Five Questions With: Emilio DiSpirito

EMILIO DISPIRITO is a franchise owner behind Engel & Völkers Rhode Island, the local office of a global real estate firm established in Germany in 1977. The Rhode Island franchise was established in 2021. / COURTESY ENGEL & VÖLKERS RHODE ISLAND

Emilio DiSpirito is one of the franchise owners behind Engel & Völkers East Greenwich and Engel & Völkers Barrington East Bay, the local shops of a global real estate firm established in Germany in 1977 and currently headquartered in New York City. The Rhode Island franchise of Engel & Völkers was established in 2021.

DiSpirito, who sold his first home in 2012, is also host of “The DiSpirito Team Real Estate Radio Show,” which has been on air for eight years, weekly on 104.7 FM, 920 AM and iHeartRadio. In addition to running the sales and marketing divisions at Engel & Volkers in Rhode Island, DiSpirito also leads one of the state’s top producing real estate teams, The DiSpirito Team.

PBN: You mentioned earlier that you’ve noticed a “massive exodus of agents” leaving real estate. What’s going on with that?

DISPIRITO: There is often a misperception among the public regarding the realities of being a Realtor. Beyond the extensive 185 steps involved in closing a seller and 175 transaction steps in closing a buyer, there are significant startup costs, the challenge of finding motivated sellers and buyers, as well as the investment of time and money required to generate leads and close deals. It can typically take six to 18 months for most agents to establish a somewhat consistent income.

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Unfortunately, many individuals are unaware of these factors and only realize a few months into the journey that they may not be willing to endure an extended period without routine pay or immediate success. Ultimately, succeeding in this business requires a substantial commitment and dedication, often surpassing initial expectations, over an extended period of time. It’s important to recognize that a career in real estate is not suitable for everyone.

PBN: What is the solution to keep more agents productive and staying in the industry? And isn’t it natural for a competitive industry such as real estate to be losing some agents at times?

DISPIRITO: Consistent prospecting is key for agent productivity. Agents need to cold call for several hours, at least five days a week. We’ve noticed some agents fear rejection, hindering their success.

Currently, there’s a scarcity of homes for sale in Rhode Island. Homeowners with low mortgage rates are reluctant to sell, causing inventory shortage. Agents must overcome fear, actively prospect and expand available inventory. We provide training and support to help agents excel in prospecting and thrive in this market.

Real estate is a highly competitive industry with constant agent movement. Insider reports that in recent months, over 74,000 Realtors have left the business nationwide. This marks a notable shift after experiencing consistent year-over-year growth since 2012. The dynamic nature of the industry necessitates adaptability and continuous efforts to succeed in an evolving market.

PBN: What’s your sense about new home construction in Rhode Island right now and how that could impact local real estate?

DISPIRITO: Builders are actively scouring for available land to develop but unfortunately the supply falls short of the demand. Buildable land has become a coveted commodity, commanding premium prices in today’s market.

On a positive note, the costs of labor and materials have eased compared with the peak numbers experienced last year. Given the scarcity of homes for sale, new construction presents a compelling solution to address the pressing housing shortage. Currently, new-construction homes comprise approximately 15% of the active inventory available for purchase. Expanding the inventory with more new-construction homes would not only alleviate the housing shortage but also have a positive impact on our local economy.

The construction of new homes would stimulate the local economy by generating increased spending at local supply houses and employing contractors. Moreover, it would result in a boost in tax revenue for cities and towns, supporting vital community services and infrastructure development. Encouraging and facilitating new construction projects is crucial to meet the growing demand for housing and foster economic growth in our region.

By embracing new development opportunities, we can address the housing shortage, bolster local businesses and enhance the financial well-being of our communities.

PBN: What’s the history of Engel & Volkers in Rhode Island, and how big of a presence does the company have in the state right now?

DISPIRITO: Engel & Volkers made its debut in Rhode Island in 2021, establishing two exceptional shops in prime locations. One is situated on the historic Main Street in East Greenwich, while the other is nestled on Water Street in Warren, offering access to the beautiful East Bay area. These two shops are integral parts of a global network comprising more than 17,000 experienced real estate advisers, spanning across five continents and 32 countries. In Rhode Island alone, we have brought together approximately 30 outstanding professionals who have helped us secure a spot among the top 30 real estate offices out of nearly 600 in terms of residential units sold this year.

At E&V, we uphold stringent standards when it comes to selecting our team members, as we aim to transform agents into advisers. An adviser’s role extends beyond that of a traditional real estate agent – they act as consultants, demonstrating the utmost discretion and care for our clients. Our dedicated advisers are well equipped to guide clients not only in their home purchases but also in making sound investments and growing their wealth. With E&V, you can expect an exceptional level of service and expertise from a global brand that values the trust and satisfaction of our clients above all else.

PBN: What are some of your biggest professional challenges and work goals right now, and how are you dealing with those?

DISPIRITO: Being a dominant player in the global luxury real estate market doesn’t automatically guarantee easy Realtor recruitment. The industry’s competitiveness and agents’ hesitancy to embrace new brands pose challenges. However, we’re seeing positive developments as agents increasingly take notice, directly reaching out and transitioning from agent to adviser.

We’ve recently added two exceptional advisers with combined annual sales of approximately $50 million. Our commitment to supporting current advisers includes weekly sales training to boost production, industry-leading technology, efficient systems for enhanced efficiency and sales focus, and a beautiful collaborative workspace.

Our advisers’ positive experiences have sparked a word-of-mouth recruitment effort within their professional network. They enthusiastically share their experiences and have successfully recruited new advisers for us. This organic growth is a testament to the satisfaction and fulfillment our advisers find in their roles, further strengthening our team.

Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama. 

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