Internet cited as rising influence
By Patrick Healy, PBN Staff Writer

The Internet has influenced the real estate community's most influential members more than any other aspect of their industry. About 36 percent of the 25 experts we spoke with cited the increasing role of Internet technology as something that has shaped and defined real estate over the past five years. Twenty five percent said Providence Place was the biggest thing to happen in the industry, while others cited aspects exclusive to their niches in the market.

The people included on our Who's Who list were primarily suggested by people in the real estate business, or are among the major newsmakers in real estate locally. A number of individuals and organizations that we believed should be included on our list did not respond to our survey. Therefore, the list is far from all-inclusive, but does represent some of the primary movers and shakers within the real estate industry.

We see this, in part, as a work in progress and encourage you to contact us if you believe others should be included in the list. We will be doing an addendum in a future issue of the newspaper and will include new entries on our Web site. To be eligible for the list someone has to be considered a prominent player within the area's real estate community. Please send any suggestions by e-mail, with the subject box "Real Estate Who's Who Addition" to editor@pbn.com.

Most respondents who cited the Internet as the biggest influence on the industry pointed to the way technology has changed the roles of the real estate professional and the buyers and sellers themselves. Warwick broker Gilbert Bricault of DeWolfe Properties said the industry bywords have been survival of the fittest in terms of adapting to the new technology. "The whole model of how we do business has changed and that has separated the companies that have survived and the companies that haven't," he said. Sharon Steele, president of Providence's Sharon Steele Group agreed. "The Internet has allowed the buying public to preview cities and towns and any and all information about them," she said. While technology has caused a positive adaptation of the business model for many in the industry, some areas of real estate are very threatened by these advancements. Gary Reilly, head of the Rhode Island Real Estate Appraisers Board, said appraisers may not be as necessary with the advent of electronic appraisals. He said this doesn't necessarily mean the job will be as good. "There is a danger that the job will become extinct or greatly diminished," he said, and this is especially troublesome for the New England area because "we have a very diverse selection of housing, and electronic appraisals put some lenders at risk." Reilly said electronic appraisals are fine in places where the properties are very similar in size of land and structure. Rhode Island, however, is not one of those cookie-cutter places, he said. Other members of the community expressed their hope that the City of Providence would continue to grow in the same way that it has over the past 10 years with the mall and the relocation of the river. Former mayor and current partner with Providence's Paolino Properties, Joseph Paolino Jr. said keeping Providence's vibrancy is one of the most important issues to tend to within the next year. "We can't just say Providence is done," he said, "We have to make sure the older buildings get used." Peter Hayes, a partner with Providence's Hayes & Sherry agreed, saying the development of the Convention Center, Westin Hotel and Providence Place Mall has created the momentum to develop the remainder of the Capital Center. The next step, Hayes said, is "getting development projects approved, financed and under construction." Many industry experts also cited confidence in the economy as a key to success. Some said to not be too influenced by the national model, while others said the national model is an important facet of Rhode Island's real estate market. Scott Gibbs, executive director of Providence's Grow Smart, expressed optimism in his forecast. "One important thing is not to be swayed too much by momentary economic jitters and evaluate long-term demographic trends instead," he said. Robert Dupre Jr., a partner with the Armory Revival Company, seemed more skeptical. "If the national economy tanks Providence is soon to follow," he said, "but for now the residential real estate market continues to be very strong here." And it is the 25 people we are listing who have contributed in some form to the strength of this market.

Published 04/23/2001

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