Philip Slocum, the broker and owner of Slocum Realty in Warwick, is continuing a business begun by his father in 1949. His son has also entered the business, making this a family operation. He spoke to the Providence Business News about the Warwick market and real estate in general.
PBN: Your company is located in Warwick and is a third-generation family-owned business. Are you centered around Kent County transactions?
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SLOCUM: We do business like most real estate companies, throughout the state, and into Massachusetts and Connecticut. But real estate tends to be a local activity. The vast majority of our business is in central Rhode Island and on the West Bay side.
PBN: Do clients pick Realtors based on whose signs they see most often?
SLOCUM: It’s hard to overcome local perception, in a negative sense and a positive sense. People see the signs and they see the activity. Hopefully, you are active in your community and they hear your name a lot. The only thing I would say that would outweigh that is that in today’s world, so many people are quickly going online, and in a digital environment you can get a lot of other information, good and bad.
PBN: How long have you been in the business? And is it now more challenging?
SLOCUM: Forty-one years. It’s not more challenging. But it’s changed the way we have to begin the relationship with our client. They do a lot of their research, if you will, shopping around, before they even reach out to a Realtor. Our job is to try to be visual in the digital footprint, and [have them] reach out to us when the time is right.
PBN: How do you scout out new business on the selling side? How do you find listings, working through the grapevine of who might be ready to sell?
SLOCUM: Real estate is a relationship business. It’s not a business where, by and large, people choose Realtors they don’t know anything about. The old tried-and-true methods work very well. Networking, working your sphere of influence. Making sure your friends and relatives know you’re in the business and appreciate leads. Local relationships. What we call farming. Picking an area and becoming an expert in an area.
PBN: Tell me about Warwick. What is happening with that market? Is it primarily for first-time buyers and move-up families?
SLOCUM: Warwick is, and has been through most of my career, the single-busiest marketplace in Rhode Island, based on the number of transactions. It has a lot of activity. The thing about Warwick is it is so truly, centrally located. Easily accessible. You can get to either end of the state in 30 minutes or less. Good, strong police, fire, trash collection. It has a lot of the amenities people are looking for.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
