Philip Tedesco is chief executive officer of the Rhode Island Association of Realtors, Rhode Island Statewide Multiple Listing Service and the Realtor Foundation of Rhode Island. In this role, he oversees a staff of 26 and close to $8 million in annual budgets. He has been leading Rhode Island Realtors since 2015.
Prior to his arrival in the Ocean State, Tedesco was CEO of the Tucson Association of Realtors and the TAR Multiple Listing Service in Arizona, and before that he was CEO of the San Mateo County Association of Realtors and the Santa Cruz Association of Realtors in California.
Additionally, Tedesco has served as vice president of marketing at the Realtor Association of Greater Miami and as director of member and chapter services for NACORE International, a corporate real estate organization with more than 40 chapters globally.
PBN: For those who are unaware of its role, its and function and history, what is the Realtor Foundation?
TEDESCO: Realtor Foundation of R.I. has been around since 2010. It was originally formed to provide financial assistance for those who may have been impacted by the Warwick floods that year.
In 2017, its purpose moved away from disaster relief and more toward neighborhood enrichment and providing financial resources to R.I. nonprofit organizations that were active in this space. The foundation also provided military assistance and raised funds to support the activities of the Family Assistance Center at Schofield Armory in Warwick.
Over the past eight years, the foundation distributed over $150,000 to over 50 nonprofit organizations throughout Rhode Island, as well as over $63,000 in assistance to veterans through the resources and support provided through the foundation’s Troop Support Taskforce activities.
PBN: What is one of the most recent or most important programs that the Realtor Foundation is undertaking right now or planning?
TEDESCO: In 2024, the foundation trustees discussed moving back toward our roots in housing and helping more Rhode Islanders achieve the dream of homeownership. Through a new collaboration with R.I. Housing, Realtor Foundation of R.I. will fund grants to eligible first-time homebuyers to be used toward down payment and/or closing costs for purchasing a home. Eligible first-time homebuyers will be those who earn no more than 80% of the Federal Housing Finance Agency’s area median income limits for Rhode Island. Additionally, veterans or current members of the armed services are eligible for additional support. The funds are disbursed through R.I. Housing.
PBN: What can an everyday Realtor do to get more involved with the Realtor Foundation and its initiatives and campaigns?
TEDESCO: The most important thing they can do is share foundation information with their clients and let them know that they can learn more on RealtorFoundationRI.org. Realtors are well aware that there are too many prospective homebuyers out there in need of all the help they can get to attain homeownership and start building generational wealth. Their collective voice is the best marketing tool we could ask for.
PBN: It’s a new year. What do you think 2025 will be like for Realtors in Rhode Island and across the nation compared to previous years, and what do you base your thoughts on?
TEDESCO: I think that Rhode Island’s 2025 housing forecast is very difficult to predict. Rhode Island can’t rely on national real estate forecasts or trends. While most of the country is seeing housing supply grow, Rhode Island’s is shrinking. It’s now down to a 1.6-month supply, far below the five- to six-month supply typical of a balanced market.
And while home prices are stabilizing throughout the country, Rhode Island’s continue to climb. I think that 2025 will be another challenging year for Rhode Island, yet we are hopeful that the housing package passed by the legislature last year includes initiatives that should begin to alleviate our housing shortage.
PBN: What’s your advice for an up-and-coming Realtor out there about how they can position themselves for a long, successful, sustainable career in the real estate industry?
TEDESCO: Commit to professionalism and the profession. Clients expect competence and assistance when handling what is likely to be the largest financial decision of their lives. We’re here to help ensure that’s the case by guiding members, as well as providing them with the education and tools that they will need to be successful.
I would encourage them to take advantage of the more than 200 continuing education classes the R.I. Realtors Professional Development Center offers, and to get more involved in the association through committees or networking events, where they can network and learn from their peers.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @Marc_La_Rock.
