Forbes - USA (March 2020)

THE FORBES INVESTIGATION














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B L O O M A N D B U S T





KR SRIDHAR’S BLOOM ENERGY PROMISED TO TURN
NATURAL GAS INTO CLEAN ELECTRICITY “CHEAPER THAN THE GRID.”
BUT AFTER BLOWING BILLIONS, ITS FUEL CELLS HAVE TURNED OUT
TO BE OUTRAGEOUSLY COSTLY—AND NOT SO GREEN AFTER ALL.















BY CHRISTOPHER HELMAN PHOTOGRAPH BY TIM PANNELL FOR FORBES


M A R C H 2 0 2 0 F O R B E S . C O M

100



N

O
I As wildfires raged
A T
G
I
T
S
E last October, more than a million northern Californians suffered through blackouts, their electricity cut in order
V to reduce the likelihood of high winds sparking new conflagrations. In smoke, KR Sridhar smelled opportunity.
N
I His company, publicly traded Bloom Energy, sells fuel cells—steel boxes that generate electricity using natural

E
H gas. The boxes, which it calls energy servers, emit a nearly pure stream of carbon dioxide, a major greenhouse
T
gas, but they are supposed to make much less of it than traditional power plants and do so without generating
lots of smog ingredients like nitrogen oxide and sulfur oxides.

Even better, Bloom’s units get their fuel via under- raised on the back of false statements. It could soon
ground pipelines unaffected by the Diablo winds that be out of runway as lucrative tax credits phase out and
threatened California’s high-voltage wires and led to financing dries up. Sridhar has already enlisted in-
the power outages that Sridhar considers intolerable vestment bank Jefferies to help restructure over $300
in any modern society, let alone in Silicon Valley. million of debt coming due at the end of this year.
“Every time there is a disaster your power price Shares are down nearly 50% since Bloom raised $282
is going to go up, because somebody has to pay for million in its 2018 IPO. And now regulators and even
the damage,” Sridhar says. “That is the catalyst for local politicians are clashing with the company. Cities
change.” Bloom is capitalizing on the outages by woo- like Berkeley have turned against natural gas for not
ing potential customers in fire-risk zones to protect being green enough. A court recently blocked Santa
against grid failure with Bloom-powered “microgrids,” Clara County, in the heart of Silicon Valley, from essen-
like its 26 so far in California, which carried custom- tially banning new Bloom installations unless they are
ers through last year’s blackouts. fueled, for instance, by exorbitantly expensive “biogas”
Over its 19 years in business, Bloom has installed sev- siphoned from manure ponds or landfills.
eral thousand of its 15-ton boxes worldwide for big tech
companies including Apple, AT&T and Paypal, which decade ago, Sridhar envisioned
are willing to pay up to guarantee 24/7 power for data A    that by now his fuel cell technology
centers where the cost of downtime is nearly $9,000 would be in every home, costing
per minute. A lot of its customers are in states with the $3,000 a pop. In reality, not a single
highest power prices and big clean-energy subsidies, home in America has its own Bloom
like New York, where Home Depot has installed them box, not even Sridhar’s $7.6 million house in Woodside,
as backup generators “wherever they make economic California. Instead, his boxes are used mostly for indus-
sense,” says the chain’s U.S. energy chief, Craig D’Arcy. trial and commercial customers, costing approximately
Bloom boxes have been operating nonstop at Caltech $1.2 million each. Without subsidies, they generate
for over a decade, providing nearly 30% of the power power at a cost of roughly 13.5 cents per kilowatt hour
to its Pasadena campus. “Having stable power is very versus 10 cents per kwh for grid power nationally.
important to scientists,” says Caltech facilities director Truly renewable power is now much cheaper than
Jim Cowell. “The grid has been disintermediated.” Bloom’s. Without subsidies, solar and onshore wind
This should be Bloom’s time to shine. “The natural both cost 4 cents per kwh, according to asset manage-
gas, thanks to fracking, is already there,” Sridhar says. ment firm Lazard.
And yet, despite big promises, Sridhar’s boxes are high- Don’t think for a second that Sridhar, 59, is discour-
ly unlikely to transform the grid in California, or any- aged. “This is a pretty amazing pace of progress,” he
where else. The reasons are manifold, but boil down says, especially compared to where he got his start.
to this: Bloom’s technology is too dirty and too costly. He grew up in India, where power outages are com-
Bloom has never generated a profit, despite at least mon, and attended the National Institute of Technol-
$1.7 billion of invested capital, some of which was ogy Trichy, in the southern Indian state of Tamil Nadu,


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then came to the U.S. to get his Ph.D. in mechanical engi- build, install, service and fuel these boxes. Subsidies like
neering. He later worked at the University of Arizona’s Space the lucrative federal investment tax credit knock off a bit
Technologies Lab, building an oxygen-generating machine more—1.5 cents in California. This might appeal to custom-
for NASA’s missions to Mars. When the Mars Polar Lander ers paying more per kwh in some high-price states. But the
crashed in 1999, his project was canceled. Undeterred, he national average for retail power is 10 cents and falling,
worked to more or less reverse that says Ed Hirs, a fellow at the University
technology, to turn methane and oxy- of Houston and energy advisor to tax
gen into carbon dioxide and electricity. consultancy BDO. “This technology is
In 2001 Sridhar cofounded the com- a nonstarter in most of the country,
102 pany that became Bloom and soon met where Bloom is competing against
John Doerr, the legendary billionaire real renewables like solar and wind
venture capitalist who got rich funding that have come down the cost curve
N
O infotech companies such as Amazon, far faster,” Hirs says. “Add in batteries
I Google and Sun Microsystems. Doerr’s and you can achieve similar reliabil-
A T
G firm, Kleiner Perkins, put about $60 ity at far lower cost, with no carbon
I million into Bloom and still owns close emissions.” Los Angeles has entered
T
S
E to 14% of it after selling roughly half its into a 25-year agreement to buy solar-
V stake in the past year. Other long-term plus-battery power at 2 cents per kwh.
N
I investors include venture shop New Bloom is a long way from being

E
H Enterprise Associates, Kuwait’s sover- able to offer such pricing, though the
T eign wealth fund and pension funds in technology is getting better. Whereas
Canada and New Zealand. its earliest boxes lasted fewer than
two years before they needed to be
B    y 2008, Sridhar had True Believer gotten the lifespan up to nearly five
replaced, today Bloom claims it has
installed Bloom’s Famed venture capitalist John Doerr has stood
by KR Sridhar, even granting him voting proxy
years. What would be more impres-
first boxes at Google,
where Doerr is a long- over his firm Kleiner Perkins’ now 14% stake. sive: if it could make money. So far
time board member. There were problems the firm has chalked up more than $2.7 billion (and count-
from the start. Those initial machines were hand-assembled, ing) in cumulative losses. In the nine months through Sep-
Sridhar recalls, in a hobby shop at Moffett airfield in Santa tember 2019, Bloom posted a net loss of $195 million on
Clara County, rather than on today’s automated assembly $668 million in sales.
line. A former Bloom executive claims that those early boxes Bloom has gotten help covering its losses from the resi-
had to be monitored 24/7, and that internal modules stacked dents of Delaware, where energy company Delmarva Power
with hundreds of 4-by-4-inch fuel cell wafers needed to be is eight years into a 21-year project with Bloom. In 2011 Del-
swapped out a couple times a year, at $225,000 a pop. Anoth- aware’s General Assembly voted to allow Bloom to qualify
er complication of these Rube Goldberg devices was the fil- for its renewables program, even though its units don’t run
tration systems—metal canisters filled with pebbles of solid on renewable fuel. For this perceived green benefit, Del-
catalysts that separate sulfur compounds and other contami- marva’s 300,000 Delaware customers are on the hook to
nants from the methane gas. According to the same execu- pay a monthly tariff equivalent to about 16 cents per kwh
tive, the first time technicians went to empty the canisters, for the output of 123 Bloom boxes. Delaware also handed
they simply sucked out the used catalyst with a Shop-Vac and out $12 million in grants to Bloom. State records show that
ended up spreading a rotten-egg smell across the neighbor- in the 12 months ending May 2019, Delmarva forked over
hood. Bloom called the executive’s account “hearsay.” $34 million to Bloom’s operating company for electric-
But, like other fake-it-till-you-make-it techies, Doerr and ity that it sold to the grid for just $9 million. As a further
Sridhar acted like Bloom already had it all figured out. In a slight, Sridhar promised 900 jobs at its Delaware plant in
TV interview with Leslie Stahl on 60 Minutes in 2010, they 2012, but so far only 340 of those have materialized. Ac-
touted Bloom boxes as the future of clean, green power gen- cording to Bloom, the project was intended to meet a series
eration. “The Bloom box is intended to replace the grid—it’s of economic development and energy policy goals, and was
cheaper than the grid, it’s cleaner than the grid,” Doerr told expected to cost more than wholesale.
Stahl. At a press conference soon after, Sridhar told report-
ers that the box could deliver power at “9 to 10 cents per t least Bloom’s tech is cleaner than the
kilowatt hour.” A    average power plant, though, right? Not
But that wasn’t entirely true. Bloom insists it did sell always. When the boxes are new, they
some power that cheap, but only after applying generous run at optimum efficiency, converting
subsidies and operating at a loss. (A Kleiner Perkins spokes- nearly 65% of their methane fuel into KIM KULISH / CORBIS / GETTY IMAGE
person says it’s common to sell at a loss to build market electricity and emitting 679 pounds of carbon dioxide per
share.) It confirms its unsubsidized cost in 2010 was 19 megawatt hour. This compares to overall U.S. power-sector
cents per kwh. Now, after a decade of R&D and plunging emissions of 914 pounds per mwh as of mid-2019, accord-
natural-gas prices, it still costs about 13.5 cents per kwh to ing to Carnegie Mellon’s Scott Institute. It’s also better than


