Real Estate: Bonanza-Jackpot in the Greater Los Angeles area
I have had conversations with numerous new agents who decided to become Realtors. Many were under the mistaken impression and thought it was going to be easy and fast money. They thought it would be quick and easy just like playing the slot machines. Let’s be realistic how many people got rich playing the slot machines outside of the owners of the Casinos?
Indeed, the Beverly Hills Real Estate Market boasts of Ultra Luxury Homes and Properties, but let’s be clear, there are 15,000 or more agents in my marketplace, and we can only show a handful of Ultra Luxury Homes that sold in the past couple years.
Just like there are many individuals who watch “reality shows” and think, that is how “deals are made”. Sadly, the reality is far from what one sees on TV.
This brings me to my main point, there are Real Flippers, Real Developers and then there are those who watch “Reality Remodeling Shows”. The Real Developers focus on detailed research as to what the properties are sold for and the condition, they were in. Then they reach out to their trusted Realtors to give them a “second opinion”. They are still risk takers and are gambling, that the market will continue for a period so they will not only make a profit, but that they will not lose money.
Then you get the Amateurs, who watch these “remodeling or should I say flipping shows” and do not realize that in Los Angeles it can take a minimum of 6-8 months to get approvals for remodeling a home and another four to six months to update the home. Provided they want to sell it as “the house is sold with permits”. There are a few of the unscrupulous ones that take shortcuts, but end up paying at the end, when the buyer discovers that the updates were not done with permits.
There is money to be made, but the real developer and real flipper are the ones who are prepared for, updating, staging and holding costs. The likelihood will be that these developers will make a profit. One needs to have a solid understanding of the Real Estate Market and the direction the market is heading. If that is understood and planned for, then everyone can benefit and make a profit.
One should not think that it is easy money, it takes time, financial investment and financial stability to last even when little or no money is made. This applies to both Real Estate Practitioners wannabees as well as ‘Wannabee Flippers’. Most importantly one needs to factor in holding costs as a developer as well as staying power of being a Realtor.
Now if you are looking for solid advice from a Realtor who has been in the Beverly Hills Market for over twenty-two years, please reach out to me and I will help you achieve your dreams.
If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 (m) or firstname.lastname@example.org or visit one of my websites at https://www.endrebarath.com I contribute a portion of my commission to local animal rescue organizations.