NEW JERSEY
REALTOR
®
July/August 2019: VOLUME 5 ISSUE 4
NEW JERSEY'S LEGISLATIVE LANDSCAPE NJREALTOR.COM
EQUAL HOUSING OPPORTUNITY. THE SPONSOR IS AP BLOCK 176 VENTURE URBAN RENEWAL, LLC, AN ISTAR COMPANY, AND MAKES NO REPRESENTATION OR WARRANTIES EXCEPT AS MAY BE SET FORTH IN THE PUBLIC OFFERING STATEMENT. NO OFFER IS MADE WHERE PROHIBITED BY LAW. RENDERING BY BINYAN STUDIOS
SURFSIDE RESORT & RESIDENCES
THE
ULTIMATE
BEACH
HOUSE
1-3 BEDROOM HOMES FROM $897,000 PENTHOUSE INFORMATION AVAILABLE UPON REQUEST OCCUPANCY SUMMER 2019 732 743 7235 ASBURYOCEANCLUB.COM
Now available to everyone in New Jersey.
This isn’t just insurance. It’s NJM. njm.com | 1-800-232-6600
10
NEW JERSEY REALTOR® A publication of New Jersey Realtors®
10 Hamilton Avenue Trenton, NJ 08611 Phone: 609-341-7100 njrealtor.com
17
Jarrod C. Grasso, RCE Chief Executive Officer
PUBLIC RELATIONS AND MARKETING DEPARTMENT Colleen King Oliver Director of Public Relations &
Marketing | editor@njrealtor.com
Erin McFeeters
Dana Fiori
Communications Coordinator
Content Coordinator
CONTENTS July/August 2019
3
President's View: Be a Part of Something Bigger than Yourself
4
From the CEO's Desk: We’re Getting Out There
5
Important Dates & Deadlines
6
Legislative Update: A New Method to Keep an Eye On Local Issues
2019 OFFICERS Ilene Horowitz
President
Angela Sicoli
President-Elect
Jeffrey Jones
First Vice President
Nick Manis
Treasurer
10
13
ADVERTISING SALES Laura Lemos | 973-822-9274 laura@boja.com DESIGN Rebecca McQuigg | Encompass Media Group 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
8
Style Guide: Boost Summer Curb Appeal
issues that NJ Realtors®, in its sole discretion, deems
advertisements by persons not employed by or agents of NJ Realtor® are the sole responsibility of
Educating Buyers on Foreclosed Homes
17
Transit Issues and the N.J. Real Estate Market
20
Coaching and Mentoring
22
Education Foundation Scholarship Recipients
28
Local Board/Association News
the most important for its members. The content and accuracy of all articles and/or
Town Spotlight: New Brunswick
their author. NJ Realtors disclaims any liability or ®
responsibility for their content or accuracy. Where such articles and/or advertisements contain legal
Sudoku puzzle solution:
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. 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 postage paid at Trenton, NJ 08611 and at additional mailing offices.
Clarification: in the May June issue, Jeff Onofrio was a source in the How to Help Fixer Upper Clients article. To clarify, he is the Managing Director of Renovation, Construction and National Production for Mortgage Possible in Marlton.
POSTMASTER: Send address change to Editor, 10 Hamilton Avenue, Trenton, NJ 08611.
NJRealtors
2 | NEW JERSEY REALTOR® | July/August 2019
@NJ_Realtors
NJRealtors
editor@njrealtor.com
PRESIDENT'S VIEW
Be a Part of Something Bigger than Yourself BY ILENE HOROWITZ
S
teve Jobs once said, “If you are working on something that you really care about, you don’t have to be pushed. The vision pulls you.” I get asked fairly frequently why I’m a member of New Jersey Realtors®? The answer I conjure up in my head is quite simple: New Jersey Realtors® offers the opportunity to be a part of something bigger than yourself. However, when I say that aloud, I realize the real answer is much more complex and multifaceted.
I started my time as a member as a fresh-faced college graduate looking forward to starting my career. I was a communications major, so the possibilities were limitless. I initially joined so I could promote that distinctive Realtor® R®. However, as I dug deeper and learned more about the association, I came to the realization that NJ Realtors® is not just another trade association. Not only are they one of the most significant trade associations in the state, but they’re unlike any trade association I have ever encountered. When you’re a member of NJ Realtors®, you’re one of approximately 55,000 members. What does that mean? There are 55,000 networking opportunities and 55,000 chances you can get a new referral. However, being a member is more than just a way to better your business. It’s also a way to give back to the industry that has given you your career while making
friendships that last a lifetime along the way. New Jersey Realtors® advocates on behalf of our businesses and private property rights daily. They outline what we need to know for us to do our jobs better. They attend local town meetings, take a close look at ordinances around the state, and keep extremely close tabs on what is going on at the statehouse. When bills threaten our businesses, NJ Realtors® fights on our behalf.
the opportunity to get to know other members and the staff on a more personal level. When you’re on a committee, your voice matters within the association, and I recommend all to apply for a committee member position in the coming months. Here’s why I love being a NJ Realtor®:
NJ Realtors® also provides member perks, connecting with companies to bring us the latest and greatest technologies at a discount. Additionally, they help us save on travel, car insurance, and office supplies. Just in recent times, they have added iStaging, The Home Depot, and MetLife to their extensive list of member perks. The last thing I want to touch on is volunteering. As Realtors®, we have higher standards to live up to than a run of the mill licensee. We are community leaders, and that holds us to a higher level of professionalism. My time as a general member was fantastic, but it wasn’t until I joined a committee that I learned what an incredible honor it was to have NJ Realtors® in my corner. Committee members share business knowledge and help direct the staff on new ideas and possible new initiatives. Plus, being a committee member provides NEW JERSEY REALTOR® | July/August 2019 | 3
FROM THE CEO'S DESK
We’re Getting Out There W
e challenge you, our members, to get more involved with your local board as well as on the state level, and we’ll do the same. Our goal for the remainder of 2019 is to have more face to face time with our members. In the coming months, we’re coming to you to talk about the future of our industry and what we can do to help you be a successful Realtor®. We have a few programs in the works and we hope to see you soon.
What We’re Working On We’re teaming up with Freddie Mac to bring you the 2019 Affordable Lending Initiative. The goal of the initiative is to educate Realtors® on the affordable housing story and the lending products and resources available. Realtors® can then share their newfound knowledge with clients, increasing mortgage affordability. We are in year two of our Regional Town Hall Meetings taking place at a facility near you. This is our opportunity to discuss the latest issues impacting our industry and receive your feedback. I encourage you to take the time to hear from our Leadership Team and get involved in an open discussion about your business. We began our newest event series, Diner Discussions, last month. During this intimate event, we meet up with members in a more casual setting. Over breakfast and hot coffee, we discuss pertinent industry topics and get to know the issues impacting you on a local level. We've done a few of these so far and we're receiving great feedback. Please contact your local board/association to be included in our next event at a popular diner near you.
What You Can Do Here's another challenge I have for you: Increase your involvement in the Realtor® community by investing in 4 | NEW JERSEY REALTOR® | July/August 2019
the Realtors® Political Action Committee. I encourage this because it’s the only insurance plan we have that ensures laws aimed to restrict your industry are defeated and laws supporting the industry are put into action. Here’s how RPAC has saved you money: • $20,000—the average cost to remediate lead paint at timeof-sale, a proposed law that RPAC has currently prevented moving forward. • $10,000—the minimum realty transfer fee increase averted on certain home sales. • $4,500—average amount saved on the median sales price of an N.J. home because private transfer fees were blocked. • $1,500—amount saved per closing because RPAC defeated a proposed sales tax on commissions. • $1,200—amount saved through the elimination of fines for placing real estate signs in municipality.
