07 May Broker Spotlight
Get to know Rett Coluccio
Finding His Niche
For Rett Coluccio, a career in real estate was always in the cards; finding the right niche within a complex industry took some time. After earning a bachelor’s degree in Economics with Financial Application from Southern Methodist University in Dallas, Texas, Rett returned to California and went to work handling commercial transactions at Cushman and Wakefield.
While he was gaining experience, making connections, and learning the ins and outs of California’s real estate market, Rett desired more opportunities to tap into his innate entrepreneurial spirit. “I didn’t want to change directions completely, but I was looking for more freedom that would allow me to stretch my creativity and carve out my success,” he said.
When his childhood friend Dan McDonough approached him about joining him at a small land brokerage firm, Rett took it as a sign to try something new. After working together for a few years, Dan, Rett, and colleague and friend Marc Kleiman founded Province West. Next year, the three will celebrate a decade of business together.
There have been times of uncertainty and doubt, but as Rett reflects on his career and accomplishments, he knows he has found his path. “Every transaction is different and requires an individual strategic plan,” he said. “When our team works on a project, I believe it’s important that we call on our knowledge, creativity, and relationships to create the right business plan that ultimately help our clients reach their goals.”
Building A Business
“There have been so many experiences that have played a role in who I am and why I am here,” Rett said. “There are probably just as many failures as successes that have contributed to my evolution.” Looking back to the beginning, he is thankful for many mentors along the way including Scott McDaniel of Lansing Companies, who Rett says taught him the fundamental aspects of managing himself in this business and provided him with early opportunities. Rett also credits his success, and that of Province West’s, to a focus on hard work, and collaboration with talented and like-minded people.
Starting Province West at the height of the great recession proved challenging, but Rett never lost faith and looks at Baker Ranch as the landmark deal that solidified years of hard work. “Having the opportunity to pitch that business changed things by allowing us to capitalize on our abilities and showcase the fundamentals of how we approach positioning an asset in the market,” he said. “Winning that business validated everything we had done up to that point and set the path forward for us to accomplish more.”
Rett is a firm believer that any project is only as good as the people working on it. “We are not the biggest firm in the area, but I do believe we are the best,” he says. “We have thoughtful, disciplined brokers and the best marketing staff in the business, but what sets us apart is our shared interest in common goals.” Rett explains that while the Province West team may have certain regional areas of focus, they don’t limit their roles or responsibilities and aren’t afraid to tap into each other’s strengths to achieve the best outcome for their clients
Focusing on the Inland Empire
When it comes to geographical areas of expertise, Rett concentrates his efforts on the Inland Empire and is currently keeping a close eye on the area’s rebound from the recession. He notes that although California’s market tends to be volatile, the Inland Empire has seen healthy and steady growth after being hit especially hard in 2008.
While there is more room to grow in the area compared to Southern California’s coastal markets, Rett notices slower building and a healthier rebound, noting that just a fraction of building permits are being pulled compared to years past. He attributes this modest trend to a variety of factors playing on each other including lower FHA loan limits, less private homebuilders, limited access to credit (for both buyers and builders), and rising construction costs.
Although he understands the importance of development in order for California to address its current housing crisis, Rett is pleased with the slower Inland Empire growth compared to the pre-recession building boom because it forces smarter growth. “We need more inventory to meet the growing demand, but we must be strategic so that we build homes and neighborhoods that make sense for the residents that live there and the larger area they are a part of,” he said. A proponent of thoughtfully designed master-planned communities, Rett is excited that Province West is playing a part in creating communities that fit into the existing infrastructure and will thrive for many years to come.
Rett remembers a time when the Inland Empire was considered far removed from the main areas of business, commerce, and community. Today, the area is an extension of Orange County and Los Angeles. As California continues to expand, he believes we have a long runway in the Inland Empire as it relates to this cycle; and notes areas such as Lake Elsinore, Menifee, and Beaumont, are primed for continued growth as area home builders can continue to acquire inventory and deliver homes at an affordable price point.
Marching to the Beat of His Own Drum
While developing Province West, Rett has also been growing his family and is a proud dad to daughters Casey (9) and Dylan (7), and son Quinn (5). He enjoys spending time with them and his wife Lindsey whenever he is not working and recently started coaching their sports teams. Rett says there isn’t a lot of time left over after work and family, but when he gets the chance, he enjoys playing the drums in his garage band.