January 2022 NYSCAR president’s monthly message - by Dana Crocker

I want to thank James Walker for his outstanding leadership over the past two years as president of NYSCAR. Under James’ leadership, NYSCAR members received over 60 hours of free continuing education last year! I’m pleased to report that the Board of Governors has voted to continue offering free education for NYSCAR members in 2022. Please watch your email for upcoming programs.

On January 26, (9:30 a.m.) NYSCAR will present a two-hour “Introduction to Cost Segregation” C.E. course (via Zoom) with Frank Giudici. We hope you join us for this interesting topic!

Why NYSCAR members should embrace the cost segregation industry:

1. Solidify client relationships…this is a tremendous tax savings value-add to offer clients who may not know any better;
2. A legitimate reason to reconnect with clients (past/present/future) Cost Segregation is retroactive, which means anyone who owns commercial real estate (yes, both residential- and commercial-uses) dating back to the early-2000’s can still take advantage as part of their 2021 taxes without having to amend previous years’ tax filings;
3. Generate more brokerage business…understanding how Cost Segregation works will allow brokers representing both buyers and sellers to close more business, and at a minimum, generate property interest;
4. Personal gain…as licensed brokers you are considered Real Estate Professionals (REP), a special designation on one’s taxes that allows for depreciation deductions from the ownership of CRE to be used to offset any/all types of income, including your spouse…REPs are able to take full advantage of Cost Segregation;

If you would like to take the Intro to Cost Segregation course, please email Sherry at [email protected].

Save the Date!

Mark your Calendar now for the NYS Commercial Real Estate Conference! June 6-8, 2022 – Turning Stone Resort and Casino, Verona, NY

New York State Association of Realtors

FREE Legal Update course information

The one-hour Legal Update course, which is approved for continuing education (CE) credit on recent legal matters, will be held once a month and is instructed by an attorney. This is a course that you will be eligible to take one time in your license cycle as a NYSAR member. The 2022 Legal Update course dates are:

• January 11,
• February 23,
• March 16,
• April 25,
• May 9,
• June 15,
• July 18,
• August 16,
• September 20,
• October 26,
• November 21, and
• December 12.

National Association of Realtors

3 Days of Commercial Real Estate Networking, Learning, & Deal-Making

C5 Summit is the premier US-based commercial real estate event in the heart of the city at the center of the industry – New York. Network with influential leaders, build relationships with key decision makers, learn about the latest trends, and get deals done all at one centralized event. August 15 – 17, 2022. Registration opens in later this year.

Dana Crocker is the president of NYSCAR and a licensed associate broker at Hunt Commercial Real Estate, Liverpool, N.Y.