Get Involved and Attend Our Events On Sept. 27, we will be hosting our second Realtor-Palooza at our Trenton Headquarters. There will be continuing education sessions, a tour of Trenton, craft beer, and the opportunity to challenge me in a game of cornhole. Meet our staff and come out for a day of education and fun. Save the date for our brand new event New Jersey Women— That's Who We R®. This women's conference will feature some of New Jersey's best entrepreneurs and will be held on Oct. 2 at the Galloping Hills Country Club. I hope to see you soon!
I M P O R TA N T D AT E S & D E A D L I N E S
JULY Realtors 4 NJ Closed
AUGUST ®
Office
Independence Day
Financial 14 National Awareness Day
30 National Beach Day
SEPTEMBER Century 6 Quarter Club Applications Due to Boards
njrealtor.com/ membership/awards
10 Executive Committee
Meeting: 11 a.m.
10
Board of Directors Meeting: 1 p.m.
OCTOBER Jersey 2 New Women—That’s Who We R® Conference Galloping Hills Country Club
Realtors 10 Leadership ®
Program
Jersey 20 New Realtors Good
Neighbor Award Applications Due njrealtor.com/ membership/awards
25 Realtors
®
Care Day
27 Realtor -Palooza ®
Get MORe with NJMLS
More Benefits. More Service. More Value.
Join the 12,000 Members and 1,200 Offices that enjoy the privileges of NJMLS Membership. •
Property records for all 21 New Jersey and 9 New York Metro counties
•
ShowingTime® free to members
•
zipForm® MLS Connect free to members
•
Cloud CMA free to members
•
Exposure on njmls.com with over 7 million visits a year
•
Customized, feature-rich MLS system
•
Superior service and technical support 365 days a year
CALL eMAIL WeBSIte
201-387-1150 membership@njmls.com newjerseymls.com NEW JERSEY REALTOR® | July/August 2019 | 5
L E G I S L AT I V E U P D AT E
A New Method to Keep an Eye On Local Issues BY DOUG TOMSON
E
very day we are bombarded with news coming out of Washington, D.C. The 24-hour news cycle makes sure those watching at home are plugged into the all-important Congress and what new laws they are considering and passing. The National Association of Realtors® monitors any legislation that could help or harm your business at the federal level, and we do the same on the state level. However, do you know what’s going on in your back yard? What laws are your town, county, or the town next door trying to pass? Could these laws also impact your life and your business? The answer is unequivocally—YES. While typically not as newsworthy, local municipalities consider and pass laws that impact your life and your business in a way that is felt more often than those laws passed at the federal level. It’s true these local ordinances don’t receive the round-the-clock coverage a bill before Congress does, but this does not mean these laws are any less important. In most cases, these local laws impact your life directly in a myriad of ways you may not even realize. New Jersey Realtors® understands the importance of
open line of communication between our state association and the local boards is a key component in being effective at protecting your business. Once your local board is sent the weekly report, they will go over all the proposed laws and agenda items for the towns in their purview to see if any action is needed. While the reports are a necessary tool, they are useless without the engagement of our members. New Jersey Realtors® does our best to be everywhere and be as influential as possible. However, nothing can replace our members showing up to their town council meetings and advocating in person for their business. Our most effective tool is you. Nothing is as powerful as your personal story of why specific laws could hurt or help your business and your town. As one of the largest trade associations in the state, our members are in every region, every county, and every town. When lawmakers try to pass laws and regulations that hurt our business, it is up to all of us to step up and speak out. Many times these lawmakers are simply unaware of the negative consequences of their ideas, which is why it is crucial for you to raise your voice and share your story.
monitoring local governments. That is why we are excited to announce a new tool to keep the real estate industry thriving. We have contracted with a company called Curate. Every week Curate searches agendas and proposed laws in nearly every town in the state of New Jersey and gives us a report on these items*. These reports allow us to keep a tight focus on what’s going on at the local level. From ‘For Sale’ sign ordinances, to attempts at infringement on private property rights, Curate keeps us up to date on any laws that could hurt or help your business.
Unlike most occupations, Realtors® have a keen sense of their community and know the needs and wants of their neighbors better than anyone else. That is why lawmakers respect the story Realtors® have to tell. In any given community, a Realtor® helps to shape and improve their neighborhood and the lives of their neighbors, and that is why it is so vital for Realtors® to get involved.
Your Government Affairs team here at New Jersey Realtors® takes these reports, breaks them down by region, and sends them to your local board for review. Keeping this
We know that this new tool, Curate, and these weekly reports will be important for your business. We cannot promote change and protect the real estate industry without
6 | NEW JERSEY REALTOR® | July/August 2019
L E G I S L AT I V E U P D AT E
your help. We ask that you reach out to your local board, find out how you can get involved, and keep an open dialogue with your local elected officials. Together we will keep our industry thriving for years to come.
If you have any questions about the Curate reports or how you can get involved please not hesitate to reach out to our Government Affairs Department. *Reports do not include towns with less than 2,000 people.
RPAC OF NEW JERSEY
$920,000
[$398,756.52] raised as of June 14
N E W J E R S E Y L E G I S L AT I V E B I L L S A4725 –Vainieri Huttle (D37), Quijano (D20) S3601 – Cruz-Perez (D5) Establishes certification program for zoning officers and land use board administrators. New Jersey Realtors® Position:
STRONG SUPPORT We strongly support this bill so zoning officers and land use board administrators receive universal training and are certified by the State, promoting uniformity in local zoning and land use decisions. Bill History: 11/26/2018 – Introduced in Assembly and referred to Assembly State and Local Government Committee 3/18/2019 – Introduced in Senate and referred to Senate Community and Urban Affairs Committee
A4880 – Quijano (D20), Wimberly (D35) Requires certain civil actions against licensed persons to be brought within two years. New Jersey Realtors® Position:
SUPPORT WITH AMENDMENT We support this bill with an amendment to include real estate licensees in the list of professions subject to the two-year statute of limitations. Bill History: 1/15/2019 – Introduced in the Assembly and referred to Assembly Judiciary Committee 3/18/2019 – Reported out of committee, 2nd reading in Assembly
ACR214 – Timberlake (D34), Wimberly (D35) SCR26 – Rice (D28), Turner (D15) Proposes constitutional amendment to dedicate revenue collected from sales tax on paint for lead hazard remediation purposes. New Jersey Realtors® Position:
STRONG SUPPORT We strongly support this resolution placing a question on the next election ballot to dedicate existing tax revenue from paint sales to lead hazard remediation as a way of providing funds for this purpose rather than creating new time-of-sale requirements. Bill History: 1/9/2018 – Introduced in Senate and referred to Senate Community and Urban Affairs Committee 6/25/2018 – Reported from Committee and referred to Senate Budget and Appropriations Committee 2/7/2019 – Introduced in Assembly and referred to Assembly Housing and Community Development Committee
NEW JERSEY REALTOR® | July/August 2019 | 7
STYLE GUIDE
Boost Summer Curb Appeal BY ERIN MCFEETERS
T
he official start of summer is here and whether you're selling commercial or residential properties, curb appeal plays a significant role in the success of a sale. According to the National Association of Realtors® 2018 Remodeling Impact: Outdoor Features report, 99 percent of NAR members believe curb appeal is important in attracting a buyer. Where should you recommend your clients start? Ryan Van Gieson, owner of RVG Landscape & Design in Wayne, first recommends planting beds on both sides of the front door and either side of their front walkway or driveway. "[These areas are] always the focal point of any house," Van Gieson said. "These areas can be boosted with Belgium block edging, pretty flowering perennials that bloom through the season, and unique shrubbery." In a curb appeal survey posted on NJ Realtors® Facebook page, a respondent always suggests their clients "Make sure the lawn is mowed and watered, fill any bald spots, clean up front flower beds, and add some color." Regular landscape maintenance increases your desire to be home, according to NAR. It can be as simple as planting a few flowers or pruning shrubs already in place. Many different plant varieties are notorious for doing well in New Jersey's climate and soil, one of the many benefits to living in the Garden State. These include boxwoods, azaleas, dogwoods, cherry trees, maples, and forsythia. "The only trick is to be aware of what plants are eaten by deer and rabbits," Van Gieson said, "and what may thrive in shade versus direct sunlight." NAR ranked landscape maintenance (mulching, lawn mowing, pruning shrubs, and planting flowers) as number one for projects likely to add value to a home for resale in their 2018 Remodeling Impact: Outdoor Features report. The report also outlines the cost estimate from landscape professionals of $3,000 for landscape maintenance, and the percentage of value recovered from the project as 100 percent. 8 | NEW JERSEY REALTOR® | July/August 2019
If your clients are looking to put their home on the market, Van Geison recommends investing in simple additions that make a home stand out. For a quick curb appeal solution consider low maintenance options such as landscape lighting, perennials, and removing anything overgrown. Pinterest has a lot to do with the influx of outdoor projects in recent times. Van Gieson said clients show him images from Pinterest daily and explained it's a great tool. However, clients have to think about the project in terms of how it would work and look on their property. Recommend these projects to clients looking to upgrade their outdoor space.
