News Summary
Ryan Serhant, a star from Netflix’s ‘Owning Manhattan,’ is launching his real estate firm, Serhant, in Rhode Island. Set to open on October 6, this 12th office will utilize tech-driven approaches and AI to enhance services. With a team of 24 realtors already onboard and a focus on local market insights, Serhant aims to reshape the Rhode Island real estate landscape amid rising housing prices and industry changes following major acquisitions.
Providence, Rhode Island – Ryan Serhant, renowned for his role in Netflix’s “Owning Manhattan,” is expanding his real estate firm, Serhant, into Rhode Island. The new office, which will be the firm’s 12th, is slated to open on October 6. This expansion comes during a time of significant disruption in the real estate industry.
Serhant’s brokerage has already established a presence in 11 other states, including major markets in New York, Washington D.C., and Boston. The Rhode Island office aims to leverage a tech-driven approach, utilizing artificial intelligence to enhance services provided to its agents. Notably, the firm successfully raised over $45 million in venture funding last December to facilitate this expansion and enhance its technological capabilities.
As of mid-August, Serhant made its official mark in Rhode Island’s corporate database, indicating formal registration to do business in the state. Currently, the firm has attracted 24 realtors to its Rhode Island team, all keen to be part of the new brokerage. The timing of this expansion coincides with notable shifts in the local real estate market, notably a disruption following Compass’s acquisition of Anywhere Real Estate, which owns major brands such as Century 21 and Coldwell Banker. As the industry watches closely, experts are evaluating whether this landmark deal will pass regulatory scrutiny and its implications for brand operations.
The Rhode Island housing market itself is experiencing a rising trend, with the median home price now consistently exceeding $500,000. This increase is largely attributed to low inventory and strong demand driven by buyers relocating from out-of-state. The competitive landscape is evolving, and Serhant’s entry may present new opportunities for both agents and buyers alike.
As local firms face these changes, business leaders like Sally Lapides, CEO of Residential Properties, emphasize the value of maintaining local ownership and community connections. Meanwhile, Serhant’s innovative business model, termed “Brokerage 3.0,” focuses on empowering agents and utilizing technology to enhance their market presence and effectiveness.
The new Rhode Island office plans to combine national marketing resources with local insights, ensuring responsiveness to the unique needs of local clients. The founding team of the Rhode Island office has a solid background in real estate, having closed approximately $550 million in transactions over the past year, positioning them as strong contenders in the state’s market.
To bolster agent performance, Serhant intends to create customized platforms aimed at enhancing market leadership through integrated offerings that include media, education, and technology resources. Despite ongoing uncertainties in the housing market, particularly concerning mortgage rates, Serhant remains optimistic about the demand for residential sales in Rhode Island, projecting a robust future for real estate transactions in the state.
With the industry in flux and new players entering the field, Serhant’s expansion into Rhode Island could reshape the local real estate landscape, potentially benefiting buyers and sellers alike as competition increases and innovative practices are introduced.
Deeper Dive: News & Info About This Topic
HERE Resources
Rhode Island Real Estate Market Faces Major Changes
Serhant Real Estate to Open New Offices in Rhode Island
Additional Resources
- Housing Wire
- Providence Journal
- GoLocalProv
- Providence Business News
- Stacker
- Wikipedia: Real Estate
- Encyclopedia Britannica: Real Estate
- Google Search: Rhode Island real estate market
Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
