New Jersey Realtor® Magazine—September/October 2024

NEW JERSEY

REALTOR

®

September/October 2024: VOLUME 10 ISSUE 5

INDUSTRY OF CHANGE

NJREALTOR.COM

2024 REAL ESTATE CONSUMER PROTECTION ENHANCEMENT ACT The Real Estate Consumer Protection Enhancement Act, which went into effect Aug. 1, 2024, strengthens both consumer and real estate licensee protections. The main provisions of the new law include, but are not limited to, the following new mandates and allowances:

SELLER’S PROPERTY CONDITION DISCLOSURE STATEMENT REQUIRED

Residential sellers must provide a fully completed property disclosure statement before buyers are contractually obligated. This ensures buyers have all the necessary information, promoting informed decision-making and reducing potential disputes.

BROKERAGE SERVICES AGREEMENTS REQUIRED

All real estate licensees will be required to use brokerage services agreements, which outline services they will provide to all clients over the course of a respective transaction.

DESIGNATED AGENCY NOW ALLOWED

Designated agency, which enables a brokerage to appoint different agents to represent both the seller and the buyer with full fiduciary duties at the clients request, is now permissable.

AGENCY ADDED AS REQUIRED CORE CE TOPIC

Licensees must complete continuing education classes every two years to stay informed and best serve their clients. One course on agency will be added to the New Jersey Real Estate Commission continuing education requirements.

OPEN HOUSE REPRESENTATION SIGNAGE REQUIRED

Listing agents will be required to explicity disclose who they represent at open houses in the form of signage either at the entrance or sign-in sheet for all attendees to see. A printable sign is available at njrealtor.com/cpea.

COMPENSATION DISCLOSURE CHANGES MANDATED IN MLS

Sellers’ agents can no longer disclose compensation in Multiple Listing Services or notify MLSs about cooperative compensation, if prohibited by MLS policy.

njrealtor.com/cpea

BE AN AGENT

OF CHANGE Leverage in-depth data with FREE access to NJ Property Record Cards.

More Data. Better Tools. Live Support. The industry is changing more than ever right now. NJMLS helps you adapt better with more assets included in our membership like NJ Property Records with FREE access to Property Record Cards. With dozens of tools and live support 365 days a year, you’ll be the agent that is always one step ahead of the rest.

Learn more at NewJerseyMLS.com/join.

We got you.

SEPTEMBER/OCTOBER 2024

Contents FEATURES

COLUMNS

6

4

President’s View Guiding Our Heroes Through Homeownership

Important Dates & Deadlines

7

From the CEO’s Desk How to Implement the New Law into Your Business

16

New Construction: Is it Enough to Ease Housing Supply Woes?

8

Discover how buyers are navigating the supply challenges of existing homes by turning to new builds, even as construction struggles to keep pace with demand.

19

Single Family Market Breakdown

by County

21

Staying Productive When You Own Your Own Business

Learn how Realtors® can effectively balance work and personal life while staying productive in a demanding profession.

Legislative Update Why the Realtor® Vote Matters

12

Town Spotlight Mullica Hill “The Jewel of South Jersey”

24

Meet the Decision Maker New Jersey Senator Troy Singleton

10

Tech Column Unlocking the Power of RPR®

28

Board/Association News Sudoku puzzle solution:

26

Generating Strong Leads: How to Do It in 2024

Explore strategies for generating strong leads and maintaining a robust client base in the ever-evolving real estate market.

2 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

REAL ESTATE BUSINESS RELATIONSHIPS EXPLAINED THERE ARE FIVE TYPES OF REAL ESTATE BUSINESS RELATIONSHIPS ALLOWED IN THE STATE OF NEW JERSEY

1

2

3

SELLER’S AGENT

BUYER’S AGENT

DISCLOSED DUAL AGENT

A seller’s agent or subagent represents the seller and will disclose all material information supplied by the buyer to the seller.

A buyer’s agent represents the buyer and will disclose all material information supplied by the seller to the buyer.

A disclosed dual agent represents both parties and may not, without express permission, disclose that the seller will accept a price less than the listing price or that the buyer will pay a price greater than the offered price.

BROKER

BROKER

BROKER

SELLER’S AGENT

BUYER’S AGENT

SELLER’S AND BUYER’S AGENT

4

5

TRANSACTION BROKER

DESIGNATED AGENT

A transaction broker does not represent either the buyer or the seller. All information acquired from one party may be disclosed to the other party.

A designated agent has the same duties to its principal as a seller’s or buyer’s agent, however the brokerage firm the designated agent is affiliated with acts as a disclosed dual agent.

BROKER

BROKER

WORKS WITH BUYER AND/OR SELLER Language from the Consumer Information Statement

SELLER’S DESIGNATED AGENT

BUYER’S DESIGNATED AGENT

NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 3

CALENDAR

Important Dates & Deadlines September

REALTOR® SAFETY MONTH / AFFORDABLE HOUSING MONTH / HISPANIC HERITAGE MONTH

2 NJ Realtors Office

17 NJ Realtors Young

®

®

Closed—Labor Day

Professionals Network Kickball Tournament

8 Grandparents’ Day

10 Board of Directors Meeting 12

Housing Opportunity Foundation Montclair 5K

23-27 Realtors Care Week ®

26 Realtor Palooza ®

NEW JERSEY REALTOR® A publication of New Jersey Realtors®

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

CHIEF EXECUTIVE OFFICER Jarrod C. Grasso, RCE

PUBLIC RELATIONS AND MARKETING DEPARTMENT DIRECTOR OF PUBLIC RELATIONS & MARKETING Colleen King Oliver | editor@njrealtor.com

DEPUTY DIRECTOR OF PUBLIC RELATIONS & MARKETING Erin McFeeters COMMUNICATIONS COORDINATOR Lisa Fant MARKETING COORDINATOR Julia Ventrone

October

2024 OFFICERS

2-4 Rosh Hashanah

14 Indigenous Peoples’ Day

11-12 Yom Kippur

23-25 Simchat Torah

14 Columbus Day

31 Halloween

PRESIDENT Gloria Monks PRESIDENT-ELECT Kathy Morin FIRST VICE PRESIDENT Sue LaRue TREASURER Jairo Rodriguez

ADVERTISING SALES

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

DESIGN

November

AMERICAN INDIAN HERITAGE MONTH

3 Daylight Saving Time Ends

11 Veterans Day

5 Election Day

28-29 NJ Realtors Office ®

Closed—Thanksgiving

December 9-12 Triple Play Realtor

®

Convention & Trade Expo

24 Christmas Eve

25 NJ Realtors Office ®

Closed—Christmas Day

4 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

25 Hannukah Begins 31 New Year’s Eve

ENCOMPASS MEDIA GROUP Rebecca Ryan McQuigg rebecca@encompasspubs.com New Jersey Realtors® provides legal and legislative updates as well as information on a variety of real estate related topics solely for the use of its members.

Due to the wide range of issues affecting its members, NJ Realtors® publishes information concerning those issues that NJ Realtors®, in its sole discretion, deems the most important for its members.

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

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

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

22K DPA

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

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

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

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

njhousing.gov

PRESIDENT’S VIEW

Guiding Our Heroes Through Homeownership I

’m proud to share an important initiative we’ve launched to better serve our active military and veterans in New Jersey. Recognizing the challenges service members face, particularly with the complexities of the Veterans Affairs Home Loan benefit, we’ve established the Military and Veterans Presidential Advisory Group to support and educate these groups during the homebuying and selling process.