F O R B E S . C O M M A R C H 2 0 2 0

natural gas–fired power plants, which emit 850 pounds, and for fraudulently inducing them to settle. Bloom contends
much better than coal, at more than 1,400 pounds. Yet as the suit has no merit.
the fuel cells age, the electrochemical process degrades their On July 25, 2018, the day of Bloom’s IPO, Sridhar falsely told
efficiency. Based on Forbes’ calculations, some of the oldest MarketWatch reporters that the company was profitable as
boxes in Delaware have put out 960 pounds of CO2 per mwh. of the second quarter and that it would be cash-flow-positive
In California, where local utility PG&E generates power at and GAAP-profitable that year, when in fact it was still losing
210 pounds per mwh, Bloom may be losing its appeal. money. Bloom issued a correction the next day, and assures
Then there’s the issue of hazardous waste. When Bloom Sridhar “simply made a mistake.” Other investors who scooped
applied for its operating permits in Delaware, it answered up Bloom shares have sued Sridhar and Bloom for, among
no when asked whether its systems would generate any other things, hiding what short-seller Nate Anderson of Hin- 103
hazardous waste. When in 2014 regulators started asking denburg Research estimates to be more than $2 billion in fu-
more questions, Bloom disclosed that its filtration systems ture liabilities tied to servicing and replacing old Bloom boxes. B
caught a host of nasties like arsenic, benzene, sulfur and Bloom denied the Hindenburg report; the suits are pending. As L
lead. Queried why it had been shipping this hazmat out a former Bloom executive explains, Bloom relies on proceeds O
O
of Delaware to processors and incinerators across the na- from new boxes to help offset rising service costs on old ones: M

tion, without following rules, Bloom replied that it thought “They have to keep selling more on the front end to pay for E
it was exempt, because it didn’t open the canisters. Nope, the back end.” In recent months Bloom raised more than $250 E
N
said the U.S. Environmental Protection Agency, which in million from the likes of Southern Company to swap out its old R
G
2015 reminded Delaware to enforce hazmat rules “no less boxes in Delaware. Bloom could see a wave of such replace- Y
stringent” than federal regulations, with “cradle to grave” ments before the 2023 phase-out of the lucrative federal invest-
responsibility for waste management. Bloom insists that it ment tax credit worth up to 30% of capital invested. When that
does not “produce” hazardous waste, that it began to han- credit ends, so will a reliable avenue of financing. Underscoring
dle the desulfurization units differently after the EPA issued the sense that Bloom may be living on borrowed time are the
guidance and that it is now EPA-compliant. The agency is exits of several executives and the pending retirement of its
still seeking to collect a $1 million fine from Bloom. CFO. Former U.S. Senator Kelly Ayotte also left its board and
Some investors have been misled along the way. In 2012 was replaced by former General Electric CEO Jeff Immelt.
the Securities and Exchange Commission temporarily If there is a silver lining to this story, it is that there are
barred Dwight Badger and Keith Daubenspeck, the cofound- plenty of places in the world with dirtier air than California
ers of brokerage Advanced Equities, from their jobs after where people may be interested in what Bloom is selling.
they used false information In Japan, the company has
and negligent due diligence, partnered with Softbank on
respectively, to help Bloom several installations; in South
raise $150 million. Misstate- Korea, it recently built its first
ments included that Bloom “Power Tower”—a four-story
had $3 billion in orders from structure with open sides,
the CIA and a grocery store stacked with its boxes, and it
chain, and that it was getting is now exploring, with Sam-
a loan of up to $300 million sung, how to use the boxes to
from the Department of En- power ships.
ergy. In emails written to the Sridhar insists that Bloom’s
SEC, Badger claims to possess prices will keep going down
copies of presentations made while its resiliency goes up.
Powered Up
to Bloom’s board (including He draws inspiration from
This Bloom installation at La Jolla Commons in San Diego generates
Doerr and former Secretary about 5 million kilowatt hours of electricity per year. satellite pictures of the world
of State Colin Powell) that at night, which hang on the
prove Bloom lied to investors. In 2014, the brokers settled walls of Bloom’s offices. The bright lights amid the darkness
for $16.7 million, much of it in warrants (the right to pur- represent the vast majority of the world’s population. “The
chase shares) if and when Bloom went public. After the IPO, other 2 billion are basically out of grid and out of luck,” he
Bloom’s share price never went high enough to put Badger says. “What drove me to start the company is the same” as
and Daubenspeck in the money. In 2019 they sued Sridhar what drives him now: to feel “like I have made a dent.” F


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M A R C H 2 0 2 0 F O R B E S . C O M

P R O M O T I O N





TRUSTED

CORPORATE
LAW FIRMS




his year, Forbes has partnered with market research
T company Statista to create it’s first-ever list of 243
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Here we showcase three recognized firms; Merchant
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We hope to showcase other exceptional law firms
named to this list over the course of this year.

