When asked why they joined the Green Team, many sales associates cite the company’s exceptional training programs. There is an ever-growing library of video training sessions, as well as tech training and practice sessions. Education is an ongoing part of the Green Team. However, one of the most popular training programs is the Mentoring Program.
How the mentor program came into existence
Like many great ideas, this one had humble beginnings. Geoff Green says that the match that lit the fire was when one of his more experienced agents came to him. He told Geoff, “You have got to start training all these new agents because they keep bothering me!” Geoff replied, “You’re right! I do.” Thus, the mentoring program was born.
It was not without growing pains. There were lots of mistakes and missteps in the beginning, but since 2010 it has blossomed and evolved into a well-oiled machine. There are rules, responsibilities, and expectations for both mentor and mentee. It was important to make the program manageable for mentors and to make sure they were well paid for their time and effort. Most importantly, new sales associates entering into a mentoring arrangement benefit from real-life learning, day in, and day out.
The program benefits both Mentee and Mentor
The program works so well because it does provide benefits to both parties. A mentor provides time, experience, and knowledge. Mentees compensate their mentors according to the terms outlined in the contract they enter into. The mentor’s responsibilities are designed to offer mentees the knowledge and support they need to successfully do a transaction from beginning to end. For many of those entering into a mentor/mentee agreement, the end result is lasting friendship and mutual support.
Hear from some of the Sales Associates involved in the program
Probably one of the best ways to learn about the program is from those involved in it. Some started out as mentees and are now mentors. Dean Diltz in the Warwick office is very enthusiastic about the program. He came from a marketing background and when he started with the Green Team, Lucyann Tinnirello became his mentor. She showed him the ropes, helped him get up and running the Green Team way. They became friends and, even while her “student” now mentors sales associates himself, he still goes to her for advice. Dean advises new agents, as well as those coming from other offices, to work with a mentor.
Vikki Garby started with another agency in 2014 and received no training. The following year she was recruited and mentored by Green Team’s Tammy Scotto. In addition to the mentorship, Vikki found that the Green Team provided video tutorials and how-to’s on every aspect of real estate. She was highly motivated and dove into the videos and into shadowing Tammy, learning from every transaction. According to Vikki, if you work the mentorship program, it works for you. The tools are there, and if you use them, you’ll be successful. If you’re highly motivated, following your mentor around for a few months should give you enough confidence to go out on your own.
Mentoring at Green Team New Jersey Realty
When Green Team New Jersey Realty opened its doors in September 2016, the mentoring program began there, too. One of the first teams was Keren Gonen, mentor and Alison Miller, mentee. According to Geoff, Alison began “tearing it up!” Keren says that Alison had the drive to succeed, and that made it easy to work with her. And Keren enjoyed the satisfaction that came from contributing to someone’s success. As far as Alison goes, Geoff pushed for her to join the mentoring program as soon as she came on board with the Green Team. He said it would help her through every step of the way and so she signed up. While she liked doing a lot of things on her own, she was not afraid to call on Keren, who was always available when she needed something, including being there for her first closing. According to Alison, anyone new to the business needs the program. And, it’s always good to have that back-up.
Geoff had the following to say about Chris’s achievement:
“Chris Kimiecik is a shining example of “success begets success.” Here is a guy who runs one of the most successful landscaping companies in Orange County and yet he finds time to not only become a Realtor, but to be very successful at doing so. Chris will be the first one to point out that he couldn’t do it all without the support of his wife Megan who plays an integral role in his Real Estate business. This is the first Quarterly Sales Leader award for Chris, but I am certain that there will be more. Congratulations Chris and Megan!”
Chris on being 2Q Sales Leader
“Our clients, my wife and real estate partner, Megan, and the support of The Green Team “Warwick” all played a part on this journey to Q2 sales leader. Through diversified businesses that integrate with each other, and our partnership with the Green Team, we are able to offer an unmatched experience. When you surround yourself with the right people and team, anything is possible. We look forward to working with you, your friends, your family and anyone considering buying or selling a home in Warwick NY and surrounding area.”
Keren Gonen, Green Team New Jersey Realty
Geoff said the following about Keren’s latest achievement:
“If it wasn’t clear before, it should be abundantly clear to everyone now that Keren Gonen is going to top the production charts in her market territory for many years to come. No one works harder and cares more for her clients then Keren. We are extremely blessed to have Keren as part of Green Team New Jersey Realty. Congratulations Keren, and keep up the good work!”
