March/April 2021 New Jersey Realtor® Magazine by New Jersey Realtor®

NEW JERSEY

REALTOR

March/April 2021: VOLUME 7 ISSUE 2

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NEW JERSEY REALTOR® A publication of New Jersey Realtors®

10 Hamilton Avenue Trenton, NJ 08611 Phone: 609-341-7100 njrealtor.com

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

CONTENTS March/April 2021

Content Coordinator

Important Dates & Deadlines

Setting Up a Productive Home Office

President’s View: The C5 Summit

Free and Low-Cost Online Classes to help You Fulfill Your CE

CEO’s Desk: Creating a Clearer Picture of New Jersey Real Estate

2021 OFFICERS Jeffrey Jones

President

Robert White

President-Elect

Nick Manis

First Vice President

Kathleen Morin

Treasurer

ADVERTISING SALES Laura Lemos | 973-822-9274 laura@boja.com DESIGN Rebecca Ryan McQuigg | Encompass Media Group rebecca@encompasspubs.com

Legislative Update: NJ Realtors® Supports SALT Deduction Restoration

The State of Commercial Real Estate in New Jersey

New Jersey Realtors® provides legal and legislative

Attracting and Keeping Commercial Real Estate Clients

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

Town Spotlight: The Historic City of Trenton

Board/Association News

responsibility for their content or accuracy. Where such articles and/or advertisements contain legal advice or standards, NJ Realtors® recommends that

Sudoku puzzle solution:

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

New Jersey Businesses

Educational Foundation Trustee Spotlight: Nekita Martins

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. POSTMASTER: Send address change to Editor, 10 Hamilton Avenue, Trenton, NJ 08611.

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2 | NEW JERSEY REALTOR® | March/April 2021

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I M P O R TA N T D AT E S & D E A D L I N E S

MARCH Women’s History Month

Daylight Saving Time Begins

Saint Patrick’s Day

Passover Begins

Palm Sunday

28 Holi

APRIL Fair Housing Month

April Fools’ Day

NJ Realtors® Office Closed—Good Friday

Easter

Ramadan Begins

Board of Directors Meeting

Tax Day

MAY

JUNE

Orthodox Easter

National Association of Realtors® Virtual Legislative Meetings

Board of Directors Meeting

Flag Day

Juneteenth

Cinco de Mayo

Father’s Day

Mother’s Day

Eid al-Fitr

NJ Realtors® Office Closed—Memorial Day

Earth Day

Orthodox Good Friday

the key to ending discrimination in real estate isn’t this ad.

If recent events have taught us anything, it’s this: we have more work to do. Racism is real, tragically so. Discrimination, in all its forms, still casts a long shadow in this country, and too many are being denied the opportunities that all Americans deserve. Our commitment to the diverse communities we serve starts with a Code of Ethics. Our code sets a higher standard for fairness in housing than any federal law, it’s backed by a culture of member accountability, and it extends to our work on Capitol Hill, where we continue to advocate for meaningful change. At the National Association of REALTORS® we believe that fairness is worth fighting for, and we won’t stop until the fight is won. Because that’s who we are.

If you experience or witness discrimination in real estate, we urge you to report it. Visit hud.gov/fairhousing to file a complaint with the Department of Housing and Urban Development.

REALTORS® are members of the National Association of REALTORS®

4 | NEW JERSEY REALTOR® | March/April 2021

PRESIDENT’S VIEW

The C5 Summit BY JEFFREY JONES

he new year is bringing a slew of new opportunities and

more robust economy. We’ve seen retail and office space struggle

one thing I am most excited for is the C5 Summit, a U.S.

through this past year but manufacturing and warehouses

based commercial real estate event, slated for Sept. 27-29 in

have been white hot. Investors are taking advantage of these

New York City. This brand-new conference is presented by the

historically low interest rates and the consumer’s move to an

National Association of Realtors and NAR 2021 President

online world and running with it. The time to be interested and

Charlie Oppler. New Jersey Realtors is excited to support Past

invested in commercial is now.

President Charlie and also welcome a new conference to the Realtor® Association schedule.

The association is confident this will be a premiere commercial event for the entire country and are proud to be Class A sponsors of the conference. Our presence, along with supporting Charlie, will be to showcase the opportunities and investments available in New Jersey and drive business back to our state, which is uniquely located as a key distribution hub between

Commercial. Capital. Connect. Commerce. Community.

Washington, D.C., Philadelphia, and New York City. New Jersey is a great place for business, according to Choose: New Jersey, the state has five foreign trade zones,

This will be the premiere commercial event for U.S. industry influencers and partners. It will be a place to learn, network, market, and deal with top companies, developers, and members. New Jersey’s commercial market is unique and diverse. As you’ll read throughout the rest of this issue, the pandemic has certainly changed the landscape of the market sector, but there is hope on the horizon in the coming months and years for some big moves.

2900 miles of interstate, and 69 opportunity zones. The state is also ranked number one in biotech growth potential, number one in drug and pharma employment, and is home to the number one busiest seaport on the East Coast. New Jersey Realtors® is looking forward to the opportunity to showcase all the Garden State has to offer and we hope to see you there. Registration for the C5 Summit opens on March 30—nar.realtor/events/c5-summit

As a Realtor® who works primarily in the commercial market, I have seen firsthand how this commercial stability creates a

NEW JERSEY REALTOR® | March/April 2021 | 5

FROM THE CEO’S DESK

Creating a Clearer Picture of New Jersey Real Estate F

or more than a year, we’ve been conducting a quarterly member survey about the housing market. The poll is different from the housing data we distribute each month because it focuses on what you are hearing and seeing in the market from your clients and colleagues. We find it to be a good compliment to the housing data, as it gives some context to the numbers. It’s evaluating professional confidence within the current housing market at a large scale. We started these polls before the pandemic happened and one of the most valuable outcomes has been the ability to compare data quarter-to-quarter amid the constantly changing market. Here’s what some of the data from the latest poll told us: • Economic conditions continue to improve. Two thirds (67 percent) of members now rate current economic conditions as excellent or good, while only a third (33 percent) rate conditions as just fair or poor. This marks a continued positive shift in economic outlook from the low point in April 2020 (26 percent excellent/ good, 74 percent just fair/poor), but ratings are still below where they were in January 2020 (85 percent excellent/good, 15 percent just fair/poor). • Members are split on whether they expect housing prices to increase or stay the same. Four in ten (41 percent) members expect housing prices to increase over the next year, while slightly fewer (38 percent) expect prices to stay the same. This outlook is changed slightly from July 2020, where more members expected prices to stay the same (44 percent) than increase (30 percent). • Members continue to report less buyer and seller activity due to COVID-19. A majority of members have had clients decide to hold off on buying (52 percent) or selling (55 percent) because of the COVID-19 outbreak. Most members (82 to 85 percent) report that only some or none of those clients have returned to the housing market so far. Just over half of members (56 percent) report currently working with out of state clients, and of those members, 73 percent report having more out of state buyers compared to this time last year. 6 | NEW JERSEY REALTOR® | March/April 2021

• Property tax concerns continue to weigh heavily on buyers. Overall, 78 percent of members see property taxes as the most important or a major factor for clients. Over half (59 percent) of members say they have had buyers who could afford the mortgage payments on a house they liked, but the property taxes made the monthly payment too high. Half (52 percent) of members report clients deciding to move or sell because their property taxes were too high, an increase from 43 percent in July. Of those members, just under half (48 percent) report having clients who moved out of state. We know a lot of this information through the conversations we have with members every day, but the poll allows us to quantify this type of data. The data is also specific to location, so we can see what local markets are high in confidence and which are dwindling. We’ve used the data to lobby, when speaking to press, and to help inform decisions. The data is available to you to see and use— njrealtor.com/heatmap. This data only works if the response rate continues to trend upward, so please respond! The next survey will go out in April (the email comes from American Strategies) and we ask that you respond, tell us what you’re seeing, and help create a clear picture of New Jersey real estate.

