Rachael Dotson, an artist and real estate agent, recently moved to Residential Properties Ltd. as a sales associate. Since moving to Rhode Island from Seattle in 2014, she’s sold several notable properties in the Providence area. She responded recently to questions posed by the Providence Business News on how one career influences another, and the difference between West Coast and East Coast real estate.
PBN: You recently joined Residential Properties but also have prior experience as a real estate agent in Rhode Island. What are some of your most notable sales?
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DOTSON: I began my real estate career as a member of a successful team of Providence Realtors and have represented buyers and sellers in more than 70 transactions each year all over the state and portions of Massachusetts.
My examples would include the buyers of the jaw-dropping colonial revival at 145 Meeting St. in College Hill [in Providence], the vintage/cool midcentury home at 9 Dorset Road in [Pawtucket], a magnificent Victorian at 25 Hollywood Road in the Armory District [of Providence], and most recently, representing the sellers in the record-breaking sale of 25 Hudson St., a two-family home on the West Side of Providence.
These homes were all unique and special, and I loved representing both the clients and the properties. Sometimes real estate feels like matchmaking and it’s thrilling when everybody falls in love.
PBN: You are a native of the Seattle area. How is the Rhode Island market different?
DOTSON: The West Coast real estate market is very competitive – more so than many areas of Boston. The housing stock is generally not historic and has fewer idiosyncrasies, so you find many listing agents conducting showings with a lock box only.
In Seattle, a crucial factor for homeowners is proximity to the freeway, as traffic is some of the worst in the nation. Seattle also has a more robust economy, and many buyers can purchase a property, knock down the existing building and rebuild from scratch.
In Rhode Island, we are still blessed to have short commutes and good walkability throughout the city and surrounding neighborhoods, and the diverse ranges of historic and unique homes in Providence require a more-hands-on sales strategy.
PBN: What is the most challenging aspect of selling properties in Rhode Island? Are people willing to consider towns or neighborhoods outside their initial preferences?
DOTSON: One of the most challenging aspects of selling real estate in Rhode Island is helping homeowners grasp the importance of properly preparing their home for sale. Sellers are focused on the highest price in this competitive market but need to work with an agent on preparations, which help achieve those multiple-offers-over-asking we’re all hearing about.
Investing in a pre-inspection and tackling the neglected work list can help prevent repair credits or reduced prices during negotiations. Sellers should document all the updates they’ve undertaken and be prepared to answer questions from today’s extremely savvy buyer. More than ever, homebuyers are doing their research online and have access to extensive pricing data … and are using meticulous home inspectors to ensure they are making a smart investment.
One of the benefits in low housing inventory is buyers are willing to explore other neighborhoods and are finding fantastic deals outside of the traditional East Side locations. As a Rhode Island transplant, I have an open-minded perspective on neighborhoods and have spent hours in my car with clients exploring streets and coffee houses. [Many] are finding their dream home in places they never considered initially.
I have lived on the East Side adjacent to Moses Brown [School], the West Side [of Providence] by Dexter Park and recently bought a home on Roger Williams Park. One of my favorite parts of living here is the discovery. Rhode Island has so much to offer and is full of surprises.
PBN: Your background in design and art (as a muralist), does it intersect in real estate in any way?
DOTSON: It is wonderful how many aspects of my past life as a designer, small-business owner and muralist intersect with my new career. I use my artistic abilities and entrepreneurial spirit when I’m designing a marketing plan, editing photos of a property, holding a listing presentation, or talking with homeowners about remodeling ideas. My ability to think creativity while managing the complex real estate process is a huge part of my success. Real estate isn’t just about the numbers and my natural aptitudes [such as] inventiveness, visual-spatial skills and concise salesmanship all benefit my clients.
But more simply put, I genuinely like people, and working with them toward achieving their goals can be a reward in itself, which is a good thing in this very demanding industry. Many issues, which could sink a deal or cause other agents to shrug their shoulders, I feel can be approached resourcefully – with the guidance of an experienced attorney – and there’s no reason why both parties can’t continue to work together toward solutions with some “out-of-the-box” ideas. And I am always available for color consultations and have a deck of paint chips stashed away in my bag for on-the-spot paint advice!
PBN: What advice would you give someone just starting in this career?
DOTSON: For people considering a career in real estate, my most important advice is to put your clients first. While the job can be lucrative, you will be more successful during boom-and-bust cycles if you have taken care of clients in a respectful manner and have never misrepresented information or a property. Your reputation is everything in real estate.
While the benefits of a flexible schedule can be fantastic, it also means that you should be available at any time for your clients. In the age of online real estate and late-night texts, you must be available at any time for your clients in order to remain relevant. But this job can also be really fun and meeting new people and seeing different homes every day is exciting.
My personal belief is that buying and selling a home is often a pivotal moment in someone’s life, and it’s an honor to be a part of it. If a new agent can keep that front of mind while they perfect their sales strategy and embrace new marketing tactics, they should have success.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