The Military and Veterans PAG focuses on educating both Realtors®, active military, and veterans about the VA Home Loan. Misinformation about this benefit is widespread, and the PAG aims to help dispel these myths to ensure our veterans and active military members can best navigate the homebuying process with confidence and success.

The PAG has several key goals. We aim to host educational webinars, offer Military Relocation Professional certification courses, and organize in-person events catering to the unique needs of the military community, while considering the potential impacts of

6 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

the National Association of Realtors® proposed settlement on these groups.

We’re also working closely with government agencies, such as the New Jersey Department of Military and Veterans Affairs to ensure our efforts align with broader state and national initiatives.

Under the leadership of NJ Realtors® 2024 Treasurer Jairo Rodriguez, who brings his passion and drive from his years of military service, the PAG is committed to ensuring all branches of the military are represented.

as a Veterans Home Buying Guide.

We’ve just added a Veterans and Active Military Resource Page to our website, with information and links to loan assistance, information on applying for VA benefits, and more.

I’m excited about the potential impact of this program, which we hope will educate but also provide essential support to our military community. By working together, I’m confident we can empower our service members with the knowledge and resources they need to successfully navigate the homebuying process and beyond.

In addition to educating Realtors® on how to best guide veterans and active service members in buying or selling homes, we’re also focusing on helping veterans explore the potential of obtaining a real estate license. This could open new career paths for those transitioning out of military service.

Our goals also include identifying NJ Realtors® members who are veterans or active military, addressing their unique needs, and developing resources such

PRESIDENT

Gloria Monks

FROM THE CEO’S DESK

How to Implement the New Law into Your Business T

he Real Estate Consumer Protection Enhancement Act is officially in effect and introduces several industry changes to protect consumers and real estate licensees in New Jersey.

To help you implement these changes into your daily business practice, New Jersey Realtors® has created a new law hub to break down the main law provisions, provide vital definitions and resources, frequently asked questions, and more.

While it will take time for these changes to become second nature, one constant remains—helping your clients find the home of their dreams. As we guide our clients through this renewed real estate industry, continue to showcase your Realtor® value, unmatched expertise in the field, and love for the Garden State.

Here’s what you can do to put the Real Estate Consumer Protection Enhancement Act into action.

For more information and to access these resources, visit njrealtor.com/cpea.

Use NJ Realtors® Forms Library to Comply with the Law

NJ Realtors® Forms Library recently released the following new forms to comply with the Real Estate Consumer Protection Enhancement Act. • Addendum to Agency Agreement • Form 130A: Informed Consent to Designated Agency (Buyer) • Form 130B: Informed Consent to Designated Agency (Seller)

• Form 131A: Informed Consent to Designated Agency (Tenant) • Form 131B: Informed Consent to Designated Agency (Landlord) • Form 144: Non-Exclusive Tenant Agency Agreement • Form 148: Cooperating Broker Compensation Agreement The following agency forms were revised to comply with the new law.

• Form 120: Non-Exclusive Buyer Agency Agreement • Form 121: Exclusive Buyer Agency Agreement • Form 126: Exclusive Tenant Agency Agreement • Form 128: Exclusive Buyer Agency Agreement with Rebate Provision • Form 129: Non-Exclusive Buyer Agency Agreement with Rebate Provision • Section 29 and Section 30 of NJ Realtors® Form 118: Contract of Sale

questions. The recording is now available along with the accompanying slide deck.

Use NJ Realtors® Approved Open House Signage

The new law requires listing agents to disclose who they represent at open houses. Now available: NJ Realtors® recommended open house signage, along with a customizable version to add your logo.

Understand Agency and Breakdown the Law

Quickly reference the law and the specific types of agency permitted in New Jersey with downloadable flyers.

Follow Us on Social Media

For the latest industry updates and content to share with your clients, find NJ Realtors® on every social media platform and turn on post notifications so you never miss an important update.

Use the New Consumer Information Statement

Customize Social Media Posts

Watch NJ Realtors® Panel Discussion

CHIEF EXECUTIVE OFFICER

The updated CIS will educate consumers and help them make informed decisions about their relationship with a real estate broker and sales agent. It breaks down the agency types in New Jersey: seller’s agent, buyer’s agent, disclosed dual agent, transaction broker, and designated agent, and explains the licensee’s legal duties and responsibilities.

Spread the word about the new law and help us educate consumers with social media templates ready for you to customize.

Jarrod Grasso

At our Statewide Broker Briefing, we held a panel discussion to cover the new law in-depth and answer audience NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 7

LEGISLATIVE UPDATE

Why the Realtor® Vote Matters

BY CATHERINE BEST, DIRECTOR OF GOVERNMENT AFFAIRS

REGISTER TO VOTE:

A

s a member of New Jersey Realtors®, you are also a member of the Realtor® Party, which is a nonpartisan organization that advocates for homeownership, private property rights, the advancement of the real estate industry, strong communities, and the free enterprise system. However, non-partisan does not mean apolitical.

The Realtor® Party relies on its members’ active participation at all levels of government—local, state, and national.

Participation in government comes in many forms, but the easiest and most important is voting. Your vote represents your voice and the voice of the Realtor® Party.

As a Realtor®, you play a crucial role in protecting the interests of the real estate industry. Voting ensures the voice of real estate is heard by elected officials at all levels of government and gives the Realtor® Party significant influence over laws and regulations pertaining to real estate matters.

Voting is particularly important this time of year as we approach the 2024 General Election on Nov. 5. This year, the president and Congress, including one of our state Senate seats and 12 House of Representatives seats, will be up for re-election, as well as many local offices across New Jersey, including positions for mayor, borough councils, township committees, and school boards. Although much 8 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

attention is paid to the top of the ticket, it is important to remember action is needed at all levels, as change can stem from any level of government.

How to Register to Vote:

Each state has its own process and protocols for registering to vote. In New Jersey, the easiest way to register is by visiting the New Jersey Voter Information Portal. There, you can register either online or through a submitted paper application. Regardless of how you register, the deadline for all applications is 21 days prior to the next election day.

This year, the voter registration deadline for the general election is Oct. 15, 2024.

In New Jersey, there are four requirements all voters must meet for registration eligibility. To register in New Jersey, you must be: • A U.S. citizen • At least 17 years old, though you may not vote until you have reached the age of 18 • A resident of the county for 30 days before the election • A person not serving a sentence of incarceration as the result of a conviction of any indictable offense under the laws of this or another state of the U.S. If you are unsure of your voter registration status, visit vote.nj.gov.

NEW JERSEY LEGISLATIVE BILLS How to Vote:

New Jersey offers three ways to vote for all registrants: a vote-by-mail ballot, in-person early voting, and at your polling place on Election Day. Specific information for voting method can be found at vote.nj.gov.

Should you choose to vote by mail, you must apply for a vote-by-mail ballot by following the instructions at vote.nj.gov or by contacting your county clerk.

Once your application for a vote-by-mail ballot is approved, your ballot can be submitted either by mail, at a secure ballot drop box, or at the Board of Elections office. All vote-by-mail ballots are required to be either postmarked, placed, or delivered by 8 p.m. on Election Day. In-person early voting is a new option available to registrants allowing voters to submit their ballots during an in-person early voting period prior to Election Day. This year, the time period is Oct. 26, 2024 to Nov. 3, 2024. No appointment is necessary when voting with an in-person early voting ballot and you can submit your ballot at any of your county’s designated in-person early voting locations. Early voting locations are open from 10 a.m. to 8 p.m. from Monday through Saturday, and 10 a.m. to 6 p.m. on Sunday.

Voting in person occurs at your polling location, which can be found either on your mailed sample ballot or through the NJ Polling Place Search Tool. Voting is open on Election Day from 6 a.m. to 8 p.m.

