Tom Wegner is a real estate agent who is licensed in Rhode Island and Massachusetts, working at Residential Properties Ltd., with a focus on creative marketing and data-informed negotiation techniques, representing clients on the purchase of single-family, multifamily and commercial properties.
Wegner, a Barrington resident who is married to a real estate attorney, joined the Residential Properties Barrington and Providence offices in early 2023. A multimillion-dollar-producing real estate agent, Wegner is also known for offering insight into estate sales, waterfront properties, historic homes, pet-friendly facilities and senior-friendly living.
PBN: What's your outlook or forecast for the Providence real estate market for 2024?
WEGNER: The Rhode Island real estate market is alive and well. As rates continue to dip, we see that buyers who had given up or were pushed out are getting back into the market. Prices have remained stable, and more and more sellers are feeling better about their ability to list their home for sale, and also find something else.
PBN: What are some of the biggest challenges that you and your fellow Rhode Island real estate agents are facing right now?
WEGNER: One of the biggest challenges most agents have besides inventory is that sellers think all agents and brokerages are the same. Sellers should be asking things such as: “Is my agent full time and what is their experience? Who manages the office and what are their qualifications? Is it a local company or a corporation? Family-owned or franchise?” There are many nuances to our industry, and consumers should do their due diligence to find the perfect match for them.
PBN: Are you and others here in Rhode Island facing a lack of inventory? What's your sense on this, and how do you deal with this current inventory level?
WEGNER: Yes, most of the country right now is facing a lack of inventory, so agents need to be creative when looking for other avenues to get listings. For sale by owners, expired listings, along with farming a specific neighborhood are always good starting places.
I had a buyer that only wanted to buy in one of two different neighborhoods in Lincoln. I sent a letter to homeowners letting them know I was not soliciting for a listing but had a legitimate buyer looking to purchase in that neighborhood; it produced several phone calls, including a phone call from a homeowner that resulted in the sale of their home.
Also, on the other side, keeping your buyers motivated is important. The traditional fallback for a buyer has always been “I will just rent for a year,” which sounds great, but that market is in the same position; rentals are hard to come by, with the price per month often as high or higher than a mortgage payment. A savvy agent in conjunction with a loan officer can show a buyer the benefits of buying versus renting.
PBN: What would be your advice to a new real estate agent that was just licensed in Rhode Island?
WEGNER: Be vigilant! It doesn't happen overnight. Back to basics always works, but whatever you do to start getting business, keep doing it, even once you become successful because consistency matters. Leverage the good reputation or legacy of your brokerage if you are new. Don't take it personally when things don't work out the way you thought – even the most successful agents have been in your shoes; we learn more from our mistakes most often.
PBN: What was your favorite real estate transaction of 2023 and why?
WEGNER: For 2023, it had to be 4 Pine Tree Lane in Lincoln. This was the property that became a sale because of the personal letters I had sent out to the neighborhood. I had been working with these buyers for over a year, and after everything we looked at, this was the perfect one for them. It was the highest Lincoln sale in 2023, and these buyers I now also call friends. New relationships and earned trust are part of what makes this business truly rewarding. Anyone can manipulate or try to rely on numbers to convince you they are the “best.” The best agents are the ones that put their clients first.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