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Real Estate ∙ 704-488-2420 Jen Ortman ∙ Berkshire Hathaway Carol Cutler ∙ Higgins Group/Private Rising Star
Ken Covers ∙ Engel & Volkers Atlanta Daniel Fisher ∙ Fisher Herman Realty HomeServices Starck Real Estate Brokerage ∙ 203-240-9209
∙ 404-664-8280 ∙ 847-660-0864 Real Estate Agents
∙ 704-544-5643 John M. Downs ∙ Berkshire Hathaway
Kim Pritchard ∙ Better Homes and Beth Hahn ∙ Ivester Jackson/ Marlene Rubenstein ∙ Rubenstein Fox HomeServices New England Properties Kelly Durrschmidt ∙ Coldwell Banker
Gardens Metro Brokers ∙ 404-843-2500 Team ∙ 847-565-6666 ∙ 860-377-0754 Residential Brokerage ∙ 203-878-7424
Christie’s International Real Estate
Debbie Redford ∙ All Atlanta Realty ∙ 704-999-7196 Mary Serle ∙ Baird & Warner Christine Fairchild ∙ Coldwell Banker Kristine Jennings ∙ William Pitt Sotheby’s
∙ 770-403-4565 International Realty ∙ 860-387-8835
Robin Husney ∙ Dickens Mitchener ∙ 503-703-1399 Residential Brokerage ∙ 203-470-0489
Austin, San Antonio ∙ 704-517-6370 Elizabeth Wieneke ∙ Griffith Grant & Lauren Freedman ∙ Coldwell Banker Susan Ann Malan ∙ William Pitt Sotheby’s
Greg Martin ∙ MartinGroup Properties Lackie ∙ 847-732-4039 ∙ 203-889-8336 International Realty ∙ 617-645-4392
and Central Texas ∙ 704-903-2889 Rising Star Ellen M.R. Garcia ∙ Halstead Real Estate
Real Estate Agents Scott Pridemore ∙ Pridemore Properties Real Estate Agents ∙ 203-981-5244 Dallas/Fort Worth
∙ 704-562-0792 Robin Gebrian ∙ William Raveis Real Estate Agents
Beth Carter ∙ Compass Real Estate
∙ 512-799-7427 Maureen Elizabeth Roberge Melissa Campobasso ∙ RE/MAX Destiny Real Estate ∙ 860-985-7807 Jeanette Armstrong ∙ RE/MAX Four
Holly Harris Dees ∙ HD Realty Team ∙ LKNHomes.com, Inc. ∙ 704-323-9222 ∙ 847-341-6745 Melissa Giangrasso ∙ Signature Properties Corners ∙ 214-675-1677
∙ 512-289-9299 Jessica Sinski ∙ Bowman Real Estate Cincinnati of New England ∙ 860-912-7313 Laura Barnett ∙ RE/MAX ∙ 214-300-8807
Sally Garza ∙ Coldwell Banker ∙ 980-365-3575 Real Estate Agents Marilyn Jacobs ∙ Coldwell Banker David A. Baxter ∙ DABCO Realty
∙ 210-860-1270 Sarah K. Zdeb ∙ JP & Associates Realtors ∙ 860-434-8600 ∙ 972-824-0674
Carolina Living ∙ 704-661-2328 Robyn Clifton ∙ Peelle & Lundy Realtors Nancy Boucher Guerriero ∙ Guerriero-Law
Barbara Gremillion ∙ Coldwell Banker David Jones ∙ Dave Jones Realty
United, Realtors ∙ 512-775-2904 Rising Star ∙ 937-725-7253 ∙ 203-910-2638 Paragon Realtors ∙ 214-796-8485
Vickie Karp ∙ Tribe Realty Austin Real Estate Agents Gina Dubell-Smith ∙ eXp Realty/ Joseph Kelly ∙ William Pitt Sotheby’s Kimberly Broussard ∙ YST Realty, LLC
∙ 512-775-3737 Designed2Sell Team ∙ 513-477-1219 International Realty ∙ 860-287-1222 ∙ 214-212-3959
Chris Phillis ∙ eXp Realty ∙ 980-221-5152 Alex M. Moksin ∙ OwnerLand Realty
Nancy Knight ∙ Keller Williams Realty JoAnn Lambert Bredenberg ∙ Coldwell Gloria Burleson ∙ RE/MAX Dallas Suburbs
∙ 512-818-4892 Chicago ∙ 513-325-7600 Banker Residential Brokerage ∙ 469-831-3862
Cher Miculka ∙ HSA Real Estate, LLC Columbus ∙ 203-232-9452 Sherri Burlison ∙ Fathom Realty
∙ 210-394-1376 Real Estate Agents Real Estate Agents Bill Mamak ∙ RE/MAX Right Choice ∙ 469-233-2741
Vicki Morgan ∙ Keller Williams City View/ Marti Corcoran ∙ Coldwell Banker ∙ 860-978-0602 Daniel Combe ∙ Ebby Halliday
Classic Texan Team ∙ 210-394-3194 Residential Brokerage ∙ 773-802-5092 Kathy Blankemeyer ∙ Realty Solutions Patty McCarthy ∙ William Raveis Real ∙ 817-800-0007
Bill Morris ∙ RE/MAX Capital City Paige Dooley ∙ Compass ∙ 847-609-0963 ∙ 614-325-8111 Estate ∙ 203-796-7709 Gabriel Corra ∙ YST Realty ∙ 972-588-8788
∙ 512-785-3345 Connie Dornan ∙ @Properties Debbie Harr ∙ Homes That Click Patty McManus ∙ William Pitt Sotheby’s Donna Douglas ∙ United Country, SPG,
Elizabeth Riley ∙ eXp Realty/Luxe ∙ 847-208-1397 ∙ 614-268-7653 International Realty ∙ 203-733-3941 Lake Palestine ∙ 903-360-8682
Property Group ∙ 512-658-0045 Brenna Freskos ∙ Royal Family Real Estate Lois Miller ∙ Keller Williams Classic Janie Merola ∙ RE/MAX Right Choice Linda Green ∙ United Real Estate
Wendi Slaton Anderson ∙ Roots Real ∙ 847-507-2409 Properties Realty ∙ 614-284-2085 ∙ 203-521-0791 ∙ 214-906-8755
Estate ∙ 512-743-4653 Sue Gould ∙ Berkshire Hathaway Connecticut Gene Pica ∙ RE/MAX ∙ 203-314-7578 Sharon Hodnett ∙ Keller Williams DFW
Linda Zimmerhanzel ∙ Concierge Realty of HomeServices Starck Real Estate Real Estate Agents Makaela Stevens ∙ HomeSmart Realty Southlake ∙ 817-994-7152
SA, LLC ∙ 210-392-8088 ∙ 847-309-5404 Group ∙ 970-305-1305 Michael Lee Hoover ∙ JP and Associates,
Nicole Hajdu ∙ Dream Town Realty Cheryl Auerbach ∙ Berkshire Hathaway Judy Szablak ∙ Coldwell Banker Realtors ∙ 817-458-1431
Boston ∙ 773-727-2199 HomeServices ∙ 860-235-9099 ∙ 203-257-5892 Mary Jane Mathew ∙ TruHome Real Estate
Real Estate Agents Nancy M. Hotchkiss ∙ Berkshire Hathaway Sindy Butkus ∙ Klemm Real Estate, Inc. Donna Tartagni ∙ Coldwell Banker ∙ 972-523-7070
Biros Real Estate ∙ 708-422-0011 ∙ 203-263-4040 ∙ 203-980-4295
Scott Farrell ∙ Compass ∙ 508-367-7467

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REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics.
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PROMOTION