L E G I S L AT I V E U P D AT E

NJ Realtors ® Supports SALT Deduction Restoration BY BRUCE SHAPIRO

he National Association of Realtors® and New Jersey Realtors® have long stressed the importance of tax deductions that benefit homeownership, especially given the high cost of living in states such as New Jersey. Two of these deductions, the Mortgage Interest Deduction and the State and Local Tax (SALT) Deduction, have assisted homeowners to afford to stay in their Garden State homes. However, at the end of 2017, the Tax Cut and Jobs Act was signed into law, which capped the SALT deduction at $10,000. In 2019, six New Jersey counties had property taxes that alone exceeded $10,000, according to the New Jersey Department of Community Affairs. This cap has had a detrimental impact on the affordability of owning a home. Since the SALT deduction was capped, NJ Realtors® has argued it be restored. While Congress has debated the restoration, the New Jersey State Legislature increased the New Jersey property tax deduction from $10,000 to $15,000 as part of the Fiscal Year 2019

state budget as a way to partially offset the SALT deduction cap. In 2020, as part of COVID-19 relief packages approved in the U.S. House of Representatives, a two-year suspension of the SALT deduction cap was passed. The U.S. Senate, however, never passed them and the SALT deduction remained capped at $10,000 per year. Following the 2020 election, a new push to repeal the SALT deduction began. Bipartisan legislation has been introduced, the SALT Deductibility Act, which would restore the pre-2017 deduction—NAR and NJ Realtors® support the legislation. In January, NJ Realtors® 2021 President Jeff Jones expressed his support for restoring the SALT deduction at a press conference with Rep. Gottheimer. On the same day, all 12 members of New Jersey’s house delegation signed a letter to Speaker of the House Nancy Pelosi and Senate Majority Leader Chuck

Schumer in support of restoring the SALT deduction. In the U.S. Senate, Majority Leader Chuck Schumer introduced the Senate version of the SALT tax deduction restoration bill needed and President Biden has also expressed support in the past for restoring this deduction. While there are many issues facing the new Congress and administration, there have been encouraging signs of a possible restoration of the SALT deduction. NJ Realtors® will continue to support restoration of the SALT deduction to encourage homeownership in New Jersey given the high cost of living while also supporting measures in the State Legislature to address the highest-in-the-nation property taxes.

RPAC

$902,000.00

JERSEY

raised as of Feb. 11, 2021

OF NEW

$348,533.40

N E W J E R S E Y L E G I S L AT I V E B I L L S A159 – Wirths (R24) Repeals “Statewide Non-Residential Development Fee Act.” New Jersey Realtors® Position:

SUPPORT

A596 – DeMaio (R23), Caputo (D28) Excludes gains on sales of certain real estate purchases from taxation under corporation business tax and gross income tax. New Jersey Realtors® Position:

STRONG SUPPORT

We support this bill which repeals the “Statewide Non-Residential Development Fee Act” as a way to strengthen the commercial real estate market in New Jersey by doing away with the 2.5 percent fee enacted in 2008.

We strongly support this bill excluding gains from investment properties for three years under the corporate business and tax and income tax in New Jersey to encourage new investment.

Bill History: 1/14/2020 – Introduced in Assembly and referred to Assembly State and Local Government Committee

Bill History: 1/14/2020 – Introduced in Assembly and referred to Assembly Commerce and Economic Development Committee

A3119 – DeAngelo (D14), Verrelli (D15)/S1509 – Cruz-Perez (D5) Allows corporation business tax credits for redevelopment of distressed shopping center. New Jersey Realtors® Position:

SUPPORT WITH AMENDMENT We support this bill with an amendment clarifying that the New Jersey Economic Development Authority would certify that improvements to distressed shopping centers are made within 90 days so that these tax credits can be made available as quickly as possible. Bill History: 2/13/2020 – Introduced in Senate and referred to Senate Economic Growth Committee 2/24/2020 – Introduced in Assembly and referred to Assembly Commerce and Economic Development Committee NEW JERSEY REALTOR® | March/April 2021 | 7

The State of Commercial Real Estate in New Jersey BY LINDSEY GETZ Photo Courtesy of Arts Council of Princeton.

OVID-19 has been one of the most significant issues to impact the commercial real estate market in decades—arguably more than the global financial crisis of 2007. However, to date, the market has held stronger than many initially believed and industry insiders have a positive outlook for 2021 and beyond. “When the pandemic first hit, there was fear and uncertainty surrounding what the future would hold,” said Adrian Kroll, founding partner of Kroll Commercial Realty in East Brunswick. He said phone calls slowed, and some clients were nervous about staying in deals—there’s no question those early months of the pandemic were stressful. “We’ve never been through anything like this before,” said Kroll. “The initial reaction was fear of what would happen. There was so much uncertainty for what the future held. But it never got as bad as a lot of us feared.” By the summer, Kroll said a lot of concern started to lift, and ever since, things have been trending in a more positive direction. People have learned to live with the pandemic and businesses have proven to be resilient at shifting and accommodating to new requirements or mandates. Now, with the rollout of the vaccine, there is even more positive sentiment.

“Widespread distribution may take several months, but the vaccines should help bring the return of many in-person and indoor activities by early summer. Commercial real estate stands to benefit immensely,” said Jason M. Wolf, managing principal of Wolf Commercial Real Estate in Marlton. “Retail stores should start to see larger volumes of foot traffic, hollowed-out office buildings will begin to fill back up with workers, and the hospitality industry will likely see a rebound of vacation-starved travelers. Business travel, however, will take longer to return.”

Looking at the Different Sectors of the Commercial Industry Mandated closures and decreased occupancy requirements hit some areas of the market harder than others. Retail and hospitality have faced the most hardship with so many people staying home or shopping online while, according to Wolf, big-box stores and pharmacies are among the most active lessees. “Eroding occupancy rates and reduced rent collections have pressured rent growth,” said Wolf. “Non-essential retailers, in particular, are seeking rent concessions or deferrals. Essential services and durable good-oriented retailers have shown resilience while small retailers with limited e-commerce capabilities have struggled.”

“The vaccine has given some hope and people are really looking forward to getting back to their normal lives,” Kroll said. “People are very eager to start seeing the impact of the vaccine take effect.”

Some segments of the market fared well over the course of the pandemic while others saw high demand and even growth in 2020. According to Steve Richel, principal/broker of record for Richel Commercial Brokerage LLC in Red Bank, the industrial sector is hot, and rent is trending upward.

With two vaccines being rolled out and other companies close to the finish line, the long-term picture for the industry is looking brighter.

According to Wolf, the industrial market has been one of the most resilient sectors of the economy throughout the entire pandemic.

8 | NEW JERSEY REALTOR® | March/April 2021

“Demand for industrial space was robust as firms invested in logistics and industrial functions,” said Wolf. “Social distancing measures have bolstered online shopping and supported already strong demand for warehouses and distribution centers. While Amazon continues to lead leasing activity, third-party logistics operators, home improvement stores, and general merchandisers such as Walmart and Target were also among the final quarter’s most active lessees.”

“For a while, the trend was toward these big open, shared spaces,” said Richel. “Now, I think we’ll see more interest in small office space. There are a lot of people realizing workfrom-home doesn’t exactly work for them and they might need a little office where they can go for privacy and quiet. But overall, I would say things are stable right now. And with the vaccine out, I think we can be cautiously optimistic things will improve.”

With high-contact activities restricted, Wolf said consumers shifted spending towards items for their home which increased demand for cars, home furnishings, and more. This shift directly impacted the manufacturing industry and the need for industrial space, according to Wolf. On the office side, Richel said some businesses have struggled more than others, but he believes vaccine distribution may start to fill up empty office spaces again. However, it is not out of the question that some businesses may reevaluate how much office space they need. More folks working from home forced many companies to invest in virtual platforms or do business in different ways—for some, it’s worked just as well if not better, according to Richel. This could lead to some businesses evaluating whether they truly need as much brickand-mortar space.

Photo Courtesy of Visit South Jersey.

Pre-pandemic the demand for office space was strong and outpaced construction for much of the past decade, according to Wolf. “Many businesses are reconsidering their long-term space needs,” said Wolf. “As many tenants cut down on space utilization, many new sublease opportunities have flooded the market with discounted space. This may add downward pressure to asking rent growth in the coming quarters. Although we still believe office space plays a key role in fostering collaboration and productivity, there is clearly some merit to work-from-home employment mix. We expect the integration of remote work to weigh on demand for office space over the long-term, but a rise in space allocated per worker could offset some of the impact.” Richel said the shift could also change the type of office space that is desirable to workers.

