SRMF’s Top Selling Agents Team Discontinues to Create Their Own Real Estate Brokerage

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Dawson Boyer, Elliot Gravitt and Caleb Boyer (left to right), co-owners of Providence Hill Real Estate, at their premises in the Tuckahoe Mall. They plan to move in by mid-August. (Photos courtesy of Providence Hill Real Estate.)

The top-selling agent team at SRMF Real Estate spun off and formed their own firm, opening an indoor store just across the street from the residential broker’s home base.

Brothers Caleb and Dawson Boyer, along with co-owner Elliot Gravitt, founded Providence Hill Real Estate, an eight-agent brokerage company made up of the team they have built since joining SRMF four years ago.

This is the first such departure for SRMF – short for Shaheen, Ruth, Martin & Fonville Real Estate – since broke away himself at the larger brokerage company Long & Foster Real Estate in 2017. Gravitt and Boyers joined the firm a few months later, moving from Re / Max Commonwealth and Long & Foster, respectively.

Where is the SRMF departure followed by lawsuitsDawson Boyer said the Providence Hill split was amicable.

“We told them when we left we were really leaving because of inspiration,” said Boyer, who began selling real estate under Scott Root of SRMF in 2010 when they both worked at Long & Foster.

“We told them it was like an 18-year-old who loved his parents but was willing to go and try to live on his own,” Boyer said. “SRMF was a fabulous place. But we got to the point where we could no longer grow and do what we wanted, because we were under their umbrella. “

Scott Shaheen, who heads SRMF along with Ruth, John Martin and Mahoud Fonville, said they understand the team’s decision to go their own way. He said SRMF had the team’s brokerage license for a month after they said they were leaving as a service when the team’s business license was delayed.

Scott Shahin

“This is the benevolence that you, as a broker, put on the market,” Shahin said. “Unlike what we had with our former company that we left, we feel that everyone has the right to do their own thing, and it was a very friendly split.

“They decided they wanted to do their own thing, and in this real estate world, you can’t blame people for wanting to end the relationship and go about their business. That’s just the way things are. “

Boyer said Providence Hill’s location – 421 N. Ridge Road, part of the former Impulse cargo area at Tuckahoe Mall – should not be seen as an aggressive move against SRMF, which is headquartered across the street at 420 N. Ridge Road.

Boyer said the team was based in the office and originally looked at the former Starbucks space at the Village Mall about a mile away, but the square footage was too small. This prompted them to lease the Takaho area, which has a total area of ​​2,800 square feet. Boyer said they won’t be able to move until mid-August.

“It wasn’t a bow shot or something like that,” Boyer said. “We were just there, so everyone got used to coming to this place. And the fact that we grew up in this area will be a great recognition for us. Many of our clients and the people we have known throughout our lives often visit the area. ”

Home lawn

Freeman High School and VMI alumni Boyer, 35, and his brother, 32, are also known for their family-owned Boyer’s ice cream and coffee business. which they sold to Gelati Celesti in 2018.… At the time of the sale, Boyer was subletting his premises on Grove Avenue to SRMF, which opened an office months earlier in the same building. Boyer said this turn of events was just a coincidence.

Boyer said Providence Hill will differentiate itself from other brokerage firms by offering profit sharing to agents who achieve a certain sales volume and helping them grow their business. Gravitt, 41, a graduate of VCU and Godwin High School, will serve as the primary broker.

Eight agents and additional support staff make up the Providence Hill team.

“There are a lot of really solid brokerages in Richmond that teach you real estate, but nobody really teaches you how to grow and scale your business,” Boyer said. “We feel we have a truly unique offering to show and teach agents how to grow and scale their business, in addition to providing (office) space.”

Boyer said they are also focusing on new technology, but they don’t want to go so far as to dispense with a regular office.

“We think culture is really important and it’s difficult to develop and create culture from an Internet perspective, especially in a business where everyone works with brokers, but is a lone wolf, so to speak, with how our sales work.”

Boyer declined to go into details of their profit sharing model, which he said would be proposed in addition to the traditional split of commission agents. He said the team expects to achieve $ 90 million in sales and 225 transactions this year. Shahin confirmed that this team was SRMF’s sales leader, just above the Beran Group, which he named second.

Boyer said they hope to increase the number of Providence Hill agents to 30 in 18 months and no more than 50 in 3-5 years. He said their current agents are between 24 and 74 years old, and they all reside within half a mile of their office.

Of their decision to go out on their own, Boyer said: “It was that entrepreneurial itch, yes, we have our own business individually as agents, but we really wanted to be able to help other people develop and grow the business more. and delivering what we feel is a unique real estate brokerage business model in Richmond.

“Since everyone is in competition, no one really shares information, so for an individual agent who is trying to grow their business over a period of time or build a team, it becomes a lot of trial and error,” he said. “We’re trying to get rid of the guessing game so people can reach their potential faster.”



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