Karl Martone, a Smithfield real estate agent, became president of the Rhode Island Association of Realtors last November. Today, the 62-year-old group counts 4,000 members in more than 600 offices. The association is one of more than 1,800 local boards and associations that comprise the National Association of Realtors based in Chicago.
Martone owns The Martone Group Re/Max Properties, which works in the residential market. In 2008, the Rhode Island Association of Realtors named him Realtor of the Year.
Martone recently spoke with Providence Business News about the real estate market and his plans for the remainder of his one-year term.
PBN: How are you settling into your new role as president of the association?
MARTONE: Everything’s been going really well. It’s been an exciting few weeks, as I’ve had a lot of opportunity to speak to the media about the state of the real estate market in Rhode Island. It’s all about time management, and so far so good.
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PBN: The real estate market received some good news in November when sales of single-family homes surged in year-over- year comparisons. Do you see sales continuing to grow?
MARTONE: The market’s actually doing very good. It’s stable, it gradually increased every month in 2009 and it looks like it’s going to continue to do so. So it’s healthy growth, it’s not spiking up high, it’s not dropping dramatically, it’s nice, little, healthy pockets of growth as we move forward. The first quarter of this year looks like it’s going to be really good. There are a lot of homes in pending, which means people have deposits on homes that are going to close. And we’re also looking at this [federal homebuyer’s] tax credit, which we think is a good source of a surge of buyers who want to take advantage of it before April 30.
MARTONE: I’m hoping that it’s not temporary, but my sources have told me that we will see some more foreclosed properties come on the market. However, those properties … don’t stay on the market long, so it’s not going to be Earth-shattering. … I’m not really overly concerned about [getting] more foreclosures put on the market. One thing for sure is we did drop dramatically. We dropped to 27 percent of our business in ’09 [being] foreclosures. In ’08 it was around 40 percent.
PBN: How was it to take the reins during a difficult time for the real estate market?
MARTONE: You know what? You can’t change what’s going to happen. If we could then you and I probably wouldn’t have to work for the rest of our lives. You roll with the punches and it has been a great opportunity for me to speak to our members and the public about the real estate market showing signs of recovery. It’s actually been a real plus, a real high for me to be able to be in the position I’m in right now.
PBN: Are there any specific goals or initiatives that you want to implement?
MARTONE: My main goal is to be as accessible and communicate as much as I can with the members and the public about the real estate market now and in the future. I want people to know they can reach out to me whenever they want to.
MARTONE: I’ve learned that when you take over the presidency, people think you really are the go-to person. I don’t know how else to explain it. I’ve had letters from the public asking me questions. I’ve had letters and e-mails from members, some with controversy with another member or controversy with a situation, but the beauty of it is that people are coming to me for advice and I’m giving them the best advice I can give them. And if I can’t give them the advice because I don’t know the answer you’d be surprised the resources that as president I have, even with the National Association of Realtors. I can reach out and get answers very quickly.
PBN: You have been involved in the real estate industry for a long time. What gets you out of bed each morning?
MARTONE: I just love putting people together. Everyone thinks you’re selling a house but at the end of the day you’re really putting two people together to have a meeting of the minds. That’s just so much fun for me. Knowing that you have a happy seller and a happy buyer at the end of a real estate transaction, it’s a high. It’s a great feeling.
PBN: What is the next step for you after your term ends?
MARTONE: I will actually [focus on] the quality of service at my Martone Group and help my teammates. I’m on a team and I want to help my teammates become successful. When my presidency is done I’ll go back to business as usual, listing and selling and not much is going to change, other than the fact that I’ll have a lot of good experience. •
INTERVIEW
Karl Martone
POSITION: President of the Rhode Island Association of Realtors
BACKGROUND: He has been a real estate agent since 1985 and a licensed broker since 1988. He previously worked at real estate companies before starting the Martone Group 15 years ago. Martone has held a number of executive-officer positions on the Greater Providence Board of Realtors, the Multiple Statewide Listing Service board of directors and the Rhode Island Association of Realtors board of directors.
EDUCATION: Graduated from Mount St. Charles Academy in Woonsocket in 1984
FIRST JOB: As a teenager, worked at the deli counter at Dave’s Marketplace in
Smithfield
RESIDENCE: North Scituate
AGE: 43