This is not Keren’s first time as a Sales Leader. This is her third time as Quarterly Sales Leader. And in 2017, the year Keren started at Green Team New Jersey Realty, she was Yearly Sales Leader.
Keren on being 2Q Sales Leader
Keren had this to say about her latest achievement:
“I am very grateful to be the Second Quarter Sales Leader! 2020 started out really well for me in the Real Estate Market as it did for many others. I contribute this to the networking group I am a part of (Referral Roundtable), my involvement in the Community, and my overall work ethic. I am that agent that gets up at 5 am to finish paperwork and still is out with clients late in the evening.This Pandemic that has aggressively changed all of our lives, also changed the Housing Market. Like many others, working during COVID-19 means that I was able to assist clients running away from The City and into “The Country.” Working seven days a week, coordinating showings during Corona, along with inspections, appraisals, and being mindful of how cautious we all must be during this process meant that I was able to help more people get into new homes. Although Real Estate Agents were not deemed “Essential Workers” and thank God for those people who put their lives on the line every day and continue to do so, I believe that Real Estate Agents made the mass exodus from NYC possible for many people that were hopeless and quarantined. This made us Agents essential to those people seeking a different way of life.”
The pandemic has caused consumers to re-examine the components that make up the “perfect home.” Many families are no longer comfortable with the locations and layouts of their existing homes. The allure of city life (more congested) seems to be giving way to either suburban or rural life (less congested). The fascination with an open floor plan seems to be fading as people are finding a need for more privacy while working from home.
Recently, news.com released a report that revealed how buyers’ views of listings are leaning heavily to more suburban and rural properties. Here are the year-over-year percentage increases in views per property type:
Urban – 7%
Suburban – 13%
Rural – 16%
In the report, Javier Vivas, Director of Economic Research for realtor.com, gives these numbers some context:
“This migration to the suburbs is not a new trend, but it has become more pronounced. After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”
Realtor Magazine also just reported that the desire to move is strongest in our city markets:
“Nearly 30% of respondents living in a high-density urban area say that the pandemic is prompting them to want to move by the end of the year…This is more than double the rate of those living in rural parts of the country, where residents are much more likely to stay put rather than to relocate.”
New Construction Also Seeing a Surge in Views
Since the pandemic has altered how consumers think about floor plans, builders are anticipating how future homes will change. In a recent press release by Zillow, it was explained that:
Builders believe as people spend more time at home during the pandemic, buyers are realizing which features of their homes are working and not working.
Homebuilders predict open-concept floor plans will be a thing of the past, as people now value more walls, doors, and overall privacy.
New construction, which offers the chance to personalize home features, saw its listing page views grow by 73% over last May.
The Virus is Even Impacting the Luxury Second-Home Market
It appears that COVID-19 is impacting the luxury market too. In an article released last week titled, Luxury Buyers Return to Market in Force, Danielle Hale, Chief Economist for realtor.com reported:
“Stay at home orders and social distancing have put a new value on the extra space. We’re seeing this in the luxury market as well, which could mean there is renewed interest from high-end buyers to find a second-home that is within driving distance from their primary residence.
Much like the suburbs are gaining favor with home shoppers, second home markets are seeing increased interest from luxury buyers…Views of luxury properties accelerated 56% in The Hamptons, 28% in Palm Springs and 24% in Greenwich compared to January trends.”
Bottom Line
It appears that a percentage of people are preparing to leave many urban areas. Some of these moves will be permanent, while others will be temporary (such as a getaway to a second home). In either case, many consumers are on the move. Our Sales Agents are ready and willing to help in any way they can.
For Sale By Owner (FSBO) is the process of selling real estate without the representation of a real estate broker or real estate agent.
According to the National Association of Realtors’ Profile of Home Buyers & Sellers, 35% of homeowners who decided to FSBO last year did so to avoid paying a commission or fee. But, homes sold with an agent net 6% more than those sold as a FSBO according to Collateral Analytics.
Before you decide to take on the challenge of selling your house on your own, let’s connect to discuss your options.
