for prospective homeowners, I am proud of the work I have done to address the systematic racially motivated appraisal bias discovered by the Federal Government two years ago. The landmark report cited hundreds of thousands of cases of bias which spurred action in states across the country. Understanding that there are multiple sides to an issue, I worked to gather all the stakeholders to craft legislation that protects against bias but also works to strengthen the way we conduct appraisals in New Jersey. While I am still working on the legislation, I think we can all agree that bias has no place in the real estate market and when we make the system fairer it is a win for everyone involved.

Yvonne Lopez