The NAR National Commercial Awards program honors members who have received an award or recognition for their exceptional service and contributions to their local or state REALTOR® association, one of NAR’s affiliated Institutes, Societies or Councils, the commercial real estate industry or their community.
Nominated By: Columbus REALTORS®
For more than three decades, Jay Zollars, CPM, has built a commercial real estate career around strong client relationships, industry involvement and a willingness to adapt. Now, the broker-owner of RZ Realty, a full-service boutique firm serving central Ohio, is being honored with the Columbus REALTORS® Erika Blumenstein Memorial Award, which celebrates professionalism, conduct, commitment and contributions to the region's commercial real estate community. Zollars holds a B.S. from Ohio University.
Q. You had your real estate license before graduating from college. What drove that early interest?
My parents owned an insurance agency, but when I was growing up, they bought, fixed up and sold real estate. I was always fascinated by it and knew I wanted to work in the industry, but I wasn’t sure which path to take. When I attended Ohio University, they didn’t offer a structured real estate degree, but did have a bachelor of science in general studies where you could design your own major. I called it real estate management and, in addition to real estate classes, I took management and marketing classes, which I thought would serve me well in real estate.
Q. What was your first job in real estate?
In 1991, I took a job with a property management company that managed the area’s largest private student housing portfolio. The experience was invaluable, as I learned as much about what not to do as what to do. Then, in 1993, I bought my first property: a campus property to manage, then a two-family unit, where I lived in one side and rented the other.
Q. What is behind your firm’s statement referring to “high-value relationships?”
When I started interviewing with commercial brokerages, I found that large firms typically had agents work in one sector. I understand why, but I wanted to do a little bit of everything, and I still do. So, in 1994, I opened RZ Realty. We manage properties for many smaller clients. They may have just one condo for rent. But we also represent clients with multiple industrial properties or an office building, and we manage homeowners associations. These small clients may own a high-value property, and we’ve built a reputation for working with clients who don’t fit the model of many large companies. I value my clients and cater to their needs.
Q. How does that serve you in the market?
We regularly get referrals from residential and large commercial companies. I have relationships with several companies that handle sales and leasing for an owner but have us manage the properties.
Q. Throughout your firm’s history, you’ve pursued various opportunities, including a merger (later dissolved) and consulting for a national acquisition firm. What drove those choices?
Over our 32 years, we’ve gone through business cycles that required us to pivot and focus on what was hot at the time. In 2008, I merged operations with a similarly sized company, and we maintained both commercial and residential divisions. During this time, I did due diligence for a national company buying tens of thousands of multifamily properties. After six years, I realized our goals differed, so we unmerged, and I retained sole ownership of RZ Realty. During COVID, when office leasing was nonexistent, I focused mostly on investment sales, and 2020 was one of my best years. Today, my work includes a lot of office and retail leasing and 1031 exchanges, working with out-of-state clients.
Q. Do you market your firm outside central Ohio?
No. The Columbus market is still affordable, which makes it nationally desirable, so we get a lot of out-of-state clients through referrals.
Q. Why do you believe Columbus REALTORS® honored you with its Erika Blumenstein Memorial Award?
The award primarily recognizes career reputation; [laughing] I think of it as the “old person award.” I’ve been very active in the association, serving as a director and chairing all the commercial committees. I was also president of the local IREM chapter and a Columbus commercial industrial investment group. Erika Blumenstein was a talented commercial broker at a time when women in the industry were uncommon. She was fierce, knowledgeable and highly respected—all things I strive to be. I am honored and appreciative that someone recognized that I share those values.
Q. The award is a “bookend” to another honor bestowed on you by NAR 30 years ago.
Yes, in 1996, NAR named me one of “8 Under 30,” recognizing young brokers. I am proud of that. I framed it, and it’s still in my office.
Q. How has being a Certified Property Manager impacted your career?
I’m a big believer in immersing yourself in what you do and being involved in industry organizations to keep learning and stay current on trends. I also like having a say in my little piece of the world. I’ve gotten business through networking with industry groups and by citing my credentials. More sophisticated investors know what a CPM is and recognize its value.
Q. What advice would you offer to someone starting their career as a commercial specialist?
Be involved in whatever aspect of the industry you want to pursue. When you’re involved in industry organizations, you get to know people. The more people you know, the easier it is to do deals.
