Sally Lapides, the CEO and president of Residential Properties Ltd., of Providence, recently spoke with the Providence Business News about a partnership with Mayfair International Realty, a real estate company in the West End of London. Their arrangement has broadened exposure of Residential listings to European buyers, and has already resulted in several new listings, she said.
PBN: You recently announced a London office. Are you partnering with Mayfair International Realty or is this a Residential Properties office?
LAPIDES: So, Mayfair International is a U.K.-wide company. They are not a brokerage company in terms of sales. They are a marketing arm for us. That’s really what they are. They will be directing traffic our way. But more than that, they are an office that will promote all of our listings exclusively in Rhode Island, in U.K., in Europe and around the world.
PBN: Is there a market for Rhode Island properties among overseas buyers?
LAPIDES: Rhode Island is not the first place where someone from Singapore says, ‘I can’t wait to invest my money.’ It just doesn’t come up. [However], there are an inordinate [number] of expats that live overseas. There are people who are self-employed and let’s say they own a farm or a stable or a townhouse in Europe, but they’ve always wanted to come to the states for a long-term vacation. They could come to our website and say, oh, Newport looks fabulous.
PBN: So, these could be rentals, not necessarily sales?
LAPIDES: It is less about sales than it is about exposure for our sellers to market their properties overseas.
PBN: Why London?
LAPIDES: This is where Mayfair International has their office. My friend … who is the manager of the Greenwich office of Houlihan Lawrence, which is one of our partners through Leading Real Estate Companies of the World, reached out to me and said Sally, Rhode Island is not being represented. And I think Residential Properties would benefit dramatically from having their listings exposed overseas. It’s been a wonderful way for agents to say to their sellers, you know the local newspapers and the internet and our local website are not the only places where your properties will be featured.
PBN: When did this begin?
LAPIDES: It only started two weeks ago. In making a listing presentation, to sellers, on what differentiates Residential Properties from our competitors, this is one of the things that we can offer sellers that will include marketing of their property, out of the London office, in the Financial Times, worldwide. They get great exposure in a magazine delivered to the Queen every week, which is called Country Life. They get exposure of all price ranges. It’s not just luxury marketing. It’s all of our listings. Properties are enhanced for the seller, with global exposure.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
