Residential Properties Ltd. is proud to recognize Sales Associate Jim DeRentis for finishing 2022 ranked as the #1 Individual Agent in the state for both number of sales transactions and total sales volume. In 2022, he also listed and sold Providence’s highest sale ever – 66 Power Street for $5.5 million. Topping it all off, his husband is newly elected Providence Mayor Brett Smiley, so by all measures, Jim DeRentis is one of the best known and most inspiring figures in Rhode Island today. We managed to grab a moment with this prolific professional to discuss his successes in 2022 and his thoughts about the exciting possibilities to come.
You were, to put it informally, the state’s winningest sales agent in 2022, having achieved tops in homes sold and total sales volume. To what do you attribute this outstanding success?
“Early on, when I started in this business, I decided to focus on what I know best, and that is Metro-Providence; hence the name, “The Providence Real Estate Guy.” By becoming the Providence expert, I have been able to help folks buy and sell their homes in and around the metro area. It is more than just knowing the real estate market, but knowing how the community operates – what it holds near and dear. That has helped me guide clients to better understanding their real estate choices and options. It is about becoming a trusted advisor, and I think folks appreciate that.”
You completed Providence’s highest sale ever – 66 Power Street. What made this such a special property and sale?
“There are so many things that are special about this property. The primary feature is its role in the building of not only our city and state but of the country itself. This was one of the few remaining "China Trade" houses that was still in private hands. In fact, this was the first time it was offered for sale to the general public since it was built in 1803. The owners were very concerned about development pressure, since it consists of two acres in the middle of College Hill. I have a pretty significant network and knew a handful of prospects that would be interested in the property because of its provenance. The ultimate buyer was the perfect fit; a Brown Alumni who was principally interested because of its history. So, a good match all around.”
What is it about working for an independently owned company that makes what you do possible?
“I have been doing business with Residential Properties Ltd. since I bought my first property in 1988, so just seven years after it opened. I was in financial services for 25 years before I got into this business and at one point ran the mortgage company for RPL, so I have been intimately involved and have had a vested interest in its success for many years now. The power of the brand is unmatched in this market. I don't know of anyone who understands residential real estate better than Sally Lapides. As CEO, she has skillfully grown the company by capitalizing on the best practices in marketing and technology, understanding where to make strategic investments and, equally important, when to pivot away from those things that aren't working. The agents in the company are the best of the best, and each has developed a level of success under the RPL brand that no other firm can match. Lastly, Rhode Islanders appreciate and gravitate to strong, homegrown brands. We punch above our weight in that regard. There is no amount of flash and sizzle that can match local market knowledge.”
Speak to the collaborative atmosphere at RPL and how your teams, management, and support all empower your business.
“My colleagues at RPL are best in class. They know their markets well and understand their clients' needs. We also have terrific marketing and technology services for all our agents. Management supports the agents better than any other brokerage I am aware of. When there is a difficult or competitive situation that arises and we need to go the extra mile, the company steps up every time. No other residential real estate firm in the state has hit $1 billion in sales, let alone three years in a row – that says it all.”
How do you see the arc of your career as a Realtor®, having started in the doldrums of the post-2008 recession period and carrying on to today?
“I started in this business around Thanksgiving in 2009. People thought I was out of my mind to leave a successful career in banking for one in real estate sales; let alone during one of the worst economic times in our history. Because I spent 25 years in retail banking and marketing, I had a very broad network. I was Chief Business Officer at a community bank that made it its business to understand its customers and the communities they served. So, while I am the Providence Real Estate Guy, I spent many years working in the population centers of the state. Folks are always surprised at how well I know the various cities and towns, but there are limits. So, when I find myself in one of those communities, I reach out to an RPL colleague who knows it better. That way we are serving our clients' best interests.”
How did you manage to stay focused on your business while at the same time having a spouse running for office?
“I think this is easier than one would expect. He works all the time too, so we sync our schedules to get downtime together. It allows us both to focus on our work while enjoying our family time. It helps when your personal interests and goals are so compatible.”
The Boston Globe referred to you as one of Rhode Island’s best known real estate agents. How does it feel to be such a major influence in Rhode Island life today? In what ways has your life changed, if at all?
“I moved out of RI once for two years and the entire time longed to come back. I realized quickly what a special place this is and the high quality of life we all enjoy. I don't think folks can truly understand that until they've lived someplace else. I have always been active in the community serving on countless boards and commissions for the past 35 years. From affordable housing, to arts and culture, to LGBTQ+ organizations, I've been blessed to share in the inner workings of our state. Brett and I will continue to do that as Mayor and First Gentleman of the great City of Providence.”
What advice would you have for buyers and sellers looking to make a move in 2023?
“I don't think any of us can say what 2023 will bring. If I learned anything during the past two years, it's to expect the unexpected. We had a worldwide pandemic that disrupted the international socio-economic system. Employment models changed overnight, and folks began moving around like no other time in recent memory. Add in an acute shortage of homes available for sale to meet the demands of one of the largest buying populations to hit their peak buying years, and we had a real estate rollercoaster from coast to coast. Now that interest rates are up and buyers have stepped back, 2023 will be a market in transition. I would counsel buyers and sellers to listen to their real estate professionals. They know what they are doing and can give you the advice and counsel to help you navigate the changing environment.”
Speaking to your current and future clients reading this – what would be your advice to them on how to make a positive impact in Providence and throughout Rhode Island.
“I always say my client base is the "Movers and Shakers," meaning they're generally in their peak earning years. Since many folks have opted not to retire in the traditional sense, they span many generations. In RI, and Providence specifically, individuals can make a direct impact and see the results, so my advice is to volunteer with an organization that needs your help or expertise. Get involved with a neighborhood group, a community organization, or, even better, run for public office – we need talented and smart people from all backgrounds. And, of course, open and operate your business here! Providence is a special place, and you too can make a real difference in city life!”
Jim DeRentis is Residential Properties’ Top Producing Sales Agent and the only nationally ranked individual sales agent on Providence’s East Side. He has been a recipient of the Circle of Sales Excellence Platinum Plus Award each year since 2011 when he was named Rookie of the Year. Jim was included on the REAL Trends list of “America’s Top Real Estate Agents” and was named to “The 1000” in 2020. In both 2021 and 2022, he was named the #1 individual agent in the state for transaction sides, achieving over $109 million in transaction volume, and in 2022 was the #1 agent in the state for both volume and transaction sides. To learn more about Jim and to view his listings, please visit ThePVDRealEstateGuy.com.
*Information based in whole or in part on data supplied by State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from State-Wide MLS as of January 2023.
