Prudential Towne Realty - Real Estate Magazine Cover Story

Reaching the Pinnacle with Professionalism and Care Prudential Towne Realty

By Barbara Pronin

Barbara Wolcott Chairman and CEO Prudential Towne Realty RREIN Member

RISMedia’s REAL ESTATE

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wo ambitions drew Barbara Wolcott to the real estate industry more than 35 years ago: to be the master of her own fate and to create a company of distinction. Today, as chairman and CEO of Prudential Towne Realty in southeastern Virginia, Wolcott reaffirms those goals each morning, and her company is recognized throughout the state for its passion, professionalism and dedication. “The secret to my success is simple,” says Wolcott, who has also served as president of the local and state real estate associations and on the boards of numerous business and charitable organizations. “Surround yourself with the best people and then get out of their way.” But as those who know her best are aware, there is a lot more than that to her working strategy. In this exclusive interview, Wolcott shares what makes her company strong—and how she plans to meet and exceed the expectations of her agents and their clients.

Barbara Pronin: Let’s begin with a brief synopsis of your career path.

Barbara Wolcott: I grew up in New York, but I finished high school and started college in Virginia, where my first job was in banking. I found I enjoyed it, especially the mortgage loan end of it, but that was many years ago, and it didn’t take long to realize I was up against an unbreakable glass ceiling. The only way a woman could move up in banking in those days was as a bookkeeper or a teller—and I wanted more challenge than that. So when a customer, a real estate broker, urged me to try real estate, I decided to give it a go. I loved it from the outset, because I quickly found I was now the master of my fate—that there was no end to what I could achieve based on my own efforts and perseverance. I quickly progressed from agent to training director and then to manager. Then I moved to another company as general manager and eventually became CEO. That’s where I was in January 2009, when three well-established RISMedia’s REAL ESTATE

“We have learned over the years to be flexible and realistic, and to respond as market needs demand. The reality is that the real estate market changes all the time, but we make it priority one in every market to be a trusted advisor to all of our clients.”

-Barbara Wolcott Chairman and CEO Prudential Towne Realty

and respected companies—Prudential Decker Realty of Virginia Beach, Prudential McCardle Realty of Williamsburg, and GSH Real Estate—decided to combine resources with a progressive hometown bank to create a powerhouse real estate company for Hampton Roads. That is how Prudential Towne Realty was born. In a way, my career has come full circle—from banking to real estate to a thriving relationship with both. It’s been a source of pride and fulfillment for me and, I hope, an inspiration for others.

BP: How would you characterize your company’s position in your marketplace?

BW: In size, we’re probably fifth or sixth in the region with over 400 agents in nine locations. In production, we zoom up to third. And in terms of prestige and customer loyalty, we are decidedly top tier. We have the strong and enviable combination of the Prudential franchise, the much-respected Towne Bank brand, and a solid reputation as the go-to company for professional, customer-centric service.

BP: What would you point to as

your competitive advantage in the marketplace?

BW: We know the market. We have deep roots in every community we serve, and we are able to provide expert guidance to every customer in every aspect of the business. I think we are perceived as the company you can trust, not just because of our distinguished pedigree, but because everything we do speaks of professionalism and customer care. From our individualized marketing and advertising platforms to our attention to detail to our skill and proficiency with buying and selling homes at every price point in our market—and those range enormously, from homes valued in the

low $100-thousands to well over $6.5 million.

BP: How have you evolved as a

company over the years to adapt to changes in the market?

BW: Taken together, our company brings to the table more than 60 years of experience in every phase and every condition of the market.

The timing for our merger could not have been better, because even as the Fine Homes market declined for a while, we had other markets to sustain us—including the military market, which is always a sizeable part of our base. We offer a fully rounded real estate experience, including fine homes, relocation, mortgage and title services, property management, commercial services and more. We have learned over the years to be flexible and realistic, and to respond as market needs demand. The reality is that the real estate market changes all the time, but we make it priority one in every market to be a trusted advisor to all of our clients.

BP: What are today’s consum-

ers most concerned with when it comes to buying and selling real estate?

BW: Sellers always want to get the best price, and buyers look for bargains. But concerns shift as the market changes, and we are seeing a change now. There is a shortage of inventory, pent-up demand, low interest rates and a lot of cash investors, so reasonably priced homes in good condition are routinely drawing multiple offers. At the same time, tightened credit requirements are making things harder for buyers.

Our advantage, here again, is our far-reaching grasp of market conditions and our proven ability to help each buyer and seller understand and negotiate the options.

