Five Questions With: H. Douglas Randall

H. Douglas Randall is CEO of the Randall Family of Cos., which is Rhode Island’s largest locally based real estate company. It grew from five offices in the Ocean State to 31 locations in Rhode Island, Connecticut and Massachusetts in the past decade. The Providence Business News asked Randall about the company’s growth and what it means for customers.

PBN: How was your growth accomplished in the past 10 years and will the company continue to expand its geographic footprint?
Randall: We wanted to expand beyond Rhode Island to offer our services in coastal communities throughout southern New England, so on top of expanding Randall, Realtors into nearby Connecticut, we also strategically sought out partners who shared our business philosophy: treat your customers well and success will follow. Kinlin Grover, on Cape Cod, and Page Taft Real Estate and Pequot Commercial, in Connecticut, share that mindset and now operate under our umbrella. We are continuously growing the brands we have as well as looking for new partners who would be a good fit with our company within the tri-state area we serve. Our model has been to be coastal oriented with an emphasis on high end properties. Much of our success has been fed by our summer rental business. As of now, we have over 2,600 rentals contracted this summer. We’ve seen numerous renters turn into buyers as they fall in love with a vacation spot.

PBN: What benefits do your clients derive from a larger company base?
RANDALL:
Our vast network of experts in coastal real estate helps us to make sure that all of our clients’ needs are anticipated and met, even when relocating from one area to another. And of course, economies of scale help us to enhance our client offerings. For instance, our online marketing budget has increased five times what it was just two years ago because every day the web becomes a more pervasive force in our business. If we were a one-location business, our budget may not allow us that ability. We are also increasing the use of other technologies and enhancing agent training. We even have our own training centers so our agents can receive cutting edge information on material specifically important to their customers like regulatory issues that they may encounter with coastal properties.

PBN: Where do you see the residential market heading in 2015, in Rhode Island?
RANDALL:
Though the past winter’s weather kept buyers home, and sellers waiting to put their homes on the market, once the snow melted, activity picked up in a very hearty way. If this pace keeps up, sales should be even stronger than last year.

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PBN: Is Rhode Island seeing the same lack of inventory as other markets, or is the scenario different here?
Randall:
In general, that has not been an issue in Rhode Island. In fact, in the past few months, Rhode Island has had a slight oversupply of homes available. The further away we get from the winter’s harsh weather, however, the more we’ve seen any excess inventory diminish so we’re just about at a market that’s as good for sellers as it is for buyers.

PBN: Are the coastal communities bouncing back faster in terms of value?
RANDALL:
I think so. Many nearby states started moving out of the recession earlier than Rhode Island and the people who live in those states started coming to the Ocean State to scoop up some of the great deals we’ve had on homes near the sea. This interest in our coastal market is pushing up prices. I should note that while the values have definitely shown improvement, especially in the high-end market, one thing has not changed. They still have to be priced right.

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