Photo Courtesy of Visit South Jersey.

A Positive Outlook for the Future Looking ahead, commercial agents remain positive about what the future holds. Richel said when looking back on initial fears and predictions a year ago, that it was never “as bad as many of us thought.” He’s remaining optimistic, understanding there could be some long-term repercussions, but hopeful things will continue to rebound. Wolf said commercial real estate’s strong position ahead of the pandemic will help as we come out of it. “Commercial real estate fundamentals had been in a relatively strong position heading into the crisis, which should allow for a quicker turnaround once the pandemic is over,” said Wolf. “Despite the setbacks we’ve seen, the region’s commercial real estate industry has continued to show overall solid fundamentals and the economy appears to have enough momentum behind it to remain in positive territory.” People are itching to get back to their normal lives, according to Kroll. “They want to get back to going to restaurants or going to the gym,” said Kroll. “I believe the renewed interest in what these types of businesses offer the community could be a great thing for real estate.” If there’s a bright side to the worst of times, it’s been that people are more appreciative and eager to participate in everyday pleasures that they once took for granted. “I think when this country begins to finally feel the effects of herd immunity, and they can feel confident about their safety, we are going to see a robust and invigorating atmosphere,” Kroll said. “I know we’re all looking forward to that day being sooner rather than later.” NEW JERSEY REALTOR® | March/April 2021 | 9

TOWN SPOTLIGHT

THE HISTORIC CITY OF TRENTON GUEST AUTHOR

BY BRYAN EVANS VICE PRESIDENT OF MARKETING & COMMUNICATIONS, GREATER TRENTON

rom views of the iconic Trenton Makes Bridge over the Delaware River to the renowned architecture and diverse culture spanning the downtown—it’s hard to deny the beauty of our state’s historic capital city. Trenton has deep roots embedded in the soul of American history, and is home to the famous spot where George Washington crossed the Delaware. The city’s slogan, Trenton Makes, the World Takes, emerged when the city was known as a manufacturing city—

10 | NEW JERSEY REALTOR® | March/April 2021

most famous for iron, steel, and rubber industries. Companies like Trenton Iron Co. and John A. Roebling’s Sons Co. thrived in the city during the late 1800s. A mix of old charm with newer construction, Trenton’s rich cultural amenities and residential possibilities continue to make it attractive even amid impacts of COVID-19. According to New Jersey Realtors® December 2020 housing market report, Trenton City’s median sales price clocked in at $205,000, a 25 percent increase compared to

December 2019. Trenton also saw a 29 percent increase in closed sales in 2020 according to New Jersey Realtors® end of year report. With three international airports an hour away and direct access to trains and buses, Trenton has unparalleled transit access and is known as a central meeting place between New York City and Philadelphia. The Trenton Transit Center connects with out-ofstate public transportation lines such as New York’s Amtrak and Pennsylvania’s Septa making it easy for commuters to get into the city, and Trenton is

TOWN SPOTLIGHT locations and deliver to supermarkets and restaurants daily. Among the many neighborhoods across the city of Trenton, Mill Hill lies in an area that has a connection to Trenton’s historic past and is also the largest open space in the downtown. Mill Hill is situated between Front Street, U.S. Route 1, and South Broad Street and is well-known for being the site of the Second Battle of Trenton–a turning point in the American Revolutionary War.

the first stop for the NJ TRANSIT RiverLINE which runs to Camden. Beyond its access and strategic location, Trenton has a unique art and culture scene that permeates neighborhoods across the city. The New Jersey State Museum on West State Street has more than two million artifacts, objects, and specimens and is known for its planetarium, ability to interact with scientists working on fossils, and art galleries. Just a few blocks away from the museum, is the Old Barracks which was built in 1758 by the Colony of New Jersey. The barracks stood witness to the Battle of Trenton and today visitors can take a tour and experience American colonial life. Trenton is also home to the CURE Insurance Arena which holds concerts and other large events throughout the year. The arena is now one of the COVID-19 vaccine distribution sites.

Along Chambers Street, you’ll find the brand new Trenton Central High School which first opened its doors in 2019. The 374,000 square-foot school can educate nearly 1,900 hundred students, features five small learning communities, and numerous career technical education programs. Trenton has an exciting mix of diverse restaurants and eateries spanning the entire city with cuisines hailing from 18 countries, such as the Republic of Guatemala, Mexico, Jamaica, Colombia, Greece, and more. Enjoy a cornmeal sandwich roll at Casdeluna Bar and Restaurant, barbecue brisket at 1911 Smoke House Barbecue, or perogies at Rozmaryn Restaurant. For fresh bread and sweet treats, Italian Peoples Bakery has a location on Butler Street. The bakery first opened their doors in the Trenton Italian community known as Chambersburg, and have since opened two retail

The Assunpink Creek, which runs through Mill Hill Park, provides a greenway linking the neighborhood to the Delaware River. The creek, which is now a green public space, served as General George Washington’s defensive location during the Battle of Princeton, and is the area’s first industrial site that featured a mill for grinding grain in the late 1600s. Today, Mill Hill is known for being a diverse and tight-knit community with a promising future, according to trentonmillhill.org.

About Greater Trenton Greater Trenton is an independent 501(c) (3) nonprofit that uses private funding and a network of collaborative relationships to advance economic revitalization efforts in the state’s capital city. Greater Trenton facilitates the development and revitalization of downtown Trenton by serving as an expert resource to businesses, developers, and community partners. Formed in the fall of 2015, Greater Trenton’s key objectives include coordinating downtown economic development projects; providing one-stop support and information for investors interested in taking on new projects; reaching out to potential residential, commercial and/or retail investors and tenants; supporting and promoting existing downtown initiatives; engaging downtown stakeholders in a strategic economic development plan; and developing investment marketing strategies. NEW JERSEY REALTOR® | March/April 2021 | 11

SPONSORED CONTENT

TD Bank Survey Reveals Impact of Pandemic on 2021 Homebuyers As city-dwellers flee metros for more suburban areas, prospective buyers are faced with stiff competition and rising prices — a challenge confronting first time buyers in particular. New Jersey’s real estate market, with its proximity to the larger metros of Philadelphia and New York, has been especially impacted by the pandemic-bred migration to suburbia. To dig further into buyers’ circumstances, TD Bank surveyed over 1,000 Americans planning to purchase their first home in 2021 as part of its annual First Time Homebuyer Pulse. We found that the pandemic and its economic effects have caused many buyers to change their timelines for purchasing a home, adjust their budget and shift their preferences. Challenging times call for personalized advice Lockdowns and remote working/ learning are spurring a desire to move, especially among city residents craving additional space. One in five respondents said they’re buying a home sooner than planned due to the pandemic. The number one reason was a desire for more living space (57%), followed by more outdoor space (39%). Only 37% listed “close to my office” as a top three home amenity, as work-from-home continues to provide buyers with flexibility. In New Jersey, it’s not just the towns on the NJ Transit line that are white hot; buyers are also flooding into more rural areas like Sussex County, and to the Jersey Shore. Before the pandemic, inventory was low in New Jersey. The pandemic has exacerbated the issue, keeping prices high at a time when many buyers

12 | NEW JERSEY REALTOR® | January/February 2021

have been impacted financially. 71% said they were looking for a starter home or fixer upper, instead of a move-in ready, forever home. Of this subgroup, 41% said the pandemic influenced them to pursue a less expensive home. Despite this challenging environment, potential buyers aren’t proactively getting the guidance they need. When asked about the best time to engage a lender, almost a third (30%) said after finding the home they want to buy, 80% had not spoken with a lender at all and 47% hadn’t established a budget. Amid uncertain times, it’s increasingly important for REALTORS® and lenders to help buyers manage expectations, build a realistic budget and gather necessary paperwork like a pre-qualification letter to avoid unnecessary obstacles down the road. A strong financial foundation better positions buyers in a competitive market. Navigating virtual homebuying with a human touch Prior to the pandemic, the real estate market was experiencing a rapid shift toward digital offerings. COVID-19 has accelerated these trends.

