Peter Dufresne of Spectrum Real Estate Consultants at Keller Williams Realty in Lincoln, is now the president of the Northern Rhode Island Board of Realtors. A member of the Realtors association for 11 years, he previously served on the board’s executive, finance, nominating and shared services committees. He spoke to the Providence Business News recently about trends in real estate.
PBN: Northern Rhode Island communities seem to be experiencing a lot of interest lately. What are some of the areas that you feel have taken off in terms of value, and why?
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DUFRESNE: I’ve seen northern Rhode Island, along with the rest of the state, increase in value over the last several years. Factors contributing to that would be the low interest rates, lack of available inventory, as well as the strong market in Boston and neighboring Massachusetts towns. If people start getting priced out in Boston, they start looking somewhere along the train route. Maybe they say, hey, it’s worth an hour’s commute to save $500,000 on a house.
PBN: I’ve heard that real estate, as a profession, is easy to enter but hard to stay in. What advice do you give newer agents about how to make this a career?
DUFRESNE: The advice I give agents is to attend as many training events as possible. The industry is always changing, but the basic fundamentals remain the same. It comes down to giving your clients the best service possible. And being there for them when any concerns or questions arrive. I’d also recommend an agent find a mentor or join a successful team. You really need someone to guide you and help you when you have questions.
PBN: Why were you interested in this as a career?
DUFRESNE: I kind of fell into it. I got into the business about 11 years ago, and my intention was to buy investment properties. I figured the best way for me to find out, the best … when I get immersed in something, I really want to know the ins and outs of something. [I wanted to] make sure I understood the real estate transaction; I understand the market, that really is very important when you are making a huge financial decision and trying to find investment properties. I really started getting into it maybe three years into [that]. I started doing rentals and then I grew into the sales portion of it. It was a natural progression. [Previously] I was making concrete cinder blocks, had nothing to do with sales.
PBN: You’ve served on the political action committee for the northern Rhode Island board previously. What are some of the outstanding legislative issues?
DUFRESNE: Our job is to be proactive and help with legislation that is going to benefit the communities that we serve, our clients. Some things that are on the forefront right now are … in the upcoming legislative session, our association is trying to prorate the homestead exemption in Central Falls, so all new homebuyers who reside in Central Falls receive the homestead exemption at the time of the title transfer. In Central Falls, you have to wait until the next fiscal year for it to kick in. Also, the national flood insurance program was just extended. We’re trying to get a solution that’s a permanent solution, not temporary extensions going forward.
PBN: Technology has disrupted, almost overnight, many industries. How has it impacted real estate sales?
DUFRESNE: I don’t think the industry has been disrupted, like other industries. Technology has allowed information to be conveyed very easily, which also means there is a lot of misinformation out there. They might not be letting people know that, hey, this applies to this city or this town, but not everywhere. As a real estate professional, my job is to educate my clients. The industry has really grown leaps and bounds, compared to where it was 10 years ago. Technology has allowed us to be … more receptive to our clients.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
