Billion Dollar Brokers:

Spring 2004 Issue

Patricia Petersen:
Daniel Gale Real Estate

Patricia Petersen is a recognized expert in the world of residential real estate sales and marketing. As the owner of the largest, non-franchised, independent brokerage firm on Long Island, Petersen’s company leads the industry in achieving the highest average sales price for the homes sold in her market.

As president and CEO of Daniel Gale Real Estate, her company encompasses corporate headquarters in Huntingon, NY; sales offices spanning the North shore of Long Island; an award-winning relocation center; a land and new homes division; and an affiliation with Wells Fargo Mortgage.

Founded in 1922, Pat purchased the business in 1991 from D. Kent and Jean Gale. They had built on the tradition-rich philosophy of his father, who began the agency in 1922. “The best thing that happened to me in this industry was that I began my career under the tutelage of D. Kent and Jean Gale,” Petersen says. Stanley Gale, the grandson of the founder, maintains a minority partnership in the firm so the family tradition is still thriving.

When Pat joined the agency, it had two offices and 12 sales associates. Today the firm has 14 offices and over 400 sales associates. The growth, she says, came from taking calculated risks. “Without risk, there is no growth. I have confidence in my ability to succeed and I like people around me who feel the same way,” she adds.

Pat joined Daniel Gale in 1974 as a sales associate. She went on to manage the Daniel Gale Cold Spring Harbor office and was appointed relocation director and general manager in 1983. She was named vice president and general manager in 1985, and became president and CEO in 1991.

“I had a successful career in public relations so marketing real estate was a smooth transition. Building a business, however, takes more than one kind of expertise. I learned the importance of personal attention to individual needs, whether to clients, customers, colleagues or staff,” she says. “The importance of mentors cannot be underestimated. Kent and Jean reinforced my ability to intertwine personal values with business goals and understand that each serves the other.”

“We cherish our independence at Daniel Gale and our branding as the leading broker of premiere properties on Long Island. It is important to build a foundation for your business that can attract excellence in your staff and will expand customer satisfaction. Our reputation for personal service, quality and integrity is our foundation—our brand if you will. We work at it every day,” she notes.

Petersen says her sales associates are trained extensively by senior agents who provide expert knowledge of residential real estate, as well as passing on the corporate philosophy. “The name, Daniel Gale, and the sign of the whale have become a ‘seal of approval’ for clients and customers,” she adds.

While focusing on the company’s core business, the marketing of fine residential properties, forecasting the future and taking appropriate risks has been critical. “Judicious growth requires resiliency,” she says. “New plans don’t always work out, but problems are to be solved, not accepted.”

Rather than fearing the Internet, Pat says her company embraced it. “We were one of the first organizations to enable visitors on our site to customize their home search according to individual criteria and offer instant access to luxury properties throughout the world,” she notes.

“When we merged another real estate company into ours, we always looked at the cultures of the offices involved. We made a commitment to reach out to the newly acquired personnel, to meet with them personally, to offer social opportunities to get acquainted, and to welcome them as equal members of the Daniel Gale family.

“Delegating is an art—and the sooner it is learned, the better. While I am a hands-on manager, I have surrounded myself with an outstanding team of committed, knowledgeable people, each with particular strengths to grow our company.

“We value their contributions and their experience, and we let them know it. We have various levels of membership groups to acknowledge top producers, plus awards ceremonies, special trips, and other incentives to show our appreciation,” she adds.