Our survey found that over one in five (22%) of buyers said they would purchase a home without seeing it in person. Most homebuyers (78%) also plan to use online services to find a lender. While these can be a helpful starting point, it’s important to stress to buyers the importance of shopping around and comparing options by speaking with lenders and REALTORS® directly. More promising, many homebuyers still want the human touch — 56% plan to use a real estate agent when looking for a home and 43% prefer to start their mortgage application in person with a lender. In this changing environment, if buyers don’t have access to professional expertise, it’s easy for them to miss out on the home they want or commit to a home beyond their budget. It’s up to REALTORS® and lenders to work together and guide buyers toward purchasing their ideal home seamlessly and confidently.

Bill Westdyk

Regional Mortgage Sales Manager, New Jersey William.Westdyk@td.com

New Jersey Businesses BY ERIN MCFEETERS AND DANA FIORI

Sussex

he great Garden State is home to some of the most unique businesses and attractions of all sizes. Businesses open up shop in New Jersey due to its unique location between major cities, tight-knit communities, large and diverse labor force, education attainment of residents, and access to transportation such as major roadways and international airports. Perhaps most well known for its health sciences, education, and agricultural industries—take a trip around the state with us and discover 21 unique small, medium, and large business in all 21 counties that call New Jersey home.

Atlantic

Passaic Bergen

Warren

Morris Essex

Hunterdon

Union

Hudson

Somerset

White House Sub Shop whitehousesubshop.com Many casinos and restaurants along and around the Atlantic City boardwalk have closed in 2020, but the famous White House Sub Shop has been bringing the Jersey Shore community the best sandwiches since 1946. They are most known for their Italian, meatball, and steak submarine sandwiches, and are committed to providing customers with the highest quality meats in its submarines. Even during the pandemic, both locations remained open and—like many other food and beverage businesses—started offering delivery through Uber Eats.

Bergen

Middlesex Mercer Monmouth

Burlington Ocean

Meadowlands Sports Complex www.co.bergen.nj.us Gloucester Camden Located in East Rutherford, Meadowlands Sports Complex is Salem home to three major New Jersey attractions—Meadowlands Racing Atlantic and Entertainment, MetLife Stadium, and Medieval Times. As the first venue to open in the Sports Cumberland Complex in 1976, Meadowlands Racing and Entertainment is a destination for horse racing, dining, and Cape fun—hosting racing year-round. MetLife May Stadium is home to the NY Giants and NY Jets and hosts concerts and events throughout the year. Just a few miles from MetLife is Medieval Times, a definite must for your bucket list—experience a feast fit for a king and thrilling competition between knights. NEW JERSEY REALTOR® | March/April 2021 | 13

Burlington

Burlington Stores burlington.com A family-run business that opened its first store in Burlington in 1972— Burlington started out only selling affordable coats and outerwear and were immediately successful. The business expanded and they now have over 700 stores across the U.S. As more stores opened, the company began offering more than just coats, and now you can purchase anything from sportswear to home décor. After four decades as “Burlington Coat Factory” the company changed its name from to Burlington Stores to better reflect what they sell.

Camden

Campbell’s Soup campbells.com This iconic chicken noodle soup company is headquartered in Camden with annual sales of approximately $8.69 billion. It was founded in 1869 and is trusted by consumers across the country for soups and simple meals. But did you know Campbell’s isn’t just soup? Beyond the classic tomato soup, the company owns Pepperidge Farm bread and cookies, Goldfish snacks, Snyder’s of Hanover pretzels, Lance sandwich crackers, Kettle and Cape Cod potato chips, and so many more. The company has over 10,000 employees and Campell’s stocks are priced at a little over $46 as of Jan. 21, 2021. Fun fact: in 1962 the soup cans were featured in Andy Warhol’s pop-art displayed at the MoMA.

Cape May

Cape May Brewery Company capemaybrewing.com All the way at the Cape May Airport on the bottom tip of New Jersey, you can grab a fresh pint of Cape May 14 | NEW JERSEY REALTOR® | March/April 2021

Brewing Company beer. The Krill brothers got their start in 2011 when they delivered their first keg of Cape May IPA to Cabanas Beach Bar and Grill and have since grown their tap menu and distribution. Over 50,000 users on Untapped, a beer check-in social networking service, have checked-in drinking their initial brew. Now, their beers can be found throughout the state on tap and in cans at liquor stores and restaurants. It’s Crafted on the Cape, but you can likely find it in your neck of the woods. “Since we opened in 2011, New Jersey has opened its arms and fully welcomed Cape May Brewing Company. We began as a small, local brewery, brewing 12 gallons at a time and serving it up to the handful of folks who were able to find us in the Cape May Airport. Now, we brew as much in one day as we did in our first two years combined, distributing it throughout every county in the state, as well as Eastern Pennsylvania and Delaware,” said Scott Armato, Cape May Brewing Content Marketing Coordinator. “We simply wouldn’t have realized the growth we’ve seen without the support and advocacy of the people of New Jersey who have spread the word of Cape May Brewing Company, not only throughout our fair state but throughout the country.”

Cumberland

Delsea Drive-In Theatre delseadrive-in.com As New Jersey’s only drive-in movie theatre, the Delsea Drive-In is a one-of-a-kind Garden State business. They first opened their doors in 1949, closed in 1987, but then reopened in 2004. Today, the has the nostalgia of going to the drive-in, but have modern technology and more variety when it comes to food choices. The prevalence of drive-in theatres across the U.S. has dwindled due to indoor movie

theatres and increasing real estate values. However, pop-up theatres in parks and large parking lots are growing in popularity due to COVID-19.

Essex

Panasonic na.panasonic.com/us Located in Newark, Panasonic Corporation of North America is a technology company that primarily sells household appliances with 13,000 employees and annual revenue of $7.6 billion. The company was founded by Konosuke Matsushita as Matsushita Electric Housewares Manufacturing Works in 1918, and in 2008 changed its name to Panasonic. The very first product was an Improved Attachment Plug and mainly focused on lighting. In the 1950s, more electronics were produced, such as refrigerators, TVs, radios, washing machines, and tape recorders. Today, Panasonic is a household name and well known for producing well-made and affordable electronics of all varieties.

Gloucester

Rowan University rowan.edu Rowan University is located in Glassboro and is a leading research institution for eco-friendly initiatives and has received more than 10 awards for green initiatives, according to U.S. News Best Colleges. The university first opened its doors in 1923 and began as a teacher preparatory college. Today, Rowan has more than 18,000 students, more than 70 bachelor’s programs, and more than 50 master’s programs. It is also one of 56 universities in the country with accredited programs in business, education, engineering, and medicine. In the 2021 edition of Best Colleges, Rowan University ranked #187 in the National Universities category.

Hudson

Vintage on First vintageonfirst.com Hoboken is known for its five-star restaurants, bakeries, and the ease of being a train ride away from NYC, but the trendy city also offers incredible fashion. Vintage on First is a boutique vintage shop located at 257 First Street that opened its doors in 2017. “Having a shop in Hoboken is a gift,” said Mark Rosado, owner of Vintage on First. “The town was built off of local mom and pop shops, and as a small knit community close to NYC—there’s no better place to have a business than Hoboken.” Specializing in vintage finds for women and men from the 1960s-2000s, you are bound to find something you love from decades past.

Hunterdon

Unionville Vineyard unionvillevineyards.com The first vines of Unionville Vineyard were planted in 1987 and since then Unionville Vineyard has expanded to six vineyards across three counties. “New Jersey is a great place to operate a winery,” said John Cifelli, General Manager of Unionville Vineyard. “There’s plenty of farmland available, and it feels good to keep farmland farming, rather than see it developed.” According to Cifelli, New Jersey is a major part of the wine market with significant food and wine metropolitans of Philadelphia and New York. Not only does Unionville offer toptier wine, but its guest can also enjoy firepits, tasting rooms, and events of all sizes. “New Jersey is accessible and beautiful, particularly our region in

the Amwell Valley,” said Cifelli. “We enjoy rolling hillsides dotted with hay bales, horse farms, and a half dozen wineries here in Hunterdon County.”