Geoffrey Green, President of Green Team Realty received this letter from Naveen Sharma, a client of Heidi Hyland, Broker/Sales Associate of Green Team New Jersey Realty.
“Throughout my years of owning a condo in the Vernon area, Heidi Hyland has always gone above and beyond. She has made certain that my interests were being met and at many times exceeding them. Heidi is not just your normal real estate agent. She has become a trusted advisor and friend. Heidi’s knowledge of the real estate market, the local community and her list of contacts has been a comfort to me when making decisions from afar. I relied on her consistently. And, without fail, she always delivers. This isn’t just a one time thing or a small sample of services Heidi provided. Rather, it’s over a 10 year period which is what makes this impressive.
For those fortunate enough to work with Heidi Hyland, you know this is her norm. Thank you Heidi!!!”
A worldwide pandemic and an economic recession have had a tremendous effect on the nation. The uncertainty brought about by both has made predicting consumer behavior nearly impossible. For that reason, forecasting home prices has become extremely difficult.
Normally, there’s a simple formula to determine the future price of any item: calculate the supply of that item in ratio to the demand for that item. In housing right now, demand far exceeds supply. Mortgage applications to buy a home just rose to the highest level in 11 years while inventory of homes for sale is at (or near) an all-time low. That would usually indicate strong appreciation for home values as we move throughout the year.
Some experts, however, are not convinced the current rush of purchasers is sustainable. Ralph McLaughlin, Chief Economist at Haus, explained in their June 2020 Hausing Market Forecast why there is concern:
“The upswing that we’ll see this summer is a result of pent-up demand from homebuyers and supply-in-progress from homebuilders that has simply been pushed off a few months. However, after this pent-up demand goes away, the true economic scarring due to the pandemic will begin to affect the housing market as the tide of pent-up demand goes out.”
The virus and other challenges currently impacting the industry have created a wide range of thoughts regarding the future of home prices. Here’s a list of analysts and their projections, from the lowest depreciation to the highest appreciation:
We can garner two important points from this list:
There is no real consensus among the experts.
No one projects prices to crash like they did in 2008.
Bottom Line
Whether you’re thinking of buying a home or selling your house, know that home prices will not change dramatically this year, even with all of the uncertainty we’ve faced in 2020. Connect with one of our Sales Agents today to help with your Real Estate Transaction.
Green Team Realty’s June 2020 Housing Market Update addresses the economic impact of COVID-19 on the real estate market. However, we know that many individuals, families, and businesses have been personally impacted by the pandemic. To all those diagnosed with COVID-19, or who have loved ones with the virus, we wish you a fast, full recovery. To all who have lost someone to COVID-19, our thoughts and prayers are with you. And, while there are a lot of positives to report this month, we realize that many are suffering financial hardships, stress, and anxiety. These are very difficult times, but to quote Geoff Green,
Together we will persevere!
GeoffGreen, President of Green Team Realty, welcomed everyone to the June 2020 Housing Market Update. The webinar was held on Tuesday, June 16 at 2 p.m. Geoff shares both national and local stats. Furthermore, he checks in with those who have “boots on the ground.” Sales Associates from Green Team New York Realty and Green Team New Jersey Realty share what’s happening in their respective states and communities. There are different regulations for the real estate industry in New York and New Jersey. Thus, there are differing impacts on what is happening in each state. In addition, our guest panelist shares information on the current mortgage market.
If you missed the webinar or would like to view it again, it’s available here:
Meet the “Power Panel”
The June 2020 Housing Market Update panel shared their observations, experiences, and expertise in this Covid-19 market. Keren Gonen and Pam Zachowski with Green Team New Jersey Realty talked about Vernon and the Sussex County NJ market. Carol Buchanan, with Green Team New York Realty, discussed Warwick and the Orange County NY market. Laura Moritz, Director of Sales, Northeast Region at Classic Mortgage LLC shared her experiences with financing and refinancing in a Covid-19 market. Watch the above video to hear what the experts had to say.
Let’s start with the jobs market and overall economy
To see where we were last month, click here for the May 2020 Housing Market Update.
According to CNBC,
The May gain was by far the biggest one-month jobs surge in US history since 1939.
Over 75% of job losses were temporary layoffs or furloughs. The Federal Reserve Bank’s May report indicated there were news reports of large-scale hiring at companies like Amazon, Walmart, CVS Healthcare, Domino’s Pizza, etc., due to increased demand.
