Five Questions With: Ray Sirico

Ray Sirico has been part of the Rhode Island real estate industry since the mid ‘90s, and is now a real estate agent with Domain Properties in Providence, which he joined in 2018. With a degree in interior design, he once worked as a general contractor before jumping into the real estate world.

As a Providence resident since 1987, he’s also very actively involved in the community, serving as president of the Rhode Island Lesbian and Gay Pride Committee and director of the LGBT Center of Rhode Island. Recently, Sirico’s company celebrated his work representing the buyer in a $1.9 million deal for a 5,933-square-foot, Mediterranean-style custom ranch home at 3 Meadow Drive in Lincoln.

PBN: As a former general contractor with a degree in interior design, how did you end up becoming a real estate broker and what went into your decision to work in real estate?

SIRICO: After earning my design degree in Boston, the plan was to graduate and open a full suite of real estate services from the ground up, literally. I wanted to combine the design, development and selling sides of the residential experience. But life showed me a different path as a corporate trainer. Once software replaced the need for live training, I opened Domain Properties with Pamela Hanson Carbone in 2000, and it was the best thing I ever did.

- Advertisement -

PBN: You recently represented the buyer in a big home sale at 3 Meadow Drive in Lincoln. Can you tell us about how that sale panned out, what kind of work went into it and what may have been special about this transaction?

SIRICO: The buyer has been a loyal client of mine for years, which highlights the importance of earning trust in your professional relationships. Over the years, I’ve helped him strategize an acquisition plan that helped him advance his personal vision and financial goals.

However, this was going to be his family residence, so it required additional considerations that would get him closer to his goals. Thankfully, I had a good working relationship with the selling agent, which helped with communication, which is invaluable since higher listing prices often have lengthier timelines.

PBN: What’s your strategy for helping a buyer find their dream home in such a strong seller’s market, given the lack of inventory and the speed that houses are being bought up?

SIRICO: At Domain we believe in keeping your client’s morale high. It’s one thing to fill out paperwork and show a home, but it’s so important to let your personality shine through. Also, I like to maintain open communication with lenders, attorneys, other agents. Most of all, I’d say act fast in a market like this. Remember that other house hunters have the same idea you do, so it’s imperative that you’re truly ready to move.

PBN: What’s your advice for new real estate agents who are entering the profession at this time?

SIRICO: Stay humble and learn the basics first – then keep learning. I advise new agents not to chase flashy sales or get dazzled by trends. Start with an established firm and learn the ins and outs. You don’t know what you don’t know, keep learning.

Having unrealistic expectations for your performance goals – especially in a market like this – is a recipe for burnout. If you’re serious about having a long and successful career in real estate, stay focused and be prepared.

PBN: What’s your outlook for the real estate market in Rhode Island going forward this year? How might it change and what are your hopes for how this year unfolds?

SIRICO: The most important piece of advice I can give for anyone navigating Rhode Island’s housing market this year is to relax. Yes, prices are high, but they’ll level out eventually. Higher interest rates have the potential to help serious buyers since there may be less competition and refinancing will be less attractive, which may boost inventory.

Additionally, I personally don’t see another crash coming. Remember, the 2008 housing crash was tied to mortgages, and we don’t see that kind of activity now. If or when prices drop, mortgage payments will remain the same for most people, unlike last time with adjustable rate loans. My advice is to call a real estate agent who’s seen their share of market cycles. They’ll help guide you home.

Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.