Mercer

Case’s Pork Roll caseporkrollnj.com In New Jersey’s capital you can find Case’s Pork Roll, the original Jersey ham. Since the mom-andpop Jersey ham store opened its doors, the Case family has used the same secret spice mix and curing process. What was once a small single location establishment, has grown exponentially and is now sold in grocery stores, served at diners and available across five states.

Middlesex

Johnson & Johnson jnj.com Founded over 100 years ago in New Brunswick, Johnson & Johnson started with three brothers interested in offering a line of ready-to-use surgical dressings. A year later, they began producing the first commercial first-aid kits. The kits were initially intended for railroad workers but soon became a necessity for the general public. Today, the fortune 500 company is known worldwide as a healthcare company producing a wide range of products from pharmaceuticals to consumer health items. Johnson & Johnson is in partnership with Neutrogena, Aveeno, Clean and Clear, and more. When COVID-19 hit, Johnson & Johnson switched gears and as of Feb. 8 is awaiting FDA authorization for its single-dose COVID-19 vaccine. In a press release in early February, Johnson & Johnson announced it expects to supply 100 million doses in the first half of 2021.

Monmouth Rook Coffee

rookcoffee.com Two childhood friends left their careers behind to bring New Jersey specialty coffee. Rook Coffee began brewing in 2010 out of a 300-squarefoot shack and has since expanded to 11 stores along the Jersey Shore. The team pushes for the perfect product from a steaming cup of coffee from one the shops, to picking up a bottle of cold brew, to getting coffee delivered to your front door—Rook cares deeply about the consumer experience. Throughout the year they release seasonal flavors such as maple, mocha mint, vanilla spice, and more—follow Rook on Instagram to get a true feel for what they’re all about @rookcoffee.

Morris

Morris Animal Inn morrisanimalinn.com If you are in Morris County and have a furry friend, you most likely have heard of Morris Animal Inn. This family-owned and operated pet care facility makes pets and their owners alike feel like they are in a five-star hotel. With spa services such as “pawdicures” to daycare, training, and boarding, this pet resort has all the amenities to pamper your fourlegged friend and care for them when you’re not home. Since 1960 when the Morris Animal Inn opened its doors, it has welcomed pets of all breeds and sizes. With a well-educated, animalloving staff and countless awards, this facility is a must for Fido and Fluffy.

Ocean

Six Flags Great Adventure sixflags.com/greatadventure Millions of people each year visit Six Flags Great Adventure amusement park in Jackson to experience dozens NEW JERSEY REALTOR® | March/April 2021 | 15

of rides and attractions. In the park’s 2018 annual report Six Flags is on 2,200 acres with three separate amusement parks in one—Great Adventure, the Wild Safari, and Hurricane Harbor. The amusement park’s newest attraction which opened in 2017, Wonder Woman Lasso of Truth, is the world’s largest pendulum ride. Great Adventure is also home to other attractions that are some of the best in the world such as El Toro, one of the top wooden coasters, and Kingda Ka, the world’s tallest coaster. NJ.com reported this March, Six Flags Great Adventure plans to hire 4,000 workers to come on until January 2022.

Passaic

Palazzone 1960 palazzone1960.com Starting as a small Italian pastry shop in 1960, Palazzone 1960 is now a full-service cafe in Wayne, offering authentic and fresh Italian cuisine. Their menu ranges from specialty meals to delectable pastries you would find on the streets of Italy. This familyrun business has grown tremendously since it first began and is a favorite among residents in the area. Notably, in 2017 they were listed as Buzzfeed’s most popular sweet spot in New Jersey as part of their “Best Bakery in Every State List.”

Salem

CowTown Rodeo cowtownrodeo.com You probably did not know New Jersey is home to the oldest weekly running rodeo in the U.S. CowTown Rodeo started in the 1920s in conjunction with the Salem County Fair and today it sits just eight miles east of the Delaware Memorial Bridge. Every Saturday from Memorial Day weekend through the end of September you can grab your cowboy boots and hit a rodeo show. The 16 | NEW JERSEY REALTOR® | March/April 2021

owners are unique because not only do they produce rodeo shows all over the East Coast, but they also raise most of their stock. The arena holds 4,000 spectators and you can buy your tickets ahead of time and use them any Saturday night during the rodeo season. Arrive early to buy your cowboy hat and tailgate before the show, the CowTown Rodeo is BYOB.

Somerset

Pluckemin Inn pluckemininn.com The Pluckemin Inn in Bedminster holds a significant history. Pluckemin, which is now Bedminster, was a destination during the Revolutionary War. George Washington spent time in the small village of Pluckemin and even mentions it in over 20 letters that can be found in the Library of Congress. In the Spring of 2005, the Pluckemin Inn was opened by Carl LaGrassa after having a lifelong dream of opening a restaurant in New Jersey. Today, the well-established restaurant serves delicious meals and awardwinning wine. In 2020, Pluckemin Inn celebrated its 15th year as a top culinary destination.

Sussex

Grand Cascades Lodge crystalgolfresort.com/stay/grandcascades-lodge You can have a perfect getaway just an hour from New York City in North Jersey at the Grand Cascade Lodge. Situated on over 4,000 acres, the lodge offers activities for the whole family to enjoy. Treat yourself to a spa treatment and take in stunning views of the rolling hills. The 4-star resort also offers golf, dining, snow tubing, and more—making it a destination to visit all-year round. A sister hotel to the Minerals and Mountain Creek hotels, Grand Cascade Lodge opened

its doors in 2007 and has provided its guests with a memorable experience ever since.

Union

Get Stuffed Jersey getstuffedjersey.com While COVID-19 proved to be detrimental to some businesses, Get Stuffed Jersey in Union has thrived. This one-of-a-kind pretzel shop not only features creative pretzel concoctions on their menu, but also offers essentials like masks, hand sanitizer, wipes, Lysol, and even puzzles to pass the time. Get Stuffed Jersey’s success has come from not only helping their community during this difficult time; they also deliver within a 25 mile radius—a radius far above most food delivery. The pretzel shop also offers Do It Yourself Sweet Pretzel Kits which include four pretzel doughs, toppings, dipping sauces, and instructions on how to twist the perfect pretzel. With features on NBC News, News 4 New York, and hundreds of positive reviews, Get Stuffed Jersey is a go-to shop.

Warren

Hot Dog Johnnys hotdogjohnny.com Hotdogs are an American classic, and Hot Dog Johnny’s is a classic for New Jerseyans. Situated on Route 46 in Warren County, what was once a small hotdog stand started in 1944 by John Kovalsky and his wife Lousie, is now a 1950’s inspired restaurant selling hotdogs, sodas, burgers, and even buttermilk. The original hotdog stand is still on the property where the current restaurant stands. Hot Dog Johnny’s has been noticed by the Travel Channel as one of the most popular roadside stands in the country. Today Hot Dog Johnny’s is run by John’s daughter Patricia.

M EN. O .W

O M E N ’ S H I S TO W IS RY H M ATE THE DRIV R C B E O L I N E R GF N A WE C OR D

IN AMERICAN HOMEBUYING HISTORY 1718:

women are able to own and manage property – if their husbands are incapacitated (enacted in PA).

1852:

New Jersey Legislature gave married women rights to their own property.

1981:

The U.S. Supreme Court overturns state laws designating a husband “head and master” with unilateral control of property owned jointly with his wife.

2020:

Single women buyers are the top homebuyers after married couples ( 19% of total home purchases).

Women are DREAMING BIGGER You can help them reach their goals NJHMFA’s $10,000 down payment assistance program Qualified homebuyers can take advantage of NJHMFA’s First-Time Home Buyer mortgage program coupled with the $10,000 Down Payment Assistance Program to make their homeownership dream a reality.

The $10,000 loan is interest free, requires no payments and is forgivable after five years.

Learn more at TheRoadHomeNJ.com To partner on homebuying webinars for your current and potential clients, email marketing@njhmfa.gov

njhousing.gov NJHMFA is a self-sufficient agency of state government dedicated to offering New Jersey residents affordable and accessible housing.