FIVE STAR AWARD WINNERS


To see the full list of winners, visit www.fi vestarprofessional.com


Chastin J. Miles ∙ eXp Realty/Founders Marilyn Kal-Hagan ∙ Compass Real Estate Fresno Heather Martin ∙ Keller Williams Gary Limjap ∙ Coldwell Banker
Real Estate Group ∙ 214-586-0096 ∙ 303-587-6720 ∙ 845-901-6093 ∙ 310-430-0818
Real Estate Agents
Pat Ranney ∙ Ebby Halliday, Realtors Janet Kritzer ∙ LIV Sotheby’s International Lonna Ralbag ∙ Rodeo Realty Stephanie Payab ∙ Berkshire Hathaway
∙ 972-342-7651 Realty ∙ 303-883-2474 Laurie Salvano ∙ Realty Concepts ∙ 914-548-0870 HomeServices ∙ 818-269-2796
∙ 559-999-7987
Sigrid Ruetti ∙ Coldwell Banker Olivia Kunevicius ∙ Live.Laugh.Denver. Diane Stone ∙ RE/MAX Estate Properties
Residential Brokerage ∙ 463-684-3507 Real Estate ∙ 720-933-8499 Jan Wright ∙ Realty Concepts Indianapolis ∙ 310-796-6140
∙ 559-288-6893 Real Estate Agents
Laurel Silk ∙ RE/MAX DFW Associates Alan Larson ∙ Kentwood Real Estate
∙ 469-682-0438 ∙ 303-773-3399 Rick Bradford ∙ RE/MAX Centerstone Milwaukee
Hampton
Lori Stewart ∙ JP & Associates, Realtors Bill Leeper ∙ Keller Williams Realty Real Estate Agents ∙ 317-858-5727 Real Estate Agents
∙ 940-231-9279 DTC/Your Colorado Home Group Loris Heck ∙ Carpenter, Realtors Shay Froemming ∙ Froemming Realty, LLC
∙ 720-480-6505 Don Duty ∙ RE/MAX Peninsula ∙ 317-446-1895 ∙ 262-370-9580
Delaware Luana Lindholm ∙ HomeSmart Cherry ∙ 757-873-3636 Jason Millican ∙ Millican Realty Patti Jastroch ∙ First Weber, Inc.
Real Estate Agents Creek Elite ∙ 720-341-6588 Melody Matthews ∙ Melody Matthews & ∙ 812-333-0550 ∙ 414-303-3299
Barbara Carlson ∙ Keller Williams Realty Brian Lovett ∙ Live Urban Real Estate Associates ∙ 757-813-1828 Jennil Salazar-Scott ∙ RE/MAX Collection Beau Mitcham ∙ Elements Realty
∙ 302-360-0300 ∙ 303-748-7933 Collin McDowell ∙ Garrett Realty Partners Ability Plus ∙ 317-610-6252 ∙ 262-366-8699
Team Freebery ∙ Keller Williams Realty Aaron Luttrell ∙ Coldwell Banker ∙ 757-719-4445 Nancy Warfield Dewbrew ∙ Central Bruce Allen Nemovitz ∙ Realty Executives
∙ 302-420-8606 Devonshire ∙ 303-748-3200 Marilyn Rivera ∙ World Class Realty & Indiana Real Estate ∙ 317-406-0016 Integrity ∙ 262-242-6177
Laura Walker ∙ Walker Realty Group Kayla Maathuis ∙ RE/MAX Alliance Associates Realtors ∙ 757-561-6099 Heather Roden ∙ Coldwell Banker
∙ 302-373-4884 ∙ 303-674-0090 Michele Slowey ∙ Howard Hanna Real Jacksonville Residential Brokerage ∙ 414-559-4619
Jody Malone ∙ Teater Realty Company Estate ∙ 757-285-2111 Real Estate Agents Carol Sawatske ∙ Realty Executives Elite
Denver ∙ 303-908-1900 Mark Christopher DeRubeis ∙ LMH Realty ∙ 414-333-9562
Real Estate Agents Ginger Matney ∙ Elevate Real Estate Houston ∙ 904-534-1095 Mary Sloane ∙ RE/MAX Insight
∙ 303-834-1151 Real Estate Agents
Lori Abbey ∙ Compass ∙ 720-840-4984 Kathleen Floryan ∙ eXp Realty, LLC ∙ 262-673-7900
Donna J. Merten ∙ Coldwell Banker Marilyn Ames ∙ Premier Properties of ∙ 904-687-5146 Bob Triplett ∙ Lakehouse 62 Real Estate
Kimberly Austin ∙ Coldwell Banker
Devonshire ∙ 303-360-6400 Residential Brokerage ∙ 303-829-1228 Texas ∙ 281-799-5572 Bonne Jones ∙ Watson Realty ∙ 262-210-4323
Matt Metcalf ∙ Simply Denver Vicki Barazandeh ∙ Martha Turner ∙ 904-669-1449
Kari Barnes ∙ RE/MAX Leaders Sotheby’s International Realty New Jersey
∙ 303-619-9200 ∙ 720-260-0180 Jamie Spicer ∙ Janie Boyd & Associates
Leslie Monaco ∙ Kentwood Real Estate ∙ 713-520-1981 Real Estate Agents
Amy Berglund ∙ RE/MAX Professionals Real Estate Services ∙ 904-705-9401
∙ 720-273-6907 Susan Brock ∙ Brock and Foster
∙ 720-560-6674 Michael K. Taylor ∙ Premier Homes Realty, Ronald Aiosa ∙ Keller Williams
Holly Morton Chione ∙ Morton Properties ∙ 713-272-2000 Inc. ∙ 904-214-4780 ∙ 973-696-0077
Susan Bradley ∙ The Bradley Group, LLC
∙ 720-327-4993 of Denver ∙ 303-946-4004 Kim Buish ∙ JLA Realty ∙ 713-819-1642 Tari Taylor ∙ Premier Homes Realty, Inc. Joshua M. Baris ∙ Coldwell Banker
Chris Piele ∙ Assist2Sell Piele Realty Sherry Campbell ∙ Energy Realty ∙ 904-214-4780 Residential Brokerage ∙ 201-741-4999
Kristi Bringle ∙ RE/MAX Professionals
∙ 303-972-9999 ∙ 720-628-2625 ∙ 281-679-6266 William “Bill” Boswell ∙ Keller Williams
Stacye Mallory Pratt ∙ LSP Real Estate LLC Kiesha Nicole Curtis ∙ Realty Kings Kansas City Prosperity Realty ∙ 973-224-4605
Sara Delimont ∙ West & Main Homes
∙ 303-956-4527 ∙ 720-336-8222 Properties ∙ 832-244-2342 Real Estate Agents Phyllis Calianese ∙ Keller Williams Village
Celina Quinones ∙ Cels Homes Real Estate Michelle Hinton ∙ Compass Square Realty ∙ 201-446-3870
Donna Demis ∙ Demis Realty, Inc. ∙ 832-795-2246 Amy Antrim ∙ Coldwell Banker Good Life
∙ 303-579-0840 ∙ 303-427-0777 ∙ 913-634-2724 Victoria Carter ∙ Weichert, Realtors
Brandon Rossell ∙ RE/MAX Structure Ray Larson ∙ RE/MAX ∙ 713-899-9255
W. Bruce Dunning ∙ Dunning Group & Tom Finholm Jr. ∙ Berkshire ∙ 973-220-3050
∙ 303-999-9272
Associates LLC ∙ 303-918-5216 Linda Jamail Marshall ∙ Linda Marshall, Hathaway HomeServices KC Realty Elizabeth Davis ∙ RE/MAX Real Estate
Eriqueca Sanders ∙ 303 Realty Group Realtors, Inc. ∙ 713-201-3469 ∙ 913-481-9523 Limited ∙ 866-201-6210
Sean Endsley ∙ LIV Sotheby’s International
Realty ∙ 303-895-4663 ∙ 303-495-2125 Star Massing ∙ Boulevard Realty Jonathan Goforth ∙ Keller Williams Wendy Wineburgh Dessanti ∙ Weichert,
Lisa Santos ∙ Compass Real Estate ∙ 832-640-1628 Platinum Partners ∙ 816-830-7575 Realtors ∙ 201-310-2255
Paula Friedman ∙ MileHiModern
∙ 303-919-9016 ∙ 720-933-3377 Tracy Montgomery ∙ Keller Williams Bryan Huff ∙ The Huff Group Randi L. Dickman ∙ RE/MAX First Realty
David Scott ∙ Colorado Landmark, ∙ 281-812-8265 ∙ 913-742-8404 ∙ 732-693-6182
Cindy Fry ∙ RE/MAX Professionals
∙ 720-351-9273 Realtors ∙ 303-588-8358 Sara Nguyen ∙ Better Homes and Gardens Sandy Krueger ∙ ReeceNichols Maryanne Elsaesser ∙ Christie’s
Laura Seitz ∙ Compass Real Estate Real Estate Gary Greene ∙ 832-439-7600 ∙ 913-266-5476
Mary Gerwin ∙ Porchlight Real Estate International Real Estate Northern New
∙ 303-906-8455
Group ∙ 303-619-3150 Melinda C. Noel ∙ Greenwood King Charlene Muller ∙ ReeceNichols Jersey ∙ 201-904-2085
Neelam Shrestha ∙ RE/MAX Northwest Properties ∙ 713-201-7400 ∙ 816-536-9302 Pamela Fairley ∙ Town & Country Group,
Heather Graham ∙ LIV Sotheby’s
∙ 303-594-8496 Turpin Realtors ∙ 973-886-2414
International Realty ∙ 720-201-4187 Kelly Simon ∙ Kelly Simon Properties Mike Seymour ∙ Better Homes
Kim Stephens ∙ RE/MAX ∙ 720-273-2699 ∙ 832-309-1433 and Gardens Kansas City Homes Kathryn Fedak ∙ RE/MAX Competitive
Carol Guzman ∙ Your Castle Real Estate
∙ 303-929-3157 Carolyn Tracy ∙ Colorado Preferred Judy Walker ∙ RE/MAX Universal & Abide ∙ 816-898-6655 Edge ∙ 732-548-5555
Real Estate ∙ 720-495-9229 Property Management ∙ 281-460-1261 Kelly Sloan ∙ Home Sweet Home Realty Anna Garifine ∙ RE/MAX Synergy
Monica Hernandez ∙ Team Hernandez
Real Estate ∙ 720-685-1441 Mike Treadway ∙ Metro Brokers/Prism Beverly K. Witt ∙ B. K. Witt & ∙ 816-808-4000 ∙ 732-795-9500
Realty, Inc. ∙ 303-720-8680 Associates, Inc. ∙ 832-498-0925 Edie Waters ∙ Keller Williams Realty/Edie Judith “ Judy” Gold ∙ Coldwell Banker
Hope Marie Hooper ∙ RE/MAX
Professionals ∙ 303-880-1007 Chris M. Vinci ∙ da Vinci Realty Hudson Waters Network ∙ 816-268-6040 Residential ∙ 908-303-2100
∙ 303-679-0360
Janice Hovorka ∙ RE/MAX Alliance Los Angeles Jodi Goldberg ∙ RE/MAX Central
∙ 303-324-4705 William Watson ∙ Your Home Sold Real Estate Agents ∙ 908-770-2150
Guaranteed Realty/Watson Group Barbara Carter ∙ CENTURY 21 Alliance Real Estate Agents Donna Gonabe ∙ RE/MAX House Values
Kimberly Jones Hutchins ∙ Perry & Co.
∙ 303-885-1193 ∙ 720-463-0002 Realty Group ∙ 845-505-3160 Debra Lee Brzescinski ∙ Choice RE Brokers ∙ 973-713-2354
Patrice Winans ∙ Coldwell Banker Sharon Kushner ∙ eXp Realty ∙ 818-522-1454 Betty Ann Hedden ∙ Coldwell Banker
Nicci Hyatt ∙ Your Castle Real Estate
∙ 303-335-5336 Residential ∙ 303-829-5694 ∙ 888-276-0630 Violetta Hargitay ∙ Sotheby’s International Residential Brokerage ∙ 973-713-5714
Melanie D. Yacko ∙ Realty One Group Realty ∙ 310-367-2190
∙ 303-882-2007
REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics.
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2 #fi vestarprofessionalaward FIVES TARPROFES SIONAL.COM

MARCH 2020 '03 ."3,&51-"$&
1-&"4& $0/5"$5 -*4" -";"/4,: t ʰ ʰ 03 --";"/4,:ʴ'03#&4 $0.

