Ryan Elsman is sales manager for Compass Inc. in Rhode Island, and he was recently appointed to lead the company’s Compass Providence office. Elsman, a Newport resident, will also be leading the company’s new office opening soon in Barrington, he said.
Elsman, a graduate of New York University who is originally from northern New Jersey, was chief operating officer for Lila Delman before the Rhode Island real estate firm was acquired by Compass in early 2021. Prior to his work in real estate, Elsman said he worked in experiential marketing, including for brands such as Warby Parker and Caesars Entertainment.
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PBN: You were recently appointed to lead the Compass Providence office. Can you share a little bit about your professional background and progression that led you to this role?
ELSMAN: Stepping into this position was a natural progression, as I’ve held leadership roles within the industry for the last 6.5-plus years. Moving to Rhode Island in 2017, by way of New York City, my first foray into the local real estate market was when I joined Lila Delman Real Estate to help restructure their marketing department and reimagine their suite of agent services. My role quickly expanded to include aspects of high-touch agent support, brokerage operations and strategic planning. Thanks to the incredible support of Lila Delman ownership, I was appointed chief operating officer in 2019 – a position I held through Compass’ acquisition of the brokerage in 2021.
When the decision was made to formally launch/prioritize the Compass brand in Providence, I was asked to manage the project. Given the rapid growth of our team, agents were craving a true advocate and unbiased, dedicated leader. Earlier this year I was approached to formally take on brokerage management. Not one to shy away from a professional challenge, off to the races I went. In my new role, I am also responsible for managing Compass Barrington – office coming soon – and Lila Delman Compass’ Watch Hill and Block Island offices.
PBN: Looking at the performance of Compass Providence, what are your thoughts on the work that this office has done thus far, and what can the office do to distinguish itself in such a competitive market?
ELSMAN: When it comes to success and performance, I like to ground the conversation in facts and data. In a very short period, we have established impressive market share in pockets that were previously monopolized by one brokerage. Looking at R.I. MLS [Rhode Island Multiple Listing Service] stats from Q1 [the first quarter], Compass ranked as the No. 2 brokerage on the East Side of Providence. Two of the top three agents on the East Side are Compass agents. As of today, April 18, Compass agents’ combined market share on the East Side is within 4% of the long-standing top brokerage.
This type of market shift would have been unheard of in years past, which tells me the market was ready for a change. I attribute our success to a simple formula – bringing together market-leading agents, empowered by the No. 1 brokerage in the United States (per RealTrends), in a collaborative environment that supports the “agent voice” as a thought-partner. This kind of synergy allows us to provide unparalleled partnerships with our clients and redefine their client experience. It also helps attract top talent in all of our markets, further elevating the caliber of work delivered to our buyers and sellers.
PBN: We understand you are also leading a new Compass office in Barrington. What’s your perspective on the real estate market in Barrington this year and what will it be like to focus on that particular area of the state?
ELSMAN: Interest in the Barrington market remains high, despite inventory levels teetering around record lows for the last decade. I’m reminded of a property we put under contract within the last month that garnered 15 offers within the first weekend of launch.
As a whole, prices have not softened, and sellers remain in a strong position. I’m extremely optimistic about Compass’ growing footprint in Barrington – we just signed an office lease for a space within the shopping plaza at 180 County Road and recently welcomed the Friedman Group, top agents within the market, to our team.
Compass’ keen understanding of niche, waterfront markets (locally exemplified by the Lila Delman acquisition) paired with our impressive roster of agents, including the likes of the Kirk | Schryver Team – No. 1 producer in Barrington, makes continued expansion in the area a comfortable fit.
PBN: You’ve mentioned that two of your offices included Lila Delman Compass Watch Hill and Block Island. What is the relationship between these offices and Compass Providence and Barrington?
ELSMAN: Compass wholly owns and operates 13 offices across Rhode Island, including those branded as Compass and Lila Delman Compass. We are one team, one set of statistics, one infrastructure that listens to and respects what resonates in each of our markets. We embrace this unique approach to best serve our valued clients and agents. Regardless of signage, our offices are very much affiliated and cohesive – sharing the common goal of guiding our clients home from the coast to the capital.
With this model, success in markets like Watch Hill can be capitalized on in Providence, and vice versa. This is very different than a network of separately operated brokerages or franchised brand names. I was talking with a colleague about this exact topic and drew analogous parallels to the Marriott Hotel Group – who own the legacy, luxury establishment “The Ritz Carlton,” as well as the more contemporary, sleek “W Hotels.” Though each [is] rich with their own localized identities within the space, clients of both are met with an elevated experience and shared standards under the same accomplished company.
PBN: Your resume suggests a track record in a variety of leadership roles. What are some of the guiding principles you embrace as a leader that have been paramount in your success?
ELSMAN: Boiling it down to brass tacks, I believe everyone wants to be heard and feel valued. I have always prioritized establishing genuine and caring relationships with the people I manage and the teams I work on. This has helped foster open lines of communication, collaboration and, most importantly, trust across the agents and employees I’ve worked with. I’ve come to learn that without trust, you can’t have success in any type of relationship. Established trust and vested interest inspires motivation.
I prioritize acknowledging individuals’ accomplishments – no matter how big or small – and make sure colleagues know how appreciated their efforts are. People want to feel like they are part of something larger – I certainly know I do. I led with authenticity – the thing I excel at most is being me. That’s something more people should celebrate.
Lastly, you can’t lead with ego – humility and vulnerability go far. I pitched $25 million properties on the same day I helped administrators approve postcard mailings. Roll up your sleeves and be willing to dig in no matter where you are in your career.
Marc Larocque is a PBN contributing writer.