Patio: Patios ranked number four in NAR's outdoor features report, noting 83 percent have an increased sense of enjoyment when they are home since completing their project. There are so many different ways to set up a patio and a multitude of different materials perfect for this project.
STYLE GUIDE
have the opportunity to spend more time outdoors during the evening hours. If your client enjoys eating outdoors and spending time outdoors in general, this project could be worth their while.
Wood deck: If clients don't have enough flat ground in their backyard for a patio, a wood or trek deck could be another option. Decks are easy to get carried away with so be sure to recommend creating a budget and considering using a contractor to make sure it's safe.
The best part is landscape contractors can customize patios to any size.
Fire feature: There are many different fire pits available for sale through home improvement warehouses and specialty garden stores. However, they can be costly. Maybe your client can build their own fire pit. Many options would work, including different varieties of bricks and patio stones.
Water feature: If your clients are looking for something to make their space more tranquil, a waterfall is a perfect fit. They're "beautiful and affordable unique features that bring out the beauty of a home and create a tranquil feel," Van Geison said.
Outdoor kitchen: Clients can create the ultimate entertaining space if they complete this project. However, only recommend this project to clients who are looking to put a lot of money into their home. NAR's report lays out that landscape professionals estimate the project to cost $14,000, and a RealtorsÂŽ estimated cost recovered is $10,000. Landscape lighting: You can buy different landscape lighting options without breaking the bank, and clients will NEW JERSEY REALTORÂŽ | July/August 2019 | 9
TOWN SPOTLIGHT
NEW BRUNSWICK BY DANA FIORI
Rutgers University
N
estled in Middlesex County, New Brunswick is a city rich with history and culture.
In the 1600s, lush and dense forests covered the land New Brunswick stands on today. What was once called “Prigmore’s Swamp” is now the city of New Brunswick. Named to honor King George I, Duke of Brunswick, the city received its name in 1724. During the time of the Revolutionary War New Brunswick served as an important crossroads between Philadelphia/Trenton and New York City. Reconstruction of the city began after the Revolutionary War had ended and the city had started to blossom. Over the years New Brunswick has flourished to become the city it is today with ample restaurants, shops, and activities. Not only is New Brunswick a thriving city, but it is also home to Rutgers University. Established in 1766, it is the eighth oldest higher education institution in the U.S. Before Rutgers University was the prestigious university it is today, it was known as Queen’s College, an all-male institution. It was not until 1825 that it was renamed to be Rutgers College to honor Revolutionary War veteran, Colonel Henry Rutgers. Within 38 years of the renaming, Rutgers had reigned over Princeton to become New Jersey’s land10 | NEW JERSEY REALTOR® | July/August 2019
grant institution. This new status tasked the college to offer educational access to a broader range of students who would be a part of the new American workforce with the expansion of business, factories, and farms. 152 years after the establishment of Rutgers, women gained access to join the institution in 1918 with the help and leadership of Mabel Smith Douglass, a Committee of the Federation of Women’s Clubs. Douglass believed women deserved to have the right to an education and opportunities comparable to men. According to the Rutgers Institute for Women’s Leadership, Douglass “Pointed out that federal land-grant funding for Rutgers was being used exclusively to benefit men, who comprised less than one-third of the high school students in the state, Douglass mobilized school superintendents and principals to support higher education for women.” She was able to influence the college President and Board to allocate land and build a college solely for women. Between 1930-1940 the college grew in size by offering public education to women, something most colleges did not provide. The first class to graduate consisted of 42 women and has continued to grow ever since. The New Jersey College for Women at Rutgers was renamed Douglass
TOWN SPOTLIGHT College in 1955 to honor its founder and first dean. Today Douglass College is the only residential women’s college in the nation that is housed within a world-class public research university. “Overall I did enjoy my time at Rutgers,” said Chelsea Conte, 2013 graduate of Rutgers University. “You could meet someone in an exchange program from France one day and in the same breath run into someone you went to middle school with. It was a great experience, and I’m grateful to have lived on and off campus.” The diversity of Rutgers and New Brunswick is what brought Conte back to the city seven years later. Conte now works at Fritz’s, a casual and hip restaurant in the heart of Easton Avenue neighborhood as a pastry chef. The owner of Fritz’s, Jonathan Guarino, is a Rutgers graduate himself. “My favorite thing about New Brunswick is the variety and size of the city,” Conte explained. She hadn’t been to the city much since she graduated seven years ago but was baffled by the apparent change in the city and campus since she had left. “There is now a quad on College Avenue that is huge and beautifully done. The shops and restaurants are new with redone facades and trendy eateries. It looks like a whole new campus and city since I was a student at Rutgers.” The extraordinary change in the city in less than 10 years shows how prosperous it can and will be in a short amount of time. A city that overflows with history is now mixed with new and trendy spots, creating the perfect place for all ages to enjoy and get something out of visiting.
Conveniently, New Brunswick is also only an hour train ride away from New York City, making it an easy commute for college students looking for a night out as well as those who work in New York City but are looking for a more affordable living space. According to NJ Realtors®, the median sales price for a single-family home in New Brunswick is $217,500 in comparison to the statewide median sales price of $304,900 according to the year to date statistics. During the warm spring and summer months, you can find the residents of New Brunswick soaking up the sun and enjoying nature in one of the seven parks it has to offer with over 272 acres of playgrounds, nature sanctuaries, athletic fields, facilities, and gardens. New Brunswick also offers endless options to fans of music and the arts with their three prestigious, Tony Award-winning theatres. These theatres include the State Theatre New Jersey, The Crossroads Theatre Company, and The George Street Playhouse, a nationally recognized theatre performing Broadway-level shows. Not only can you find culture, history, and great food in this diverse city; but it has also earned the reputation of being named the “Healthcare City” with five nationally recognized hospitals, global biotechnology, internationally recognized medical research facilities, and is part of the country’s largest medical school. Conte believes the future of New Brunswick will only flourish and will become even more of a trendy place for college students and families alike to spend their time. She sees herself staying in New Brunswick for years to come and is excited to see even more growth over the next few years.
Bruce Shapiro
Rutgers University Bruce Shapiro
Rutgers University
Bruce Shapiro NEW JERSEY REALTOR® | July/August 2019 | 11
Oilheat. Know more, sell more. Become an efficiency expert and “wow” your clients!
PRO$ Corner Safe at home with oilheat
Energy efficiency is a hot topic these days. Sellers make their homes more attractive by being energy efficient, and buyers want to reduce usage. Get familiar with these smart moves to become an energy-efficiency expert for your clients! ●
Schedule an annual heating system tune-up — Keeping the heating system tuned up is critical for achieving peak efficiency. Annual tune-ups can reduce energy usage by as much as 10%. It’s also a smart idea to get a tune-up right before listing a home, so buyers see the system in its best shape.