PROMOTION





FIVE STAR AWARD WINNERS


To see the full list of winners, visit www.fi vestarprofessional.com


Ayelet Hurvitz ∙ Keller Williams Town Life Mahdi Jaffer ∙ eXp Realty ∙ 407-881-3572 Beverly L. Pietrandrea ∙ Bovard Anderson Deborah Sax ∙ RE/MAX Gold Valerie Upham ∙ Compass ∙ 858-761-7890
∙ 201-294-1844 Company ∙ 724-713-2337 ∙ 916-947-4729 Jody VanSumer ∙ San Diego Market Realty
Philadelphia
Nancy Kowalik ∙ Nancy Kowalik Nancy Wrigiht ∙ RE/MAX Realty Brokers ∙ 619-962-8800
Real Estate ∙ 856-478-6562 Real Estate Agents ∙ 412-521-1000 Sarasota Scott Voak ∙ Pacific Sotheby’s
Alan Kurlander ∙ Coldwell Banker Ginna H. Anderson ∙ Long & Foster Real Estate Agents International Realty ∙ 858-688-0189
∙ 732-284-6302 Real Estate ∙ 610-696-1100 Portland Peggy Christ ∙ BEE Green Realty LLC Sharon G. Wittmayer ∙ Integrity Real
Gloria La Forgia ∙ Weichert, Realtors Jim Byrd ∙ Keller Williams Real Estate Real Estate Agents ∙ 941-704-4569 Estate & Home Loans ∙ 619-889-4463
∙ 973-984-1400 ∙ 215-840-8019 Bev Blume ∙ Keller Williams Realty Susanna Condon ∙ Keller Williams
Sherri Lilienfeld ∙ Apex Prime Realty Michele Cooley ∙ Berkshire Hathaway Portland Elite ∙ 503-482-8002 ∙ 941-243-4771 San Francisco
∙ 609-487-9996 HomeServices Fox & Roach, Realtors Darryl Bodle II ∙ Keller Williams Realty Harvey Davis ∙ Gulf Shores Realty Real Estate Agents
Karen Mannuzza-Wohlrab ∙ All Towne ∙ 267-571-5511 Portland Premiere ∙ 503-709-4632 ∙ 941-486-8686 Stephanie Saunders Ahlberg ∙ Sotheby’s
Realty ∙ 732-453-2217 Branka Doych ∙ Compass Real Estate Tracy Brophy ∙ RE/MAX Equity Group Michael Kevin Grant ∙ Florida Dream Team International Realty ∙ 415-271-5117
David Marcantuno ∙ Keller Williams Realty ∙ 610-420-0498 ∙ 503-781-3158 Realty Services, LLC ∙ 941-800-8585 Kelley Anne Benetti ∙ Coldwell Banker
∙ 856-241-4343 Bonnie J. Fitzgerald ∙ ERA ∙ 732-458-1077 Joy Dale ∙ Knipe Realty Era Powered Joe Murphy ∙ Coldwell Banker Residential ∙ 650-207-9556
Ellen Murphy ∙ Coldwell Banker Krista Fuchs ∙ RE/MAX Professional Realty ∙ 503-432-3445 Real Estate, Inc. ∙ 941-780-3260 Lance King ∙ King Realty Group
∙ 908-447-8134 ∙ 610-363-8444 AnnaMarie Davault ∙ RE/MAX Karen Schwartz ∙ Prime Residential ∙ 415-722-5549
Amy Paternite ∙ Coldwell Banker Ed Gomez ∙ eXp Realty ∙ 484-614-0977 Equity Group/The Davault Team Brokers ∙ 941-730-3550 Barbara Major ∙ Golden Gate Sotheby’s
∙ 917-442-5130 ∙ 503-310-7465
Sally Hammer ∙ Berkshire Hathaway Patricia Tan ∙ Coldwell Banker International Realty ∙ 415-999-9706
Elzbieta “Ela” Ravin ∙ Coldwell Banker HomeServices Fox & Roach, Realtors Gloria Hahn ∙ RE/MAX Equity Group ∙ 941-504-9232 Erik McIntosh ∙ Berkshire Hathaway
Residential Brokerage ∙ 973-479-0787 ∙ 215-860-9300 ∙ 503-997-5745 Judi Lynn Taulbee ∙ Fine Properties HomeServices ∙ 415-672-5646
Johnny Rojas ∙ CENTURY 21 Abe Haupt ∙ Space & Company Christopher Heinrich ∙ Bella Casa ∙ 941-544-6227
∙ 973-772-9404 ∙ 610-996-3405 Real Estate Group ∙ 503-459-2300 John Woodward ∙ Sarasota Real Estate San Francisco
Thomas Russo ∙ RE/MAX ∙ 201-337-6600 Hala Imms ∙ Berkshire Hathaway Diana Lipton ∙ Premiere Property Group, Group ∙ 941-922-8400 East Bay
Alice B. Samach ∙ Weichert, Realtors HomeServices Fox & Roach, Realtors LLC ∙ 503-703-1399 Real Estate Agents
∙ 973-610-9021 ∙ 610-937-2154 Joshua Miller ∙ Keller Williams Realty San Diego
Kerri Schanen ∙ Diane Turton, Realtors Frank J. Jackson ∙ Berkshire Hathaway Portland Premiere ∙ 503-989-8965 Real Estate Agents Khrista Jarvis ∙ Compass ∙ 925-856-0782
∙ 732-299-0270 HomeServices Fox & Roach, Realtors Valerie Mustonen ∙ Meadows Group Rosamaria Acuna ∙ Berkshire Hathaway Kristina McCann ∙ Chroma Realty
Jeffrey Shapiro ∙ Diane Turton, Realtors ∙ 610-668-3400 Realtors, LLC ∙ 503-816-5288 HomeServices California Properties ∙ 925-567-4328
∙ 609-492-7000 Neva Jenkins ∙ Coldwell Banker Preferred Tracy L. Owen ∙ RE/MAX Equity Group ∙ 619-890-2828 Azita Mowlavi ∙ Compass ∙ 925-209-4095
Michele Stella ∙ RE/MAX ONE Realty ∙ 610-656-1141 ∙ 360-567-5500 Christine Baker ∙ Willis Allen Real Estate Michael Perry ∙ Heritage REI, Inc.
∙ 856-404-3614 Kelly A. MacCrory ∙ Berkshire Hathaway Marketa Pospisil ∙ Better Homes and ∙ 858-449-3200 ∙ 925-231-2341
Louis A. Tedesco Jr. ∙ RE/MAX Pros HomeServices ∙ 610-212-2626 Gardens Real Estate ∙ 503-267-1395 Bob Carlseen ∙ RE/MAX Clarity Jon Wood ∙ Compass ∙ 925-383-5384
∙ 201-394-4220 Jane Bier Maslowski ∙ Keller Williams Robyn Starr Dezendorf ∙ Keller ∙ 619-216-1018
Realty ∙ 215-646-2900 Williams Realty Portland Premiere Seattle
Rosemary Urso ∙ CENTURY 21 Action Plus Michael Chious ∙ Urban Pacific San Diego
Realty ∙ 609-290-7775 Carleen Mossett ∙ Berkshire Hathaway ∙ 503-407-9102 Realty ∙ 619-726-1004 Real Estate Agents
Gary Vermaat ∙ Lenny Vermaat & Leonard HomeServices Fox & Roach, Realtors Rhode Island Laila Coucouroux ∙ Real Estate Broker- Christine Andreasen ∙ eXp Realty/
∙ 856-428-9677 ∙ 215-896-5914 Owner ∙ 619-793-8014 Christine & Company ∙ 206-353-8787
Barbara Zeckman ∙ Coldwell Banker, Andy Oei ∙ Berkshire Hathaway Real Estate Agents Tina Etue ∙ E2 Realty ∙ 619-562-2229 Peter Badgett ∙ Urban Properties
Realtors ∙ 908-418-3503 HomeServices ∙ 215-790-5230 Teri Degnan ∙ Teri Degnan Real Estate & Kris Gelbart ∙ Windermere Homes & ∙ 206-745-2730
Lori Shoemaker ∙ Coldwell Banker Consulting, Ltd. ∙ 401-474-9191 Estates ∙ 858-395-0761 Rachel Badgett ∙ Urban Properties
Rising Star Preferred ∙ 610-363-6006 John Moretti ∙ Williams & Stuart Real ∙ 206-745-2730
Real Estate Agents Estate ∙ 401-464-2162 Lydia Hwang-Vosovic ∙ Coldwell Banker
Phoenix ∙ 858-472-0608 Jim Badgley ∙ Windermere Real Estate
Glenn Aaronson ∙ Coldwell Banker Jesse Ibanez ∙ The GreenHouse Group ∙ 425-895-8833
∙ 732-616-8020 Real Estate Agents Sacramento ∙ 858-863-0261 Johna Beall ∙ Real Living Northwest
Danielle L. Lazzaro ∙ Coldwell Banker Claire Ackerman ∙ North & Co./ Real Estate Agents Eric Kalisky ∙ Berkshire Hathaway Realtors ∙ 206-778-9599
Residential Brokerage ∙ 732-533-3933 The Ackerman Team ∙ 480-800-4803 Pamela W. Brooks ∙ RE/MAX Gold HomeServices ∙ 858-454-5677 Julie Billett ∙ Windermere Real Estate
Orange County Yolana Isham ∙ EXIT Realty Expanded ∙ 916-952-4663 Janet L. McMahon ∙ Windermere Homes & ∙ 206-819-0685
Vision ∙ 480-534-7183
Estates ∙ 858-361-6399
Real Estate Agents Angela Larson ∙ Keller Williams Realty Sonya Dixon ∙ Coldwell Banker Matt O’Brien ∙ Real Broker ∙ 619-302-3010 Bill Blanchard ∙ Windermere Real Estate
∙ 916-595-5704
∙ 425-652-5225
Cherie Eckley ∙ First Team Real Estate Phoenix ∙ 480-703-9035 Maic Friedrich ∙ eXp Realty of California, Alma Porras ∙ Big Block Realty Pernilla Bradley ∙ Windermere Real Estate
∙ 714-357-2001 Kellie Parten ∙ HomeSmart Inc. ∙ 916-826-2169 ∙ 619-247-1977 ∙ 425-214-2022
CaLee McManus ∙ Ladera Realty ∙ 480-586-1687 Renee Friedrich ∙ eXp Realty of California, Patty Reyes ∙ CENTURY 21 Award/Reyes Sheley Bressler ∙ Compass ∙ 206-240-8740
∙ 949-606-2135 Lori E. Souza ∙ Innovations Inc. ∙ 707-592-5227 Real Estate ∙ 619-726-2673 Grady Brown Sr. ∙ Skyline Properties, Inc.
∙ 602-699-5416 Liz Hunter ∙ Better Homes and Gardens ∙ 253-236-5642
Orlando Real Estate ∙ 916-276-9097 Galina Shekhtman ∙ Compass
Real Estate Agents Pittsburgh Donna Sue Judah ∙ Coldwell Banker Sun ∙ 858-717-2619 Karen Buckley ∙ Coldwell Banker Bain
∙ 206-679-6262
Real Estate Agents Trudy Stambook ∙ Trudy Stambook Luxury
Nova Fuller ∙ Dave Lowe Realty Ridge Real Estate ∙ 916-412-9190 Properties ∙ 619-231-0777 Renée DiBello ∙ Keller Williams/Seattle
∙ 352-551-7359 Linda DiBucci ∙ Piatt Sotheby’s Dana Miller ∙ Berkshire Hathaway Melissa Goldstein Tucci ∙ Coldwell Banker Eastside Homes ∙ 425-466-4663
Patricia Gable ∙ Living Well Realty International Realty ∙ 412-850-5404 HomeServices/NorCal Real Estate ∙ 619-787-6852 Samuel G. Harris ∙ Windermere
∙ 407-257-7287 Linda J. Pelkofer ∙ Berkshire Hathaway ∙ 916-716-9046 Maria Turfler ∙ Berkshire Hathaway Real Estate ∙ 206-523-4663
Tammy Hall ∙ RE/MAX Central Realty HomeServices ∙ 412-487-3200 Marc Palos ∙ Village Financial Group HomeServices California Properties Tammy Hatch ∙ HomeSmart Real Estate
∙ 386-473-2757 ∙ 916-284-1365 ∙ 858-705-1771 Associates ∙ 206-271-4488



