Nick Slocum is the team leader behind The Slocum Home Team, a Warwick-based real estate and insurance company that’s been in business since 1949. He is also president of the Kent Washington Association of Realtors, which recently named him as its 2024 Realtor of the Year. The award is meant to honor contributions to the real estate industry, commitment to ethical standards and service to the community.
Slocum is also president and co-founder of Slocum Cares Inc., a nonprofit established to support local causes and provide assistance to those in need. He also serves on the Rhode Island Association of Realtors board and executive committee.
PBN: What's your reaction to being named Kent Washington Association of Realtors’ 2024 Realtor of the Year?
SLOCUM: I was completely surprised and honored to receive the Realtor of the Year award at our company's 75th anniversary gala in early August. It was an incredible moment, and I had no idea it was coming. To be recognized in front of our team, colleagues, business partners, vendors, friends and family was something I’ll never forget. I’m extremely grateful to Linda, our association’s CEO, and Bill Fain, a past president from KWAOR, for this recognition and their kind remarks. I was overwhelmed with feelings of pride, happiness and gratitude, and it’s a moment that will always hold a special place in my heart.
PBN: What's one tip or piece of advice you could offer to fellow Realtors out there who want to achieve more in the industry? How can they put themselves on track to become a Realtor of the Year?
SLOCUM: There are countless tips I could share, but if I had to focus on just one, it would be a commitment to excellence. This means continuously seeking out mentors, checking your ego enough to recognize that there’s always something to learn from others, and staying current with market statistics. It’s also about pursuing high-quality education, mastering tactical strategies for lead generation, and truly knowing your market inside and out to become the subject matter expert.
If I were to offer one bonus tip, it would be something my father taught me: The secret to this business is T.T.P. – "Talk to people." And if that doesn’t work, T.T.M.P. – "Talk to more people."
PBN: What's your advice to homebuyers right now who find themselves underwhelmed by the housing inventory available on the market?
SLOCUM: Housing inventory has increased nearly 70% since the end of March and about 17.5% year over year, though it’s still below what’s typical in a balanced market. Setting realistic expectations with your agent is crucial – it might take multiple offers before you secure a home. The good news is that the market is less competitive now, with more homes staying on the market longer and some even seeing price reductions. Working with an agent who can circle prospect and uncover potential off-market opportunities can make all the difference. Stay patient, motivated and ready to act – the right home is out there, or it’s on its way.
PBN: What about those looking to sell, trying to best take advantage of this seller's market? What's your advice to them on how to best maximize their potential?
SLOCUM: For those looking to sell, pricing and preparation are more crucial now than they’ve been in many years. Simply listing a home on the MLS [multiple listing service], putting up a sign and hoping for the best isn’t enough anymore. You only get one chance to make a great first impression, so it’s essential to invest in professional cleanings, staging consultations, high-quality photos, floor plans, 3D tours, video and strategic advertising.
Our primary goal is to get as many eyes on your listing as possible, creating a competitive situation among buyers. If you miss the mark on pricing, the property may sit on the market. But with the right price and presentation, you can still achieve the strong interest and offers that sellers have enjoyed in recent years.
PBN: What are your thoughts about how this summer has been so far for real estate agents in Rhode Island compared to previous years?
SLOCUM: The biggest challenge this summer has been adapting to the practice changes stemming from the NAR [National Association of Realtors] settlement, which took effect in Rhode Island on Aug. 14. While some might dismiss these changes as "business as usual," they are among the most significant our industry has seen in years.
Despite the initial turmoil, I believe these adjustments will ultimately benefit consumers by making the process more transparent. As the industry adapts, we can expect new business models and trends to emerge in response to evolving market conditions.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