RPAC

OF NEW JERSEY Fundraising total as of August 13, 2024

2024 RPAC Goal: $1,095,389

2024 RPAC Dollars Raised:

$644,439.73 59% of goal

A586—Stanley (D18), Atkins (D20)/ S1430—McKnight (D31), Singleton (D7) Provides for expanded use of affordable housing voucher program funding.

New Jersey Realtors® Position: STRONG SUPPORT NJ Realtors® strongly supports this bill requiring the New Jersey Department of Community Affairs to set aside a portion of rental assistance funding to assist with homeownership expenses, similar to the federal Housing Choice Voucher Homeownership Program.

Bill History: 1/9/2024—Introduced in Assembly and referred to Assembly Housing Committee 1/9/2024—Introduced in Senate and referred to Senate Community and Urban Affairs Committee 1/25/2024—Reported from Senate committee with amendments and referred to Senate Budget and Appropriations Committee 5/13/2024—Reported out of Assembly committee with amendments and referred to Assembly Appropriations Committee 6/24/2024—Reported out of Assembly Committee, second reading in Assembly 6/26/2024—Reported from Senate Committee with amendments, second reading in Senate 6/28/2024—Passed by the Senate (39-0) and received in Assembly without reference, second reading in Assembly

A4454—Freiman (D16), Pintor Marin (D29)/ S3192—Diegnan (D18), Moriarty (D4) Real Estate Consumer Protection Enhancement Act. New Jersey Realtors® Position: STRONG SUPPORT NJ Realtors® strongly supports this bill providing clear protections for consumers and real estate licensees through enhanced protections for all parties to real estate transactions.

Bill History: 5/9/2024—Introduced in the Senate and referred to Senate Commerce Committee 5/13/2024—Reported from Senate Committee, second reading in Senate 5/20/2024—Passed by the Senate (37-0) 5/20/2024—Received in Assembly and referred to Assembly Consumer Affairs Committee 6/3/2024—Introduced in Assembly and referred to Assembly Consumer Affairs Committee 6/13/2024—Transferred to Assembly Financial Institutions and Insurance Committee and reported out of Committee, second reading in Assembly 6/26/2024—Recommitted to Assembly Budget Committee and reported out of committee with amendments, second reading in Assembly 6/28/2024—Passed by the Assembly (76-0) 6/28/2024—Received in Senate on concurrence with Assembly amendments and passed by the Senate (40-0) 7/10/2024—Signed by the governor (P.L.2024, c.32) NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 9

TECH COLUMN

UNLOCKING THE POWER OF RPR

®

BY WILLIAM THOMPSON, NJ REALTORS® DIRECTOR OF TECHNOLOGY

I

n the ever-changing real estate industry, leveraging technology is key to maintaining a competitive edge. Realtors Property Resource® is one tool you need in your arsenal. Exclusively available to Realtor® members, RPR® provides a wealth of benefits for all agents, whether seller’s agent, buyer’s agent, residential, commercial, or all the above, by offering comprehensive data, powerful tools, and advanced pricing analysis to enhance your business and impress clients.

COMPREHENSIVE PROPERTY DATA RPR® offers a robust database of property information essential for both seller’s and buyer’s agents. Detailed property information such as property history, tax records, mortgage data, and more are pulled from reliable sources, ensuring you have the most accurate compilation of data available. To get started, visit narrpr.com and use the search bar to enter specific property addresses or use the advanced search filters to find properties that match certain criteria. Then, head over to the Reports tab, where you can customize and generate various types of reports including property detail, market activity, and neighborhood reports.

INTERACTIVE MAPPING TOOLS RPR®’s advanced mapping tool is a standout feature allowing agents to conduct detailed geographic searches and visualize market trends. Enter an area of interest in the search box, then select from a variety of markers and heat maps, such as schools, flood zones, or market trends, to overlay on top of your map. Utilize tools like Draw to highlight specific areas, Points of Interest to add local amenities, and Data Layers to visualize market data. RPR®’s interactive map provides an intuitive visual representation to help buyer’s agents whose clients are searching in unfamiliar areas. By presenting detailed geographical data, you can showcase your ability to provide comprehensive insights to your clients.

10 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

PRICING TOOLS “How much should I list my home for?” is one of the most critical questions Realtors® receive during listing appointments. With the power of RPR®’s Comparative Market Analysis and REALTORS® Valuation Model, you can come prepared with an accurate, data-driven response.

This combination of tools not only improves pricing accuracy but also reinforces your role as a knowledgeable and trustworthy advisor, which is essential for building client confidence and satisfaction. To get started, select Create CMA, under Pricing Tools on a property’s detail page.

Confirm home facts to ensure there are no discrepancies from public records or previous listings. Search for comparable properties to use in your analysis and make pricing adjustments based on their differences. Generate a detailed Seller’s Report which integrates price analysis, property history, market statistics, and so much more into a beautifully branded and professional packet.

narrow down your search results to find the properties that fit your expertise. I recommend selecting Owner Occupied and possibly limiting properties to those owned between five and 20 years. To avoid abuse and complaints, you can only export 2,000 records per month, so be mindful of your search criteria. Once ready, click the Mailing Labels button, found above the map, to generate standard-sized labels or export results to a CSV. Ready to craft your message?

RPR® can help you there, too. Under the Research tab, run a Neighborhood Search. You’ll find helpful key metrics to use in your marketing or click the Create Script button to use RPR®’s new AI-powered Market Trend ScriptWriter.

Select the appropriate tone and audience for your message and create a video script, social campaign, or analysis of the neighborhood’s market. You’ll receive a unique script you can customize to inform your prospects of current market conditions and highlight your value proposition.

RPR® is more than just a tool; it’s a comprehensive solution designed to empower Realtors®. By leveraging its extensive data and state-of-the-art tools, you can provide superior service, make informed decisions, and achieve better outcomes for your clients.

PROSPECTING Have you ever wanted to send a letter introducing yourself to the neighborhood to help you connect with potential clients? RPR® can help! Under the Research tab, select Property Search, enter the neighborhood you’re interested in, and select Public Records under Type/Status (otherwise you’ll only see recent listings). Under More Filters, you can NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 11

TOWN SPOTLIGHT

Mullica Hill

“The Jewel of South Jersey”

BY LISA FANT

I

n the heart of New Jersey’s southern farmlands, Mullica Hill is an unincorporated town within Harrison Township, cherished for its rich history and present-day charm. The town was settled in the late 17th century by pioneering Finnish settlers—Eric, John, Olag, and William Mullica—who first began purchasing land in 1704. Two of the family’s homes still stand today, according to the Harrison Township Historical Society.

The town’s historic district, generally defined by several streets including Main Street, Swedesboro Road, and Glassboro Road, is listed on the National Register of Historic Places as a testament to its storied past.

Strolling down Main Street, you’ll find

beautifully preserved buildings dating back to the colonial era, each with its own story. From the Mullica Friends Meeting House formed in 1720 to Mullica Hill’s historic 1871 Old Town Hall, history enthusiasts will find plenty to explore and appreciate.

Mullica Hill is set apart by its unique blend of historical preservation and modern-day vibrancy. The town’s commitment to maintaining its heritage is evident in the well-preserved architecture on its Main Street and the annual events celebrating its history, such as the Civil War Weekend and the annual Fall Festival. Owner of Farm House Design and MH Events, Hazel Dilsaver is a long-time resident and business owner who hosts community

12 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

Photo courtesy of Hazel Dilsaver of MH Events

events throughout the year. “It’ll be the 52nd annual Fall Festival this year and I’ve been hosting for about 23 years,” said Dilsaver. “Everyone comes together to support each other. Some people have been coming for 30 years.”