●
Install an indirect-fired water heater — Indirect water heaters use the oil boiler for heat. For homes that heat with a boiler, this is a great option that cuts water-heating costs significantly during fall and winter.
●
Recent oilheat customer research revealed that many buyers, particularly younger ones, have huge misconceptions about the safety of heating with oil. The fact is, oil-heated homes are incredibly safe! Keep these points in mind so you can separate myth from reality for your clients:
› No explosions – Contrary to what many people believe, heating oil cannot explode. The oil that’s stored in a tank is as likely to explode as the water in a swimming pool!
Upgrade to a new energy-efficient system — If the existing system in the home is more than 20 years old, your clients can save big by upgrading to a highefficiency heating oil system. This could save them 20% or more each year! Plus, there are rebates of up to $700 available to help with the cost. All your clients need to do is connect with their local heating oil company to have the work completed. Your clients will receive the rebate upfront and their company will do the rest! To learn more, visit OilheatNewJersey.com. For more tips and suggestions to help your clients make their homes more energy efficient, visit OilHeatPros.com/nj and order our FREE Energy Efficiency Guide today!
› No fire hazard – Heating oil cannot burn in its liquid state. Before combustion can occur, heating oil must be vaporized and turned into a fine mist.
› No dangerous surprises – Oilheat poses a very low risk of carbon monoxide poisoning. If an oil burner malfunctions (usually due to lack of maintenance), the safety devices in the unit will typically shut the furnace off.
You can confidently reassure your clients that they will be safe when they heat their homes with oil!
Tap into PRO$ and close more business PRO$ can give you the edge you need to close more sales this season. We’re here to support your sales efforts, as you list and sell more oil-heated homes. You can request our free materials like the Guide to Heating Oil Storage Tanks or the Homeowner’s Guide to Oilheat. You can also request a brief 15-minute presentation in your office, where one of our local experts will give you tools and tips to help set you apart in a crowded market. And you can connect with PRO$ online and stay up to date on the latest news. Visit OilHeatPROS.com/nj today! The more you know, the more you’ll sell! 12 | NEW JERSEY REALTOR® | July/August 2019
Paid for by the Fuel Merchants Association of New Jersey and the National Oilheat Research Alliance
Educating Buyers On Foreclosed Homes BY SARAH LI CAIN
W
hen one of Mark Slade’s clients decided to purchase a foreclosed home, he made sure she was well aware of the potential consequences—good or bad—with her decision. As a 10-year veteran who has helped sell more than 25 foreclosed properties, Slade knew it could take a considerable amount of cash to fix up the property. Two months later after finding extensive mold, termite damage and sinking $22,000 into the home, the client put it back on the market. Although horror stories like this may be rare, they're not uncommon. Home buyers who want to buy foreclosures think they’re getting a deal, but there are many factors to consider before going through with the sale. Considering New Jersey has one of the highest foreclosure rates in the country, one in every 758 housing units as of October 2018 according to data from ATTOM Data Solutions, you could find yourself listing or helping to sell a bank-owned property, also known as real estate owned (REOs).
For the home buyer, purchasing a foreclosure may seem like a great choice—why would someone pass up the chance to get a property for rock bottom prices? However, for Realtors® who want to help buyers take advantage of the opportunities, it requires more patience and effort to educate those interested in these types of properties.
Setting Initial Expectations With Buyers When it comes to REO properties, Realtors® need to set expectations with buyers. Clients may have done their research on a traditional home buying process, but not enough about foreclosures. “It’s crucial you talk about in specifics about the differences [between conventional listings and REOs],” said Slade. “You can’t really negotiate with the owners, there are most likely deferred maintenance issues and lenders can move much more slowly to get rid of the property.” NEW JERSEY REALTOR® | July/August 2019 | 13
Debtors lose all rights to the property, including the amount they’ve put into it, so it’s natural for emotions to run high once a home is foreclosed upon. New Jersey has one of the most prolonged foreclosure processes because it’s a judicial foreclosure state. This means lenders need to file a lawsuit and go through a judge to allow the home to be sold to satisfy an outstanding debt. On average, it took 1,300 days in the last quarter of 2017 to foreclose on a property: one of the longest in the U.S. This lengthy process could mean buyers need extra patience when waiting for foreclosed properties on the market. Lenders often have many foreclosed properties on their plate so they aren’t necessarily as motivated to sell.
hazards that prevent entry to the home, such as mold or termites. Lisa G Lopez, a Realtor® with Home Alliance Realty who has sold foreclosures for 25 years, suggests typical home buyers may not have enough knowledge about buying a foreclosure, so education is key. “Remind [clients] that a foreclosure is not a traditional sale and they do have different terms to their contracts,” said Lopez. “A foreclosure is not going to be [the right fit] for every buyer, like if they have a need to move quickly or have restrictions on financing.”
The Closing Process “Banks typically have already written off the property as a loss,” said Slade. “They don’t necessarily care about selling quickly because banks can typically write off carrying costs in taxes, so they’re willing to go back and forth to get the best offer.” Realtors® need to spend extensive time discussing a client’s needs in order to decide if a foreclosure is the right fit. This includes questions about financing options, timeline, and willingness to take on risk with a sold as-is property. In other words, buyers may already know there are repairs needed. However, these repairs could take much longer than expected. Some possible setbacks include cleaners coming to clear debris, extensive repairs, or other environmental
14 | NEW JERSEY REALTOR® | July/August 2019
When it comes time to go through the closing process, you may already know homes are sold “as-is,” meaning the home inspection process is much different than a traditional sale. “Unless the buyer does a home inspection and shares it with the seller, the corporation [or bank] typically doesn’t have any knowledge of the property having never lived there,” said Lopez. By law, sellers have to disclose any known latent defects that may affect the value of the property and are not readily visible to a buyer. For example, if there are any mechanical, structural, or environmental issues like mold and faulty wiring, it must be disclosed. However, the seller is under no obligation to make repairs.
“Buyers need to be told that just because the seller may disclose any defects or find any major issues after a home inspection, they can negotiate for repairs,” Slade said. “Again, it’s an as-is property. Unless there are significant issues that may prevent you from getting financing, [buyers] are pretty much on their own.” Slade suggests speaking with buyers about possibly budgeting for repairs. It may be a good idea to get a home inspected and estimate possible costs in advance so buyers can try to back out of the contract and get their deposits refunded if need be. Lopez agrees and adds that buyers need to be educated on the types of financing available or not when it comes to foreclosures. It could mean buyers may need more money upfront in order to close on the property. “Not every property will qualify for all financing options,” said Lopez. “Some do get repaired by the seller but others may not which can result in the property not being eligible for conventional, FHA or similar financing. A rehab loan or cash may be the only way to close.” Realtors® may want to look up alternative types of financing so buyers can speak to lenders about all their options. Loans such as FHA 203k loans—a type of renovation loan for foreclosed properties plus money for repairs and renovations—are helpful but may be more complicated to obtain. For instance, buyers may be required to hire an independent, FHA-certified consultant to review cost estimates from contractors. Costs are also higher for these loans from interest rates all the way to paying for points. This means that while the purchase price for a foreclosure can be a great deal, paying more in interest could mean buyers will pay more overall on a property. Moreover, foreclosed condos may not be able to qualify for any type of financing depending on its condition. It's crucial buyers are aware that in some cases, they may need to pay cash for a property. In addition, contracts for REO properties are different, making it essential to go through it with a fine-tooth comb and ensure buyers understand what is being asked of them. “These properties typically have seller addendums that add conditions to the sale,” said Lopez. “As well, some properties have different deed offerings, meaning you might not get a bargain and sale deed, but a quitclaim deed instead.”