®
®
REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics.
FIVES TARPROFES SIONAL.COM #fi vestarprofessionalaward 3
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PROMOTION





FIVE STAR AWARD WINNERS


To see the full list of winners, visit www.fi vestarprofessional.com


Chris Haynes ∙ Windermere Real Estate/ Kristine Milkovich ∙ John L. Scott Yvonne Svasand ∙ Pointe3 Real Estate Southwest Florida Linda C. Loomis, P.A. ∙ John R. Wood
Shoreline ∙ 206-353-0134 Real Estate/The Milkovich Team ∙ 206-669-4628 Real Estate Agents Properties ∙ 239-451-0769
Sandra Hines ∙ Realogics Sotheby’s ∙ 425-243-7880 Natalya Tkach ∙ Sterling Johnston Sally Masters ∙ Signature International
International Realty ∙ 206-778-6090 Lisa Milkovich ∙ John L. Scott Real Estate/ Real Estate ∙ 425-785-1080 Edward B. Blackburn III ∙ Collier Realty & Premier Properties ∙ 239-253-1579
David Hogan ∙ Windermere Real Estate The Milkovich Team ∙ 425-243-7880 Jennie Wetter ∙ Infinity Real Estate Management Services ∙ 239-263-0349 George Messeha ∙ MVP Realty
∙ 425-890-3318 George Moorhead ∙ Bentley Properties ∙ 253-225-5602 Sandra Carano ∙ Premiere Plus Realty ∙ 239-404-7428
Allie Howard ∙ Compass ∙ 206-450-0115 ∙ 425-747-1901 Brian Wilson ∙ John L. Scott Real Estate ∙ 239-200-0531 Sheila Peterson ∙ RE/MAX Realty Group
Veronique M. Hval ∙ Windermere Codi Nelson ∙ Windermere Real Estate ∙ 360-689-2466 Erica Eister ∙ Eister & Company, Inc. ∙ 239-218-7764
Real Estate ∙ 206-324-0000 ∙ 206-498-4148 Donna Wood ∙ Cornerstone Assoc ∙ 239-898-4077 Rosemary Scheetz-Bruce ∙ Keller Williams
Dave Janssens ∙ Realogics Sotheby’s Ann Nordling ∙ RE/MAX Northwest Real Estate ∙ 206-361-2200 Alicia Galante ∙ Cornerstone Coastal Elite ∙ 239-633-5987
International Realty ∙ 425-785-7432 Realtors/TRI STAR Team ∙ 206-779-4404 Kathy Woodman ∙ Coldwell Banker Bain Properties ∙ 239-850-7653 Jennifer Shoots ∙ John R. Wood Properties
Jimmy Katsafanas ∙ Skyline Properties, Kim Reidy ∙ Pointe3 Real Estate ∙ 425-417-1811 Brian Giacomello ∙ LUX International ∙ 239-571-4444
Inc. ∙ 206-234-1196 ∙ 206-579-2667 Rising Star Properties ∙ 239-281-5269 Chris Sullivan ∙ RE/MAX Affinity Plus
Tara McCaulley ∙ Windermere Real Estate Judie Sanders ∙ Windermere Real Estate Real Estate Agents Garren Everett Grup ∙ John R. Wood ∙ 239-404-5548
∙ 206-234-8272 ∙ 206-459-1374 Properties ∙ 239-289-8619 Kyle Thompson ∙ Keller Williams Elite
Lilly Milic ∙ Windermere Real Estate Mary Schile ∙ RE/MAX Metro Merna Elaggar ∙ Windermere Real Estate Cindy Kruesi ∙ John R. Wood Properties Thompson Group ∙ 239-470-4718
Midtown ∙ 206-527-5445 ∙ 206-601-4377 ∙ 425-455-5300 ∙ 239-495-4113 Dorenda E. Wentworth ∙ Wentworth
Robert Slattery ∙ Blackwell Real Estate Rebecca Levitan ∙ Downing Frye Realty Realty ∙ 239-437-6577
∙ 800-917-7155 ∙ 239-292-6860












MARKET LEADERS — THE 100 LIST





Award-winning mortgage Each year, in markets across the country we name hundreds of mortgage professionals
as winners, recognizing no more than 7% of all mortgage professionals in any market.
professionals from across the nation We believe this process results in a list of Five Star award winners who are focused on

the needs of their clients and stand out from their competition. More exclusive yet? Our
Five Star Professional partners with premier publications across the country to identify
Five Star Market Leaders selection — this year’s 100 List. See below for a short list of
mortgage professionals who provide outstanding service to their clients. Using a
outstanding mortgage professionals in markets across the country.
proprietary research process, we contact recent homebuyers every year, soliciting
feedback online regarding their experience with their mortgage professional.

