Alicia Reynolds is a real estate agent who was born and raised in Rhode Island, now based at the Barrington office of Residential Properties Ltd. She started her career as a mortgage lender before becoming a real estate agent in 2020, settling in her home state after her husband and three children lived in South Carolina, Asia and Europe.
Reynolds then went on to make the highest sale of the year in Warren in 2022, earning the Rhode Island Monthly Professional Excellence in Real Estate award in 2023 and 2024, the Rising Star award from Five Star Professional, and the Circle of Sales Excellence Gold Award from the Greater Providence Board of Realtors in 2021, 2022 and 2023.
PBN: What is your perspective on the Rhode Island residential real estate market right now? What is the level of sales and price activity that we are seeing?
REYNOLDS: I think we have had a very robust market year to date across all price points. Homes that are in excellent condition, show well and are priced appropriately are still in bidding war situations. Although some of the frenzy of the last few years is beginning to wane, there is still a ton of pent-up demand, particularly for first-time homebuyers who are struggling to get a foothold in the market.
On the other hand, at the higher end of the market, buyers are able to be a bit more particular in their home search because there is more inventory at that end right now. They are able to look at and evaluate some different options that might not have been available to them in the past few years.
PBN: How much is limited inventory working against you right now?
REYNOLDS: My first-time homebuyers struggle with limited inventory the most. It is very frustrating to deal with both limited options to see and limited time to make a decision. I make sure my first-time buyers are well versed in the pace of purchasing a home and all the steps we take leading up to their bid.
One of the ways we work around the inventory issue is to make sure they are educated going into the process so that when the time comes to make an offer, they can do so right away, rather than having to scramble and potentially lose out. We work as a team and focus on the needs and goals that they want to achieve, which helps clients remain excited and engaged.
PBN: In Rhode Island, we have a lot of prime real estate, especially in the sense that we have a lot of waterfront properties. What has been your experience with selling waterfront properties on behalf of your clients in R.I. and what have you learned about this special type of home sale?
REYNOLDS: You are correct. We are exceedingly fortunate to have such easy access to the ocean, Narragansett Bay and all of the lakes in Rhode Island. My experience with selling waterfront homes is that while most home sales are emotional, waterfront properties come with a bit more emotion. If you have a waterfront home, you know the tranquility and peace that looking out on the water can bring, no matter the weather. It really is a touchpoint for most owners. So, when they’ve made the decision to move somewhere else, it is hard sometimes to come to peace with not waking up next to the water every day.
PBN: What are some of the biggest challenges that you and others are facing right now, and how do you think about those things?
REYNOLDS: Years ago, I was given some advice that has served me well in real estate and in life: “The only constant in life is change.” That is especially true in the real estate industry now. We are going through interesting times with some changes that I don’t think everyone is comfortable with or fully understands.
As real estate professionals, we need to be able to educate our buyers and sellers about what these changes do and do not mean. We need to effectively communicate our value proposition to all of our clients. As with any business, change is really the only constant and adaptability is key.
PBN: With the emergence of For Sale By Owner websites that help homeowners sell their properties without an agent, what are some of the most important reasons sellers should still find a quality Realtor to help them sell their home nowadays?
REYNOLDS: As a very successful agent down in Charleston shared with me, her client began to tell her what Zillow said and the agent reminded her, “The Zestimate isn’t Z’price.” Sellers may not realize that they are often leaving a good deal of money on the table by trying to sell without the necessary expertise of an experienced Realtor. They may lack the resources or know-how to stage and photograph their property; they likely do not have the network that comes with a good agent; and they may be unintentionally underpricing the property. It can also be a bit challenging to negotiate favorable terms, especially when there is such a high level of personal involvement. Things get tricky very quickly.
These websites do have value in the real estate world but can only reach their potential when combined with a good agent’s network of resources. With these resources, a Realtor and seller can work together to get a property in its best possible condition, then get it broadly marketed and seen by as many potential buyers as possible.
I always feel a good agent minimizes the stress in getting your current home sold so that you can focus on the excitement of your next home. Choosing to sell without an agent can increase the stress of the process without guaranteeing a successful sale.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
