NCJAR May Market StatsWhile the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity in New Jersey in the final week of May to slightly above levels seen in the same week last year.

4thofjuly2020.2In observance of the holiday, NCJAR board offices will be closed Friday, July 3, 2020. We will reopen at our regular business hours (9:00am - 4:30pm M-F) on Monday, July 6, 2020. If you have any questions or concerns please feel free to contact us at any time. 

Have a Happy & Safe Holiday Weekend

NJ Realtors® Quarter Century Club 2020 Each year, the New Jersey REALTORS® honors members who have shown a long-term commitment to the REALTOR® organization. Those who reach 25 years or more of membership in the association are inducted into the Quarter Century Club. New members are recognized for this achievement during the NJR® Awards Ceremony at Triple Play REALTOR® Convention each December. Every new member of the Club receives a certificate and pin to honor this accomplishment.

Everything from brokerage operations, to how listings are being marketed, and the ability to close transactions is requiring REALTORS® to adapt to these extraordinary circumstances. Our members’ success and ability to navigate these uncertain times are paramount to NCJAR®.  We thank our Young Professionals Network for hosting this Mastermind session as well as other sessions which are in the works.

COE.032521 2NCJAR’s Annual Circle of Excellence Awards Gala will be postponed to March 25, 2021 due to the Covid-19 CDC guidelines and local regulations. Although it is very difficult to have to postpone this event and others that we had planned, the safety and well-being of our members, sponsors, and staff is our main priority. We promise that in 2021 we will bring them all back better than ever! Our March Gala will be a combined 2019 and 2020 award celebration where we will once again celebrate our members’ success, connect with our Realtor family, and kick-off a new year of hope for peace and well-being. 

Please Note: 

  • Refunds for all registrations will be processed to everyone by July 10th.
  • Paid sponsorships and advertisements will be honored for 2021.
  • Awards will be available for curb-side pick-up after July 7th at the board location closest to your office. 

open houses now permittedAs of June 15th, Public Open Houses are now permitted per Governor Murphy's newly released guidelines. NOTE that all open houses must comply with indoor gathering restrictions, including the requirement of face coverings for all attendees. If you have any questions, please feel free to contact us at 973-425-0110.

Please click here for Executive Order No.152 (pages 6, 7, 8, 9) referencing indoor and outdoor gatherings.

Proposed Seasonal Rental Payback LegislationCurrently, there is new proposed legislation which will require landlords to refund lease payments and you to refund commissions if a tenant cancels their rental booking. Beyond the financial implications, this legislation could have unintended and extraordinary consequences on contract law in New Jersey. We need your help to protect our industry, the system of short-term rentals, and Contract Law in New Jersey.

Please click the “ACT NOW” link below to send a letter to your state legislator—the letter has already been written for you.

ACT NOW

PPP Flexibility ActJune 4, 2020 By: Erin Stackley

On June 3, the Senate passed the “PPP Flexibility Act” by unanimous consent. This bill, which the House passed last week by a vote of 417-1, amends the CARES Act to give more flexibility to PPP borrowers in how they can use their loan proceeds. Specifically, the bill makes the following positive changes to the program:

  • Extends the PPP program through the end of this year. The application deadline remains June 30, 2020.
  • Increases the amount of time borrowers have to use their loans from 8 to 24-weeks (borrowers who use it in 8 will not be penalized).
  • Decreases the mandatory payroll amount of the loan from 75% to 60%.
  • Extends the forbearance period for a PPP loan from six-months to a year.
  • Extends the re-hire exemption for businesses from June 30 to December 31.

Show By Appointment OnlyUnder Executive Order 107 Open Houses are prohibited. On March 30, Gov. Murphy clarified Executive Order 107 with an Administrative Order: “Individual appointments to view real estate with Realtors® by individuals or families shall be considered essential retail business for the purposes of paragraph 6 of Executive Order No. 7. However, open houses will be considered impermissible gatherings in accordance with paragraph 5 of Executive Order No. 107.”

Therefore, hosting or advertising and Open House would violate the administrative order. Showings by appointment are allowed. All agents and brokers must adhere to social distancing guidelines. They must ensure they are performing private one-on-one showings with immediate family only as per the order. 

RESOURCE: OPEN HOUSES PROHIBITED - EXECUTIVE ORDER 

2005 RMO Slack RobertRobert Slack, founder and CEO of Robert Slack LLC, shares how he built a real estate empire in Florida.

The founder of a fast-growing brokerage provides a road map for how you can adapt in difficult times when working through the pandemic.
May 6, 2020 by Melissa Dittmann Tracey

How do you respond in the face of stressful situations? How do you lead a brokerage during unknown times? Tenacity is key, says Robert Slack, founder and CEO of a fast-growing brokerage, Robert Slack LLC, with locations throughout Florida.

Tenacity is determination and persistence in a time of challenges. COVID-19 has certainly brought challenges to many brokerages across the country, forcing them to quickly adapt their businesses to new social distancing protocols and processes.

But Slack isn’t letting the pandemic rattle his brokerage. He’s endured ups and downs before, and he’s finding comfort in past processes to carry his company through any current economic challenges. Slack shared how during a realtor.com®-sponsored webinar, “The Power of Tenacity,” on April 17.