Photo courtesy of Hazel Dilsaver of MH Events

time. There wasn’t even a grocery store in town,” said Kowalik. However, the town soon saw a steady influx of businesses who held firm during the mid-2000s with the support of the community. “When I first came here 24 years ago, everything was an antique The yearly Fall Festival is a shop. There were really four landmark community-favorite weekend event Main Street businesses that held on with something for everyone. Attendees and survived,” said Dilsaver. Specialty enjoy various local food vendors and retail came in and now we’re a mixed crafts, live music, games for children, bag with specialty shops, food, and and even the annual living history events. Those small businesses brought program with Civil War camps and a lot of attention to Mullica Hill.” battle reenactments.

She credits much of the small business

Photo courtesy of Hazel Dilsaver of MH Events

Photo courtesy of Hazel Dilsaver of MH Events

“We have a history walk during the evening where a guide teaches the history of the town,” said Dilsaver.

“The Old Town Hall always has something historic to share with the community. There’s so much history here, whether it’s a program or display.”

Yet, Mullica Hill hasn’t found itself stuck in the past. Over the years, the town has grown with the times, becoming a growing community with a range of businesses catering to both residents and visitors.

Nancy Kowalik, broker and owner of Your Home Sold Guaranteed Realty— Nancy Kowalik Group remembers when Mullica Hill’s agricultural roots dominated the landscape. “There were only farms around for a long

support to the local community’s close ties. In this small town where everyone knows and supports one another, neighborhood unity has been a driving force behind the town’s growth and development.

MH Events is an event company that donates proceeds from ticketed events to charity. Dilsaver founded MH Events to support the historic district and ensure the continuation of beloved events like the Annual Garden Tour, Fall Festival & Living History Tour, and Christmas House Tour. Her mission is to support downtown Mullica Hill, help others, and raise awareness of community needs. Over the years, MH Events has donated over $25,000 to local charities, including food pantries, churches, and NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 13

TOWN SPOTLIGHT animal rescues. “A lot of the events bring people together,” said Dilsaver.

While the tight-knit community is a highlight in the town, there’s more to Mullica Hill’s success than local support. “One of the coolest things about it is I moved here because I wanted to raise kids here. I started out by opening a small Christmas shop,” said Kowalik. Once she sold the business and became a Realtor®, she gained a deeper understanding of what’s driving growth in the town and has seen the industrial growth and housing development firsthand.

According to New Jersey Realtors® June housing market data, the median sales price for Harrison Township is $712,500, a 31.9% increase from $540,000 last year. The town’s appeal is a selling point for many buyers, with the expansion of major employers like Rowan University and Inspira Medical Center bringing in young professionals looking for a growing community. “I call us the jewel of South Jersey. We have everything now.” said Kowalik.

“But being in the real estate industry, I know barrier of entry can be difficult for first-time buyers with the home prices.” Harrison Township’s proximity to major cities—just about half an hour from Philadelphia—enhances its

attractiveness, offering the convenience of urban access while maintaining a more serene, small-town atmosphere.

Additionally, the town presents numerous opportunities for small business ventures, making it an appealing point for newcomers looking to start or grow their own enterprises. “We’re seeing a lot of out-of-the-box thinkers and entrepreneurs coming in,” said Kowalik.

“You used to have to leave town to find certain things. Now people are filling in a void of what’s needed. Local, organic farmers are supplying the restaurants.

Photo courtesy of Hazel Dilsaver of MH Events

14 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

Photo courtesy of Hazel Dilsaver of MH Events

The community saw we were missing a local deli, so that will be coming soon.”

As Mullica Hill continues to evolve with an influx of economic growth coupled with the town’s proactive approach to addressing local needs, reflects a vibrant and adaptable community. With ongoing developments and a commitment to meeting the needs of both new and long-time residents, Mullica Hill stands out as a forward-thinking town that seamlessly integrates its rich heritage with contemporary progress.

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NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 15

NEW CONSTRUCTION:

Is it Enough to Ease Housing Supply Woes?

BY MICHELE LERNER

L

ike much of the nation, New Jersey continues to grapple with a housing shortage driving up prices and frustrating buyers. The number of active listings across the total market in the state was 60,984 in July 2016 and dipped to less than half of that at 21,366 in June 2024, according to New Jersey Realtors® housing market data.

Many Realtors® and buyers look to newly built homes to overcome the lack of supply of existing homes, but what’s under construction in various markets doesn’t always meet demand.

“There’s lots of demand for new homes in Morris County, but prices are way up, and land prices are up exponentially,” said Karen Torrente, a Realtor® with Coldwell Banker Realty in Madison. “There’s only so much builders can pay to make the numbers work.”

According to Torrente, much of the demand for new homes in northern New Jersey comes from first-time buyers who are tired of renting in New York City and want more space.

“New Jersey is an interesting market, with so much of it developed, new homes represent just a small percentage of the housing supply,” said Dan Fulton, a senior vice president based in Reston, Va. with Zonda Advisory, a residential construction data and consulting firm. Fulton oversees and directs research on projects in the Mid-Atlantic and Northeast regions for the nationwide firm. “Most of the new development is outside of the New York City area. There’s more development in Somerset and Monmouth counties.”

“These are financial analysts and Wall Street people who can pay $2 million to $4 million and want something new after living in old city apartments,” said Torrente. “They can buy a new home with six or seven bedrooms on a halfacre lot for $2.4 million and up.”

In the Morristown area, multiple builders, including Lennar and K. Hovnanian, are building townhouses to add to the mix of housing in the affluent, walkable town, according to Fulton. Active adult communities are also being built in the area by Del Webb.

“People who can increase their budget will buy preconstruction and wait for a house just so they don’t have to worry about losing out to other bidders on an existing home anymore,” said Torrente.

16 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

Buyers with a budget of $1 million to $1.5 million in northern New Jersey can’t always afford a new singlefamily home, according to Torrente.

for upgrades, they’re selling for around $700,000,” said Lichtenthal. “They’re part of a revitalization plan for the city, so the property taxes will be less than half of the usual amount for the first 10 years—around $4,800 annually instead of $12,000 to $13,000.”

While those townhouses are selling quickly, some of the more expensive properties priced in the $1 million to $1.4 million price range are slower to sell because that’s more than buyers can receive for their existing homes, according to Lichtenthal.

Development Across Central and South Jersey Like other parts of the country, New Jersey has experienced a population push away from the cities to outer suburban markets where buyers can find more affordable homes, according to Fulton.

“Some new home communities are downsizing their clubhouses and eliminating a few planned amenities to save on costs,” said Lichtenthal. “In the communities that are slower to sell, some builders offer closing cost assistance or to buy down the mortgage rate for buyers.”

One of the larger developments of new homes, with a mix of housing types along with retail and office space, is at the redevelopment of Fort Monmouth.

Further south, new construction is active in Gloucester County, which is popular with people working in the Philadelphia metro area, according to Fulton.

“That was one of the last BRAC [Base Realignment and Closure] decisions,” said Fulton. “They kept some of the historic barracks and other buildings that will blend nicely with the new development.”

“There’s a large master planned community called Weatherby with homes that are relatively affordable, starting in the $400,000s, plus active adult components in the same area,” said Fulton. “Nearby in Camden and Burlington counties there are also multiple developments from Ryan Homes, Lennar and D.R. Horton.”

In Asbury Park, real estate investment, development and finance firm iStar purchased numerous parcels of land for redevelopment, tearing down dilapidated buildings to build new homes, according to Fulton.

