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Community Bank to build branch in DeWitt
DeWITT — Community Bank System, Inc. (NYSE: CBU) today announced plans to build a 4,600-square-foot branch office in the town of DeWitt. The company’s banking
New York’s initial jobless claims fall 10 percent
The number of people applying for new unemployment-insurance benefits in New York state in the week ending Feb. 8 declined by 2,721, or more than
ESD approves loan for downtown hotel, funding for Hastings raceway
Empire State Development (ESD) on Thursday approved a loan related to the construction of the Inns at Armory Square in downtown Syracuse. ESD also approved
Schumer wants to restore and extend railway tax credit
COOPERSTOWN — A proposed federal law would restore and extend a tax credit for short-line railroads to target infrastructure-improvement projects through 2016. U.S. Senator Charles Schumer (D–N.Y.) launched his push for the “Short Line Railroad Rehabilitation and Investment Act” during a Thursday appearance at the New York Susquehanna and Western Railway (NYSW) headquarters in Cooperstown.
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COOPERSTOWN — A proposed federal law would restore and extend a tax credit for short-line railroads to target infrastructure-improvement projects through 2016.
U.S. Senator Charles Schumer (D–N.Y.) launched his push for the “Short Line Railroad Rehabilitation and Investment Act” during a Thursday appearance at the New York Susquehanna and Western Railway (NYSW) headquarters in Cooperstown.
The short-line rail tax credit expired on Jan. 1, but Schumer’s bill would restore the credit and extend it through 2016.
The tax credit is valued at 50 percent of the cost of track maintenance and improvements, up to $3,500 per mile.
The NYSW has already benefitted to the tune of more than $7 million from this tax credit and is looking to maintain and upgrade rail infrastructure to keep shipments running quickly and safely, according to a news release from Schumer’s office.
Schumer’s bill would allow the NYSW to undertake an additional $2.5 million to $3 million in infrastructure improvements over the next two years.
The NYSW is an arterial route for 85 New York businesses that ship their products to the Port of New York for export, especially agricultural businesses transporting commodities such as lumber, feed ingredients, and motor vehicles, according to the news release.
The NYSW is “particularly important” to the transportation of grains from Upstate New York’s grain producers to the Port of New York, where they are then shipped around the world, Schumer’s office said.
Contact Reinhardt at ereinhardt@cnybj.com
Geneva company offers services to Caz Limo customers, employees
GENEVA — A Geneva bus and limousine company is hearing from brides-to-be and other groups following the sudden closure of Caz Limo, Inc. on Wednesday. Fitzgerald Brothers Bus and Limousine Co. has serviced the Syracuse market since 2001, the company said in an email message to CNYBJ.com. “We are calling back lots of drivers who
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GENEVA — A Geneva bus and limousine company is hearing from brides-to-be and other groups following the sudden closure of Caz Limo, Inc. on Wednesday.
Fitzgerald Brothers Bus and Limousine Co. has serviced the Syracuse market since 2001, the company said in an email message to CNYBJ.com.
“We are calling back lots of drivers who were off for the winter to meet this new demand,” Mike Fitzgerald, company owner, said in his message.
The firm operates a fleet of more than 30 vehicles that are of “similar size and composition” to Caz Limo, and, therefore, is “able to service those customers in the same capacity,” Fitzgerald said.
The company owner acknowledges that the Caz Limo situation is “unfortunate.”
Fitzgerald also notes that his business may be able to accommodate some of the company’s former employees, as his firm has openings for salespeople, mechanics, and drivers.
As CNYBJ.com reported Wednesday, Caz Limo, a well-known charter bus and limousine service in Central New York, went out of business due to the firm’s “financial situation.”
Contact Reinhardt at ereinhardt@cnybj.com
Motor-coach firm Ultimate Arrival gets into gear
SYRACUSE — More than five months after launching operations, a new local chartered-transportation company is hoping for growth in 2014. Ultimate Arrival, LLC, a family-operated business, is located in a 4,500-square-foot space at 971 Spencer St. in Syracuse, near the intersection of Hiawatha Boulevard. “We’re looking to grow in Syracuse,” says Jessica Sloma,
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SYRACUSE — More than five months after launching operations, a new local chartered-transportation company is hoping for growth in 2014.
Ultimate Arrival, LLC, a family-operated business, is located in a 4,500-square-foot space at 971 Spencer St. in Syracuse, near the intersection of Hiawatha Boulevard.
