Peter Brown is a real estate agent at eXp Realty in Cranston who specializes in multifamily homes. Before joining the Rhode Island real estate industry in 2021, when he was licensed as a Realtor, Brown spent more than two decades in the auto industry, most recently as a Volvo master service adviser at a Herb Chambers dealership in Massachusetts. Brown joined The White Lion Group, a division of eXp Realty, around four months ago.
PBN: What was it like to go from selling cars to selling homes, and what lessons did you bring from your former job to your new one?
BROWN: Embarking on a career shift from the automotive industry to full-time real estate was surprisingly smooth for me. For two years, I successfully juggled dual incomes, laying the groundwork for a seamless transition. The customer service skills I had utilized over decades in the automotive industry effortlessly translated to success in real estate.
The most significant shift, however, was a mental one. I had to pivot from working for someone else to realizing that self-motivation was the key to sustaining peak performance. This journey underscores the power of adaptability and personal drive in the face of change, highlighting how embracing these elements propelled my success in the real estate sector.
PBN: What are the most important lessons and tips you took away from your study before taking the Rhode Island real estate exam? And how hard is the exam, what's it like?
BROWN: Navigating the real estate exam involved tackling both national and state-specific sections after completing a mandatory 15-hour course. While the class laid a solid foundation, my success hinged on dedicated post-course studying. Personally, mastering the vocabulary proved to be the most challenging aspect, as the test employed trick questions designed to trip up potential agents. Thoroughly reading each question became the key to my success.
Despite the exam’s reputation for difficulty – some friends took it multiple times – I ensured I was well prepared by diligently completing all the practice tests in the class book beforehand. Drawing on my experience in the automotive industry, where continuous exams are routine, I found my familiarity with ongoing testing to be a valuable asset in conquering the real estate exam.
PBN: You've been involved with condo sales. For those who are considering buying a condo, what should they know about the guidelines that apply to condo owners that don't exist for those seeking to buy a house?
BROWN: When diving into the condominium market, it's crucial to keep a few key factors in mind. First and foremost, scrutinize the condo fees, as they can vary widely in monthly costs and cover essential maintenance for common areas such as landscaping, hallways and parking spaces. Ensure that, as a potential buyer, you can comfortably manage both the mortgage and these fees.
Equally important is to inquire about any existing or upcoming special assessments. These assessments, which go beyond regular condo fees, involve additional costs for specific projects such as new entry buzzers, roof replacements, or structural and mechanical work.
Pets, too, play a pivotal role in your decision-making process. Condo regulations on pets can differ significantly – some homeowners associations welcome pets, others impose weight limits, and some prohibit pets entirely. These nuances should be carefully considered to determine if a condo aligns with your lifestyle and preferences.
PBN: Why is wintertime a great time to sell homes?
BROWN: As a seasoned Realtor, I find winter to be an opportune time for home sellers. With a reduced inventory compared to the warmer months, your property has a chance to shine without getting lost in the crowd. Motivated buyers are often on the lookout during winter, driven by various factors such as relocations or changes in family dynamics.
I've observed that the cozy ambiance of a well-heated and lit home during the colder months can create a compelling allure for potential buyers. Also, the increased online activity during winter enhances the visibility of your listing, reaching prospective buyers who are actively searching from the comfort of their homes during colder weather.
While spring and summer are popular, the unique advantages of a winter sale, coupled with serious and motivated buyers, make it a strategic season for a successful home transaction.
PBN: What are your impressions about the current real estate market and all the factors that are driving it? How will the market rise or fall in 2024?
BROWN: As I reflect on the potential trajectory of the real estate market in 2024, my anticipation is for a robust and resilient market. While the housing market isn’t solely tethered to interest rates, their influence remains significant. With the Federal Reserve indicating a sustained reduction in rates for the foreseeable future, I foresee a market characterized by strength and stability, culminating in interest rates settling in the mid-5s by year-end.
This favorable interest rate environment is poised to fuel continued demand for housing, maintaining the seller’s market dynamics. The delicate balance between supply and demand suggests that the housing supply will likely remain below a six-month threshold, underscoring the enduring vitality of the market. While uncertainties are inherent in any market forecast, the alignment of conducive interest rates and persistently high demand sets a positive tone for the real estate landscape in the coming year.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.