“They’ve done a great job turning this into a solid development with a unified vision, plus the area is served by a rail station,” said Fulton.

In Monmouth County, the majority of larger new home developments are active adult communities, said Brian Lichtenthal, a Realtor® with Century 21 Mack-Morris Iris Lurie in Morganville.

“A lot of people in the baby boomer demographic are selling their existing houses to move into these communities for the lifestyle,” said Lichtenthal.

In addition, Pulte Homes and Toll Brothers are building townhouse communities priced in the $600,000 to $1 million price range.

“In New Brunswick, new townhouses start in the low $500,000s, but by the time you pay the lot premium and

Bruce Paparone, president of Paparone New Homes, a third-generation family-owned builder in Stratford, said his company builds everything from townhouses priced in the $300,000 to $400,000 range, active adult communities with homes priced in the $400,000 to $500,000 range, and single-family homes priced from $500,000 to $1.5 million throughout central and southern New Jersey.

“Our market is very strong now, but it took a long time to recover from 2008,” said Paparone. “It wasn’t until 2019 that momentum really kicked back in.”

From the 2000s to 2010, young buyers and empty nesters gravitated to Philadelphia and away from some suburban developments, but now millennials are starting families and moving to the suburbs, according to Paparone.

“Household formation is the biggest driver of new home construction, but the lack of inventory and high prices on the resale side have also helped,” said Paparone. “New homes look like a bargain compared to resales, especially when you don’t have to bid over the asking price.”

NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 17

New Construction Advice for Realtors®

Paparone said all his company’s sales representatives are licensed Realtors®, which makes it easier for buyer’s agents to work with them.

“Selling new construction should be easier for buyer’s agents since there are fewer unknowns about the quality of construction and condition of the property,” said Paparone. “Agents and buyers just need to be prepared for the time it takes to complete a house, which can take six months to a year depending on the community.”

Torrente works closely with multiple builders in northern New Jersey who build speculative houses on individual lots or in small clusters. Speculative houses are started before a purchase contract is in place and sometimes offer some personalization for buyers depending on how early in the construction process they purchase.

“It’s important to get buyers to sign an exclusive buyer’s agent contract with you before they go to new home communities to make sure they get their commission,” said Torrente.

For buyers and agents, new construction offers the benefit of avoiding bidding wars, according to Lichtenthal.

“Agents should stay in touch with other agents who work with builders and follow them on social media to know what new developments are planned,” said Torrente.

Torrente recommends agents who are unfamiliar with new construction begin by visiting model homes and asking for detailed information about the homes being built, including floor plans and fact sheets with included and optional features.

“Buyer’s agents should go over warranty information with their clients when they buy a new home to make sure they know what’s covered and any deadlines for making any claims,” said Torrente. “Buyers should always have an independent home inspection on new construction a week or two before the closing to check for any mistakes and get them corrected before they move in.”

Newly built homes may not dominate your market, but awareness of those options provides value to buyers frustrated by the lack of inventory.

18 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

Issues Impacting Prices and New Home Development

New Jersey tops the list of states with the highest property taxes, according to Rocket Mortgage. The state has an average tax rate of 2.2%, and an average tax bill of $8,598 on the median-priced home of $384,700. With that being said, monthly payments can be substantially different depending on property taxes.

“The townships in New Jersey can be very small, so you’ll see a lot of variation from one jurisdiction to the next on property tasks,” said Fulton. “Sometimes a high tax area will be right next to a low tax area.”

Many jurisdictions provide tax incentives to encourage development of new homes, said Fulton, often with a tax abatement for 10 years or so.

Higher mortgage rates impact buyers of both resales and newly built homes, but buyers appear to have adapted to higher rates, according to Paparone.

“Our business dropped off by 40% in 2022 when mortgage rates shot up, but then by January 2023, it reversed itself,” said Paparone. “We did start to see more cash buyers, especially in the active adult communities.”

Supply chain issues and inflation in material costs drove new construction prices higher earlier in the pandemic, but today regulations are keeping costs high, according to Paparone.

“People complain that housing is too expensive, but government regulations are driving up costs,” said Paparone. “For example, storm water management rules are constantly changing. We get development approval but then we have to make expensive changes to adapt when the rules are rewritten.”

Paparone said new homes are already built to high Energy Star standards, but some jurisdictions impose even higher levels of energy efficiency regulations, raising the cost to build by thousands of dollars.

CAMDEN COUNTY New Listings

1.8%

2023: 30 2024: 28

New Listings

9.5%

Days on Market

8%

2023: 50 2024: 46

New Listings

4.1%

8.3%

0.2%

2023: 3,705 2024: 3,714

2023: 1,190 6.8%

2024: 1,109

Median Sales Price

New Listings 0.2%

13% 17.5%

2023: $328,450 2024: $371,000

Days on Market

19.5%

2023: 41 2024: 33

Closed Sales

2024: 2,215

8.3%

11.9%

New Listings

5.8%

6.5%

2023: $670,000 2024: $750,000

1.7%

17.1%

2023: 2,295 2024: 2,334

Days on Market 2023: 35 2024: 29

Closed Sales

2023: 1,820 2024: 1,670

Median Sales Price

2023: $355,000 2024: $392,000

12.9%

2023: $310,000 2024: $350,000

Closed Sales

2023: 758

18.5%

2024: 618

Median Sales Price

5.9%

2023: $500,000 2024: $529,500

2023: 788 2024: 820

Closed Sales

2023: 638 9.9%

2024: 575

Days on Market

Median Sales Price

2023: 48 2024: 44

2023: $225,000 2024: $255,000

13.3%

2023: 2,517 2024: 2,512

Closed Sales

2023: 1,647 10.1%

2024: 1,480

Days on Market

Median Sales Price

2023: 40 2024: 33

2023: $595,000 2024: $699,500

17.6%

2023: 1,541 2024: 1,631

Closed Sales

2023: 1,273 8.7%

2024: 1,162

Days on Market

Median Sales Price

2023: 31 2024: 33

2023: $319,000 2024: $345,000

8.2%

HUDSON COUNTY

BURLINGTON COUNTY New Listings

Median Sales Price

GLOUCESTER COUNTY

2023: 2,415

Median Sales Price

6.9%

2024: 1,785

ESSEX COUNTY

BERGEN COUNTY New Listings

2024: 1,128

2023: 67 2024: 54

ATLANTIC COUNTY Closed Sales

2023: 1,917

CUMBERLAND COUNTY

All data is year-to-date and from NJ Realtors June 2024 housing market reports.