EDUCATIONAL FOUNDATION

TRUSTEE

Spotlight

Nekita Martins From Student Award Recipient to Foundation Trustee to Incoming Foundation President Nekita Martins earned her real estate license in 2013 while simultaneously working towards her undergraduate degree and has been working in the real estate industry ever since. In 2014, she was the proud recipient of a scholarship from New Jersey Realtors® Educational Foundation, which helped her reach her educational goals and sparked a passion for spreading the word about the foundation.Martins has served as a foundation trustee since 2017 and will be the President next year. What ﬁrst interested you in the real estate industry? I was introduced to the real estate industry by my partner, Nelson, whom I work together with now. I would tag along while he showed a house or went on a listing appointment. That is when I began to really get a feel for what real estate was all about. I learned that it’s not just about showing or listing homes, it’s about educating buyers and sellers, which was very similar to what I was going to school for education. That is when I knew I had to give real estate a try. 18 | NEW JERSEY REALTOR® | March/April 2021

How did you find out about the Educational Foundation scholarships? I came across the Educational Foundation Scholarships when I received an email from my local board that applications were open to apply for the scholarship. I applied the first year I became a Realtor® while I was still an undergrad. It’s important to always open and read emails that come from your local board, as well as NJ Realtors®, to stay informed on all the great opportunities available for Realtors®. What inspired you to get your license while working on your bachelor’s degree? When I enrolled in real estate school it was merely for the purpose of being educated in the home buying and selling process so I could share my knowledge with others. My first goal was to become a teacher, but as I continued to work on my bachelor’s degree and also work as a Realtor®, my passion for educating grew even more.

What did the Educational Foundation scholarship mean to you at the time of receiving it? I can remember the exact day I got that email saying I was awarded a scholarship; it was an exciting feeling! The New Jersey Realtors® Educational Foundation scholarship meant opportunity, but it also meant that I had others—donors and a foundation—who believed in me, who believed in my success just as much as I did. How do you stay motivated every day? Staying motivated is crucial for surviving as a real estate agent. In order to stay motivated I write down my why and always look back at that to remind myself why I continue to do what I do every day. It’s important to set and execute goals. Once you reach those goals, celebrate them, congratulate yourself and then set new goals.

As I educated buyers and sellers, I realized I was a big part of the process of helping people change their lives and reach their goals. It truly became a rewarding feeling which I knew I had to continue to pursue.

What’s your number one piece of advice for new agents? Only one? I’ll add two. I believe everyone should have a mentor, whether you are just starting or if you have been a Realtor® for some time. Find someone you can shadow, someone you can learn the ins and outs of being a real estate agent from, and someone who can help keep you accountable.

Fast forward eight years, I am not only a licensed real estate brokerassociate but a licensed New Jersey real estate instructor as well.

Also get involved and volunteer your time in committees. Not only are you volunteering your time, but you also get to network with other Realtors®.

Do you have any advice for high school or college students interested in real estate? It’s not as easy as it looks, but with determination, dedication and a strong mindset I do believe anything is possible. If a career in real estate is what you have envisioned for yourself, dedicate yourself to making it happen.

What’s your number one tip for agents looking to grow their businesses? To get to the next level in your business it requires a different perspective, a higher level of thinking than the one that got you where you are today. Be purposeful and the results will follow.

DONATE

Today

Educational Foundation

Donate to the Educational Foundation to help extend scholoarships to deserving students. Educational Foundation scholarships are made possible through the kind donations of NJ Realtors® members, the state and local boards/associations, and other caring individuals. To make a donation please make checks payable to: New Jersey Realtors® Educational Foundation 10 Hamilton Ave., Trenton, NJ 08611 or visit njrealtorsef.com The foundation is a 501(c)3 charitable organization.

Questions? Contact Valerie Callan at vcallan@njrealtor.com or 609-341-7127 NEW JERSEY REALTOR® | March/April 2021 | 19

The home office of Seemona Fuchs features a convertible desk and large monitor.

A view of Cindy LombardoEmmel’s home office features an executive desk and built-in shelving.

Setting up a productive

Home Office BY MICHELE LERNER

ealtors® have a knack for working anywhere: the office at their brokerage, a coffee shop, or even a car. When the pandemic hit and many of those places were off-limits or less desirable, many Realtors® turned their attention to replicating the resources they were accustomed to using at their brokerage office in their home office. For some Realtors®, a home office has been their prime place of business for years, while others were forced to adjust to a new central command for their real estate enterprise. “I have a laptop and a cellphone that I use at home if I have to, but frankly I prefer to work in one of our offices,” said Jeff Montemarano, a broker and Realtor® with Century 21 Preferred Realty in Kinnelon. “Even before the pandemic, though, we’ve been set up so agents can work from home. We’ve been doing virtual floor time so that calls can go to agents who aren’t in the office.” Cindy Lombardo-Emmel, a Realtor® with Coldwell Banker Preferred in Moorestown, has worked from a home office since she started working in real estate in 1997. She designed a more functional office for her home in 2006.

they can build their business and focus on providing stellar customer service.

Must-Have Technology When setting up a home office, the most important thing agents must do is ensure they have reliable internet access, said Montemarano. “We’re a paperless office, so for agents to work at home, all they really need is access to Dotloop and to know how to scan documents from their cellphone,” said Montemarano. “We’ve even written contracts from our phones.” John Swartz, a Realtor® with RE/MAX Community in Williamstown, rarely used his home office before the pandemic, so his first move was to upgrade his internet service and to purchase another monitor for his computer. “A lot of agents relied on the support team from their office for technology, so I think this has taught everyone that they need to learn to use things like Dotloop on their own,” said Swartz.

“I have an executive desk and built-in shelving in the office, and I use it only for real estate,” said Lombardo-Emmel. “I shut the door and leave to eat lunch in the kitchen and even if I want to order something from Amazon, I leave the office.”

Seemona Fuchs, a broker associate and Realtor® with Coldwell Banker in Wycoff, uses her laptop for listing appointments, but she now has a desktop with a large monitor and a combination printer and scanner purchased after the pandemic began.

While Montemarano and Lombardo-Emmel are polar opposites in their appreciation for a home office, many experienced Realtors® have designed home offices where

Lombardo-Emmel recently upgraded her computer with more memory and a bigger monitor with a convenient phone charger.

20 | NEW JERSEY REALTOR® | March/April 2021

“My favorite app is the Genius Scan, which uses my smartphone camera to convert documents into a crystal-clear pdf,” said Lombardo-Emmel. Create a space that will motivate you while working from home.

Andrea and Harry Mesh, Realtors® with Century 21 Action Plus in Freehold, each have a home office, but they admit they work everywhere in their home. “We have multiple computers, an iPad, two iPhones and a printer,” said Harry Mesh. “We also love the Fast Scanner app, which lets you take a picture of any document and convert it to a pdf or JPEG or print it.” Andrea Mesh said the most important technology they need are outlets where they can charge their phones and iPad, since they work in at least four different rooms of their home.

Design Elements to Enhance Productivity Creating a comfortable home office was a priority when the pandemic began for Orly Chen, a Realtor® with RE/MAX Properties Plus in Tenafly who usually worked from her office or her car before the COVID-19 lockdowns began. “I set up an office on my first-floor that duplicated what I had in the office, but I made it cozier with art and music,” said Chen. “I added a nice painting in the background for Zoom calls, a comfortable chair, a nice wide desk, plenty of lighting and even a small sofa so I can lay down with a laptop when I want to switch positions.” Creating a space that is comfortable and reflects your personality can be motivating when working at home. Before she and her husband downsized in 2017, Fuchs worked from a desk in her kitchen when needed to work at home. “Now I use a bedroom as a combination real estate office and art room where I can display my work,” said Fuchs, who creates wearable art by painting on silk. “Real estate can be stressful, so I find it helps to take 10 minutes to work at the art table I have in my office.” Fuchs’ office has a convertible desk so she can stand or sit to work, file cabinets for her real estate business, plus a cart for art supplies. Lombardo-Emmel purchased an ergonomic chair for lumbar support and added a shade to the office in her window to cut down on glare during Zoom calls. Swartz is converting part of his home to make it easier for his team to work together. “We’re making our formal dining room into a conference room and turning our formal living room into a space like a hotel lobby where our team can meet in the daytime and my wife and I can use at night,” said Swartz.

