When Larry Rideout got married and had a family, he decided it was time for a career change. He explored what was out there and found real estate extremely interesting and lucrative.
So, in 1984, Rideout became a REALTOR® as a means toward upward mobility and to be home more with his family. Eventually, he rose to regional director of New England at CENTURY 21, where he supervised 400 offices and sought new franchise opportunities for the brand. From there, Rideout joined Realogy and was its SVP for business growth.
In 2006, he partnered with Paul McGann on the acquisition and affiliation with Sotheby’s International Realty, and became chairman and founder of Gibson Sotheby’s International Realty, one of the top Boston-based real estate companies in Massachusetts.
How would you define what you’ve seen in your market so far through the first half of 2024?
Larry Rideout: Homeowners who are able to sell can take advantage of a low-inventory environment and capitalize on their home as an investment. Many buyers that were waiting for lower interest rates have been active in the market because they need to move. Some who purchased or rented their primary homes in second-home communities are moving closer to their places of work because of return-to-office policies. Luxury sales also continue to be strong in most markets; those buyers and sellers are far less affected by the increase in mortgage interest rates.
How do you stay informed about current real estate market trends to guide your business strategy?
LR: One of the ways I stay informed about the market is by following industry news—sources like RISMedia. I also attend industry conferences and events where I’m able to hear firsthand from experts about the latest trends and network with other industry professionals. We look at the shifts and aim at the opportunities within.
What new technologies or innovations have you adopted in your firm?
LR: We have recently been using ChatGPT and other AI tools. We have also implemented a social media management platform that allows us to create and schedule posts for our agents’ social media channels. In the interest of providing enhanced client communication, we have implemented some automated email marketing options for our agents. Staying in front of the changes and communicating them are of utmost importance to us.
What strategies do you employ to provide an exceptional customer experience?
LR: We have been successful throughout this industry’s many changes over the last six decades and continue to be driven to help our clients make the best real estate decisions. Our agents understand that devoting themselves fully to their present buyers and sellers guarantees the future of their business through their clients’ long-term loyalty. We’ve also built a company that’s rooted in mentorship and family values. By treating our agents like family, they care for their clients the same way.
What are the biggest challenges and opportunities facing the real estate market today?
LR: Forecasts suggest minimal fluctuation in interest rates for 2024. Many homeowners, especially those who bought in early 2022 or before, benefit from low interest rates, making them reluctant to sell. Opportunities include enhancing our support to our agents by introducing new tools and resources that increase their production and business generation, and continuing to recruit excellent agents, who resonate with our values. Our platform is designed to accelerate the professional growth of our agents, and we’re helping them adopt a systematic approach to maintaining contacts and nurturing relationships.
How do you stay engaged with the communities where you operate?
LR: There is nothing better than being present and just listening. Our leadership team prioritizes being physically present in each of our offices. Visiting our offices allows us to learn information that we may never have received second hand and sends the message that every pocket of our organization is valuable. The ability to have face-to-face conversations affords me the opportunity for direct feedback and to brainstorm in real-time. Our firm supports more than 100 charitable and community organizations throughout Massachusetts, and we regularly provide opportunities for our team to volunteer for these organizations.
How do you inspire and motivate your team?
LR: I believe in an environment where every team member feels empowered to contribute their unique strengths. Transparency and trust are critical in my approach. I value different perspectives and ideas regardless of hierarchy. Given the dynamic nature of real estate, I try to be adaptable and unhesitant in my decision-making.
Vitals:
Gibson Sotheby’s International Realty
Years in business: 62
Size: 500+ agents, 25+ offices
Regions Served: Boston, Greater Boston, MetroWest, North Shore, South Shore, South Coast, Cape Cod, Nantucket, Coastal New Hampshire, Rhode Island
2023 Sales Volume: $3,000,000,000
2023 Transactions: 2,200
www.gibsonsothebysrealty.com
