This fall, the largest real estate firm in Rhode Island is marking four decades in the business. Residential Properties Ltd. was established in 1981 by RPL President and CEO Sally Lapides and co-founder Liz Chace. The company has since grown to more than 260 agents, working out of nine different offices around the Ocean State, topping $1 billion in sales in the first 10 months of 2021, the highest mark for annual real estate sales in the company’s history. Two of those offices were established this year in Little Compton and Newport, as a result of Residential Properties Ltd. acquiring two smaller companies, Shethar Real Estate and Libby Kirwin Real Estate.
PBN: What have been a couple of your biggest challenges in running this real estate agency throughout the years?
LAPIDES: Finding a balance to keep all constituencies satisfied and valued. The needs of sellers, buyers, agents, management, and staff may all have different priorities. The challenge is how to satisfy everyone. Keeping the company and our clients healthy during COVID-19 has been a huge challenge as well. Libby Isaacson, chief operating officer, has done a remarkable job in keeping all of us informed and safe over the last 18 months. One of the benefits that came out of working virtually is that we have been able to attend all the weekly office meetings. This has kept us connected and in close contact with the entire company.
PBN: What has this journey been like for you since it started four decades ago and how did it all get started?
LAPIDES: In 1981, the residential real estate business was a male-dominated industry. Print advertising was the only medium and interest rates were 17.5%. But that did not stop us from deciding that it was the right time to open a woman-owned company. My former partner for the first 15 years, Liz Chace, and I wanted to create a company that marketed real estate differently. Our mission was to hire the smartest people in the business, all of whom worked full time, valued relationships over money, and were devoted to giving back to the communities we served. As we grew, our values and mission remained intact and the qualities that we were looking for in 1981 have allowed us to grow to our current size. The journey was a thrill for me.
PBN: Can you tell us how Residential Properties is performing currently? How big is the company now?
LAPIDES: We have just had our highest year ever in 2020 in terms of gross sales volume, which is the metric used in the real estate industry. 2021 is on track to be even higher with sales volume as of now at $1.1 billion. We are the only real estate company in the state to have ever reached a billion in sales volume. 2021 will be our highest year in our 40-year history. We are number one in the state in both number of transactions and gross sales volume. We are the largest independent real estate company in the state.
PBN: What do you attribute your growth and success in the real estate industry to?
LAPIDES: Hard work, valuing relationships, community involvement, amazing colleagues, and always being creative in marketing. In addition, we were the first real estate company in the state to have a website and a presence on the web. That one move catapulted us far ahead of our competitors.
PBN: What’s next for Residential Properties and what are your expectations for the next 40 years in business?
LAPIDES: We’re going to continue to build each office territory, increase the diversity, equity, and inclusion at the company, continue to invest in technology and innovation, explore more innovative marketing, and continue to be the most valued real estate advisers in the region.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