BP: How do your sales associates

meet these changing customer needs?

BW: By staying on top of the market, being flexible and well prepared, and communicating effectively with clients. The fact is, there is so much in-

“We know our clients are making some of the most important decisions of their lives, and we take seriously our responsibility to help them make the best choices.

That’s professionalism with a personal touch, and that is what we stand for and behind.”

-Barbara Wolcott Chairman and CEO Prudential Towne Realty formation available online today that many customers don’t know what to do with it. They are bombarded with facts and generic advice that may or may not apply to their situation. All our sales associates are full-time agents. They are skilled negotiators, committed to being knowledgeable and customer-focused. We know our clients are making some of the most important decisions of their lives, and we take seriously our responsibility to help them make the best choices. That’s professionalism with a personal touch, and that is what we stand for and behind.

BP: What is the company doing in

terms of training to keep the sales force equipped to succeed?

BW: We have a full-time training director who develops our programs and oversees more than 200 classRISMedia’s REAL ESTATE

es every year for both new and experienced agents. They range from industry basics to the most forwardlooking trends, from managing social media to making the most of open houses and marketing yourself and your properties. We also have Prudential’s considerable array of online training classes available to our people 24/7, and we encourage a lot of planned and impromptu mentoring sessions that grow out of the day-to-day. The fact is, training never stops because conditions change all the time.

BP: How are you retaining topproducing agents?

BW: By providing them with stability and support in every market, and a nurturing environment that inspires success and recognizes achievement. Our agents know they are the heart of this company, that they are this company, and we value them.

They know we treat them fairly, and that does not mean treating everyone the same. Every agent has different needs and expectations, and we recognize and applaud their differences. Lastly, we put great stock in being as transparent as possible.

We listen to our agents, we hear them, and we make decisions largely based on what they need and want.

BP: How has your technology

evolved to meet the demands of agents and customers?

BW: To begin with, we have a great tech department, always up on the newest tools and the latest industry buzz. And we pride ourselves in providing our agents with all the bells and whistles it takes to keep them at the top of their game. At the same time, our philosophy has always been that technology is not the be-all and end-all. Every customer, every deal, is unique and what works for one does not necessarily work for another. What we value RISMedia’s REAL ESTATE

most is our unique ability to build and maintain relationships. Being customer-focused is what forges relationships, and it’s relationships that power success.

“What we value most is our unique ability to build and maintain relationships. Being customer-focused is what forges relationships, and it’s relationships that power success.”

-Barbara Wolcott Chairman and CEO Prudential Towne Realty

BP: How has your marketing and promotional strategy changed to better connect with customers?

BW: We try to maintain a customized and diverse marketing strategy to fit a variety of needs. In some ways, we are very traditional in that we still do the kind of print advertising that resonates with buyers and sellers, especially in a time when many real estate companies have pulled back on it. We try to be innovative, with Sunday newspaper wraps that sellers— especially older sellers—expect and really value. We also produce a quarterly Fine Homes magazine, a glossy and beautiful publication that bespeaks the luxury and quality we represent at the high end of the market. Of course, our agents are wellversed in promotion via social media, where we maintain a presence that attracts and captures younger buyers and sellers. And last but not least, I must emphasize, we are a deeply rooted part of the communities we serve. Customers know us and trust us.

BP: What do today’s agents need to focus on to succeed?

BW: In the history of the industry, there has never been a more diverse set of strategies for success. From the most traditional to the most tech-savvy, every dedicated and hard-working agent has a real shot at success—with no glass ceiling and no limit to personal achievement. If you focus on developing a strong contact base, stay on top of market conditions, and do what it takes to build and maintain lasting relationships, you are well on your way to becoming a star performer.

BP: And finally, Barbara, what are

your plans for continuing to grow the company?

BW: We knew, from the time we came together as Prudential Towne Realty that we would grow the company selectively, primarily by recruiting quality agents and supporting them in every way possible as they grow to reach their full potential. I personally conduct a portion of every orientation session we have for our new people. I tell them how delighted I am to have them with us, how confident we are about their bright future, and how hard we will work to be sure they have everything they need to flourish. Then I give them all my cellphone number, and I tell them, “anytime you need me, call me.” To date, I have never had a single agent call me to complain.

They call to ask a question or to kick around an idea—or to share an opportunity or a strategy—and they know I’m happy to hear from them and that I share in their enthusiasm. That’s what I mean when I say, “hire the best people, and then get out of their way.” Respect is a mutual thing, and that goes for agents, management and customers. RE For more information, please visit www.prudentialtownerealty.com.