“We’re looking to grow in Syracuse,” says Jessica Sloma, a Bridgeport resident who serves as the company president and the firm’s majority owner.
The business has three divisions: motor-coach buses, executive transportation, and aircraft-charter brokerage.
The motor coach and executive-transportation divisions primarily serve the corporate and academic markets, along with demand for social outings, including weddings, nights on the town, and wine tours.
Ultimate Arrival is “still developing” the aircraft-charter brokering portion of the business, which is the smallest division of the three, says Sloma.
The firm’s principals are Jessica Sloma; Donald Kuepper, Jr., Sloma’s stepfather who serves as company vice president and director of operations; and Ryan Kuepper, Sloma’s step brother who also serves as vice president of aircraft-charter brokering.
Sloma owns 60 percent of the firm, while the Kueppers each own 20 percent, according to Sloma.
They began operations last September but formed the company a few months earlier in June, Sloma says.
The firm had landed its first contract before the principals had secured operating space. Ultimate Arrival’s first contract-generated business was with Harrah’s Casino in Atlantic City, N.J.
Ultimate Arrival partnered with Wade Tours, Inc. of Schenectady and rented that firm’s buses to begin the casino contract, according to Sloma.
And while the first contract didn’t take long, finding operating space for the business “took us some time,” Sloma says.
The principals needed a setting that provided both office space and a place to house and maintain motor-coach buses.
“So, we had to find overhead doors that we could drive in and also raise the buses to work underneath them. So, it was challenging,” Sloma says.
Jeff Kelsen, who owns Allegiance Realty, LLC at 920 Spencer St. in Syracuse, helped broker Ultimate Arrival’s lease with property owner Anthony D’Agostino, according to Sloma.
Ultimate Arrival purchased and uses a fleet of vehicles that includes two customized, 56-passenger motor coaches; two mini-coaches, including a 26-passenger shuttle with a flat screen TV and restroom and a larger 32-passenger shuttle; along with a 10-passenger Mercedes Sprinter van, a Lincoln crossover, and two Lincoln Navigators.
Ultimate Arrival found its motor coaches at the Orlando, Fla. location of College Park, Ga.–based Alliance Bus Group, Inc, Sloma says.
The Syracuse business also purchased some of its smaller sports-utility vehicles in Rhinebeck, N.Y., she adds.
Ultimate Arrival provides shuttle service for student teachers from Syracuse University’s School of Education to their assigned locations in the Jamesville-DeWitt and Liverpool School Districts, along with shuttle services for Christian Brothers Academy as well, Sloma says.
Ultimate Arrival is currently talking with Greek Peak Mountain Resort about partnering to attract Canadian tourists. The company also wants to provide trips to sporting events, New York City excursions, and multi-day trips.
The business employs 14 drivers, including 13 who are school-bus qualified, according to Sloma. The drivers are considered part-time employees, she adds.
The firm also employs a full-time master mechanic and a full-time compliance manager, according to Sloma.
Ultimate Arrival hopes to add drivers as demand increases, she adds.
The three partners self-funded the $300,000 needed to launch the business, Sloma says. Through more than five months of operation, Ultimate Arrival has generated close to $300,000 in revenue, she adds. Sloma projects a revenue figure of $1 million by the end of 2014.
Forming Ultimate Arrival
Sloma was working for DeWitt–based Lighthouse Marketing, Inc. in April 2013 when Don Kuepper suggested they pursue the transportation business.
Kuepper had retired from the U.S. Postal Service in March 2009, having spent his final three years working at a distribution facility in Hartford, Conn.
During the following winter, a friend suggested Kuepper learn how to drive a bus and work for Caz Limo, Inc.
“I loved it. I was living the dream,” he says, noting he made trips to 17 New York Yankees baseball games in 2010.
The company eventually promoted Kuepper to operations manager.
“In doing so, I got an in depth look at how the transportation industry worked,” he says.
He discussed the possibility of launching a similar type of business with his son, Ryan, who suggested the charter-brokering division.
Ryan Kuepper is currently the chief pilot for Syracuse–based Citation Jet with experience in commercial, corporate, and charter-aircraft service.
The elder Kuepper suggested adding in some ground-transportation options.
He eventually brought the idea to Sloma, who left her most recent job last June, she says.
“And, with several conversations, the idea quickly formed. And then the divisions quickly formed, so that was mid-April. And by the end of May, we had the business
plan almost wrapped up and the LLC formed,” she says.
