Denise Mazone blazed a new trail for people of color in January when she was installed as 2022 president of the Minneapolis Area Realtors.
Mazone, owner and operator of Mazone Real Estate in Minneapolis, is the first African American to hold that leadership position. But she’s confident that other people of color will follow in her steps.
“I may be the first African American to hold this position. I definitely will not be the last,” Mazone said in an interview.
Mazone has been a Realtor since 1993. In 2009, she founded Mazone Real Estate Group, which serves both residential and commercial clients, and places a strong emphasis on helping people of color achieve their dream of homeownership.
In Minneapolis, the homeownership gap between white households and households of color is among the biggest in the nation, according to the Federal Reserve Bank of Minneapolis. One of Mazone’s goals as MAR president is to bridge that gap.
“Bridging the disparity gaps so that all people have a chance to be homeowners is the most important thing to me, and I’m excited to carry on that vision as MAR’s president,” Mazone said.
In the following interview, Mazone talks in depth about her equity goals, her own real estate path, the outlook for home sales in 2022 and more. The interview has been edited for length and clarity.
Q: Talk a little bit about your background in real estate.
A: [In 1993] I started up as a Realtor. Prior to that, I did some property management and things like that. It started with my family. And then it catapulted into something else, into actually buying and selling homes.
Q: When did you start Mazone Real Estate Group?
A: That started in 2009. In 2008, I had some difficulties, some health issues. I had a bad back. When I started back, it was like six months through the recovery process; I just took the test and just became my own broker.
Q: What was it like starting up at that time?
A: It wasn’t too bad. It was during a time where there were a lot of foreclosures and that just became a niche. I was able to do a lot of foreclosures at that time, so it all worked out.
Q: Where do you focus your business now?
A: Personally, I love dealing with first-time homebuyers. I strive to bridge this gap of homeownership in the Black community right now. We’re No. 1 in the nation in the disparity gap. So I am doing everything possible to try to bridge that gap.
I’ll sell million-dollar homes as well and also commercial real estate, so I do a little everything.
Q: How do we create opportunities for more diverse homeownership in the Twin Cities?
A: One thing is I’m working on getting the word out that there’s down payment assistance for everyone. It’s just getting the word out, boots on the ground, getting out there talking to people. Also, just getting them to the point where they can believe that they are worthy of owning a home. For some people it’s intimidating. It’s just kind of dispelling the things that they’ve been taught for so many years.
Q: Would you like to see more diversity among Realtors, people selling homes and commercial real estate, as well? How can we move the needle on that side of the equation?
A: I’d like to see more diversity throughout all industries, throughout residential, commercial, industrial development, everything. I would love to see more Realtors of color. And more Realtors of color that have the opportunity that everyone else has. Sometimes, they don’t really have the same opportunities. And I hope that me being the first [African American MAR president], definitely not being the last, will make a difference.
Q: In general terms, what is your outlook for home sales in 2022?
A: When the spring market comes about, I think we’re going to see more [home sales]. Hopefully, we will have some sort of correction and kind of slow down the sale prices. But in the beginning of the year, I think It’s going to be just like last year. The second part of the year, I think it’ll slow up a little bit because the feds are talking about raising the interest rates. So that will take on a whole new look in the second half.
Q: Talk about the importance of homeownership in creating wealth.
A: In the minority community, they [typically] don’t have that. But buying a home is creating wealth for you and your family. It is something that you can pass down. It is definitely a wealth builder. And it’s a tax break.
Q: Do you have any other thoughts on the real estate market or your new role as MAR president?
A: We only have like 1.4 months of supply of inventory, but we need roughly four to six months in order for it to be a balanced market. So right now, it continues to be a seller’s market. The market has gone from Mach 3 to Mach 1, slightly less risk than last year but still quite strong. So we have a lot of work to do.
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