RISMedia's Real Estate Magazine

MAR 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/944619

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Page 54 of 118

50 March 2018 RISMedia's REAL ESTATE Nourmand has gone on to sell some of the most competitive listings in Los Angeles and has been recog- nized for his work by several national and regional publications, including the Los Angeles Business Journal. We wanted to speak with Nour- mand about the current state of the luxury real estate market as it per- tains to not only LA, but the country at large. Here, Nourmand discusses the current trends and concerns to be had in luxury real estate, as well as how he got his start in such a high-stakes market. What first got you in- terested in the real estate industry? As a kid, my parents sometimes discussed real estate at the din- ner table. My siblings thought it was boring, but it quickly became apparent that I was very interested in it. Right after I finished high school, I got my real estate license, and during a summer in college, I did some ad- ministrative jobs at the office. My dad thought it was a good idea for me to learn the business from the inside out, establish relationships with our agents and pay my dues. My last summer before I graduated from the University of Southern Califor- nia, I started brokering deals. By the time I graduated, I had closed three or four deals. What has been your biggest win as a broker? Selling the compound at 1016 N. Hillcrest in Beverly Hills, Calif. That was an extremely competitive listing, which we won, and I got to co-list the property with my childhood friend and colleague Trevor Levin, as well as my business partner Adam Sires, who I met in He- brew School. What has been the most common obstacle you've run into with homebuyers? Right now, there is very limited in- ventory, so it's hard to find buyers a home to purchase. Another chal- lenge is buyers having to sell their current home to buy their future property. It's extremely hard to make this work when some of your com- petition can waive contingencies and pay cash. What advice would you give an agent who is trying to break into the luxury market? Your best bet is working with devel- opers. Most developers will work with anyone that brings them the deal, and they often sell the property with the same agent. Another option is to bring in an ex- perienced agent if you have a lead. My mom, who has always been one of our top agents, helped me land several deals over the years. It's bet- ter to get half of the deal and build your resume than come up empty- handed. Speaking to the luxury market in general, what are some creative ways homebuyers finance their purchases? Rich clients tend to have complicat- ed financial pictures. I've had clients that have borrowed money against their stock accounts to pay cash to buy a home. We even had a 10 million-dollar-plus deal where my cli- Q&A: Michael Nourmand B orn and raised in Beverly Hills, Calif., Michael Nourmand has spent his entire life surrounded by luxury real estate. A second- generation broker, his parents Myra and Saeed founded Nourmand & Associates, a boutique, family-owned and -operated luxury real estate firm. Now president of Nourmand & Associates, which ranked No. 318 in sales volume in RISMedia's 2017 Power Broker Report, Nourmand has been heavily involved in his family's business from a young age, obtaining his real estate license in 2000 and his broker's license six years later. Breaking Into the Luxury Market by Jameson Doris {Industry Innovators}

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