Contact Reinhardt at ereinhardt@cnybj.com
Tioga State Bank: 150 years of navigating a community bank
How do you mark your 150th birthday? If you are Tioga State Bank (TSB), you celebrate for an entire year, starting with a ribbon-cutting, press conference, and gift of $20,000 to local food banks. The kick-off event took place Jan. 28 at the bank’s headquarters in Spencer. During 2014, TSB will promote a travelling display
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How do you mark your 150th birthday?
If you are Tioga State Bank (TSB), you celebrate for an entire year, starting with a ribbon-cutting, press conference, and gift of $20,000 to local food banks. The kick-off event took place Jan. 28 at the bank’s headquarters in Spencer.
During 2014, TSB will promote a travelling display about the bank, launch contests for adults and children, publish a cookbook with proceeds donated to the United Way, and participate in local parades.
Celebrating your sesquicentennial with five generations of the same family guiding a company is a rare event. “Tioga State Bank has survived The Civil War, two World Wars, the Great Depression, the Great Recession, and numerous other events and milestones,” says TSB’s current president and CEO, Robert M. Fisher. “During these 150 years, there have been many changes in the social fabric of our communities … The one thing that hasn’t changed is our mission to provide community banking at its best.”
The headwinds facing TSB today may be different, but no less difficult than in the past. “There is increased competition from other banks. We all have money to lend, but not enough borrowers, resulting in more competitive deals … Interest rates continue at historically low numbers causing compression in our margin,” Fisher says. “These low rates have a negative impact not just on TSB but also on the entire community-banking industry, which relies heavily on net-interest income for the majority of its profits … Credit unions continue to pursue more authority for commercial lending, meaning that they compete for many of the same deals we are pursuing … Technology is changing rapidly, requiring a constant investment in hardware, software, and training … [And] the regulatory burden continues to grow at a rapid pace.”
“Onerous” regulations
Fisher’s comment about the regulatory burden is best described as understatement. In an interview with The Business Journal in December 2012, he expressed concern about the recently established Consumer Finance Protection Bureau (CFPB), set up to protect the “little guy” from predatory financial firms.
Since then, the CFPB has moved quickly to open the floodgates of regulation. In January of this year, the regulators issued new rules clarifying when a borrower is considered able to repay a mortgage. The regulations run to hundreds of pages of opaque and complex rules, which leave lenders liable to repay all mortgage payments and precludes foreclosure on a property if regulators determine that the rules were not followed properly.
Two months ago, the CFPB reached a settlement with Ally Financial for $98 million, because the bank discriminated against minority customers. How did the regulators determine this since Ally collects no information on the race or ethnicity of its customers? The answer was to extract data published by the U.S. Census Bureau using surname “geocoding” to infer the race of Ally’s customers. Based on this, minorities paid interest rates 0.29 percentage points higher than those who were probably not minority customers.
Next on the drawing board are rules requiring financial firms to submit plans to the CFPB confirming that their staffs and suppliers are sufficiently diverse and new rules covering small businesses which, apparently, are now defined as “consumers.”
“Banking regs are onerous,” laments Fisher. “All banks are held to the same standard. I have two full-time employees who spend all their time complying with regulations and many other staff spending time on compliance. It’s very expensive.”
Despite these headwinds, TSB continues to be fiscally sound and profitable. “In its latest statement, TSB Services, Inc. [the holding company that owns the bank] posted assets of about $400 million and a net income of $4.4 million,” states Fisher. “We generated these numbers from 11 locations in Broome and Tioga Counties and 97 employees, who staff the bank and a subsidiary, Tioga State Investment Services (it offers a wide variety of financial planning options, life- disability- and long-term-care insurance plans, and brokerage services.) … We achieved these numbers even while mortgage refinancing revenue and transactions dropped significantly, only to be offset by increased commercial lending. Our revenues are now tilting toward the commercial side over the retail side, 55 to 45 percent.”
As for soundness, “Our tier-1 numbers have never been stronger,” asserts TSB’s president. “Historically, the bank has maintained an eight percent ratio; today, the number is 11 percent. (Tier-1 capital is the core yardstick of a bank’s financial strength as measured by its common stock, retained earnings, and some preferred stock.) On top of that, BauerFinancial has given us a 5-star rating for the past 22 consecutive years as recognition of our fiscally conservative policies.”
Fisher applauds his staff for the bank’s success, particularly the management team. In addition to Fisher as president, Anne E. McKenna is the CFO, George Bowen serves as chief lending officer, Lisa Welch is chief credit officer, Sharon Y. Yaple is a senior vice president responsible for retail banking and business development, and Christopher P. Powers is the senior vice president for human resources. Fisher also cites support from outside professional service providers: Hinman, Howard & Kattell, LLP for its legal work and the Syracuse office of The Bonadio Group for its accounting.