The Wall Street Journal reported:
Employers added 2.5 million jobs, blowing Wall Street expectations out of the water. Economists had forecast a loss of 8.3 million jobs.
And on to the housing market
According to Ivy Zelman, CEO of Zelman & Associates,
Housing will fare better than expected during this severe downturn.
Home prices are expected to continue to appreciate through 2022, according to several respected industry experts.
Mortgage Demand
According to Diana Olick of CNBC,
Mortgage demand from home buyers shows unexpectedy strong and quick recovery… The quick recovery has surprised most forecasters.
Pending sales and new listings are up from the previous month, according to Zillow’s June report. People are becoming more confident in putting their homes on the market than they were in the early days of the pandemic. Foot traffic was practically non-existent.
The percentage of distressed property sales is at a very low number. The projection is that it will continue to decrease, from 4% to 3%. What lead the last downturn in 2008 was that there were so many distressed properties. Another interesting fact is that most American’s choose real estate as the best long-term investment, over stocks, savings accounts, and gold. This is another sign that confidence in real estate is high.
Mortgage rates
Freddie Mac’s projections through 2021 indicate that rates will remain low. The availability of money drives pricing. Despite all the turbulence we’ve been experiencing, things are looking good in the real estate market.
National and Local Stats on Units Sold & Average Sales Price
On the national level, there was a big drop off in units sold in April, compared to the last four years. (National stats lag 30 days behind. We’ll have May stats in the July Housing Market Update). Geoff fully expects the numbers to rise in June, July, and August, perhaps even surpassing previous years’ numbers. Home prices continue to increase, despite the decrease in traffic, a result of supply and demand. There are simply not enough homes available for sale for all the people who want to buy them. Months of inventory is showing an uptick, though we’re still far below having the 6 months of inventory that would indicate a normal market. We are in a seller’s market, with lots of bidding wars and lots of homes selling above asking price.
In Orange County, New York, we have a bounce-back on units sold from April to May. The average sales price is staying level, but at a high level compared to previous years. Supply and demand should keep sales price high. In Sussex County, New Jersey, units sold have been on an upward trend and never really came down. Average price is still up over the past four years.
“Housekeeping” Details:
To reach any of the June 2020 Housing Market Update panelists,
Every year, Gallup conducts a survey of Americans to determine their choice for the best long-term investment. Respondents are asked to select real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.
For the seventh year in a row, real estate has come out on top as the best long-term investment. Gallup explained:
“Real estate remains the most favored investment to Americans, as has been the case since 2013, when the housing market was on the rebound. More than a third of Americans have named real estate as the top investment since 2016.”
This year’s results indicated 35% of Americans chose real estate, followed by stocks at 21%. The full results covering the last decade are shown in the chart below:
Bottom Line
The belief of the American people in the stability of housing as a long-term investment remains strong, even through the many challenges our economy faces today. In one of our previous articles, we talked about the number one benefit of homeownership. If you’re looking to buy a home, check out the local inventory here.
With more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving. Most expert forecasts indicate this economic recovery will start to happen in the second half of this year. As we get back to work and the financial landscape of the country begins to turn around, many experts also agree that real estate has the potential to lead the way in the recovery process.
“Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.”
Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy of the National Association of Home Builders (NAHB) says:
“Overall, the data lend evidence to the NAHB forecast that housing will be a leading sector in an eventual economic recovery.”
One of the big reasons why housing has the potential to be such a driving force is the significant impact it has on the local economy. This impact is particularly strong when a newly constructed home is built and sold. According to a recent study by the National Association of Realtors (NAR), the average new home sale has a total economic impact of $88,416. As outlined in the graphic below, this is a combination of income generated from real estate industries, expenditures, and new home construction.
With so many unknowns today, especially in the wake of a worldwide pandemic, one known factor is the bright spark the housing market can play in local and national recovery. Buying and selling a home goes well beyond personal growth and satisfaction – it supports our economy as a whole.
Bottom Line
According to experts, the economy will begin to recover in the second half of this year. With real estate as a driver, that recovery may start sooner than we think. If you’re thinking of buying or selling your home you’ll want an expert guide, our Sales Agents are ready to help lead the way.
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