Atlanta Charlotte Ridhi Raheja ∙ Movement Mortgage Penn Johnson ∙ Stamford Mortgage Chuck Murphy ∙ Caltex Funding
∙ 630-660-6376 Company ∙ 203-323-6588 ∙ 214-680-5243
Mortgage Professionals Mortgage Professionals
Brian Sewell ∙ Cherry Creek Mortgage Paula L. Mercier ∙ Sojourn Mortgage
Dianne Ayala Steffey ∙ Guaranteed Rate Chris Reshetar ∙ NFM Lending ∙ 630-352-0629 Company ∙ 860-306-1666 Denver
∙ 210-831-8749 ∙ 704-277-4463 Mortgage Professionals
Neena Vlamis ∙ A and N Mortgage Anita Visconti ∙ Norcom Mortgage
Joan Dumais ∙ BancorpSouth Mortgage Services ∙ 773-305-5626 ∙ 203-206-2852 Jeffrey Beattie ∙ Alliance Mortgage Group,
∙ 512-687-2108 Chicago Beth G. Williams ∙ Contour Mortgage Inc. ∙ 720-598-0506
Stefanie Sprohge Hernandez Mortgage Professionals Cincinnati Corporation ∙ 203-915-3270 Brian “Craig” Clark ∙ Nations Lending
∙ BancorpSouth Mortgage Brad Boden ∙ A and N Mortgage Services Mortgage Professionals ∙ 720-244-1554
∙ 512-687-2107 ∙ 773-305-5626 Dallas/Fort Worth
Joe Erdman ∙ People’s Bank Peyton Fullerton ∙ Fairway Independent
Nan Kirkpatrick ∙ Abundance Home Shimmy Braun ∙ Guaranteed Rate ∙ 513-608-8962 Mortgage Professionals Mortgage ∙ 303-884-7924
Mortgage ∙ 512-335-7800 ∙ 844-744-6692
Stephanie McCready ∙ First Financial Bank Brad Boswell ∙ Town Square Mortgage Dijana P. Jugovic ∙ Unibell Financial, Inc.
Boston Kiki Calumet ∙ A and N Mortgage Services ∙ 513-871-3491 ∙ 972-333-3232 ∙ 720-771-1515
∙ 773-305-7010
Mortgage Professionals Connecticut Anna DeCamp ∙ First United Bank Jimmy Kinley ∙ Cherry Creek Mortgage
Todd Fisher ∙ Fisher Mortgage Mortgage ∙ 214-662-6719 ∙ 720-261-1410
Ted Malkhasian ∙ Guaranteed Rate ∙ 312-315-9321 Mortgage Professionals Ines Hermoso ∙ First United Bank Hank M. Leines Jr. ∙ First Western Trust
∙ 617-286-8907 Doil Kim ∙ The Mortgage Marketplace, Inc. ∙ 214-906-6787 ∙ 303-414-6807
Andrew Marquis ∙ Guaranteed Rate ∙ 847-737-4747 Jonathan Sadler ∙ Bank of America Summer Kim-Davis ∙ IKON Mortgage, Inc. David Lesjak ∙ Security First Financial
∙ 614-987-0128
∙ 781-897-5213 James Pierson ∙ Gold Star Mortgage Kirk Hagert ∙ Allied Mortgage Group, Inc. ∙ 214-843-5837 ∙ 303-740-8300
Financial Group ∙ 630-916-0507
∙ 860-966-6056 Matthew McGuire ∙ Supreme Lending Joseph Massey ∙ Castle & Cooke
∙ 214-929-7100 Mortgage, LLC ∙ 303-809-7769


®
®
REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics.
4 #fi vestarprofessionalaward FIVES TARPROFES SIONAL.COM

MARCH 2020 '03 ."3,&51-"$&
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PROMOTION