2024: 1,703

2023: 1,030

Days on Market

19.4%

®

2023: 1,733

Closed Sales

CAPE MAY COUNTY

Single Family Market Breakdown

by County 1.7%

2024: 2,479

Days on Market

6.7%

New Listings

2023: 2,435

8.2%

New Listings

4.6%

10.4% 13.6%

2023: 586 2024: 613

Closed Sales

2023: 346 4%

2024: 332

Days on Market

Median Sales Price

2023: 44 2024: 38

2023: $500,000 2024: $570,000

14%

NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 19

HUNTERDON COUNTY New 16.8% Listings

17.3%

2023: 710 2024: 829

Closed Sales

PASSAIC COUNTY

2023: 503 0.4%

2024: 501

Days on Market

Median Sales Price

2023: 52 2024: 43

2023: $539,500 2024: $627,000

New Listings

7.8%

2024: 1,376

16.2% 20%

MERCER COUNTY New Listings

6.3%

2023: 1,466 2024: 1,559

16.7%

Closed Sales

2024: 1,022

Median Sales Price

2023: 36 2024: 30

2023: $385,000 2024: $450,000

6.6%

16.9%

New Listings

2.3%

2023: 2,753 2024: 2,815

14.3%

Closed Sales

2.1%

2024: 1,836

Median Sales Price

2023: 42 2024: 36

2023: $490,000 2024: $558,000

10.7%

New 6.6% Listings

13.9% 8.6%

MONMOUTH COUNTY New Listings

2.5%

2023: 3,556 2024: 3,646

6.8%

Closed Sales

2024: 2,132

Median Sales Price

2023: 44 2024: 41

2023: $640,000 2024: $725,000

6.8%

New 6.3% Listings

13.3% 16%

MORRIS COUNTY New Listings

9.1%

2023: 2,373 2024: 2,589

19.4%

Closed Sales

2024: 1,557

Median Sales Price

2023: 36 2024: 29

2023: $625,000 2024: $710,000

3.2%

New 1.1% Listings

13.6% 18.9%

OCEAN COUNTY New Listings

2.2%

1.4%

2023: 3,917 2024: 3,972

Closed Sales

2024: 2,496

Median Sales Price

2023: 46 2024: 45

2023: $512,000 2024: $580,000

20 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

2023: $484,768 2024: $540,000

11.4%

2024: 495

Closed Sales

2023: 377 11.7%

2024: 333

Days on Market

Median Sales Price

2023: 48 2024: 49

2023: $225,000 2024: $247,900

10.2%

2023: 1,378 2024: 1,469

Closed Sales

2023: 951 6.9%

2024: 885

Days on Market

Median Sales Price

2023: 35 2024: 32

2023: $627,500 2024: $722,000

15.1%

2023: 1,091 2024: 1,160

Closed Sales

2023: 756 0.4%

2024: 753

Days on Market

Median Sales Price

2023: 50 2024: 42

2023: $370,000 2024: $410,000

10.8%

2023: 2,150 2024: 2,173

Closed Sales

2023: 1,616 2024: 1,405

Days on Market

Median Sales Price

2023: 37 2024: 30

2023: $540,000 2024: $600,000

13.1%

11.1%

WARREN COUNTY

2023: 2,680

Days on Market

2023: 45 2024: 36

UNION COUNTY

2023: 1,609

Days on Market

Median Sales Price

SUSSEX COUNTY

2023: 2,287

Days on Market

0.8%

2024: 901

SOMERSET COUNTY

2023: 2,055

Days on Market

2023: 894

Days on Market

2023: 507 2.4%

MIDDLESEX COUNTY New Listings

Closed Sales

SALEM COUNTY

2023: 1,094

Days on Market

2023: 1,277

6.9%

New 8.7% Listings

13.3% 18%

2023: 618 2024: 672

Closed Sales

2023: 463 0.4%

2024: 461

Days on Market

Median Sales Price

2023: 50 2024: 41

2023: $360,000 2024: $405,000

12.5%

Staying Productive When You Own Your Own Business

BY LISA FANT

B

eing a Realtor® offers the satisfaction and reward of helping clients find their dream homes. It also comes with the challenge of staying productive amidst numerous responsibilities and distractions. Achieving a balance between work and personal life while maintaining high productivity levels requires discipline, effective time management, and the right tools.

Set Daily Goals and Priorities Start each day with a clear set of attainable goals and priorities. Whether you need to follow up with clients or get through a list of emails, defining your goals using the SMART criteria—Specific, Measurable, Achievable, Relevant, Timebound—will provide direction and purpose. Write down the five most important tasks you need to accomplish before the end of the day. Breaking down larger tasks into smaller, manageable steps can help you avoid feeling overwhelmed by an extensive to-do list.

“Goal setting is huge for me,” said Kyla Montore-Niewinski, Realtor® and brokersalesperson with Weichert Realtors®. Along with utilizing apps like Reminders and Calendar to manage her daily to-do list, she also shares longterm goals with her team. “At the start of each year, I create a dream board and business plan I share with my team to keep us all on track,” said Montore-Niewinski. Creating a plan before diving into your workload each day will help you focus on what needs to be completed and ensure you stay productive.

Delegate Tasks You don’t have to do everything on your own. Delegating administrative tasks, such as data entry and appointment scheduling, to a virtual assistant or a part-time employee allows you to focus on tasks that require more of your time and attention. Decide which tasks would be most beneficial to delegate.

For example, if you find yourself spending excess time on marketing and maintaining social media accounts, delegating those tasks can free up your time for higher-priority activities. “Be okay with delegating,” said Kamal. “Understand that just because you can do something, it doesn’t mean you should.”

Stay Organized Montore-Niewinski said staying organized is the “secret sauce” to her success.

An organized workspace is essential for daily success. Keep your desk and office tidy, and ensure your digital files are systematically arranged for easy access.

Cloud storage solutions like Google Drive and Dropbox allow you to access your documents from anywhere and keep them secure. “Google Drive is my go-to tool,” said Montore-Niewinski. “It lets me effortlessly share my calendar across all my devices, create custom templates for prospecting, and keep track of client timelines like a pro. Paired with my CRM, it ensures nothing falls through the cracks.”

Leverage Technology Technology is constantly advancing and can be a game-changer in managing your real estate business efficiently. “There are so many apps, automation and gadgets that can make your days easier,” said Kamal. A lender introduced her to a way to set up email signatures for repetitive messages Realtors® constantly send. “I have templates for sending offers, new contracts to attorneys, and what to bring to closing. Currently, I have 21 templates set up in Gmail for these routine emails. I tweak them as needed, saving myself hours of time each month.” Use customer relationship management software to track client interactions, automate follow-ups, and manage your contacts. Note-taking apps can help you keep track of important information, while online calendars and scheduling tools can remind you of important dates and appointments. These tools can often integrate with your personal phone calendar, ensuring your reminders are always with you. Project management apps can also keep your tasks organized. “Sure, it takes some time to set up these tools, but once they’re running, they work like a well-oiled machine, making daily tasks smooth and efficient,” said Montore-Niewinski.

Create a Structured Schedule While flexibility is one of the perks of being a Realtor®, having a structured schedule can significantly boost your productivity. Allocate specific time blocks for different tasks such as client meetings, property showings, administrative work, and personal time.

Stick to your schedule as closely as possible but allow some room for adjustments when needed. Realtor® Wajiha Kamal with Better Homes and Gardens Real EstateMaturo said it’s okay if not everything gets done in one day. On days when your schedule doesn’t go as planned, she suggests giving yourself grace. “Cut yourself some slack on the days where everything goes sideways. Some days will still be wild no matter your plan. Prioritize your list and focus on the top tasks,” said Kamal.

NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 21

Invest in Continuous Learning The real estate market is constantly evolving, and staying updated with the latest trends, tools, and regulations is crucial.

New Jersey Realtors® offers members updated information about legislation, housing market trends, educational courses through the New Jersey Realtors® Academy of Continuing Education, and webinars to keep you informed and improve your business.

Email news@njrealtors.com to ensure you’re on our email list and stay updated on social media by following New Jersey Realtors® on Facebook (New Jersey Realtors), Instagram (njrealtors), and X (NJ_REALTORS) so you never miss the latest industry developments.

5 Essential Productivity Tools for Realtors®

W

hile you might not always set aside time for focused work, these productivity tools can help you stay on top of your game, from coordinating with clients and team members to managing your daily workflow.

