WCEC Storming Back Stories: Wood Agency Expecting Better Rental Market & 2014 Rentals

Ask anyone at the Jersey Shore where to rent vacation homes and they will point to the Richard I. Wood Agency in Manasquan -- in business since the early 1950s.  Currently owned by Robert Wood and operated by Robert Wood Jr. and daughter Lisa Smith, this real estate family knows the market through all its ups and downs.

After Sandy hit the Manasquan area and destroyed hundreds of homes, the real estate market for the upcoming summer season looked bleak.  “I have never seen such destruction,” Robert Wood Jr. comments. ”My family and I have lived here my entire life and we have weathered many other hurricanes and tropical storms.  Sandy was in a league of her own.”

In recounting the storm, Wood says that the streets were lined with six foot piles of debris and garbage for months.  Dozens of bull dozers and construction workers lined the streets along the beach in a flurry to get the town back on its feet.  The beach and boardwalk were closed for safety reasons for three months and only residents were allowed to enter.  Homeowners, who lived on the beachfront, were without power for nearly two months.  There were even four houses that burned to the ground.  The National Guard was on every corner and warning curious visitors to stay out.  “It was just unsafe to be at the beach area.  There was broken glass, sheetrock, parts of walls, house items in the street.”

The agency, located on East Main Street and a few blocks from the beach, was also a victim of the storm.  Several feet of water flooded the interior and all the contents had to be removed.  “We rented a trailer as a center of operation for all of our businesses for several months. In the meantime, the interior was being completely redone and cost us tens of thousands of dollars.”

Report after report was dismal: Hurricane Sandy damaged 31 percent of Manasquan’s rental units – making the borough among the worst hit towns in the Jersey Shore.  And just over 20 percent of Manasquan’s housing stock also suffered damage from the October storm.

“No rentals, no people, no business, no money,” recalls Wood Jr.  “The recovery effort was unbelievable.  Volunteers came every weekend to help the community and local churches and relief organizations donated supplies and gave away free soup, hot coffee and sandwiches.  Homeowners worked tirelessly to get their homes gutted, remodeled and redone for the summer season.”  

Mayor George Dempsey has been instrumental in every aspect of Manasquan’s recovery efforts and has helped in every way possible to help homeowners and get the beaches spotless and clean.

With the problem of many homes damaged and not rentable, the Wood Agency worked with homeowners to offer a 100 percent money back guarantee if the homes were not ready and livable.   Lisa Smith remembers that, “Our agents were literally showing empty houses for rent.”  What impressed the Wood Agency the most was the unrelenting support and loyalty of the renters.  “They were renting in Manasquan and they really could have gone to other spots that did not suffer so much damage.”  

In August 2013, the Wood Agency is expecting a better rental market than July and vacation homes are now even being rented for next summer.  “Customers are calling again and asking about rates and showing a lot of interest.  The season, no doubt, has been off, but the market is really improving every day.  People have shown tremendous support for this beautiful beach town and together we will get back to 100 percent.” 

At the end of May, Lt. Gov. Kim Guadagno helped borough officials cut the ceremonial ribbon to declare Manasquan’s beachfront officially reopened, nearly seven months after it was pummeled by Hurricane Sandy. 

To learn more about this business and others affected by the storm, please visit http://www.youtube.com/channel/UC56HP1FpciZnD44i9eDpLeg?feature=watch. Funded by a grant from the U.S. Small Business Administration, the WCEC’s “We’re Storming Back” Hurricane Sandy Disaster Relief Program provides free workshops, training, and resources to New Jersey businesses affected by Hurricane Sandy to help them to recover and thrive. 

About The WCEC

The WCEC, a 501 (c) 3 nonprofit corporation, is a U. S. Small Business Administration’s Women’s Business Center.  The WCEC provides the tools for individuals to successfully own, operate and grow their small businesses, thereby investing financially, intellectually and emotionally in their communities. The WCEC provides more than 150 classes, seminars and individual consulting sessions each year for more than 5,000 participants. For more information please visit hwww.wcecnj.org/.