The latest growth area for New York-based luxury real estate firm Serhant is Rhode Island, where the company plans to open an office early next year with more than 30 agents.
Earlier this year, Serhant expanded into the Washington, D.C., and Phoenix markets, following the addition of locations in six other states in 2023 and one in Atlanta last year. Ryan Serhant, a former cast member of Bravo's "Million Dollar Listing New York,” launched the brokerage in 2020. The Rhode Island branch will be based in Newport, a city famous in part for its late-19th-century mansions. A temporary office is now open in the city.
The company was drawn to Rhode Island by the ample demand for year-round homes in the state, regional managing director Deborah Hauser, who leads the new office, told Homes.com. There are also referral opportunities “between Rhode Island’s coastal luxury markets and other destinations where we already have a strong presence, such as Palm Beach and the Hamptons,” she said.
Six of the new Serhant office’s seven founding agents moved from affiliates of Anywhere Real Estate, such as Sotheby’s International Realty, or of Compass, including Christie’s International Real Estate; Anywhere is in negotiations to become part of the Compass brokerage.
Caroline Richards, one of the new agents, said she liked that Serhant is a company built by agents like her, and that it isn’t based on a model involving franchises or affiliates of a larger brokerage.
“There’s been a lot of confusion in the marketplace this year with mergers, acquisitions and lawsuits,” she told Homes.com. “Serhant has a unified brand and clear message in the marketplace - that’s important to me and my clients.”
But agents had other reasons to join Serhant, they said, including what they described as its superior technology platform and marketing strengths.
“What really stands out is the infrastructure. The technology is a true game-changer and it lets me be more hands-on with my clients,” founding agent Hillary Olinger said.
Devin Sheehan, a founding agent who moved from ReMax LLC, said he expects Serhant to be helpful with social media and digital marketing as he continues airing his YouTube real estate channel on living in Rhode Island.
One of the benefits of his new company, he told Homes.com, “is being able to leverage and lean on the incredibly talented staff they’ve assembled.”
The other founding agents include Johnny Sheil, Allie Readyhough, Dina Karousos and Tammy Bass.