The future
TSB is well positioned for growth. “There is no plan to issue an IPO,” muses Fisher. “The bank has always had a long-term focus on our direction. We don’t want to be guided by quarterly results. [The holding company] … currently is closely held with the majority interest owned by the Fisher family. This allows us to control our destiny and be flexible in our decision-making. Historically, our growth has been organic, except for a merger in 1961 and the acquisition of a branch in Waverly in 1991 from Fleet/Norstar. Our branch expansion has been largely de novo, which runs contrary to the industry, but we think it’s a less expensive way to grow in the long-term.”
TSB’s strategy for growth is to constantly look for opportunities. “We made the move into Broome County 10 years ago. We studied the potential carefully and then committed the bank’s resources. If we grow geographically, I assume we are looking at contiguous areas, because we know the market best. Or we could buy a mortgage company if it were a good fit … Bottom line, however, is that we really understand banking best.”
Fisher says he runs a “boring” bank. A visit to any of the branches or TSB’s web site would suggest otherwise. Customers have access to all the technology and features of the “big banks” with online and mobile banking, online bill paying, ACH processing, telephone banking with 24-hour access, and talking ATMs. If you are looking for investments, life-, disability-, long-term-care or health-insurance, tax or estate planning, retirement planning, or business planning, Tioga State Investment Services offers a wide range of options. “In 2014, we’re adding ‘TSB Mobile Deposit Anywhere’ (e-mail checks for deposit), smart ATMs that handle both checks and cash, and ‘iChat,’ where you can talk to a real person in our service center when you are online with a problem,” adds Fisher.
Is there a sixth generation in the wings? Fisher’s son Josh is currently a sophomore at the University of Pittsburgh. Daughter Kate is a freshman at Nazareth College. Both have already worked at the bank when not in school. Daughter Allison, who is 10, has yet to intern at TSB. Fisher says it’s too early to determine whether the family tradition will reach six generations.
The 46 year-old president of TSB resides with his wife, whom he met at the University of Notre Dame and married in 1991, in Owego.
Contact Poltenson at npoltenson@cnybj.com
Siena survey: real-estate market ‘positive’ but ‘pendulum is swinging’
New York state consumers’ view of the real-estate market remains “positive,” but the market itself may be changing somewhat. That’s according to Donald Levy, director of the Siena (College) Research Institute (SRI), which released its latest survey report of consumer real-estate sentiment in the Empire State on Feb. 3. The New York real-estate market has
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New York state consumers’ view of the real-estate market remains “positive,” but the market itself may be changing somewhat.
That’s according to Donald Levy, director of the Siena (College) Research Institute (SRI), which released its latest survey report of consumer real-estate sentiment in the Empire State on Feb. 3.
The New York real-estate market has moved more toward that zone that SRI has identified as “a thriving zone” where everybody wins and consumers feel as though values are increasing. That is where the state has been for the past four or five quarters, especially the last three.
“It’s interesting that perception of buying [in relation to] selling has changed as much as it has. It’s at the point now where across the entire state … they’re potentially perceived as equal..,” Levy says.
A deeper analysis, according to Levy, suggests that New York City is influencing those numbers.
The SRI data points to New York City having transitioned more towards a seller’s market already, compared to a buyers’ market, he says.
“I’m willing to conclude that the perception is we’re moving in that direction because the selling future numbers are so high across every region of the state, while the current and more so even the future prospects for buyers remain positive in both the suburbs and Upstate, they’re even tilting to the negative in New York City, hence the headline the pendulum is swinging,” Levy says.
Both housing inventory and interest rates will influence the market. Interest rates appear to remain low in the short term, he says.
Despite the data, it’s not yet a time to “worry,” Levy contends, noting the New York real-estate market remains on “very solid footing.”
The overall current real-estate sentiment score among New Yorkers in the fourth quarter of 2013 is 12.0, down 5.7 points from the third quarter, according to the SRI data.
The figure is also above the point where equal percentages of citizens feel optimistic and pessimistic about the housing market.
Looking forward, the overall future real-estate sentiment score is 19.2, down from 24.8 last quarter, SRI said.
The sentiment figure also indicates New Yorkers expect the overall real-estate market and the value of property to increase over the next year.
