June 9, 2020
Member News
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NJ

COVID-19 and Real Estate: Open Houses Remain Prohibited in NJ
This is per the  administrative order that allowed real estate to be deemed essential. New Jersey REALTORS ®️ has recently updated Real Estate Industry  FAQs

For brokers: Guidance Regarding Your Offices
According to NJ REALTORS, real estate offices are not retail and were never required
to be closed in NJ, but they must still all follow the CDC guidelines. The National
Association of Realtors (NAR) Legal Department says companies need to know the
federal guidance, state guidance, county guidance, and the local municipality’s
guidance regarding requirements for each of their offices, and they need to follow
the most restrictive of the three. Check out the following resources:

--------- impact on the real estate industry and real estate transactions. Any updates from
--------- NAR and its response to the coronavirus emergency will be collected on this page .
--------- NAR has issued information and guidance for the following:  Coronavirus Guidance
-------- for R ealtors |   Employers  |    Workplace Re-Entry    
  • NAR’s Covid-19 Hotline is 800-874-6500.


NJBIZ: NJ Economic Development Authority (NJEDA) Opens $5M Grant for Veterans, Orgs, Business Groups  Applications accepted beginning June 9th. View sample of the application. Read more.  

NJ REALTORS : Been a Realtor for 25 Years? NJ REALTORS Quarter Century Club honors NJ REALTOR members who have served as Realtors or Realtor-Associates faithfully in New Jersey for 25 years or more. Applications are due to your local board/association no later than September 14, 2020 . Application here.

NJ REALTORS: Good Neighbor Award application is now available. The award recognizes three Realtors  or Realtor-Associates who have made extraordinary commitments to improving the quality of life in their local and/or global communities through volunteer community service. The nominee’s community work must have been conducted, started or completed between September 1, 2019 and August 31, 2020.

  • Three winners will be chosen and receive a grant for their charity of choice - $2,500 for first place, $1,500 for second place, and $1,000 for third place.
  • Deadline: September 18, 2020. Read about the 2019 winners here. Apply here.

Bright MLS

Homesnap Pro: Livestream Trainings Throughout June, Homesnap is offering a variety of virtual classes on how to use Homesnap Pro and many of its features, including Homesnap Stories, heatmaps, searching for agents, and more . Register now.  

Listing Photo Tips With some buyers buying sight unseen, quality listing photos are more important than eve r.  Watch the video   as Bright Training Specialist, Tiffany Murphy shares tips and best practices for listing photos in Bright.
 
Do You Have Tips You’d Like to Share with the Bright Community? Share your tips and experiences about making homeownership a reality. Share a short video and we’ll share it in upcoming newsletters and on our social channels Submit your tips here

Available Soon: IDX and VOW License Requests Submitted Online To help make it easier for you to apply for and get approval to add IDX and VOW data feeds to your website, you will soon be able to submit IDX and VOW licensing requests directly from Bright’s Accounts and Settings.   Learn more.

National

President Signs the "PPP Flexibility Act" 
On Friday, the President signed the PPPFA. The Senate passed the legislation by unanimous consent. This bill, which the House passed 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;
  • Increases the amount of time borrowers have to use their loans from 8 to 24-weeks (borrowers who use it in 8 weeks will not be penalized); and,
  • 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; and,
  • Extends the re-hire exemption for businesses from June 30 to December 31.
 
The U.S. Small Business Administration and U.S. Department of Treasury will need to issue new guidance and new forms to reflect these changes to the program, which is anticipated to be one of their top priorities. The National Association of Reatlors (NAR) is updating its resources to reflect these changes and will keep you apprised as they learn more from the Treasury and SBA going forward.  

NAR: Shoppers Return to Open-Air Discount Malls  One company that owns shopping centers throughout the U.S. saw its stock price increase 15% Wednesday. Read more

NAR: Are "Hot Rooms" Cooling?   Specialty spaces in a home provide a marketing hook for listings, but buyers may prize flexibility over a "man cave" or yoga nook. Read more.  

RISMedia: 3 Strategies to Improve Your Social Media Presence Social media is a significant lead generator for real estate brands, yet many real estate professionals fail to maximize their efficiency in this space. Read more.

NAR: Exclusive Pricing on TeleHealth Now Available  Nothing is more important than your health and welfare. If you need telemedicine, take advantage of NAR’s exclusive Members TeleHealth plan, now available to members at a significantly reduced ongoing rate under the Right Tools, Right Now initiative. Just $7 per month provides effective virtual healthcare for you and your family with unlimited visits and no co-pays. Sign up

Office Principals

NAR: Free Webinar – All About Instagram for Real Estate Pros Learn how to harness the power of Instagram for your business and connect with local buyers and sellers online on June 11th by Back At You, a Realtor Benefits Program partner. Advance registration is required. Sign up now.

RISMedia: Business Continuity Planning for Brokerages
The COVID-19 pandemic is forcing brokerages to evaluate its business continuity... Read more.

NAR: Money Issues After a Failed Sale   Know how escrow funds are handled if a deal falls through. Read more.

NAR: How COVID-19 Will Create Tenacious Leaders The founder of a fast-growing brokerage provides a road map for how you can adapt in difficult times when working through the pandemic. Read more.

RPR: Help Agents Use RPR to Pinpoint Direct Mail Target Your agents can stay busy and sharp as the country slowly gets back to business by learning about direct mail targeting, specifically as it pertains to absentee owners versus owner-occupied mailing lists. Use this how-to article to show them how it’s done. Read more.

RISMedia: Do you Think Your Team Culture Mattered Before? It Definitely Does Now! Read more.

Commercial Real Estate

Realtors Property Resource (RPR): The Wow Factor: Episode 2 – Business Unusual (Video) This month’s video features staying positive and productive during these challenging times. The presenter offers tips and advice on how to handle virtual showings for residential clients, and how to use Opportunity Zones in RPR to help commercial investors.

It might be the time for a refresher course on Qualified Opportunity Zones . Diving into these areas now and guiding your investors, could really pay off down the road when we hit “play” on “The Great Pause.” Here’s a quick how-to to remind you of the potential of Opportunity Zones.
Property Management

NAR: Pandemic Prompts Shift for Property Managers   Landlords are increasing their reliance on technology in leasing, collecting rent, and engaging with tenants remotely.
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