Practice Self-Care Taking care of your physical and mental well-being is essential for maintaining productivity. When you’re constantly on the go, it’s easy to forget to take breaks and care for yourself. “We often put ourselves on the backburners. If we don’t put our oxygen mask on first, we won’t be able to help our clients, kids, friends or family,” said Kamal. “Take care of yourself! Take some time out to do what you enjoy. Allow yourself to refresh as needed.” Incorporate regular exercise, healthy eating, and adequate sleep into your routine. Schedule breaks throughout your day to recharge, take time off to spend with family and friends without working, and make time for activities you enjoy outside of work. “Let your clients know that after a certain time, your phone goes on personal mode and that you will return calls and texts in the morning,” said Kamal. “They will respect that.

If you don’t, they will think any time is fair game and expect a response from you right away. It can wait till the morning.”

Monitor Your Progress Regularly review your performance and progress toward your goals. Identify what’s working and what’s not and be willing to adjust. Use analytics tools to track your productivity metrics and seek feedback from clients and colleagues to improve your services. For example, you may choose to set weekly, monthly, or quarterly reviews to assess your workflow, achievements, and overall growth.

1

2

Trello is a visual project management tool that uses boards, lists, and cards to help you organize tasks and projects.

Realtors® can create separate boards for each property listing, track client interactions, and manage to-do lists for open houses. The ability to attach documents and images directly to cards makes it easy to keep property details and client preferences at your fingertips. With Trello, you can create a pipeline for managing incoming leads or requests for any type of contact or customer relationship management.

Project templates allow you to organize contact information and notes or even create a content template for your newsletter.

Evernote is a note-taking app with notes, project planning, and enables tagging for organization. You can use it to record client notes, property details, and meeting summaries, ensuring your important information is always accessible and organized in one place.

Organizing notes by client, property, or project, and attaching photos, documents, and audio recordings to notes can be useful for keeping track of important client details. For example, you can create a notebook for each client with notes on their preferences, budget, and properties they’ve viewed, adding tags to quickly find notes related to specific neighborhoods or property features.

22 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

Network and Collaborate Building relationships with other professionals in the industry can open new opportunities and provide support. Join a Realtor® committee, attend networking events at your association or office, and collaborate with other Realtors® on joint ventures. Additionally, consider joining local business groups, attending industry conferences, and participating in online forums or social media groups dedicated to real estate. “Instagram has been a real game-changer,” said MontoreNiewinski. “It’s become my go-to platform for networking, connecting with other professionals, and staying in touch—even when we can’t meet in person. I love using it to shout out fellow Realtors®, share their successes, and keep those relationships strong.” Volunteering for community projects or hosting your community events can also help you connect with like-minded professionals. Sharing insights and resources can help you grow your business and overcome challenges.

3

Todoist will help you manage daily tasks and long-term projects with task lists, priorities, and comprehensive project management. You can organize tasks by project or client, set priorities and due dates to stay on top of deadlines, and use recurring tasks for routine activities like weekly marketing updates or drafting social media content.

Todoist also allows you to set up priority levels and constantly monitor the state of the delegated tasks to ensure nothing falls through the cracks.

Stay Motivated Keeping your motivation levels high is crucial for long-term success and maintaining productivity. Celebrate your achievements, no matter how small, and give yourself credit when credit is due. For instance, set up a rewards system for yourself—treat yourself to a nice meal or a day off after reaching a significant milestone. Additionally, join a mastermind group or find a mentor to keep you inspired and accountable. Surrounding yourself with supportive people who inspire and encourage you can help remind you of your long-term goals and why you started in the real estate industry. “Remember to appreciate your support system. Whether its spouses, brokers, parents, or your agent buddies who will step in when you need to be covered for a showing. We often forget to thank those who help us stay afloat,” said Kamal.

4

5

RescueTime tracks time spent

Google Workspace is a suite

on apps and websites and provides productivity reports. RescueTime will help you to identify time-wasting activities and improve focus on highpriority tasks. By automatically tracking time spent on different activities and tasks, receiving detailed reports on productivity patterns, and setting goals to improve focus and efficiency, you can optimize your workflow. Try using RescueTime to track how much time you spend on emails, client calls, and administrative tasks, then analyze your reports to identify areas where you can best allocate your time and streamline your workflow.

of productivity tools including Gmail, Google Drive, Docs, Sheets, and more. You can use these tools for communication, document storage, and collaboration with clients and team members. It allows you to share and collaborate on documents in real time, store and organize property photos, contracts, and other important documents in Google Drive, and use Google Calendar to schedule showings and meetings. The collaboration features enable your team members to access shared files, so you can create a dedicated Google Drive folder for each property listing, complete with subfolders for photos, marketing materials, and contract documents.

NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 23

Realtors® Q&A

Meet the Decision Makers NEW JERSEY SENATOR

TROY SINGLETON

W

elcome to our series, Meet the Decision Makers, where we interview key decision makers on their influential role within New Jersey. For this issue, we have Senator and Chairman of the Senate Community and Urban Affairs Committee Troy Singleton. His verbatim responses are italicized below. Do you have an idea of someone you’d like to see us interview? Email editor@njrealtor.com

What does the job of the Chairman of the Senate Community and Urban Affairs Committee entail in the state of NJ?

Troy Singleton

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

My start in public service began with a college internship. I thought I was going to pursue a career in finance, but once I started an internship at the State House, the public service bug got me and I haven’t looked back since.

This committee has the primary responsibility for housing policy in the Senate. It’s an important committee because so much hangs on the ability of individuals to have access to safe and quality housing. Ensuring families have a place to lay their heads at night essentially cements the cornerstone of the framework for the other policy work we do on healthcare, food access, education and so much more.

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

I have been working on many policies, but a particular area I have tried to focus on is augmenting housing inventory while being hyper-focused on

24 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

driving more affordable options across the continuum of housing options. Through the efforts I have led on the affordable housing trust fund to create down payment assistance and first generation homebuyer tax credits, I believe a strong real estate industry is key to our state’s economic fortunes.

What other issues have you been tackling in your role as Senator?

Making New Jersey more affordable is an important component of my focus as an elected official. Whether that is the work I have led on creating more affordable housing, lowering prescription drug costs, or supporting historic property tax relief through the ANCHOR program, being laser-focused on making our state more affordable will always be my top priority.

I proudly authored the recent sweeping prescription drug law, which sets up a state council to

TOP FIVE QUESTIONS 1. Does Central NJ exist? Yes 2. Go-To Pizza Topping: Pepperoni apply downward pressure on pricing. Additionally, I led the efforts to get expanded property tax relief through last year’s state budget by increasing distribution to municipalities from the Energy Tax Receipts Property Tax Relief Fund. These funds would increase payments to municipalities to restore previous municipal aid cuts and require a corresponding reduction in the municipal property tax levy to ensure the tax relief is reflected in the property tax bills.

Jersey 3. Pork Roll or Taylor Ham: Pork Roll Department of Environmental 4. Favorite Sports Team: Philadelphia Eagles Protection to analyze the 5. Dead or Alive, who is someone you cumulative impacts of would want to meet? Dr. Martin Luther King, Jr. a project on a community before granting a new permit or a renewal for certain types of facilities that have the potential to be hazardous to the community in which they are located. This law literally can mean the difference between life and death for so many of our fellow New Jerseyans who live in communities that are oversaturated with toxic facilities that compromise their physical well-being every day.

What do you think is the most impactful piece of legislation you have worked on?

I proudly authored the nation’s first Environmental Justice Law. This law ensures no community will have a greater environmental burden than a benefit. It requires the New

NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 25

Generating Strong Leads: How to Do It in 2024

BY LEE NELSON

W

hen Youssef Genid obtained his real estate license after working as a chemical engineer and a restaurant owner, he became very focused on success.