Most banks have addendums that would protect their interests and they typically supersede a regular Real Estate Investors Network (REIN) contract. Most common, a bank addendum might contain language that changes the contract. In other words, if you intend on helping clients purchase foreclosures, start networking with a real estate attorney who specializes in these types of matters. That way, you can feel safe knowing you made a recommendation to the buyer when it comes time to review the contract. It’s essential the contract and addendum are carefully reviewed by an attorney. Both Lopez and Slade recommend that buyers have an experienced attorney who has worked on foreclosure contracts before to represent them. He or she will be able to understand the nuances involved and how buyers can protect themselves from entering into a contract that doesn’t benefit them. For example, you’d want to make buyers aware that real estate attorneys can advise on both bargain and sale and quitclaim deeds since these offer the least protections for them. Both types of deeds don’t warrant against encumbrances, but a quitclaim deed doesn’t have a warranty to the status of the property title, unlike the bargain and sale deed.
Honesty is the Best Policy When selling REO properties, it’s just as important to be clear throughout the buying process as any other real estate transaction. It may involve being more vigilant about checking in with your client, being proactive with explaining the pros and cons of foreclosures, and making necessary recommendations. “Most first-time homebuyers think they’re getting a bargain and getting the best deal when going down the foreclosure route,” Slade said. “Realtors® specializing in these properties know it’s not always the case, especially when it comes to nasty surprises like extensive repairs or when their initial offer gets rejected.” At the end of the day, no home purchase should be taken lightly. Showing buyers what they’re getting into can give them an opportunity to change their mind if it’s not the right fit.
NEW JERSEY REALTOR® | July/August 2019 | 15
Home sweet home should be attainable and affordable.
NJHMFA not only provides funding for housing that is affordable, but advocates for fair, safe housing and foreclosure legislation. NJHMFA has a variety of programs and resources available to your clients, including our First-Time Home Buyer Program, Down Payment Assistance Program and Foreclosure Mediation Assistance Program. No matter your clients’ needs, NJHMFA is here to help. Our staff of housing professionals and approved lending partners are dedicated to pairing your clients with the programs and resources that will help them achieve their dreams of owning a home and making it their own.
Learn more at TheRoadHomeNJ.com and NJHousing.gov. njhousing.gov NJHMFA is a self-sufficient agency of state government dedicated to offering New Jersey residents affordable and accessible housing.
16 | NEW JERSEY REALTORÂŽ | July/August 2019
Transit Issues and the NJ Real Estate Market BY PAMELA BABCOCK
A
s New Jersey commuters slog through a summer of what NJ Transit promised would be more delays and cancellations, it’s hard to ignore the impact problems within the transportation system may be having on home sales. Although the agency has pledged improvements, some say they see a ripple effect on the residential real estate market, with potential winners and losers. Meanwhile, a more significant worry is looming. Without approval to build a new tunnel under the Hudson River, known as the Gateway project, there is the ongoing threat of a partial shutdown of the northeast corridor’s main artery. According to a February 2019 report from the Regional Plan Association of New York, a shutdown without a new tunnel would be a dramatic event and would drive home prices down. “Less service and longer commutes would mean property values would be likely to decline for the duration of the shutdown,” the report says. The cumulative loss could be up to $22 billion, or six percent of the home values in affected rail station areas and 2.5 percent of all home values in New Jersey. The average home could lose $13,000 to $14,000 in value, with homes closer to rail stations experiencing the most considerable losses, according to the report. Jeffrey Otteau, president of Otteau Group Inc. in Matawan, says the potential for continued transportation disruption is a big problem. “The lack of stability in the transit infrastructure has wideranging implications for real estate markets here in New Jersey and most obviously in towns which, in the past, had
Photo courtesy of NJ Transit
predictable, reliable direct access into the city,” Otteau says. Communities likely to be hardest hit? Those on the Midtown Direct lines that have seen prices “rise faster than anywhere else in New Jersey” in part because of the Manhattan effect of workers having higher incomes. Signs of trouble may already be showing up in the numbers. From 2017 through the end of April 2019, statewide home sales increased five percent but declined 5.7 percent in transit-oriented towns, according to Otteau Group, which analyzes real estate trends for investors, banks and developers. “That is a complete reversal from what we had been seeing since the recession, when rail-centric towns were leading the way and seeing the most robust home buying demand,” Otteau says. Prices in transit towns during the same period also underperformed, albeit by a small margin, with only a 2.4 percent price increase compared to 3.3 percent statewide. Otteau’s figures were based on a subset of transit-oriented towns that thrive on rail access and have a majority of commuters into Manhattan, Hoboken or Jersey City. Two areas saw jumps in sale prices: home prices in Hoboken went up 7.9 percent and Jersey City saw prices rise by 6.6 percent. Otteau says those increases aren’t surprising because both have short runs into Manhattan and offer ferry and Port Authority Trans-Hudson (PATH) service. Meanwhile, Otteau says data from other communities, including Summit, which saw a 26.3 percent drop in home sales from 2017 to the end of April and Westfield, which had a 6.7 percent drop, may indicate some transit-oriented markets are losing some of their luster. NEW JERSEY REALTOR® | July/August 2019 | 17
More on the Gateway Project With the exception of PATH, all Amtrak and NJ Transit service to NYC travels through the two centuryold decaying tunnels damaged by floodwaters from Hurricane Sandy. The status of the project is a big concern. “If we believe what we’re being told, those tunnels are going to fail and what’s really concerning is there’s no funding in place to build the two new tunnels,” Otteau says. If two new tunnels are built, the exiting tunnels would be taken out of service for repairs. “The infrastructure is decaying and less reliable,” Otteau says, adding delays starting the project and possible failure of one or both of the existing tunnels will threaten home values pyramid in northern New Jersey and have a ripple effect if prices in transitoriented towns decline. That’s because home prices and apartment and commercial rents are already inflated 25 to 75 percent in places that previously had reliable train service. If the transit system continues to grow less reliable, or if the Gateway project doesn’t get built before one or both existing tunnels fails, those premiums could disappear. Otteau says that would likely cause a domino effect on prices in neighboring markets. “There would be a global reset in real estate prices throughout New Jersey if in fact these premiums start to tumble,” Otteau says. He adds it would also have implications on ability to sell, ability to finance, mortgage delinquency, foreclosures and implications for municipal tax bases they’re tied to property values. “This is very threatening,” Otteau says. And if the Gateway project doesn’t move forward, he expects real estate demand will begin to shift to places that don’t rely on the rail tunnels. Beneficiaries might include Westchester County, Western Long Island, and places in New Jersey that have ferry access, including the Bayshore and areas from Port Monmouth down to the Highlands in Monmouth County. “We expect that there would be a wealth transfer that would occur that would begin to redirect those premiums from train access to ferry access,” Otteau says. 18 | NEW JERSEY REALTOR® | July/August 2019
Word on the Street Several New Jersey Realtors® say they’ve seen an uptick in buyers mentioning transit woes and some even shifting where they’re looking. Access to water transportation via a ferry system and the more reliable PATH train have been draws. At Avora at Port Imperial, a 184-unit, 11-story Weehawken waterfront condominium across from the Port Imperial Ferry Terminal, buyers typically have come from the immediate vicinity but lately have been relocating from places such as Whitehouse Station, Monmouth Junction, Princeton and Suffern, N.Y. “The ferry has become the biggest selling point for residential buildings on New Jersey’s Gold Coast,” says Jill Preschel, Vice President of Sales and Marketing for Landsea Homes New York Metro Division. The boat commute from to Midtown Manhattan typically takes about eight minutes. About 65 percent of the units have sold. Current listings range from $690,000 for a one-bedroom to more than $3 million for a penthouse. Marie Bagarozza, a Realtor® with Exit Realty East Coast in Holmdel, says she’s had more buyers express concern about how delays would affect their commute. She sells mainly in Monmouth and Ocean counties, a region served by NJ Transit’s NJ Coast Line. While Bagarozza doesn’t think delays have had a serious impact on sales, she has seen more shoppers shift to Union, Middlesex, Essex, Hudson, and Morris counties, which offer more frequent service. She adds that the biggest concerns come from homebuyers and investors considering properties around transit hubs such as Red Bank and Long Branch. “Clients have asked me if they or their tenants will have issues commuting,” Bagarozza says. Fortunately, the area has other transportation options, including the Seastreak Ferry
out of Atlantic Highlands, service from Academy Bus out of the PNC Art Center, and more. And in the end, Bagarozza says many clients say the benefits of living at the shore “mostly outweigh the commuter delays.”