Consumers also see the present as an improved time to sell with a score above breakeven at 3.1, down 9.1 points from last quarter, according to SRI.
At the same time, they also see it as a good time to buy with a positive score of 6.8, which is down 5.7 points from the third quarter.
The overall current real-estate sentiment score among upstate New Yorkers in the third quarter is 15.3, down 4.1 points from last quarter. The overall future real-estate sentiment score is 14.1, down 2.8 points from the third quarter.
A sentiment score of zero (0) in any category reflects a breakeven point at which the survey measured equal levels of optimism and pessimism among the population relative to the overall market, or buying or selling real estate, according to SRI.
Scores can range from an absolute low of -100 to a high of 100, but scores below -50 or above +50 are both rare and extreme, SRI said.
SRI conducted the survey of consumer real-estate sentiment throughout October, November, and December by random telephone calls to 1,994 New York state residents age 18 or older. As the sentiment scores are developed through a series of calculations, “margin of error” does not apply, SRI says.
Contact Reinhardt at ereinhardt@cnybj.com
Renewal by Andersen expands Solvay Glass service territory to Southern Tier
SYRACUSE — Solvay Glass, LLC, which also serves as the local retailer for Renewal by Andersen, is now covering a larger area for those Andersen products in the southern part of New York. Solvay Glass, located at 735 Erie Blvd. West in Syracuse, sells and installs glass for windows and doors. Renewal by Andersen this
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SYRACUSE — Solvay Glass, LLC, which also serves as the local retailer for Renewal by Andersen, is now covering a larger area for those Andersen products in the southern part of New York.
Solvay Glass, located at 735 Erie Blvd. West in Syracuse, sells and installs glass for windows and doors. Renewal by Andersen this past summer informed the local company that it was expanding its service territory to include the Southern Tier all the way to the Pennsylvania border.
Renewal by Andersen is the custom, full service division of Andersen Windows, Inc., which is part of Bayport, Minn.–based Andersen Corp.
Solvay Glass got word at “the end of July of last year,” says Lisa Stratton, sales and marketing director. “We were elated. We celebrated,” she adds.
The firm’s coverage area now stretches to the Pennsylvania border and includes Binghamton, Endicott, Endwell, along with Tioga County, and Elmira.
For that same product line, the Solvay Glass territory extends north to Watertown, east to Utica–Rome, and west to Waterloo, according to Stratton.
Prior to last summer, the southern end of its service area for Renewal by Andersen only stretched as far as Cortland, Stratton says.
Renewal by Andersen based its decision to expand Solvay Glass’s coverage area on customer feedback, Stratton says.
Andersen forwards a survey to customers who purchase one of its products, a survey that Stratton describes as “everything.” The homeowners then complete the survey privately and send it back.
“We measured up in their eyes of what was important [which is, again,] protecting that brand promise,” Stratton says of Renewal by Andersen.
Solvay Glass has an overall customer satisfaction rating of 92 percent, “which is impressive in the remodeling/home improvement industry,” Stratton adds in an email.
Stratton describes Renewal by Andersen as the “custom, full service division of Andersen Window and Door,” meaning the product isn’t available a big-box store. A contractor cannot purchase the product at Solvay Glass, she says.
Renewal by Andersen partnered with Solvay Glass in May 2008 because it had a showroom for the product and had been in good standing with the Better Business Bureau for more than 25 years, Stratton says.
In addition, Renewal by Andersen requires a full-time service department and its certification of Solvay Glass’ installers and production manager, she adds.
“The reason for that is a faulty installation will void the warranty. Hence, the reason that Renewal by Andersen won’t let a contractor come in off the street and purchase the product,” Stratton says.
In its partnership with Renewal by Andersen, Solvay Glass is required to provide projections, including revenue, sometimes projected out as far as five years, Stratton says.
Solvay Glass also reports to Renewal on a “weekly basis,” including number of customers to whom the company has spoken, number of times it presented a price, and what the pricing structure looked like.
“So, they really do have a pulse on our company as far as how we’re pricing, what we’re pricing,” she says.
With the extended territory, Solvay Glass is considering possibly opening a location in the Southern Tier, but as of now, has “not pursued it,” says Stratton.
“That’s at least a year to a year-and-a-half down the road,” she says.
About the company
Founded in 1964, Solvay Glass operates in a 32,000-square-foot facility that includes 25,000 square feet of warehouse space and 7,000 square feet of showroom floor and office space, Stratton says.
The company owns its building on Erie Boulevard West, she adds.