Best Practices for Home Office

Efficiency

Staying productive at home can be a challenge for agents whose work is inherently social. Many people new to working at home embraced working in sweats or pajamas, but Swartz said he gets dressed for work every day even when he is at home to give himself an edge and to stay motivated. He also talks frequently to his networking group to stay in the right mindset, he said. Chen relies on getting plenty of natural light through big windows in her office and keeps to a regular routine of rising early, exercising, eating well and putting on nice clothes and makeup to convey a positive message to her clients. Maintaining a schedule can also be helpful. “I don’t multitask because I think that makes it too easy to miss something,” said Lombardo-Emmel. “People get tempted to do their laundry when they’re working at home, but I find it works best to focus on one thing. I block out specific times for prospecting.” Fuchs, too, blocks out time for business development tasks and exercise. “I keep two trays on my desk, one for urgent paperwork to do with our home and one for urgent work items,” said Fuchs. “Everything else gets filed in a cabinet so I’m not distracted by it.” Andrea and Harry Mesh have multiple home offices and lack a set schedule because they said they “work constantly,” but they also listed and sold 50 homes in 2020. The lesson? The best home office set-up is whatever works best for you.

NEW JERSEY REALTOR® | March/April 2021 | 21

Free and Low-Cost Online Classes to Help You Fulfill Your CE

ith New Jersey Realtors® Academy of Continuing Education you can find classes that fufill your mandated CE requirements with ease. Don’t forget—the current continuing education term ends on June 30 and CE completed after April 30 will be subject to a $200 late fee in addition to the license renewal fee.

The 12 Required Credit Breakdown 2 hours must be completed in Ethics Topic Area 1 hour must be completed in the Fair Housing Topic Area 6 hours must be completed in Core Topic Area The 6 remaining hours may be completed in core or elective topics

Courses are presented by New Jersey Realtors®, are online, and contain videos as the primary method of course delivery. For optimal viewing, high speed internet should be accessible.

Avoiding the Unauthorized Practice of Law 1 Core Credit Learn everything you need to know about the Unauthorized Practice of Law and Attorney Review in the State of New Jersey.

22 | NEW JERSEY REALTOR® | March/April 2021

Complying with the Fair Housing Act 1 Fair Housing Credit The Fair Housing Act and New Jersey’s Law Against Discrimination are important topics you need to know and understand in your day-to-day business. Learn what you can and can’t do in your advertising, and what you can and can’t say in your daily client interactions.

Realtor® Code of Ethics 2 Ethics Credits At the conclusion of this course, you will be able to briefly describe the history of the Code of Ethics, identify key concepts in the Preamble, identify the Golden Rule as one of the Code’s foundations, and more.

Agency – The Big Picture 3 Core Credits Learn about agency laws and the basic requirements they all provide. Commercial Real Estate 101 3 Elective Credits This course provides a foundational understanding of commercial real estate. Commercial Real Estate Transaction Flow 3 Elective Credits In this course, you will learn about both investment (sale) and lease transactions for commercial real estate Commercial Risk Management Planning 3 Elective Credits The course introduces risk identification and risk management planning. Exploring Agency Concepts and Disclosures 4 Core Credits Learn about agency laws and their requirements. Helping Clients Understand Real Estate Finance 3 Elective Credits This course will cover financing, security instruments, and legal clauses commonly included in these instruments. We’ll look at various loan types, including government-backed mortgage programs and discuss mortgage fraud and predatory lending. Finally, examine the loan process, qualifying standards for borrowers, and mortgage laws.

Keeping It Real: Property Law and Case Studies 3 Core Credits This course will visit basic concepts that relate to property, including ownership interests, conveyances, property rights, and restrictions on those rights. Property Management Basics 3 Elective Credits This course reviews the characteristics of leasehold estates and commercial leases. It explores the job of the property manager and examines the wide range of requirements and responsibilities imposed on property managers, including financial responsibilities, and more. Property Management Leases 3 Elective Credits The course introduces students to property management leases. Property Tax & Mortgage Valuation 3 Elective Credits Real estate agents play a large part in providing the client the needed clarity for all aspects of the real estate transaction including those activities that go beyond the closing. Real Estate Contracts 3 Core Credits This course will cover the different classifications and status of contracts, requirements to form a valid contract, what breach of contract, the different methods that may be used to remedy a breach, and more.

Real Estate Disclosure Issues: Buyer & Seller Obligations 2 Core Credits This course covers the fundamentals and obligations of disclosure as it relates to buyers, sellers, and real estate agents. The course will review the “as is” clause, significance of material facts disclosure, seller property disclosure, importance of the home inspection to buyers, and differentiate between misrepresentation. Risky Business- Protecting Your License and Brokerage 3 Core Credits Social Media Ethics 3 Ethics Credits In this three-hour continuing education course, we will review the Realtor® Code of Ethics and learn how to ensure you are in compliance while using social media and technology. Taking the Distress Out of Distressed Properties 3 Elective Credits This course is designed to take some of the distress out of working with foreclosures and short sales. The Residential Contract: Issues, Disputes and Solutions 3 Elective Credits This course contains things that you’ve known and perhaps forgotten or put aside in your haste to make a transaction.

NEW JERSEY REALTOR® | March/April 2021 | 23

Serve Those Who Serve Our Country

Earn NAR’s Military Relocation Professional (MRP) Certification Sharpen your knowledge and skills for working with military homebuyers and sellers with NAR’s Military Relocation Professional (MRP) certification. REALTORS® with the MRP certification provide real estate support for active and former servicepeople, and ensure that they take advantage of military benefits. To learn more about the requirements, visit MilitaryRelocationPro.org.

Attracting and Keeping Commercial Real Estate Clients BY LEE NELSON

ric Anderson is experiencing no shortage of buyers for commercial properties during the pandemic. However, finding the right property for the right price in the right location remains an issue. “All kinds of repurposing of buildings are happening,” said Anderson, CEO of Alexander-Anderson Real Estate Group in Hackensack. “Go into the ownership with your ideas. You build reference in your areas and become the one with knowledge and networks.” Pandemic or not, commercial real estate is “still all about networking,” said Anderson.

Keeping clients interested and keeping your name at the top of their list continue to be important steps for commercial Realtors® no matter what the market is doing. Clients want Realtors® they trust, can talk to, can advise them, who know their markets and nearby ones, and who can listen to their needs. According to the National Association of Realtors ® 2020 Commercial Specialty Report, only 2 percent of members in New Jersey specialize primarily in commercial real estate. For those with both commercial and residential specialties, it measures less than 1 percent.

That leaves a lot of opportunity for someone to make their mark.

What’s Happening in New Jersey with Commercial Real Estate Anderson’s company represents the owners of a 1930 bank with 30-foot ceilings. “Right now, all interested parties are scared to commit. 10 people in the past would have wanted the building,” says Anderson. Things definitely are slightly different as COVID-19 problems continue—he sees larger, standalone restaurants having a tough time being sold. “However, people are looking for office buildings and smaller mixed-use products. It all depends on the area,” says Anderson. Back when the mortgage crisis began in 2007, companies leasing space and building owners were turned upside down, says Michael Witko, Jr., founding member/broker of record at Chilmark Real Estate Services, LLC, in Morristown. “During that time, the commercial real estate industry just kind of limped along,” said Witko. NEW JERSEY REALTOR® | March/April 2021 | 25

Now he has seen clients that have experienced their best year-to-date, and others who are suffering. His company works with a wide spectrum of clients from local logistic companies to law firms to global pharmaceutical organizations. “We need to remain optimistic and smart, and if we can do that along with a mass vaccine implementation, hopefully those who haven’t returned to work will do so in the near future,” said Witko. Witko still believes to be successful in commercial real estate, you need to possess focus, professionalism, humor, and a hard-working attitude.

