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Tyler Hogan
Audiences within the UK have been absorbing the glamour of the posh LA property market in Netflix’s lockdown hit Promoting Sundown. So how completely different is it from the property race right here?
“Plain and easy does not get the home full. I am right here to go excessive,” says high-end actual property agent Christine Quinn, as she plans a “burgers and Botox” open home at her newest multi-million greenback property within the Hollywood Hills.
There are considerations from her co-agent that this would possibly give patrons the incorrect impression. To this, Christine, of supermodel stature with a formidable platinum blonde ponytail, quips: “I would like to stay in a Botox home!”
That is Promoting Sundown, which follows the lives of actual property brokers – “realtors” – working for the Oppenheim Group in Los Angeles, California.
Away from Botox events, there are “twilight” home viewings, immaculately furnished properties, celeb purchasers, sweeping views of the sun-kissed LA hills, and fierce confrontations over offers and workplace gossip.
It’s worlds away from British property TV, which could see Kirstie Allsopp and Phil Spencer interact in some mild banter over pulling down a partition wall.
However simply how reasonable is the present?
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Jonathan Nash
Actual property agent Jonathan Nash, who moved from London to Los Angeles, the place he now sells multi-million greenback houses
“[Selling Sunset] is certainly amplified, however not completely fictitious. It’s fairly a glamorous enterprise over right here,” says Jonathan Nash, a British actual property agent based mostly in LA, who represents the identical areas because the Oppenheim Group.
“It is a great life and completely incomparable to being an agent within the UK,” he tells the BBC.
Nevertheless, he does stress that actuality reveals “dramatize” the business.
“Among the interactions that we’ve got day-to-day are akin to what you see on the reveals, however the producers prod and push, drama sells.”
Jonathan, 41, works with Stephen Resnick at Hilton & Hyland – a Beverly Hills actual property agency, after making a “final minute” resolution to maneuver to LA from St John’s Wooden, north London, in 2013. He had at all times wished to stay within the US, and had buddies working in actual property in LA.
He has since offered properties for as much as $56m (£43.7m), and represented patrons for gross sales together with TV host Ellen DeGeneres’ Beverly Hills home, and an opulent estate constructed for property developer Mohamed Hadid – dad of supermodels Gigi and Bella.
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Jeremy Spann
One among Jonathan’s latest listings, 1374 Laurel Means in Beverly Hills, which was priced at $8.75m
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Jeremy Spann
“There’s at all times a Hollywood story while you’re in prime LA, it is at all times the previous house of [someone],” he says, noting one other sale final 12 months that had been beforehand owned by each Gwen Stefani and J Lo.
“In England, it is all about kings and queens, royalty, whereas right here the historic figures are the who’s who of movie, music [and] leisure.”
Nevertheless, Jonathan does recall the “pleasure” of working with houses in London that had “centuries of historical past and fabulous previous world structure which doesn’t exist en masse in LA”.
‘It is Hollywood’
Whereas he has solely dipped his toe on the planet of US property TV, making appearances on Bravo’s Million Greenback Itemizing and NBC’s Open Home, Jonathan says such reveals usually kind a part of the job in LA.
“A sure phase of the consumer base completely love that and need to be concerned in it,” he explains. “As a result of on the finish of the day – it is Hollywood.
“It is one of many many components that makes LA actual property fascinating and thrilling.”
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Christine Quinn, star of Promoting Sundown, alongside her bosses, Brett and Jason Oppenheim
Within the UK, Jonathan labored for central London property company Aston Chase, earlier than organising his personal actual property growth and property public sale companies.
Evaluating the true property business within the two international locations, he says their basic variations are within the regulation – brokers within the US are professionally certified, in distinction to the UK – and the incomes potential.
An agent in LA might earn fee of about $1m for promoting a $40m house, says Jonathan. This comes from a typical fee of 5%, break up in half equally between the brokers representing the patrons and sellers of the property.
Within the UK, property brokers cost between 1 and three% of the agreed promoting value for a house.
There are additionally some variations in the way in which houses are offered, with networking and residential furnishings each taking part in a key position in LA.
Tuesday mornings in LA are reserved for open homes, the place brokers are invited by brokers to view new listings throughout the town, after which there’s “quite a lot of lunches and dinners” with purchasers.
“It is a social enterprise,” says Jonathan.
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Jeremy Spann
Decor is “essential” when promoting actual property, in accordance with Jonathan. This Hollywood Hills house, listed at $6.5m, was absolutely furnished by a house proprietor with “a particularly excessive style profile”
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Jeremy Spann
Landscaping that enables for an indoor-outdoor way of life can also be necessary
Houses may also want “staging” – furnishing. “We get to set-design the home if you’ll,” says Jonathan. “It actually helps to promote actual property.
“Exhibiting vacant homes with no furnishings does occur [in London] and it does not present a house in the most effective mild.”
There are two predominant staging firms in LA, Meridith Baer and Vesta, that every have a “signature look”, he provides.
“Plenty of the houses do find yourself with the identical items in them, however it’s as a lot about creating the fitting kind of look as it’s creating heat in the home.”
‘Study one thing’
Mary Beeton, head of gross sales at British agency Hamptons, says the UK might take word from some facets of the LA business, observing that she would not be shocked if extra folks began asking for his or her houses to be offered the LA approach.
There are similarities in the way in which houses are offered on the high finish of the market, says Mary, significantly in London boroughs like Kensington and Chelsea and Knightsbridge, the place Hamptons launches properties with lavish occasions.
However she tells the BBC extra houses within the UK might be offered this manner.
“Within the States they have an inclination to showcase all of their properties and I believe we are able to study one thing from that,” she says. “Presenting it in the absolute best approach and launching it with an occasion, would not that be higher than placing it on a web site?”
Jonathan’s suggestions for promoting your private home the LA approach
- Discover the fitting agent with “a observe document of promoting comparable properties”, and “belief their recommendation”
- Pricing is “all the pieces” – folks know when one thing’s too costly
- “Staging is essential, candles are essential, flower preparations are essential”
- Landscaping can also be key. “Those who pay as a lot element and put the identical cash into the panorama actually profit from it on the again finish”
- And be sure you’re not at house for viewings. “Brokers are employed to maintain an arm’s size between purchaser and vendor”
Nevertheless, Mary notes the way in which negotiations are offered in Promoting Sundown may be very “direct”. “The British, I believe, would recoil from the brashness. We’re most likely a bit extra conventional in our strategy.
“I actually hope there aren’t property brokers in London who work like that – competitively in opposition to one another,” she provides.
And he or she says there’s a “enormous strain” on brokers to community and socialise within the US, as actual property brokers are self-employed within the US. “Right here it is about your model, they arrive to you as a result of they’ve heard of Hamptons,” she says.
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Tyler Hogan
Jonathan additionally covers Santa Monica and Malibu, promoting houses corresponding to this $12m property with ocean views
For Jonathan, the US approach of working and the life-style in LA is the promoting level.
“I actually really feel that I am in probably the greatest companies to be in as a result of we’re all self-employed. Our days are so diversified. We’re working round city assembly nice folks,” he says.
There’s additionally loads to do off-duty within the metropolis, he provides. “We’re very fortunate in LA as a result of, in a single route, we’ve got mountains and within the different route we’ve got the ocean.
“In sooner or later, I’ve gone from snowboarding within the mountains to having Nobu [a Japanese restaurant] by the ocean.
“It is an incredible life out right here.”
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