Joe Fazio is a license partner and broker at Engel & Völkers East Greenwich, where he has helped drive more than $85 million in annual sales through the company’s efforts to implement streamlined workflow systems and to use a technology-savvy approach.
Together with franchise owner Emilio DiSpirito, Fazio launched Rhode Island’s first Engel & Völkers shop in 2021, joining a global network comprising more than 17,000 real estate advisers in 32 countries. A lifelong Rhode Island resident, Fazio started his career in real estate as operations manager for the DiSpirito Team in 2016.
PBN: Your brokerage recently changed its name. What was the change, and what was the thinking behind that?
FAZIO: As proud Rhode Islanders, we wanted something that reflects the Ocean State identity, and Engel & Völkers Oceanside does just that. It captures the essence of our coastal community and helps us showcase our listings to a truly global audience.
This change also united our two shops, East Greenwich and Barrington East Bay, under one name. One name, one vision, and endless opportunities. What hasn't changed is who we are. The same trusted advisers, delivering the same exceptional service.
PBN: What has this summer been like compared to previous summers, in terms of the real estate market conditions you're facing and the impact that has had on your business?
FAZIO: This summer has really highlighted how much the Rhode Island market has shifted over time. Compared to last year, pricing has leveled off a bit, but buyers are still aggressive when the right property hits the market.
Four to five years ago, interest rates were historically low and there was more inventory, which fueled the crazy market that we all saw. Looking back 10 years, the growth in luxury and coastal markets has been incredible. What was once a niche is now a major driver of our business at Engel & Völkers Oceanside.
PBN: What are some of the biggest challenges now for you and fellow real estate agents?
FAZIO: Right now, the biggest challenge for us and our advisers is the lack of inventory; there are simply more buyers than homes available in Rhode Island. At the same time, higher interest rates have made both sellers and buyers more cautious. We have been working hard to educate them on timing, strategy and long-term value. Our advisers are guiding people through these conditions with confidence so that buyers and sellers can still achieve their goals.
PBN: What are your best tips to prospective home sellers in the Rhode Island area, especially during these current market conditions?
FAZIO: For sellers, the key is preparation and pricing. Pricing correctly is now critical in a market where buyers are more savvy and selective. Additionally, homes that are well presented are still attracting strong interest despite the current market conditions. Present your home in the best way possible with things like staging, professional marketing and even consider some minor updates. Small improvements can help make your home stand out.
PBN: If you were able to go back in time, what advice would you give yourself as you were just entering the real estate industry?
FAZIO: If I could go back, I would tell myself to be patient, consistent and play the long game. In real estate, the wins don't happen overnight. It's about building relationships, mastering the details and showing up every single day. If you do that, the market can change 10 times in 10 years, and you will only continue to succeed.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X at @Marc_La_Rock.
