Five Questions With: Jim Abbott

Jim Abbott is the manager of the Westerly office for Randall Realtors and its director of agent development. A real estate broker in Rhode Island and Connecticut, he has worked in real estate for 10 years.
Jim Abbott is the manager of the Westerly office for Randall Realtors and its director of agent development. A real estate broker in Rhode Island and Connecticut, he has worked in real estate for 10 years.

Jim Abbott is the manager of the Westerly office for Randall Realtors and its director of agent development. A real estate broker in Rhode Island and Connecticut, he has worked in real estate for 10 years.
PBN: What is selling along the southernmost coast and at what price point?
ABBOTT:
Really, all price points are selling well along the coast. We have had more million-dollar-plus sales so far this year than all of last year here in Westerly. We are also dead even against last year for homes between $300,000 and $500,000. The coast in Rhode Island typically offers a wide range in prices and homes. You can buy a small cottage that is a walk to the beach in Misquamicut or an expansive home in Weekapaug or Watch Hill. There isn’t one price range outperforming another at the moment.
PBN: There is a lot of interest in Rhode Island real estate from out-of-state investors, particularly at the higher end. How do you effectively market properties to out-of-state buyers?
ABBOTT:
We use all the tried and proven print methods of marketing our high-end properties, including half-page ads in the Wall Street Journal, a full-page ad in the Ocean House magazine, full double-page center spread in Rhode Island Real Estate magazine, ads in the Hartford Courant. Our Connecticut offices are aligned with Christie’s International Real Estate brand and our Rhode Island offices have aligned with the Luxury Real Estate brand. But the real impact is how we properly brand, and our listings are not only offered but enhanced on the Internet, where the majority of consumers are visiting.
PBN: In general, is this a buyer’s market, a seller’s market or something in between?
ABBOTT:
Something in between, we like to call balanced, or at least closer to balanced. With interest rates still historically low, buyers can recognize more house for their buying dollar. Every quarter-percent increase in interest means less money toward the actual house. The market has not improved that dramatically that home values are rising out of control, however. With inventory very low, sellers are now “digging in” a little more and holding closer to that asking price or less like to offer large credits for repairs after inspections. They know inventory is low, so there is less to choose from. They use that slight advantage when negotiating. This applies to all price ranges.
PBN: As we enter the winter months, what advice do the Realtors offer to people trying to sell in the cold weather?

ABBOTT: Don’t wait for spring! This is one of the biggest mistakes I hear over and over. Sellers either want to take the listing off the market until spring or they want to wait for spring to list their home. Are there more buyers in the spring? Traditionally, yes. Will there be much more inventory for a buyer to choose from in the spring? Traditionally, yes. But there is absolutely a winter market. People are buying and selling all year. If most sellers are waiting for spring and you know people are buying all winter, why not be on the market over the winter?
PBN: What was the best career advice you got in real estate?
ABBOTT:
The best advice I received was remember every day that you are running your own business. If you want to be successful and considered a professional, then run your business as such. You don’t just work hard until you get the sign in the ground on that listing. You don’t just work hard at getting it under contract. Being a Realtor is really two jobs. The first is marketing, showing, negotiating and all the things that come with selling real property. The second is actually running a business effectively. Do you reinvest from each commission back into the business? Do you do any self-marketing or self-promotion? And are you keeping a profit-and-loss statement to see what marketing has been effective?

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