Advice for Life in Any Market One of Jeremy Neuer’s mentors told him that in commercial real estate to never get too high or too low. “You will have a good existence and a good life. But if you live and die with every deal, you live and die every day,” he told him. What that meant to him was to make life balanced and do the best you can, but expect that things will fall apart from time to time. Earlier this year, Neuer, Executive Vice President of Capital Markets in Saddle Brook, witnessed two of his deals perish within 10 minutes of each other. The aggregate value of each deal was over $150 million. “That was an unfortunate time on a Monday. One of those deals, I put back together, and the other one, well, another buyer came through,” said Neuer. “You can move through this crazy business with a smile on your face and stay even keel.” His father, who was a corporate real estate attorney, told him “It’s not a brick and mortar business. It’s a relationship business.” These three commercial real estate experts share their tips for attracting and keeping your clients: • Think outside the box. Know your markets completely and study the downtown, Anderson said. • You want to become their trusted advisor. “Always put the client first and your needs second,” said Neuer. “I’ve done this for over 20 years, and the thing I can say about my career is that I’ve had unbelievable repeat clients.” He 26 | NEW JERSEY REALTOR® | March/April 2021

has done over 100 transactions with one client, and 50 with another on the leasing side. • Looking someone in the eye and getting a sense of their current work environment are very beneficial, said Witko. • Overcome your fear of virtual meetings. During the pandemic people don’t want to meet you. “I’m a faceto-face person, and I connect better that way,” Anderson said. But you have to overcome. Make your meetings more interesting and listen a lot. • The sales cycle is fairly long. “Continue to uncover opportunities and build relationships that cannot end,” said Witko. • Morph to each client. “My mother has four children, and she said that different children have different needs,” said Neuer. “I believe that about clients. If you listen well, they tell you what they want and how they want it.” • Keep clients at top of your to-do list. Every year Anderson plans an event for his clients. He believes in giving them value, giving them attention, and giving them knowledge. “The silver lining to COVID-19 is that it opened up the real estate industry to lots of other people,” Anderson says. “It’s a tough industry, but also amazing. You have to take it seriously, though. You are either all in or not.”

Women in Commercial Real Estate BY LEE NELSON

ommercial division manager at Century 21 Commercial in Fairfield Lorie Montenigro thrives off of the challenges of working in the male-dominated commercial real estate industry. According to the National Association of Realtors® 2020 Commercial Specialty Report, only 28 percent of those with a primary commercial specialty are female. However, 56 percent of NAR members with a primary specialty in both commercial and residential were female. Before earning her real estate license in 2001, Montenigro owned a couple of bars and restaurants, and it seemed to be a natural transition to helping others buy and sell commercial properties. Rosemarie Caruso worked in residential real estate for a few months and knew it just didn’t jive with her advertising and marketing background. 24 years in the commercial industry, and she is now the director/broker of Turton Commercial Real Estate, an affiliate company of Diane Turton’s Realtors® in Toms River. “More and more, I see women getting into commercial real estate on different levels,” said Caruso. “The larger national commercial companies are trying to promote them.” Something agents coming from the residential segment of the industry have to understand is that the commissions are usually bigger than residential real estate, but you can work on a deal for months or years. According to Caruso, the deals can fall apart for many reasons from environmental issues to funding. “You have to be able to accept it, and the first time you lose that $100,000 commission, it stings,” Caruso said. Caruso didn’t have many obstacles working with men, “There’s just so much business to be had out there. If they didn’t want to work with me, then I just moved on to those men who are comfortable working with a woman.” Montenigro dealt with small businesses for a long time until one of her clients showed interest in warehouse real estate, which is a segment of the market even fewer women handle. “I really needed to learn the industrial laws and specifications to represent this client and give him exactly what he was looking for. I stayed up till 4 a.m. every night for a couple of months, and now I have knowledge in industrial properties as I did in bars and restaurants,” said Montenigro. Working in the commercial real estate industry, according to Montenigro, you need have a clear understanding of business.

For instance, when working with bars and restaurants, there are specifications and regulations such as health codes, cost of equipment, blueprints, liquor license laws and more. You have to put the time in to do research and to best cater to your clients, you have to understand where they are coming from, according to Caruso. According to Montenigro, your research doesn’t end at knowing the ins and outs of businesses, it’s also important to research particular cultural beliefs. With New Jersey’s proximity between major cities such as New York and Philadelphia, New Jersey commercial agents often have international clients. As a woman, you have to stick to the cultural guidelines of other ethnic groups. For example, men are not allowed to shake a woman’s hand in some cultures, and in others, women are supposed to walk behind a man, according to Montenigro. “The frustrations that normally come to a woman in a male-dominated industry are something that I’m used to,” Montenigro said. “But I thrive off of a challenge. I figure out my way around it.”

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Oilheat. Know more, sell more. Tips for the spring selling season Spring is almost here and you know what that means – very soon, buyers and sellers will be on the hunt for the perfect home. Many homeowners don’t realize that their dream homes are often heated with oil. As their Realtor, you can make sure they don’t miss out by guiding them in the right direction using these tips.

For sellers  Upgrade the system if it’s decades old — Heating oil systems will run well for decades, but older systems aren’t nearly as efficient as today’s high-efficiency models. Upgrading before putting your home on the market can make it more attractive to buyers and increase the value of the home. There are even rebates that will earn you up to $1,400 for upgrading! Visit OilheatNewJersey.com to learn more.  Welcome Packs during Open Houses — The Homebuyer’s Welcome Pack is a great addition to every Open House of an oil-heated home. It addresses the top questions, concerns and issues that buyers have and helps to drive interest and demand in your properties. Visit OilheatPROS.com/NJ to order your free supply today!

For buyers  Bioheat� fuel is the next big thing — In New Jersey, heating oil isn’t heating oil anymore… it’s Bioheat fuel! A blend of heating oil and renewable biodiesel, Bioheat fuel is made from refining domestic materials like soybeans and recycled cooking oil. Bioheat fuel is more environmentally friendly, improves heating system efficiency and costs the same as traditional heating oil. A true win-win!  Efficiency matters — Today’s systems boast efficiency ratings of up to 95%, and offer more warmth with less fuel than ever before. When you combine the new oilheat with recent technological breakthroughs, it’s a whole new ball game.

What you need to know about today’s heating oil storage tanks Today’s heating oil storage tanks are a far cry from the old tanks that can still be found across New Jersey. Some are doublewalled, making them virtually leakproof! And because efficiency has improved so much, tanks are now much more compact than the tanks that were installed 30 or 40 years ago. You can learn even more about tanks when you count on PRO$ as a resource. Many buyers will have questions and concerns about tanks. Set yourself apart by showing sellers that you are well versed in dealing with these issues. For more information about heating oil storage tanks, visit OilheatPROS.com/NJ and order FREE copies of the Guide to Heating Oil Storage Tanks.

Get CE credits and sell oil-heated homes with confidence! Earn FREE CE credits on Zoom with our 2-credit, 2-hour elective CE course “Overcoming Obstacles Selling Oil-Heated Listings,” which is designed to help you sell! You’ll learn how to address the most common objections and misconceptions while showcasing the many benefits of owning an oil-heated home. We’ve moved our classes online, so you can enhance your knowledge from the safety and comfort of your own home! To book a class for your office, go to OilheatCECredits.com.

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B O A R D / A S S O C I AT I O N N E W S

Realtors® Collect Coats to Help Those in Need Greater Bergen Realtors® Community Service Committee partnered with Jersey Cares for their annual winter coat collection in December and collected over 600 coats—a recordCoat collection helps thousands of New breaking number since Jersey Residents stay warm this winter. their partnership with the organizations. For over 20 years Jersey Cares Coat Drive has mobilized the collection and distribution of thousands of gently used winter coats to men, women, children, and infants in need. “The annual Coat Drive was a huge success!” said Jeannine Soderlund, 2021 Community Service Committee Chair. “Although our Realtor® members have not been able to come together for fundraising events physically, the Community Service Committee still wanted to impact the many who still need help and services during this pandemic. We are proud to be able to continually help and serve the organizations and communities we work in.”

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Puzzle provided by sudokuoftheday.com. Get the answers to the puzzle on page 2 NEW JERSEY REALTOR® | January/February 2021 | 29

March/April 2021 New Jersey Realtor® Magazine

Articles inside

EDUCATIONAL FOUNDATION TRUSTEE SPOTLIGHT

New Jersey Businesses

Women in Commercial Real Estate

Attracting and Keeping Commercial Real Estate Clients

Free and Low-Cost Online Classes to help You Fulfill Your CE

Legislative Update

Setting Up a Productive Home Office

The State of Commercial Real Estate in New Jersey

CEO’s Desk

President’s View

Town Spotlight