Luxury Properties with Howard Lorey
The real estate industry is ever-evolving, with trends and fluctuations shaping the landscape. The high-end market, in particular, sees a multitude of complex dynamics at play. In this interview, Victor Menasce meets Howard Lorey, a distinguished figure in luxury property brokerage based in Beverly Hills, California, to glean insights into this exclusive segment of the real estate industry.
Howard Lorey’s Journey to Luxury Property Brokerage
Howard Lorey’s career pathway to luxury property brokerage was unanticipated, transitioning from a 13-year career as a professional musician to real estate. His scope extends across multiple locations in the Los Angeles area, particularly Beverly Hills. The real estate market’s dramatic evolution over the last few years has made him witness some phenomena, including market contractions, the entry of models like EXP that enable dramatic growth through business systems, and consolidation.
Brokerage’s Role
Despite these changes, Howard finds brokerage essential, underscoring the need for leadership and continuous education, particularly in the legal aspects of the business. He admits to certain challenges in trying to find local leadership within companies like EXP and compass. His suggestion is to realign the focus onto the consumer’s needs rather than primarily promoting self-values.
Deal Making in the Luxury Property Market
In contrast to the entry-level markets where obstacles revolve around material issues like price, appraisals, etc., the luxury market involves negotiation with powerful business attorneys, managers, and individuals. This calls for an exceptional skill set, including strong communication, adaptability, and intuition. However, the role of the team isn’t completely done away with; they handle the mechanics, while the actual agent takes care of the final negotiations.
Market Bifurcation
The rise in interest rates has brought about market bifurcation, affecting a section of the population. However, those paying cash remain largely unaffected. With the majority of the public grappling with a 6.5% interest rate, Howard notes increased activity in the commercial sector, foretelling more movement in the near future.
Contact Howard Lorey
For more insights into the luxury property brokerage, Howard Lorey can be reached directly via email at [email protected], or through the Normand website.