“It was in 1991 with no computers and not even a copy machine or fax,” said Genid, owner of Realty One Group Legend in Clifton. “But my first year, I did 40 transactions with no assistant.”

He now has 20 offices in the state. To reach that level of success, he had to work through many lead generation ideas and now teaches agents on how to find buyers and sellers.

Kim Ward Bacso doesn’t believe every agent should partake in every lead generation tactic. “Find what is most natural to you, and most importantly, something you’re actually going to do,” said Bacso, broker and owner of Record River Valley Realty in Lambertville and Flemington. She also owns River Valley Properties in New Hope, Pa. “I have agents that shine in an open house in a one-on-one situation,” said Bacso. “But I have others that consistently manage direct mail campaigns to geographic farms, and each year, gain more inroads to that area.”

26 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

In-Person Connections Remain on Top

Help out other Realtors® in your office and cover their open houses. “You never know who you’ll meet,” said Genid. “It’s still number one in generating leads.

It has and will always be number one. You get buyers and sellers.

I was doing open houses every Saturday and Sunday.”

When Bacso entered the real estate industry in 1995, the advice was all about open houses, calling people, and door knocking. She did her share of open houses and believes it remains a tried-andtrue lead generation opportunity, even today. She also said she’s had success inviting the neighborhood to attend the open house.

“Have fun with it and send a note inviting them to the Neighbor Open House, with permission from the seller. We do it an hour before the public open house begins,” said Bacso. “You make a carafe of coffee and get some donut holes or soda and chips with dip. And be sure to write a thank you note to them stopping by and how lovely it was to meet them.”

Organize a Giveaway to Build Your Client Base

“We once gave away an E-bike. It was fun,” said Megan Gülick, brokerassociate at Corcoran Sawyer Smith in Jersey City. “Because I work mostly with developers, we often do polls on social media to determine which way to drive the design process.”

Years ago, Bacso purchased a sleeve of wooden nickels and invited people into her geographic farm to trade them in for free ice cream. “I rented an ice cream truck with a driver, and I was serving the ice cream to the kids with their nickels and meeting the parents. At the time, it cost just under $200. But within five years, I was the dominate agent in that area.”

The company did a twist on Bacso’s idea this year. An agent sent postcards to her farm, which included a QR code to scan for free ice cream at the local soft serve shop. The code collected emails and addresses and sent them a return email with a coupon. The agent negotiated a discount rate for the cones and ran the program through Labor Day. “Many noted to her that it was so nice to be given something instead of asking for something,” said Bacso.

Host Educational Seminars

“Coordinate with your broker or manager and then invite first-time homebuyers or just those thinking about selling their homes,” said Genid. “It doesn’t cost you anything.

Invite a vendor, and many times, they will pay for the food and beverages.”

Genid suggests inviting a real estate attorney, inspector, mortgage lender, or others in the real estate industry to spread their knowledge to potential clients for them and you.

“Everyone wins,” said Genid.

Build Your Reputation

The best old-school lead generation is two-pronged—answering your phone and leaving your house, said Gülick. It’s all about being there for your clients, listening to them, and responding to their calls, texts, and email, according to Genid.

“Your reputation as someone competent, knowledgeable, and diligent will get stronger and spread from referrals,” said Genid. He also suggests getting involved with local community organizations such as the Chamber of Commerce, the parent-teacher association at your child’s school, your town’s summer festival committee, or anything that involves people from your area.

“They get to know you; you get to know them,” said Genid.

Show Your Appreciation

“When clients know you’re going to go out of your way to get them what they need, they’ll tell their friends and colleagues,” said Gülick.

She’s constantly consulting on market conditions, educating about financial options, and sharing valuable information about the neighborhoods.

Genid agrees it’s essential to be there for your clients from day one to the closing, and beyond. “Provide them with excellent service. That’s what you get paid for. And you need to followup with them every phase and always give them updates,” said Genid. “The biggest mistake for some Realtors® after the closing, they forget about their clients. You need to be in contact with this client once a month and even during the holidays. Statistics say if you make one client happy, within a year, this client will provide you with three solid referrals.”

Nurture Your Relationships

When Genid teaches real estate classes on how to obtain leads, he reiterates utilizing all the contacts in your phone.

“My rule of thumb is you contact five people every day, five days a week,” said Genid. “Even if you get 1%, that’s a lot of new clients.”

He suggests reaching out to them to say hello and check in. If you aren’t sure they will remember you, send them a text message, and say, “I was going through my phone, and it has been a long time since we talked. Just making sure everyone is well. I wish you a great day.” Don’t ask for business, but make sure your signature has your name, title, and company’s name.

Harness the Power of Social Media

“To some buyers and sellers, social media has become the new local coffee shop,” said Bacso. “A video is simply one of the more attention-grabbing tricks to use for social media. I think it’s important when used for lead generation and not property exposure—to hear your voice and see your smile.”

Use what you have when you’re starting out and then later on you might want to look into buying some better equipment to enhance your content, like better lighting. Post the videos on your social media platforms, including your own YouTube channel.

Bacso works by the premise that a potential buyer or seller will use a Realtor® they know, a Realtor® referred to them by someone they know, or will act on lead generation.

“The objective should be to get to know people. If that means getting involved in the community or posting videos that make your personality come through, or even sending cards so regularly that after five years of receiving them, they think they know you,” said Bacso. “And if you can layer your marketing, lead generation becomes more impactful.”

Lead generation is nothing more than an opportunity for new clients. “If you are not building your skillsets in this rapidly changing industry, then all the opportunities in the world won’t make you successful,” said Bacso.

NEW JERSEY REALTOR® | SEPTEMBER/OCTOBER 2024 | 27

BOARD/ASSOCIATION NEWS

Mid Jersey Hosts Diversity Movie Night

The Mid Jersey Association of Realtors® 2024 Diversity, Inclusion, and Equity Committee hosted a successful movie screening of The Banker at Rutgers Cinema.

The event was well-attended by members, family, and friends, and sparked a lively discussion on DEI issues within the real estate industry.

Young Professionals Network Raises Funds for Teen Suicide Awareness and Natural Disasters

Recognizing suicide is the second-leading cause of death for individuals aged 10-34, Greater Bergen Realtors® Young Professionals Network raised $1,500 for The Society for the Prevention of Teen Suicide through their fundraising events.

In response to the devastation caused by recent natural disasters, which have affected many communities, the YPN raised and donated over $2,500 to the Realtors® Relief Foundation. This contribution supports housing relief for victims of hurricanes, floods, wildfires, and other disasters.

Greater Bergen Realtors® YPN supports teen suicide prevention and disaster relief with their successful fundraising efforts.

Realtors® Donate $20,000 to MOMI Thinkscape Park

Attendees engage in meaningful discussions on diversity after watching “The Banker” at Mid Jersey’s DEI movie night.

North Central Jersey Association of Realtors®, under the leadership of NCJAR 2022 President Bill Flagg, donated $20,000 to develop the Museum of Makers + Innovators Thinkscape Park in Morris Township. The ribbon-cutting ceremony was held this June and marked the official opening of MOMI Thinkscape Park. The park is a dynamic space with interactive installations designed to stimulate creativity and critical thinking. NCJAR’s contribution highlights its commitment to community development and education.

Want to be featured in NJ Realtor® Magazine?

Email editor@njrealtor.com with your local board/ association news.

NCJAR leaders celebrate the ribbon-cutting of MOMI Thinkscape Park after donating $20,000 to its development.

28 | NEW JERSEY REALTOR ® | SEPTEMBER/OCTOBER 2024

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