Netflix reality show star Ryan Serhant is looking to make a big splash in the Ocean State’s real estate market by expanding his brokerage into Rhode Island with 30 new agents.
But other high-end agencies aren’t worried about the new heavyweight competitor, taking the arrival as a sign of the growing strength of the state’s luxury market.
The firm, Serhant Real Estate, has offices in 12 states and more than 1,100 agents. The reality-docudrama “Owning Manhattan” follows Serhant and his agents as they work in New York City’s luxury real estate market. Serhant was also on the TV show “Million Dollar Listing New York.”
As of Oct. 1, the firm says it has already assembled 30 agents to work in Rhode Island who have collectively closed more than $550 million in sales in the past year for other agencies, Serhant said in a statement to PBN.
While Rhode Island is small in size, he said, there is sky-high demand for real estate. But Serhant did not offer any figures on projected sales in Rhode Island, saying “it’s difficult to predict what’s to come.”
“Luxury, lifestyle and year-round living have all surged here, and buyers from all of our other markets are pouring in,” Serhant said. “It’s the perfect moment for Serhant [Real Estate] to bring our platform and give agents and clients something the market hasn’t had before.”
Seemingly, Serhant’s move did not come as much of a surprise for local agencies, considering how hot the Rhode Island luxury market has been in recent years, with big-name celebrities such as Taylor Swift and Jay Leno adding to the hype by buying coastal mansions in the Ocean State. A record 734 home sales of more than $1 million were recorded in 2024.
David Huberman, co-owner of Gustave White Sotheby’s International Realty, said out-of-state buyers have flocked to Rhode Island since the COVID-19 pandemic, looking for vacation homes at bargain prices.
“[The pandemic] has really changed the Rhode Island marketplace,” Huberman said.
And while Serhant is a recognizable brand throughout the country – and his agency poached one of Gustave White’s employees for the new office – Huberman said he’s not threatened by the attempt to capture the market.
“We don’t worry about what other people are doing,” Huberman said. “We just continue to do what we do, and we do a really great job.”
It’s clear that Serhant has ruffled feathers. Huberman said the new arrival tried to recruit all 35 of his agents. “It’s not a great tactic,” he said. “It’s not something [local brokerages] would do to each other.”
Hogan Associates Christie’s International Real Estate has felt the early sting of Serhant’s expansion. Hogan Associates saw several of its agents take positions at Serhant.
But Leslie Hogan, agency co-founder, seems to be shrugging it off, saying that plenty of listings and clients are up for grabs for those with a track record.
“High-end buyers and sellers seek out agents and brands they know and trust,” Hogan said in a statement. “Brokerages with a solid foundation in the luxury market space will continue to do well.”
Chris Whitten, president of the Rhode Island Association of Realtors and founder of Premeer Real Estate, said he welcomes added competition, which can give homebuyers and sellers more options.
But in the 17 years he’s been working in Rhode Island real estate, Whitten acknowledges that he hasn’t seen anyone as high profile as Serhant enter the state, particularly launching with 30 agents.
In addition to the presence of Leno and Swift, the state has been getting more media attention lately, with TV shows such as “The Real Housewives of Rhode Island.”
And Serhant isn’t the only famed real estate player making a foray into Rhode Island. Corcoran Group LLC, founded by “Shark Tank” star Barbara Corcoran, announced on Sept. 30 that it has added Barrington-based Chart House Realtors to its affiliate network.
“It’s very unique and exciting that more eyes are on the Ocean State,” Whitten said.