Inside the Brain Trust Brain Trust members at a recent gathering included (standing left to right) Katy Boles, Shari Chase, Martha Turner, Pat Petersen and Michael Saunders. Seated (left to right) are Jenny Pruitt and Lois Schneider. Michael Saunders, Michael Saunders & Company Pat Petersen’s counterpart in Florida is Brain Trust member Michael Saunders. The owner of an independent real estate brokerage firm with principal offices in Sarasota, Michael’s company is recognized as one of the top woman-owned companies in the state and is ranked among the top 500 women-owned businesses nationwide. With a sales volume of $2 billion in 2003, Michael’s firm has 17 offices serving Anna Maria Island to Boca Grande. Established in 1976, the firm’s 420 sales associates focus on exceptional customer service. “The company was founded with a vision and a value system of integrity, excellence, mutual profitability, and communication,” Michael says. “These principals, entrenched into every facet of our enterprise are interwoven into the success of our company.” Katy Boles, Graham & Boles Properties Another Brain Trust member, Katy Boles, founded her Winston-Salem, NC firm in 1990, with two now-retired partners and three sales agents. Her company has since grown to 80 agents and a staff of 35 employees. The company also operates a mortgage company, title company, and a relocation management company. Sales revenues in 2003 were $391 million. “What makes us unique in the real estate industry,” Katy says, “is that our company has a stock plan and offers qualified agents and staff the opportunity of ownership. I am proud to say our company currently has 41 shareholders.” Jenny Pruit, Jenny Pruit & Associates Brain Trust member Jenny Pruitt’s company has earned a reputation for being one of Atlanta’s top residential real estate companies through a commitment to “service beyond belief in every step of home buying.” With 400 sales associates and five offices, the company had $1.2 billion in sales in 2003. Lois Schneider, Lois Schneider Realtor After many years as a top producing sales associate, Lois Schneider started her own real estate company in 1976 as the “premiere boutique agency” focusing on Summit (NJ) and surrounding communities. Her company now is recognized as the market leader, with 27 sales associates and $300 million in 2003 sales. Shari Chase, Chase International Chase International is the leader in luxury real estate at Lake Tahoe and the High Sierra. The company focuses on selling exceptional properties and has earned the distinction of selling more properties over $20 million than any other company. Twice the firm has sold the highest priced residences in the United States. It is currently listing The Pines at $36 million and Al Tarina – The Khashoggi Summer Retreat at $37 million. With four offices in Lake Tahoe and one in London, England, Chase’s team of 40 agents produced $200 million in 2003 revenues and will surpass that figure by the third quarter of 2004.

Pat considers community involvement indispensable, particularly since her offices have roots in many Long Island towns and villages. “We encourage each of our agents to ‘give back’ to the communities where they live and work. More importantly, however, we believe that it is an obligation to contribute to our region’s cultural and humanitarian needs in order to improve the quality of life for us all,” she says.

As evidence of this philosophy, Pat is a major donor to the Whaling Museum, the Heckscher Art Museum, the Caumsett Foundation, and Huntington Hospital. She served as the Hospital’s honoree for the 2003 Women’s Golf Outing, spearheading a record-breaking contribution to the Hospital for this annual event.

She also serves on the executive committee as well as the advisory board of the DNA Learning Center, Cold Spring Harbor Laboratory. She is on the board for Long Island’s Heritage and is a member of the National Trust for Historic Preservation.

Recent honors include induction into the Long Island Business News Top 50 Most Influential Women in Business Hall of Fame.

“Networking is one of the keys to building any successful business. In residential real estate, it may be even more vital for success. Professional memberships expand your knowledge and your interaction with colleagues who can share issues, approaches and advances with you—as well as expand your customer base,” she says.

Her industry affiliations include serving on the advisory boards for several national and international professional organizations, including Sotheby’s International Realty. She is a member of The Registry, a national affiliation of luxury real estate brokers; Leading Estates of the World; International Real Estate Federation; Who’s Who in Luxury Real Estate; The Realty Alliance, a corporation owned by many of the largest professional residential real estate companies in the U.S. and Canada; Women’s Real Estate Council; the Long Island Board of Realtors; and the National Association of Realtors.

Perhaps her most interesting affiliation is The Brain Trust, a small, but powerful organization of eight women-owned brokerage firms. The group first met informally at Canyon Ranch for a spa retreat. “We briefly considered naming ourselves the ‘Spa Ladies,’ but decided it wouldn’t look good on a press release. We opted for The Brain Trust instead.”

The group meets once a year at the host city of one of their businesses. “We review the broker’s operation from top to bottom. We work as a team and visit every office, talk with the sales associates, the custodians, everyone. We prepare a peer group review and the following day we make suggestions on how the business can be improved,” she says. “And The Brain Trust members still manage to get to Canyon Ranch for a four-day retreat every year.”

Pat’s advice to other women entrepreneurs? “There is always more to learn. Stay focused on your goals. Value integrity. Work to anticipate your clients’ needs. These are the building blocks for lasting business success. And, I’ve always believed that there’s no limit to what you can achieve if you don’t worry about who gets the credit."