Million Dollar Listing LA – Episode 9
Once aagain my apologies for being “tardy for the party”. Been working a lot of hours lately and also making time for my family.. It’s all good.. Along with my real estate business, my development & construction projects and the other businesses I am involved in, I have been spending some time with a star of one of the Real Housewives shows on an exciting business opportunity. Stay tuned for details… Maybe…
Before I begin my thoughts on last nights show, I need to have some fun.. I want to add some fuel to the fire for the “Josh Altman haters”. Everyone knows I am not part of that club and Josh and I are friends, but there are a few members. So here is a link to his new “rap” video.. OMG it’s funy!! Check it out and share some comments. I promise I will call Josh tomorrow and let him know what was said.. Enjoy!!!!
How can you not love Edith. I have said it time and time again, Mr. Flagg is lucky to have such a genuine, worldly woman in his corner. Her simple advice to Josh’s listing in Rancho Santa Fe, “just go, drive and make sure you shave” was simple yet so right.. Achieving your goals is difficult at times but with a plan and execution of that plan it can happen.. Just get in the car and drive!! When he did make that drive, he arrived at 9,300 square feet of beauty. Wow, what a house.. Great views, gorgeous finishes, awesome back yard, a really cool movie theatre and a huge price tag.. I finally thought Josh had an easy task ahead, aside from the drive, until we encounter the “seller”. How many times do we see sellers in love with their homes and not in love with the brokers who are the bearers of truth. It’s not even us brokers but the market that is the enemy. I totally understand that with a $7MM investment and many years of no returns on that cash, the seller would want to make some money. At the end of the day, maybe he needs to wait a little longer for that dream. It is what it is.. An asking price of $6.995MM was Josh’s advice and that’s where we began. As usual, Mr. Flagg had some great ideas for the brokers open with the luxury cars and party atmosphere.. He certainly does it right! He also was very savvy in co-listing the property with a local broker. That is the beauty of this business in that we can be a part of transactions outside of our immediate geography. I partner with many different brokers to make deals happen. Commissions are reduced but relationships are gained.. It is invaluable. Having over 100 brokers at an open house in unheard of and Josh made it happen. And if he heard it once he heard it over 100 times that the house was beautiful but over-priced.. If I had a dollar for every time I heard that!! As usual, Josh was now faced with “that” difficult conversation about price with a seller that is not in right frame of mind. Stay tuned!!
It’s nice to see Madison working with repeat clients. That surely is a testament to his ability to service his clients and service his clients well. It is a different world here in NY/NJ in that we usually do not have fixer uppers with a price point of $1.349MM before renovation. For that price we saw a very dated house that needed some work to make it marketable. Especially at a price point of over $1.349MM and return of 20% that the investor was targeting. I was a little disappointed in that Madison’s second showing was a possible opportunity for his client but it certainly was a diamond in the rough. A huge house with great views surrounded by 2 trailers. Definitely not good for marketing. When I am showing investors or buyers purchasing opportunities, I always preview the homes first so that I am not surprised by anything when I am with my client. Madison was a little “off” when they were looking at the surroundings of that one.. When you are looking for investment properties, you need to get in the mind of an investor. Understand what the needs are of the capital being invested. Any broker can show properties but you need to analyze deals as if you were using your own money. If you wouldn’t buy it, how can you make the deal seem viable for a client? I work a lot with investors on the retail side of our business and will not show a client something that does not make financial sense to me. I did disagree with the client when he was telling Madsion that there was “nothing” good out there. Understandably, we did not see anything of interest but it was not fair to say there was nothing if the clients needs were slightly difficult to obtain in this market. Successful investors demand results and I am sure that Madsion will do his best..
It sucks to loose a pet, a member of your family. I was truly choked up when Madison was speaking with his Mom about the loss of Rex. I have had to say goodbye to several pets in my life and it is NEVER easy.. I was glad to see Heather show some compassion about that situation and sometimes things happen for a reason..
Josh Altman arrives at a listing appointment charged and ready to go. That first house had great views and on the surface would seem easy to market and sell. I will say, in all honesty that the “Altman charm” was on full blast. Possibly even a little too much? The house showed great and the attention to detail in the finishes was amazing.. Great job on that renovation. Josh was drooling when the client talked about the second house down the street. OK, it is very convenient and hardly ever happens, well it never happened to me but I was holding my breath when Josh put the full-court press on. At the end of the day, he got both listings but it may have been at a price he didn’t realize he was paying.. That said, we fast forward to the brokers open.. Where was the food? The entertainment? The “Josh Flagg” touch? It was a good idea to have Mikey with the golf cart but the event was not a memorable one. What was memorable was the goofy handshake Josh and Mikey did.. LOL.. I am sure there will be some NFL players doing “The Altman” when a touchdown is scored… What can we say about Mikey? I am sure there will be plenty said so I don’t have to.. I am not even going to get into the offer/deal/counter offer/change of mind/contract… That whole scenario seemed way too staged for me and did not seem real. Come on Bravo, get it together. There are people that watch the show that know how real estate and business in general is done.. Please do not insult our intelligence…
In closing, “objects in the rearview mirror are may appear closer then they are..” What I mean by that is the past should be left in the past unless there are lessons to be learned. Analyze your past to shape your future. Unfortunately or fortunately in life, people come and go. Some leave lasting impressions and some are forgotten. At the end of the day, its your decision what you do with the impact. Do not blame others if your situation is not ideal and do not praise others if you have achieved your dreams. I am not saying that people in life do not help and you can do things alone. You can’t, we need people we can trust. I could not be where I am today without the love and support of my wife and close friends but that being said, your life is what you make of it! You can have an army behind you but if you can’t shoot straight, you will never hit your target. Focus, believe, strive and achieve.
“Even though I walk through the valley of the shadow of death, I will fear no evil, for you are with me; your rod and your staff, they comfort me.”
“You prepare a table before me in the presence of my enemies. You anoint my head with oil; my cup overflows.”
“Surely goodness and love will follow me all the days of my life, and I will dwell in the house of the LORD forever.”