Mike Pereira, principal broker of June Realty in East Greenwich and president of the Greater Providence Board of Realtors, was recently named the board’s 2022 Realtor of the Year and will be honored at the group’s annual meeting on Sept. 14 at the Squantum Association in East Providence.
Pereira has spent more than 18 years in the Rhode Island real estate industry, focusing on both residential and commercial sales.
PBN: What’s your reaction to being named the Greater Providence Board of Realtors 2022 Realtor of the Year and how do you think you were able to earn this recognition?
PEREIRA: I will have to admit that I was in complete shock as they were making the announcement for Realtor of the year, and anyone who was looking at me would’ve noticed my jaw hit the floor. Initially, there were quite a range of emotions going through my head and as time passed and things settled, I couldn’t help but to be honored and thankful for being chosen by my peers.
To best answer the second part of the question, I reflect back on seeing many of my other colleagues receive this very same award and the first thought that comes to mind is how much that they’ve contributed to our organization and to helping the public, and for the first time ever, I now realize I am one of those Realtors.
PBN: What has this year been like for you, June Realty and your industry colleagues, given the high-demand, low-inventory situation facing the Rhode Island real estate market? Is it more work than usual or less, and how do you best react to this kind of market?
PEREIRA: This year in real estate has been a very complicated one for myself, my fellow colleagues at June Realty and the industry, for that matter. And what I mean by this is that we have seen tremendous change over a short period of time, given the year isn’t even over. We have seen interest rates nearly double but demand not waiver. Inventory doubled but we are still in a seller’s market.
Generally, rates and inventory work opposite of each other. But until inventory grows even more, then rates won’t affect all buyers. These complications require constant market monitoring, education and great conversations between Realtors to stay up to date with the latest strategies and trends and to best suit our clients.
PBN: How competitive is the Rhode Island real estate market, given the ratio of sales taking place compared to the number of licensed Realtors in the state, and the disproportionate number of sales being completed by the biggest real estate firms?
PEREIRA: The Rhode Island market has been very competitive and historically when you have hot markets like this, you naturally get a larger influx of licensed agents. Real estate gets romanticized across the board, especially on social media by Realtors, and this gives others hope that they too can get into this business and make a career out of it.
Technically, if each real estate agent was given their equal share across the board, then we all should receive just under three transactions each (per year). That is how competitive it is. Despite all this, from my observation year over year, 90% of the sales are done by 10% of the agents for many reasons, including longevity, large teams, excellent sales skills, previous job backgrounds, etc.
PBN: How were you able to get your start in real estate by using rolodexes and communicating in the days before social media, and what lesson has stuck with you the most when it comes to valuing relationships, time and money to be made in this business?
PEREIRA: When I entered the real estate world nearly 20 years ago, the internet was technically still in its infancy and oddly enough we were using rolodexes and index cards to stay relevant. It came down to good old grassroots marketing and actually developing this skill called “in-person contact,” which is easily lost in today’s world of vast methods of communication. We had to literally call around and ask other agents if they might have a buyer for our listings, we had to ask the neighbors surrounding the new listing; it was literally boots on the ground.
The social skills and strategies I developed during those times actually play out very well in this market because I have that much more experience and training with a host of lost arts that, quite frankly, many consumers still find useful when it comes down to person-to-person communication. Remember, if you do a bad job, the client will see the transaction through ’til the end but will never refer you out for future business and that is the opposite of what you want as a Realtor.
PBN: Do you have any trade secrets, tips or tricks when it comes to building stronger customer loyalty with your clients?
PEREIRA: My first broker, Ed Lannon, taught me the most valuable lesson to this day: If you think of your money first, you’ll be out of this business in no time, but if you think of it last, you’ll always have it. Translation? People can sniff out a desperate and dishonest person and never refer you out. But if they feel you really cared about them and you are meeting their needs, they will look to get you more business.
Lastly, there is no secret formula to success other than keeping top of mind with the people you know and always checking in on them, all while giving that shameless plug that you’re here to help them, their family and friends. Grassroots practices will and have outlasted all the venture capitalists’ gimmicks.
Marc Larocque is a PBN contributing writer.