Maggee Miggins, a broker associate and Realtor® with Keller Williams Realty Premier Properties in Short Hills, says she doesn’t think transit worries have had much of an effect on sales, even from out-of-state buyers, despite national coverage of New Jersey’s transit problem.
Other Views Peter Engelmann, a Realtor® with Weichert Realtors® in Bernardsville, hasn’t felt much of an effect on sales but admits the issue is a factor in some homebuying decisions there. For more than six months, there has been no weekend service on the NJ Transit’s Gladstone line, although substitute bus service is provided. “It seems like every time the wind blows, they shut the line down, sometimes for days at a time–we really seem to be a low priority,” Engelmann says. Gladstone commuters have only two direct trains to Manhattan, both weekdays only: a 6:32 a.m. that takes 99 minutes and a 5:18 p.m. return that takes 97 minutes. Additionally, trains are often canceled because of lack of staff. “It’s not the end of the world, we deal with it and plan for it,” Engelmann says.
Left: photo courtesy of GDC; Bottom left: photo courtesy of New World Group; Bottom right: photo courtesy of Darren Phillip Jones
“There will always be delays and cancellations in the Tri-State area–that's just part of commuting, regardless of where you live,” Miggins says. Sure she’d like it fixed, and says she’s glad “politicians are working on it.” If the Gateway project was funded and built and there were four tunnels instead of two under the Hudson, Miggins thinks home values along the Mid Town Direct line could increase by 20 percent. Miggins adds that because her area has highly-rated schools and easy access to Newark International Airport, “NJ Transit is certainly not slowing things down here.” While there’s no question it’s easier to live in a town where you can walk to the train, Otteau says the convenience of charter and independent bus transportation has been significantly underplayed in recent years. He encourages Realtors® to educate themselves on the proximity and schedules to counter potential buyer's concerns. “The bus transportation network here in northern New Jersey is very robust,” Otteau says, adding that, based on upon scheduled travel times, one might argue it takes longer to go by bus. “But the reality is that the trains haven’t been running on time for a very long time,” Otteau says.
NEW JERSEY REALTOR® | July/August 2019 | 19
Coaching and Mentoring: Successes and Failures BY MICHELE LERNER
A
motivational speaker rallying the audience to sell, sell, sell can be uplifting and inspire you to work harder to boost your real estate career. Experienced agents who have been both mentor and mentee agree personal attention and compatibility can generate lasting benefits. While both large-scale coaching enterprises and one-onone mentors have their proponents, what matters most is to find the type of assistance that matches your personality and needs.
“A mentor will teach you day-to-day operations and a coach will teach you marketing and accountability,” said Nikki Shah, a Realtor® with Long & Foster Real Estate in Cherry Hill. “I think it’s best to find a Realtor® in your office to shadow for the first 30 to 60 days of your career and then occasionally ask for that mentor to help you with specific issues later on. I’m a strong believer in mentoring.” Felicia Finn, a Realtor® with Century 21 Action Plus Realty in Toms River, recommends agents learn the business with the help of a mentor for a year or two before working with a professional coach. Widad Abbasi, a Realtor® with Coldwell Banker Residential Brokerage in Pascack Valley Regional Sales Office, meets with her manager, who also functions as her mentor and coach, every two weeks for brainstorming sessions and talks with him whenever she needs advice. “He understands me, he understands our local market, and he understands our local people,” Abbasi said. Mentoring works best when agents are willing to listen, said Thomas McCormack, broker/owner of Resources Real Estate in Monmouth County, but it can be unsuccessful when the mentor and mentee have different expectations of how it will work and how much time it will take.
When to Seek Help When Phil Orofino, a Realtor with Century 21 Semiao & Associates in Lyndhurst, started his real estate career he ®
20 | NEW JERSEY REALTOR® | July/August 2019
relied heavily on the willingness of his broker, Fernando Semiao, to mentor him. “He taught me everything from how to do a walk-through and a listing presentation to how to manage my time,” said Orofino. “Now I take up less of his time, but I still turn to him for tricky situations.” Most brokerages have a formal or informal mentoring system for new agents, but brokers and Realtors® say a mentor or coach can be helpful at any point in your career. “You always need someone to talk to and you always need to be pushed,” said Abbasi. For many agents, the prime benefit of a coach is for accountability. Finn, who’s been a Realtor® for 15 years, said she’s been working with Mike Ferry’s program for 18 months and wishes she had started earlier in her career. “We all know what we need to do to prospect and generate leads, but it helps to have someone remind me to keep tapping into my sphere of influence and to hold me accountable,” said Finn. Finn talks to her coach for 30 minutes each week and said she’s constantly getting new ideas of what else she can do to grow her business. “Any agent can benefit from a coach or mentor at any time on the continuum of their career as long as they have a personality that can be coached and can commit to it,” said McCormack. “An experienced agent can get a coach to help them focus, to get rid of bad habits, to increase their market share or to adjust to a market shift.” Linda Romano, a Realtor® with Coldwell Banker Residential Brokerage in Spring Lake, said she started mentoring other agents three months into her career as a Realtor®. “One agent I helped recently knows everyone in town and needed some help to set goals and talk about how she could move her real estate career forward,” said Romano. “I think
a mentor can help the most when people get bogged down setting up all their social media and systems and then just get overwhelmed. Agents need a lot of help getting organized and learning time management skills.”
When Coaching and Mentoring Fail Plenty of agents credit their mentors and coaches with their success. However, the time and money spent with a mentor or coach doesn’t always translate into new milestones because one side of the relationship doesn’t follow through. “I suggested to one agent to get a senior specialist certification and then come back to me for more mentoring,” said Romano. “But she never got the certification.” Sometimes the personalities of a mentor or coach and an agent are incompatible and the relationship fails. “A coach should want to better you, not just tell you what you want to hear,” said Abbasi, who briefly had a mentor who functioned more as a cheerleader than an adviser. "Not everyone is good at mentoring," said Finn. Sometimes agents want to be a coach but they’re not 100 percent interested in the success of their mentee, or they’re not willing to put in the time to make a difference in that person’s career. Even when agents spend hundreds or thousands of dollars on coaching programs, they sometimes don’t take full advantage of what’s offered, cancel appointments, and don’t do their assigned homework. McCormack compares this to people who pay for a gym membership and don’t go. “Sometimes people feel good they’re doing something for their career when they write a check to a coach, just like they feel healthier belonging to a gym even if they don’t use it,” said McCormack. “A good coach is supposed to take you out of your comfort zone, much like a personal trainer, and push you to work harder.”
Coaches often establish their value by promising to help agents reach their goals, said Byron Van Arsdale, co-owner of the Real Estate Coach with Bernice Ross. “I think it’s better to ask agents what they need from me,” said Van Arsdale. “My worst experiences as a coach have been when people ask me to tell them what to do. My role is to help people see their business in a new way.” Accountability is a key promise of most coaches and can be helpful for new agents, but for agents with more experience, a clear sense of purpose is essential. “The best clients for coaching are agents who are ready to take action, who have curiosity and are ready to learn and who don’t care about their ego because they just want results,” said Van Arsdale.