Solvay Glass currently employs 35, which includes eight part-time employees, Stratton says. The figure also includes four new full-time employees who started with the firm this year to accommodate the expansion of its Renewal by Andersen territory.
Solvay Glass serves a customer base that is 95 percent residential and five percent commercial, Stratton says.
She describes Solvay Glass as a $5 million company and offered the same figure when asked about a revenue projection for 2014.
When asked if the expanded Renewal by Andersen territory might boost that annual-revenue figure, Stratton replied, “I would hope.”
Charles (Chuck) Cometti, son of company founder Henry (Hank) Cometti, is the sole owner of Solvay Glass.
Contact Reinhardt at ereinhardt@cnybj.com
Real-estate agency changes name, brings focus back to local business
NEW HARTFORD — After 25 years of affiliation with Prudential Real Estate, one local real-estate agency has dropped the affiliation and changed its name as it hones its focus on serving the local area. The former Prudential Joseph R. Carucci Real Estate agency is now known as Preferred Properties of the Mohawk Valley, Inc., says
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NEW HARTFORD — After 25 years of affiliation with Prudential Real Estate, one local real-estate agency has dropped the affiliation and changed its name as it hones its focus on serving the local area.
The former Prudential Joseph R. Carucci Real Estate agency is now known as Preferred Properties of the Mohawk Valley, Inc., says Edward Jekel, president and broker of record at the agency.
It made sense 25 years ago to affiliate with Prudential, he says, because it gave the agency additional resources such as the ability to market its listings nationally through Prudential. Recent changes, however, changed Jekel’s view of things.
First off, Prudential sold off its real-estate division about two-and-a-half years ago to a company called Brookfield Asset Management, Inc. Brookfield, in turn, was recently acquired by Berkshire Hathaway. The changes in ownership, Jekel says, made it a good time to review the franchise and see if it still made sense.
Factoring in other changes, such as how the Internet and technology have impacted the real estate industry, made Jekel wonder what a franchise with Berkshire Hathaway would do for his agency, his agents, and the area.
A few initial talks with Berkshire Hathaway about renewing the franchise ultimately cemented Jekel’s decision not to renew as the company urged him to consider consolidating with franchises in Syracuse, Albany or Buffalo to achieve some economies of scale.
“We’re a very small and unique area,” Jekel says of the Mohawk Valley. “Our market is different from Syracuse. Our market is different from Albany. Our market is different from Buffalo.”
Real estate is very local, he says, and he contended that the best way his agency could continue to serve the area was as a locally owned company without an outside franchise. Jekel opted not to renew his franchise, which ended on the last day of 2013.
On Jan. 1, Jekel debuted Preferred Properties of the Mohawk Valley and says he is already seeing benefits from being franchise free. “I have absolutely no regrets,” he says. “I think it’s the right way to go.”
Since the change, Jekel and his 14 agents have been working hard. “I think we changed 125 signs,” he says. They’ve also been working to change the website, banking information, letterhead, business cards, and more.
And through all that work, Jekel saw one of the first benefits of dropping the franchise. When the agency was affiliated with Prudential, all purchases went through Prudential-approved vendors. All of those vendors, Jekel notes, are located outside the region.
With his first purchases away from the franchise, Jekel opted to shop local for his new signs, business cards, and letterhead, spending more than $10,000 with Valley Signs in Clayville.
While the name has changed and the signs are new, one thing that remains the same is Jekel’s team of agents and all the experience and expertise they bring to the job. “We know the area,” Jekel says. That will be a benefit through an anticipated boom as development continues at the nanocenter at SUNY Institute of Technology at Utica/Rome. That development could bring as much as $17 billion and 10,000 new jobs to the area over the next decade, Jekel says, and that means lots of people new to the area and looking for a home.
And with a new business partnership with ListHub, a nationwide listing management platform, Preferred Properties of the Mohawk Valley can still have its listings showcased nationally.
“We’re going back to our roots,” Jekel says. “We want to be a driving force in the community.”
To help spread the word about the name change the agency mailed out letters to its clients and sent out postcards to residents in key areas. Jekel says the agency will host an open house sometime in the spring to coincide with the start of the busy season.
“We actually see a good year,” he predicts for 2014. “We see sales up.” While he doesn’t expect much commercial activity until later in the year, Jekel says he expects a “good and strong” residential market.
Headquartered at 600 French Rd., New Hartford, Preferred Properties of the Mohawk Valley (www.preferredpropertiesmv.com) was founded by Joseph R. Carucci, who passed away in 2010.
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