FIVE STAR AWARD WINNERS


To see the full list of winners, visit www.fi vestarprofessional.com


Patrick Wilkins ∙ RE/MAX Affinity Plus Karen Ratteree ∙ Realty Executives Nancy M. Wilson ∙ Long and Foster/Evers
∙ 239-260-3550 ∙ 314-614-4348 & Co. Real Estate ∙ 202-364-1700
Mary Jane “Janie” Schriewer ∙ RE/MAX
St. Louis Results ∙ 314-805-9359 Westchester
Real Estate Agents Catherine Shaw-Connely ∙ Tom Shaw Real Estate Agents
Cris A. Atchison ∙ Coldwell Banker Realtors ∙ 636-532-1922 Diane Capone ∙ Berkshire Hathaway
Gundaker ∙ 314-703-5600 HomeServices ∙ 914-310-8365
Washington, D.C. Recognizing Outstanding
Jean Burkemper ∙ Jungermann Realty, Michele Flood ∙ Coldwell Banker
Inc. ∙ 636-299-3078 Real Estate Agents Residential Brokerage ∙ 914-420-6468 Real Estate Agents and
Ted D. Disabato ∙ TDD Premier Real Estate Cheryl Abrams ∙ RE/MAX United Real Rey Hollingsworth-Falu ∙ Hollingsworth Mortgage Professionals
∙ 314-276-1318 Estate ∙ 301-702-4226 Real Estate Group ∙ 914-222-3739
Christopher Grus ∙ Premier Realty Mary J. Anthony ∙ Keller Williams Realty Cindy Kief ∙ William Raveis Legends
Exclusive ∙ 314-518-9003 ∙ 703-636-4998 Realty Group ∙ 914-772-7880 Research
Kathy Helbig-Strick ∙ Experience Realty Joy Deevy ∙ Compass ∙ 703-930-5198 Dawn Dresher Knief ∙ Compass How our winners are chosen
Partners ∙ 636-385-5095 Michael Gailey ∙ Compass Real Estate ∙ 914-393-1159
Riahna Kastner ∙ St. Louis Real Estate ∙ 240-393-2717 Madelyn Ricciardi ∙ Houlihan Lawrence K 7D3 'B/@ &3/: AB/B3 53<BA /<2 7D3 'B/@ !=@B5/53 $@=43AA7=</:A 2=
Society ∙ 314-332-1044 J.P. Montalvan ∙ Compass/Capital Estate ∙ 914-391-2288 not pay a fee to be included in the research or the final lists.
Glenn Miller ∙ Coldwell Banker Group ∙ 301-922-3700 Cindy M. Schwall ∙ Houlihan Lawrence
Gundaker Town and Country Office ∙ 914-672-6424 K /16 >@=43AA7=</: 7A A1@33<32 /5/7<AB AB/B3 5=D3@<7<5 0=273A B= D3@74G
∙ 636-394-9300 that licenses are current and no disciplinary actions are pending.
K (63 7<1:CA7=< =4 / @3/: 3AB/B3 /53<B =@ ;=@B5/53 >@=43AA7=</: =< B63
final lists should not be construed as an endorsement by Five Star
Professional or this publication.
Brian G. Murphy ∙ Front Range Mortgage Rick Woodruff ∙ Metropolitan Mortgage
∙ 303-524-9907 ∙ 913-871-5370 K =@ ;=@3 7<4=@;/B7=< =< =C@ @3A3/@16 ;3B6=2=:=5G 5= B=
Mortgage Professionals
Joshua K. Nielsen-Mayer ∙ Five Star www.fivestarprofessional.com.
Financial LLC ∙ 303-910-2240 Barbara Gallagher ∙ Almost Home
Chris Pasquinzo ∙ Excel Mortgage Group Mortgage Professionals Mortgage ∙ 856-581-4050 Cameron McCully ∙ Home Trust Financial
∙ 970-682-9263 Robyn Rosenbach ∙ Mortgage Capital Terry Kravaris ∙ Movement Mortgage ∙ 425-512-5242
∙ 267-419-7707 Mortgage Professionals
Ashley Pratt ∙ Fairway Independent Partners ∙ 310-295-6236 Amber Page ∙ Evergreen Home Loans
Mortgage Corporation ∙ 303-570-6677 Henry Wilkes ∙ Wilkes Mortgage Group Connie Lindenmuth ∙ QNB Bank Ed Fontes ∙ Amerifirst Financial, Inc. ∙ 360-698-6495
∙ 215-538-5600 ∙ 916-712-8509
Don S. Riggs ∙ Nations Lending ∙ 323-332-6683 Gregory Phillips ∙ PNC Bank
∙ 303-429-7121 Christopher Swartz ∙ First Choice Mark Teran ∙ American Pacific Mortgage ∙ 206-484-7287
Mortgage Advisors, LLC ∙ 610-766-7060 ∙ 916-768-6530
Paul Rockwood ∙ Mac 5 Mortgage Saul Schiffner ∙ Wallick & Volk
∙ 303-667-0313 Mortgage Professionals Michael Walsh ∙ Trident Mortgage ∙ 425-422-6333
Company, LP ∙ 484-595-1674
Bill Rodriguez ∙ Cornerstone Home Nichole Stern ∙ Associated Bank Michelle Swanson ∙ Northshore Capital
Lending ∙ 303-877-6323 ∙ 262-224-6317 Mortgage Professionals Funding ∙ 425-344-8100
Zachary Smith ∙ Chariot Financial Mortgage Professionals John F. Gillis ∙ Benchmark Mortgage
∙ 720-502-3278 ∙ 760-505-1351 Southwest Florida
Mortgage Professionals Joshua Goldberg ∙ Barrett Financial Group Michelle Limon ∙ Wallick & Volk Mortgage Professionals
Houston ∙ 480-459-4516 ∙ 619-869-0548
Joseph Bonaduce ∙ Movement Mortgage Kathleen M. Doll ∙ Paramount Residential
Mortgage Professionals ∙ 908-507-6839 Matt Oliver ∙ Lund Mortgage Team, Inc. Sarah Lindsey ∙ Synergy One Lending
∙ 623-875-9940 Mortgage ∙ 239-565-3538
Denise Tomasini ∙ Supreme Lending Phyllis A. Byrne ∙ Wells Fargo ∙ 619-867-0975 Tracy Vanlandschoot ∙ Mortgage 1
∙ 713-829-8981 ∙ 973-224-2454 Andy Price ∙ Price Mortgage Dave Pennington ∙ RPM Mortgage ∙ 239-471-3696
∙ 480-428-5220 ∙ 619-994-9723
Hudson Marc Demetriou ∙ Guaranteed Rate
∙ 973-521-8345 Portland
Mortgage Professionals Scott Forman ∙ Cross Country Mortgage San Francisco Mortgage Professionals
Anthony “Tony” Urciuoli ∙ TD Bank ∙ 201-930-0300 Mortgage Professionals East Bay Mark Zajac ∙ Peoples National Bank
∙ 845-489-6700 Cathy Haddad ∙ Atlantic Home Loans Angelique Arnason ∙ Synergy One Mortgage Professionals ∙ 314-503-4918
∙ 848-203-2272 Lending, Inc ∙ 503-816-2800
Indianapolis Chad Krober ∙ Academy Mortgage Julie M. Martinez ∙ Prominent Mortgage Washington, D.C.
Anthony Marone ∙ Embrace Home Loans Lending ∙ 209-785-7283
Mortgage Professionals ∙ 732-289-5600 ∙ 503-720-3357 Mortgage Professionals
Mindy Mathers ∙ Wells Fargo Home Seattle
Diana Rice-Wilkerson ∙ Fairway Anthony Muscarella ∙ Advisors Mortgage Chris Cox ∙ First Savings Mortgage
Mortgage ∙ 503-726-9349
Independent Mortgage ∙ 317-402-5555 Group, LLC ∙ 732-749-3333 Mortgage Professionals ∙ 202-543-6830
Dawn Robbins ∙ Caliber Home Loans
Austin P. Smith ∙ Fairway Independent Keith Tatum ∙ Movement Mortgage Jovelyn Agbalog ∙ Procura Mortgage Lindsay Simmons Beale ∙ Caliber Home
∙ 503-805-7878
Mortgage ∙ 317-508-7007 ∙ 973-219-8383 ∙ 425-649-5541 Loans ∙ 703-969-0793
Kansas City Orange County Rhode Island Michelle Bruto da Costa ∙ HomeBridge Westchester
Mortgage Professionals Financial ∙ 425-967-8199
Mortgage Professionals Mortgage Professionals Gabe Chavez ∙ loanDepot ∙ 425-898-5147 Mortgage Professionals
Stephen Tetzner ∙ Homestar Mortgage
Cody Bellah ∙ Community Mortgage Vickie Carlson ∙ US Bank ∙ 949-370-7008 David W. Lee ∙ New American Funding Douglas C. Petri ∙ ASAP Mortgage Corp.
∙ 816-595-0656 JJ Mazzo ∙ Cross Country Mortgage, Inc. ∙ 401-454-3300 ∙ 425-765-9174 ∙ 914-930-1110
∙ 877-556-2996


REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics.
®
®
FIVES TARPROFES SIONAL.COM #fi vestarprofessionalaward 5
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THOUGHTS ON



Morale




“Keep buggering on.” “My expectations were
Winston Churchill reduced to zero when
I was 21. Everything since
114 then has been a bonus.”
“The term ‘morale’ is never Stephen Hawking
used except in reference
to soldiers or people in
analogous positions, such “Military power wins battles,
as employees of large but spiritual power wins wars.”
corporations or prison George C. Marshall
inmates. No one ever
talks about the morale of
participants in a passionate “We either make ourselves

love affair.” miserable, or we make
ourselves strong. The
P.J. O’Rourke
amount of work is the same.”
Carlos Castaneda
“The greater part of our
happiness or misery
depends upon our “No soldier outlives a
dispositions and not upon thousand chances. But
our circumstances.” every soldier believes in
Chance and trusts his luck.”
Martha Washington
Erich Maria Remarque
“About a third of my cases are
suffering from no clinically “Happiness in intelligent


definable neurosis, but people is just about the
from the senselessness and rarest thing I know.”
emptiness of their lives. This Ernest Hemingway

can be defined as the general
neurosis of our times.” “A cheerful heart is good
Carl Jung medicine, but a crushed
spirit dries up the bones.”
“The best morale exists Proverbs 17:22
when you never hear the Gimbel’s Gambit
word mentioned. When you January 1, 1948
hear a lot of talk about it,
it’s usually lousy.” FINAL THOUGHT
A people considerately to get maximum
Dwight Eisenhower GOOD BOSS has to know how to handle


“Phrases like ‘the team results,” boomed Bernard F. Gimbel,
spirit’ are always employed 62, the 6-foot, 210-pound president of
to cut across individualism, Gimbel Bros. department stores. Gim-
love and personal loyalties.” bel, a former Penn fullback and wrestler, had guided
Muriel Spark his family’s chain from its humble roots in Philadelphia
to a preeminent spot in New York City retail, fighting

“If you are distressed by neighborhood rival Macy’s every step of the way. His
anything external, the pain management theory: “As Gimbel’s head man, it’s my job
is not due to the thing
itself but to your estimate to be a builder-upper, to strengthen the morale of my
of it; and this you have team, never to reprimand anyone in public, to give ev-
“Into which path shall
the power to revoke at any eryone a clearheaded, followable conception of what has workers be turned—the
moment.” to be done.” Gimbel would retire five years later with his one that leads to construc-

Marcus Aurelius stores’ sales having grown 40 times over, to $600 million tive effort, ambition

and contentment, or the
(nearly $6 billion in today’s money), during his tenure. one that leads to mental
“Morale is good; troops idleness, dissatisfaction
are confident; leaders SOURCES: GIVE WAR A CHANCE, BY P.J. O’ROURKE; MEDITATIONS, BY MARCUS and Bolshevism?”

are capable.” AURELIUS; THE SCIENCE OF SECOND GUESSING, NEW YORK TIMES MAGAZINE,
DECEMBER 12, 2004; THE PRIME OF MISS JEAN BRODIE, BY MURIEL SPARK; ALL —B.C. Forbes
John Abizaid QUIET ON THE WESTERN FRONT, BY ERICH MARIA REMARQUE; THE GARDEN OF
EDEN, BY ERNEST HEMINGWAY.



F O R B E S . C O M M A R C H 2 0 2 0

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help you invest for them.


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