Mastering the Mentor Role One big problem with mentoring is the most successful agents, who are potentially the ones with the most insight to share with other agents, are also extremely busy. “It can be a big problem to figure out how to handle time constraints between a mentor and a mentee,” said Finn. “Mentors need to decide how to structure their schedule to be helpful even when they’re busy.” Orofino said having a good mentor helps him be a better mentor. “Being a mentor to agents who are newer to the company or need extra help also stops me from getting too far away from the basics of real estate,” said Orofino. Whether you’re looking for a mentor or a coach or want to be one yourself, Van Arsdale said, there’s no one size fits all solution. Every situation is unique and every agent will have different needs throughout their career. Sometimes it takes multiple tries to find the resource that will push you to the next level. NEW JERSEY REALTOR® | July/August 2019 | 21
Education Foundation Scholarship Recipients Krish Patel
N
ew Jersey Realtors® Educational Foundation is proud to present their 2019 scholarship recipients. The Foundation offers annual scholarships to help students meet the costs of higher education. Criteria for selection include academic achievements, financial need, interest in real estate endeavors, and contributions to family, school and communities. Students are eligible for a scholarship if they are a high school senior who will be attending an undergraduate fouryear institution, or currently enrolled in an undergraduate four-year institution. *Student's biographies have been edited for content and clarity
Robert F. Ferguson, Jr. Memorial Krish is an entrepreneur with two goals: to become a Realtor® and to start his own clothing company. He is excited to begin classes on marketing and supply chain management this fall at Rutgers University.
Madison Dempsey
Gloucester/Salem Counties Board of REALTORS® In Memory of Rick Zammer Madison is pursuing a career in nursing and considers it her calling to care for patients and their families during the hardest times of their lives. She plans to pursue a masters degree after obtaining her bachelors.
Gillian Villano
Nexus Association of REALTORS® In Memory of Bill Thomas Gillian is a sophomore nursing major at Penn State University. She hopes to one day be a nurse practitioner. Gillian has volunteered with Horizons Summer Enrichment Program and THON at Penn State. In her spare time she enjoys attending concerts and working out.
Juliette Petruso
Metro Centre Association of REALTORS® In Memory of Anne Mika Juliette will be attending the University of Miami in the fall to study Biology. She plans on playing a club sport and being actively involved in the Coral Gables community. Go 'Canes!
John Whilesmith
North Central Jersey Association of REALTORS® Dean Gallo Award John is majoring in Chemical Engineering at Virginia Tech. He plans on specializing in fire protection and auditioning for a leadership position for their marching band. 22 | NEW JERSEY REALTOR® | July/August 2019
Drew Parsekian
Gabrielle Rodriguez
Ashley Aviles
Anthony Scanzo-Masiero
Matthew D. and Lydia B. Moeller Scholarship Award Drew will be attending the Martin J. Whitman School of Management at Syracuse University. He played on the Ridgewood baseball team for three years in high school, and was a varsity player in his senior year. He attended Camp Dudley in Westport N.Y. when he was younger and then became a counselor. Nancy F. Reynolds Award Ashley will be attending Elon University as a Biology and Political Science major with a minor in Spanish. Upon graduating college, she hopes to attend medical school to become a pediatrician.
Lucas Bruckman
Monmouth Ocean Regional REALTORS® Lucas is a senior at Freehold High School. He will be studying Finance and Engineering at Ohio State University this fall. In his free time he loves playing sports, managing his fantasy football lineup, and cheering on the Buckeyes.
Cannon Johnson
NJ MLS, Inc. Cannon Johnson is a graduate of the Dwight-Englewood School. In the fall, he will be attending Penn State University as a Economics major, and he hopes be a member of Penn State's Mens Gymnastics team.
Carley Bullock
Women's Council of REALTORS® – New Jersey Carley is an Elementary and Special Education major and will be a junior at Kutztown University. Her goals for after graduation include becoming a teacher and entering into her real estate career.
Alex Lambert
NJ REALTORS® Educational Foundation Alex is graduating from Northern Valley Demarest and will be attending Wake Forest to study Political Science. He enjoys going to concerts and watching the Mets and Giants.
Haddon Savings Bank Gabrielle is a junior at Penn State University. She is majoring in Criminology and double minoring in Psychology and Crime, Law and Psychology. Upon completion of her undergraduate studies, she will continue on to graduate school to obtain her masters in Forensic Science and start making a difference in the world. Passaic County Board of REALTORS® Board of Directors Anthony will be a third year student of George Mason University's Honors' College majoring in Criminology with a concentration in Law and Society, with a minor in Political Philosophy. He feels as though all should be treated with respect and hopes to one day put an end to the adversarial political system we currently have.
Molly Balsamo
CORE Association of REALTORS® In Memory of Seymour Litwin Molly is a graduate of Immaculata High School, where she was a member of the National Honor Society, the marching band's color guard, and on the costume and props crew for the high school play. In the fall, she will be studying Biology at Rutgers University, with the goal of working with children in a healthcare-related field.
Maria Alba
Cape May MLS Maria Alba is currently pursuing a Bachelor of Science degree in Finance from New Jersey City University. Motivated and inspired by the drive to contribute to the cultivation and growth of a prosperous community, Maria takes pride in serving as a licensed real estate agent in her hometown of Bayonne. Maria is passionate about community service and volunteers at local political and public events.
Jack Lenosky
Sussex County Association of REALTORS® Jack has a multitude of interests including lacrosse, playing the saxophone, working, mountain biking and snowboarding. Most of all, he values his education and is pursuing a career as a pharmacist. NEW JERSEY REALTOR® | July/August 2019 | 23
Anand Shetler
Greater Bergen Association of REALTORS® In Honor of Charles Oppler Anand is an aspiring Computer Science student attending Stevens Institute of Technology next year. He loves spending time doing various programming projects, playing volleyball with friends, camping with his Boy Scout troop, and teaching people of all ages basic coding skills.
Miranda Fazliu
Greater Bergen Association of REALTORS® In Honor of Joan m. Sobeck Miranda will be attending Fairfield University to study nursing in the fall. She hopes to further her education to a masters degree and ultimately become a nurse practitioner.
Max Berg
CORE Association of REALTORS® In Memory of Marlene King Max graduated from Union Catholic Regional High School and looks forward to attending Manhattan College this fall to study Business Management. He is eager to utilize the information he will learn at Manhattan College to expand his horizons in the business world.
Kate Killian
Stefanik Family In Memory of Gertrude M. "Pat" Stefanik Kate will be attending Stevens Institute of Technology and will be majoring in Naval Engineering and participating in their accelerated master's program. She hopes to earn both her Bachelor's and Master's degrees in five years. Kate will also be playing for Steven's women's lacrosse team. She enjoys participating in conservation initiatives like Project Terrapin, playing sports, and enjoying the great outdoors.
Brian Hack
Greater Bergen Association of REALTORS® In Honor of Robert Oppenheimer Brian will be attending the Savannah College of Art and Design to study Game Design and Animation. He loves playing video games, writing stories, and sampling the finest cuisine in the world. His goal is to become a game artist at a major game studio.
24 | NEW JERSEY REALTOR® | July/August 2019
Isaac Amador
Cape May County Board of REALTORS® In Memory of Ruth McCormick Isaac is a junior nursing student at the University of Rhode Island. He volunteers at URI EMS and is involved in the outing and adventure club.
Jillian Davis
Nexus Association of REALTORS® In Memory of Gertrude M. "Pat" Stefanik Jillian is a sophomore at American University in Washington, D.C. She is studying International Relations with a minor in Women and Gender Studies. She is also working towards getting a certification in the Peace Corp Prep program and hopes to join the Peace Corp after graduation. Jillian has always been an active member in the community and is currently apart of a student run newsletter TheMove, is the president of Project Heal - AU Chapter, and Manger of Communications of the NGO, OpenMinds Generation.
Anthony Giordano
CORE Association of REALTORS® In Memory of Richard De Paola Anthony will be attending Penn State Altoona in the fall, perusing his dream of majoring in Rail Transportation Engineering. Anthony is the President of The National Honor Society at Long Branch High School and is a published musician.
