🔉 Listen to Audio Excerpt:
Can you start talking about how you first got involved in the real estate industry and what initially attracted you to the career?
I’ve been fortunate to have strong women in my life, including four daughters and a wife. My mother actually encouraged me to get a real estate license because her father was a realtor in Malden, and she thought I had the same personality. To appease her, I went and got my license, which at that time was a broker license. I put it in my wallet and renewed it every two years without giving it much thought. Later, when I met my wife, my life took a different turn. There was a point where she said, “You’re not going anywhere with what you’re doing right now. I know you have a real estate license. Why don’t you try to get a job?” To appease her, I went around interviewing at offices. They didn’t hire me because my resume only showed that I could drive an 18-wheeler. Finally, someone in Woburn hired me at Century 21, and here I am today.
Looking back at your early years in real estate, even prior to that, when you were in the trucking industry, what were some of the most valuable lessons you learned that still influence your approach today?
When I was 18 years old, I came to Charlestown with no job and no idea what I was going to do. There weren’t many hiring opportunities, but there was a factory in Charlestown, US Gypsum, under the Tobin Bridge. They hired me for the packing department. I was working alongside hardened men, throwing 80 to 100-pound bags of plaster onto trucks all day. It wasn’t intellectually demanding work, but I learned a strong work ethic from those men. I also learned a lot about becoming a man in that environment. It was simple, but it emphasized teamwork. Those few years really impacted me and shaped my belief in the importance of teamwork.
What motivated you to eventually start Gibson Sotheby’s and what was your vision for the company when you joined?
“In November 2006, we acquired Gibson Domain Domain, an independent agency in the South End, and everything grew from there.”
My partner, Paul McGann, worked with me when I was the senior vice president of franchise sales for Realogy Corporation. I had been in that role for 11 years, helping people grow their companies through mergers, acquisitions, and recruiting. One day, while I was sitting on a tarmac in Chicago, Paul called and said he had just walked into an opportunity in Boston. He suggested we try to grow a company ourselves instead of helping others do it. I was happy to stop the constant travel, leaving home every Monday and returning on Friday. We met with Selby and Nick, well-known figures in Boston real estate, and made a deal. In November 2006, we acquired Gibson Domain Domain, an independent agency in the South End, and everything grew from there.
During those early days when you first started Gibson Sotheby’s, were there any significant challenges or setbacks you faced? Obviously the global meltdown of 2009 was a few years after you got things going. How did you overcome them and did they in any way shape your professional journey?
Yes, that period was probably as significant to my business education as my time in Charlestown was to my personal growth. When we bought Gibson Sotheby’s, it was a real investment of our own money. We had spent most of our capital on purchasing the company, so we didn’t have much left when the market shut down. We were barely making it work and watching everyone else struggle too. Paul and I had a conversation where we decided we could either give up or try to grow. We chose to grow. We acquired five companies essentially for the keys, agreeing to take over their expenses. These acquisitions turned out to be in markets that became extremely profitable when the market turned in 2011. We ended up with six offices in Boston. We had to survive, pay the bills, and do everything necessary, but ultimately, it became the catalyst for our company’s growth.
Can you discuss one or two of the pivotal moments or key decisions in your career that led to the growth and success of Gibson Sotheby’s under your leadership?
What I just mentioned about the 2009 crisis ties into this. We learned from that experience and applied a saying from one of my mentors: “Real estate is always growing. You’re either growing larger or you’re growing smaller.” This became our impetus to continue growing. From 2011 to about 2015, we built our infrastructure. There came a point when we realized we had the support to grow even more. We expanded from seven offices to about 15, increasing our footprint. We promised our agents, whom we consider family, that our expansion would benefit them. We don’t just open offices for the sake of numbers. Every year, we analyze our closings and strategically decide where to expand. This opens up referral networks for our team and new markets for them. That’s how we’ve structured our growth, and today we have 27 offices.
As you progressed in your career, has your leadership style evolved? Were there any mentors or influences that play a critical role in your development as a leader?
Yes, several come to mind. In my life before Real Estate, my Dad with his tremendous work ethic and love of family and also my co-worker and friend, David Catalano, who taught me how to be a man. He affected how I approached life overall. In my corporate life, there was Kathy O’Shaughnessy. When I got into Century 21 and they brought me into the corporate entity, which led to my role at Realogy, we didn’t have much money. She made me a regional VP (I forget the exact title) and told me I needed to dress better for the role. She gave me a credit card to buy two suits and two pairs of shoes, so I could look the part. She supported me throughout my journey and helped me climb the ladder at Century 21. I was effective at what I did and got promoted until I became a senior vice president at Realogy. As for my leadership style, it has evolved. We’ve matured. When we first started, we were operating by the seat of our pants. Now we have an experienced leadership team that understands how we think and operates accordingly. We’ve always prioritized culture as the most important factor in recruiting or acquiring companies. It’s not about productivity; we’ve turned away very productive people because they didn’t fit our culture. This focus has only gotten stronger over the years. With age and experience, I can now anticipate problems before they arise, and I work with my leadership team to address them. The years of experience have helped everyone in terms of running the company.
