Warwick-based Realtor Paula Allin returned to the real estate profession in 2010, after working as a sales manager for several years for companies such as Staples, Natural Wonders and Pier 1.
Now at HomeSmart Professionals Real Estate since 2014, Allin’s real estate transactions primarily take place in North Smithfield and central Warwick. But she’s also recently represented sellers of homes in Westerly.
Allin is a member of the Kent Washington Association of Realtors and was the first-ever recipient of the Rhode Island HomeSmart Spirit Award through a vote of her peers.
PBN: You left the real estate industry for several years before returning during the housing crisis of 2010. Did the industry go through changes while you were away and what kind of perspective were you able to gain as a result of this?
ALLIN: Technology has reshaped the way people buy and sell their homes greatly. Computers and the internet have given buyers and sellers more information at their fingertips than ever before. They were not as prominent as they are now.
Before, the office would have one computer for all the agents in the office to share. MLS [the Multiple Listing Service] was in a book that was published every two weeks and showed us one exterior picture of the house in black and white. Cellphones were not common either; if someone needed to get in touch with us, they called our pager and we returned the call, sometimes by pay phones. Another thing that doesn’t exist anymore.
GPS didn’t exist yet, neither did MapQuest. We used a locally made Rhode Island map book. Getting lost while trying to find a house was a common occurrence. There is so much more information online that was not available before such as local school ratings and reviews, more community information. Technology has definitely enhanced our business. More information is available to all of us that helps clients make better informed decisions.
One other big change is short sales very rarely happened in the past. When I returned to the industry, the majority of the houses available for sale were distressed in some way, whether foreclosure or short sale; average days on market was at least 180 days.
PBN: What’s your strategy for helping buyers in a seller’s market such as what we’re seeing this year in Rhode Island?
ALLIN: You need to be flexible with your wants and needs, and you need to be able to move quickly, which is where the preparation comes in. Connecting with a loan officer and getting preapproved is a definite must. If a house is priced well and is in good condition, chances are that more than one person will be interested, so you need to put your best foot forward or you could lose out on a house you have just fallen in love with.
I also advise my clients to never waive their right to inspect the house that they are purchasing. That way, they gain a good understanding of how everything in the house works, plus it offers a degree of protection from potential major issues. My mantra is to go in “eyes wide open.”
PBN: What are some other ways you try to be a resource for your clients, in ways that go beyond what someone might typically expect from a Realtor?
ALLIN: I do stay in contact with my clients long after the transaction has ended and will maintain a relationship with them. While working together, I always invite them to call if they need a referral. There are a lot of good tradespeople out there, and I am happy to connect them. Staying in touch is key, even if it’s just a quick note to let them know you were thinking of them. Sometimes, simple is best.
Getting to know people on a personal level instills trust. Everyone knows that they can reach out if they need anything. Occasionally, it is not related to the property at all. I did have one client that owned a condo on a lake who called me because there was what appeared to be a sick duck hanging around on the lawn. She reached out because I had shared that I used to have ducks and she needed a resource. I am glad that my clients are comfortable with me and trust me as a resource.
PBN: What’s your view on how the housing market in Rhode Island will proceed moving forward into next year and beyond?
ALLIN: It’s going to be interesting. I can see demand shifting because the interest rate hit the 7% mark recently. The impact on buyers is obvious; the same house will cost more per month at the higher interest rate and may eliminate some of them from being able to purchase.
The impact to the sellers is that the shift in the market means that the houses are not going to sell in a matter of a few days and will take a bit more time to move. They should also not expect the same results, in terms of showings and bidding wars that we saw in the spring, in this fall market. Sellers will need to adjust their expectations when pricing their homes.
Your Realtor can give you the latest update on what has sold in your area. I suggest looking at the most recent comps as your guide rather than the beginning of the year. Low inventory is still a factor.
I do see that the economists are predicting some fluctuation in the interest rates going into next year and we will probably settle into a rate that is between where we started the year, at 3%. If you think about it, rates are still reasonably low. While in terms of inventory, it is a seller’s market. With the uptick in interest, I believe it may start to feel a bit more balanced.
PBN: What tips do you have for home sellers about preparing a home to be sold to maximize its market value?
ALLIN: My advice for sellers is similar to what I advise for my buyers. Prepare. I will walk through the house with my seller clients and always advise them to make the home clean and inviting. Sometimes that involves removing the clutter that they have a blind eye for. Clear counters and tabletops, especially now with so many people working from home. Take as many personal items as you can off of display. It creates a mindset for the potential buyer to picture their own stuff in your house.
Everyone has partially finished projects in their homes. I advise finishing them up. Sometimes a fresh coat of paint is needed to brighten up a space. Clean and in good shape helps me to bring in more potential buyers, as well as procure more and better offers.
Marc Larocque is a PBN contributing writer.