Zach Kronheimer
North Central Jersey Association of REALTORS® Michael A. Cambell Award Zach Kronheimer is a rising sophomore at the Rutgers Business School, and is studying Finance and Business Analytics & Information Technology. Zach is passionate about the stock market, music, bodybuilding, and hopes to one day start his own hedge fund.
Joanna Varughese
RRC NJ-DE Scholarship Award Joanna is attending Rutgers University with the plan to attend dental school after graduation. She hopes to inspire confidence in dental patients by preserving and restoring beautiful smiles. Her hobbies include Bollywood Indian dancing, henna design, and hand lettering.
Meghan Oddy
NJ REALTORS® Leadership Team Award Meghan Oddy will be attending Loyola University in Maryland to study Mechanical Engineering. Inspired by all of the innovators who came before us, she aspires to use her education to contribute to innovations in the renewable energy field. Meghan is an avid traveler and plans to go backpacking across Europe before graduating from college.
Meet Your Equal Opportunity Lending Solution
Matthew Chludzinski
Greater Bergen Association of REALTORS® In Honor of Gene Azzalina Matthew is currently attending Stevens Institute of Technology as a Civil Engineering major. As written in The Lord of the Rings by J. R. R. Tolkien, his philosophy is "It's the job that's never started as takes longest to finish."
Affordable Commercial Mortgages for Minority Property Owners Don't let traditional lenders give you the runaround. We're committed to providing direct access to purchase and refinance solutions that maximize your opportunity for long-term success.
Ashley May
Sussex County Association of REALTORS® As a senior at Fairleigh Dickinson University, Ashley is currently spending her time working on her wage gap honors thesis. She is finishing her Bachelor's in Management with a concentration in Leadership, while also earning her MBA in Management through their combined program. In her free time, she likes to travel and is looking forward to studying abroad in Mexico this summer!
Gabriella Giegerich
North Central Jersey Association of REALTORS® Alex DeCroce Award Gabriella was Salutatorian of her class at Camden Catholic High School and will be attending The Catholic University of America to pursue a degree in Musical Theatre. She hopes to one day star on Broadway, and start a nonprofit organization that brings arts education to low income areas.
Karen Villagomez
Nexus Association of REALTORS® Nutter/Schwartz Award Karen will be a junior year at Rider University. She is an Elementary Education and Mathematics major. She is dedicated to her school work, and her goal is to earn a Doctorate in Education plus own a Pre-K/Daycare center.
Up to $6,000 Credit Toward Closing Cost • No lender fees* • Appraisal credit at closing • No lender legal fees* • Up to $6,000 credit • More flexibility than bank financing • 30-year fixed rates *Waived fees include property appraisal fee and all lender and legal closing fees. This waiver excludes real estate taxes, property insurance, and settlement fees.
Commercial loans from $250,000 - $2,000,000 Property Types Multifamily & Mixed-Use, Retail, Warehouse, Self-Storage, Office, Light Industrial, Automotive, Mobile Home Park, Daycare Center, Restaurant/Bar www.commercialmortgagedepot.com/commercial-loan-options/cmd-stated
(973) 742-1111 | 1000 Clifton Ave. | Clifton, NJ 07013
NEW JERSEY REALTOR® | July/August 2019 | 25
Nicole Ricciotti
Greater Bergen Association of REALTORS® In Honor of Mary Davis During High School, Nicole was an active member of the dance team and captain for three out of four years. She will be attending Palm Beach Atlantic University in West Palm Beach Florida this fall with a goal to become a Child Life Specialist.
Andrew Sklavounos
Monisha Trousdale
Passaic County Board of REALTORS® In Memory of Wayne Damstra Monisha is a junior at Rutgers University, majoring in English and Economics. She is a part of Rutgers No More, the honors program, and the Residence Hall Association. Her interests include reading, writing, and soccer. In the future, Monisha hopes to attend law school.
NJ REALTORS® Educational Foundation Trustee Scholarship Andrew is currently pursuing a Bachelor of Science degree in Engineering at James Madison University, and plans to minor in Business and Mathematics. When he is not doing school work, he enjoys fishing, watching and playing sports, and spending time with his family and friends.
David Shinkorenko
Karan Desai
Mateusz Michalak
North Central Jersey Association of REALTORS® Edward A. Ward Award Karan will be attending Rutgers University to study Finance and Business Analytics and Information Technology. Aspiring for a career in business, his passion led him to play an active role as cofounder of his schools TED-Ed club, Vice-President of Student Council, and was a DECA state finalist. He hopes he can continue upon his entrepreneurial path by fostering the skills needed to become a management consultant and growing his online cosmetic business.
Meghan Jonovich
Tg Glazer Award Scholarship Meghan is graduating from New Providence High School and will be attending Clemson University to study Business. Throughout high school she was involved in many activities including Peer Leadership, Cross Country, Basketball, and Culinary Arts Club. In addition she was inducted into the National Honor Society, Art Honors Society and World Language Honors Society for Italian. She recently got involved in Real Estate by doing a senior internship at Weichert Realtors® in Chatham.
26 | NEW JERSEY REALTOR® | July/August 2019
CORE Association of REALTORS® In Memory of Shirley Czajkowski David is a rising freshman at Fordham University and plans on exploring the multifaceted world of business. He graduated high school at the top of his class and excelled in cross-country, swimming, and track; with leadership positions in all three. CORE Association of REALTORS® In Memory of Deborah Ann Piegaro Mateusz will be attending Drexel University as an Architecture student. He has always enjoyed drawing and sought to challenge himself with Mathematics and Engineering courses in high school. He found Architecture to be the perfect middle-ground to combine his interests. Living so close to NYC, he witnessed new projects constantly starting up, which made him eager to eventually add his own addition to the iconic skyline.
Robert Rothery
William J. Carlton Memorial Scholarship Robert will be attending the Smeal College of Business at Penn State as a Business major. He enjoys snowboarding, basketball, fitness, spending time with my family and friends, and traveling. After college, he plans to pursue a job in either Actuarial Science or in a hedge fund firm. He has lived by the idea that no person other than himself should have to be responsible for his successes.
CRAFT BEER FOOD TRUCKS
MUSIC HEADSHOTS PROMO REELS
PRIZES CE SESSIONS GAMES & MORE! SEPTEMBER 27
B O A R D / A S S O C I AT I O N N E W S
Realtors® Assemble Easter Baskets The Warren County Board of Realtors® assembled 59 Easter baskets in April for the New Jersey Division of Child Protection and Permanency, which aims to ensure the safety, permanency, and well-being of children and support families. The team of basket assemblers filled each basket
with stuffed animals, books, candy filled eggs, crayons, and more for children of all ages just in time for the Easter holiday. The outreach event was a huge success and the baskets filled a full-size SUV!
Feeling accomplished after putting together enough baskets to fill a full-size SUV.
&
e v Sa the
presents
Women
NEW JERSEY
e t Da
October
2
Galloping Hills Country Club Kenilworth, NJ
Registration opens in August
28 | NEW JERSEY REALTOR® | July/August 2019
SUDOKU
M AR KE TPL A C E
Have a few minutes? Challenge yourself!
Real Estate, Mortgage, Appraisal, Insurance & Securities Licensing Courses & Continuing Education Seminars IN CLASS
ONLINE
ONSITE
We can come to your office!
800-288-5154
www.AmericanSchoolNJ.com
CommerCial mortgage assoCiates
Looking for a Commercial Mortgage? MULTI FAMILY . MIXED USE . OFFICE . RETAIL INDUSTRIAL . SPECIAL PURPOSE . & MORE!
Offering a variety of programs to fit each client’s needs since 1989
CALL DIRECT! 732-714-2300 Puzzle provided by sudokuoftheday.com Get the answers to the puzzle on page 2
COMMERCIALMORTGAGENJ.COM
NEW JERSEY REALTOR® | July/August 2019 | 29