Gibson Sotheby’s has been a well-respected name in luxury real estate in part because of the branding of Sotheby’s. What personal strategies or innovations did you implement that contributed to the company’s continued strong reputation?
We’re a bit of an anomaly in the industry. We made a decision early on not to have traditional managers. Instead, we focus on leadership and specialists for specific needs. We have an accounting department, leaders who take care of the agents, and a marketing team that handles marketing. In my experience overseeing a thousand offices at Realogy, I found that managers often had to wear too many hats – recruiting, meeting standards, and so on. We don’t base anything on those metrics. Our philosophy is that none of us get paid unless our agents get paid. This drives our culture and our investment in our agents. I’m proud that almost all of my leadership team started as admins and worked their way up. They could run any company in any state now. This internal growth has contributed significantly to our strong reputation.
How do you stay ahead of trends in the real estate market and what advice do you have for others looking to adapt and thrive in such a competitive industry?
I call it the 10,000-foot perch. With 27 offices covering essentially all of Massachusetts, we’re in second home markets, luxury markets, and starter markets. This gives us an information advantage that most people don’t have. I can see trends emerging just by observing how different markets turn. Every morning, I review our numbers and then read extensively – the Wall Street Journal, New York Times, and real estate publications. I try to understand what’s happening in other markets because it’s critical to us. We used to say that anything happening in California would eventually reach us. So if you watch your markets and larger markets, you’ll be well-prepared.
Reflecting on your journey, what are some of the proudest achievements or moments that stand out to you in your career at Gibson Sotheby’s?
Two achievements stand out. First, two of my four daughters have followed me into the business, and there’s nothing like going to work every day with your children. They’re now in major leadership positions, which makes me incredibly proud. Second, it’s the growth from within our company. We decided early on that our leadership team should know what it’s like to work in real estate. So we’ve had people work in every department before reaching their final position. My chief operating officer, Michelle Pelletier, started as an admin and worked in marketing. Everyone understands how we operate, and I’m extremely proud of my leadership team.
This past week, the real estate industry experienced the largest shakeup for agents in a century when it comes to commissions. How has Gibson Sotheby’s prepared for this, and what do you think will happen as a result?
I have strong feelings about this. On August 17th, there will be a lot of misinformation, with the media potentially portraying it as Armageddon. The reality is quite different. We’ve been training our agents for the last year about this, and in recent weeks, we’ve set up dialogues to prepare them. We’re confident our agents will be able to communicate effectively about these changes. Sellers will still sell, and buyers will still buy. The key is for agents to be able to explain how things work now. Many of our competitors haven’t prepared as we have, so we know we have an advantage. Unfortunately, this change will likely reduce the number of realtors in the industry. If you’re not inclined to work 24/7, it’s going to be a challenging job. However, for those who know what they’re doing, there will be opportunities as business shifts their way.
A week ago you won the Andrew Hickey Distinguished Service Award by the Greater Boston Association of Realtors. What exactly is that award and what does it mean to you?
I was honored to receive that award last week. Having attended many GBAR and realtor events over the years, this particular award was always one I aspired to receive. It’s special because it doesn’t just recognize efforts within committees and GBAR organization, but it acknowledges impact on the industry as a whole. It made me proud to be recognized for my contribution to the broader industry, not just specific committee work. The previous recipients of this award are iconic figures in real estate, so I feel both honored and humbled to be included in that group.
Looking to the future, what are your goals for Gibson Sotheby’s, and how do you envision continuing to drive success and innovation in the real estate industry?
We plan to follow the same strategy that has brought us success so far. This includes strategic growth, recruiting agents who fit our culture, and maintaining our reputation for honesty and straightforwardness. I’m proud that when I interact with the real estate community, people consistently praise our agents and our company. We’ll stay the course with a steady hand. We don’t get flustered or swayed easily. Our leadership team maintains this steady approach, and I believe our agents do the same. Our goal is to continue providing excellent service and maintaining our strong reputation in the industry.
Gibson Sotheby’s International Realty has 27 offices located across the state of Massachusetts. To learn about their services, please visit their website at Gibson Sotheby’s Realty. Their Back Bay office is located at 277 Dartmouth St, Boston, MA 02116 617-375-6900
