East Greenwich-based real estate agent Allen B. Gammons Jr. got licensed in Rhode Island in 1992, opening Gammons Realty nine years later. His Gammons Realty firm, with its team of 35 real estate professionals, merged with the Natick, Mass.-based Berkshire Hathaway HomeServices Commonwealth Real Estate in 2019.
Licensed to sell real estate in Rhode Island, Massachusetts and Connecticut, Gammons is a past president of the Rhode Island Multiple Listing Service and past board member of the Better Business Bureau of Rhode Island. He says the local market is facing a lack of inventory for higher-end homes throughout the state.
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PBN: What has the real estate market in Rhode Island been like so far this year?
GAMMONS: It has been unlike any market I have encountered in 30 years. There are just so few active properties and so many buyers for the same homes. It is not uncommon to have some new listings have 25 to 30 offers within a few days of active listing. There are lines down the street to get into showings in some cases.
Many times, the listing agents have to sit with the sellers and carefully go over the minute details of every offer to see which buyer will be best suited for the transaction. Often, it is not the highest bidder that wins. We are seeing cash offers without contingencies and other very creative ways for buyers to put themselves ahead of other offers. The low-down payment buyers or the buyers with financing programs that are known to be difficult have often been passed by. It is unfortunate.
PBN: When and how did you first get into a career in real estate, and why was it a path you chose to take?
GAMMONS: I actually sort of fell into real estate sales by accident. I was running a small but successful publishing company in 1990 when the governor shut down the banks during the banking crisis. Most of our strong advertisers pulled back and our revenues plummeted. One of my regular advertisers owned a small boutique real estate agency in East Greenwich and she talked me into getting my license. The rest is history. I was the top-producing agent in Rhode Island two years later. I love what I do, and even through difficult markets, I have found ways to best serve my clients.
PBN: What would you say to Rhode Islanders who are considering selling their home right now, in terms of how they can get their money’s worth in a market like this?
GAMMONS: I have been advising anyone who is even remotely thinking about selling in the next few years to jump in now. We know how good it is for sellers now. Pricing is already up 13% this year. It is the best sellers’ market that I have seen in 30 years.
There may still be some uptick from here, but an adjustment in the interest rates or an increase in the number of active listings could have a negative impact on values. I don’t see this in the foreseeable future, but I would advise to go with the market we know and not roll the dice by waiting.
PBN: Can you tell us what has been your favorite, or one of your favorite, home sales of your career? Tell us the story behind it.
GAMMONS: This is a true Rhode Island story. Two years ago, I sold a young couple their first home. I grew up and was close with both of the buyers’ families. I had sold his grandparents’ house (twice), her parents’ two homes, his uncle’s home, her father’s cousins’ [homes] (three of them), her great aunt’s home, and more.
I am currently working with her sister and her [sister’s] fiancé for their first home, and his mother is looking with me to downsize to a condo or small house. I met her father in high school when I was dating his cousin. His mother’s family had more children than most can count and were always around somewhere when I was growing up.
It is so nice to have the connections go beyond the sale of the property. It makes me feel like I am part of their lives. I try to treat people this way and I think that is why I have such a long history with many of my clients and their families.
PBN: What’s your advice for new real estate agents who have recently obtained their licenses in Rhode Island?
GAMMONS: I actually love working with new agents. The younger agents bring a world of technology with them that we old farts struggle with. I do feel that some are losing the benefit of being “around” the business because of some of the technologies. Offices used to be filled with agents talking about transactions, asking advice, sharing scenarios and learning from each other. Some of that is lost now with the home office concepts. I still like to be around it. I need to be in the office and rub elbows with my peers.
I think the best advice I would give anyone starting out today is to be around the office more. Learn from others and ask questions. I still learn from new agents, and I hope they are learning from me.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
