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Harma Hartouni, runs a billion dollar real estate office in Southern California. In this Snippet from Dave M. Lukas' Misfit Entrepreneur Podcast, Harma explains what makes up a successful real estate office, and gives his predictions for the upcoming real estate landscape.
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Harma Hartouni, runs a billion dollar real estate office in Southern California. In this Snippet from Dave M. Lukas' Misfit Entrepreneur Podcast, Harma explains what makes up a successful real estate office, and gives his predictions for the upcoming real estate landscape.
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in cells. It's extremely important to know your market, know who you're selling. You know, there's a lot of agents will come in and just say that I want to do luxury homes without knowing the effort that goes to sell luxury homes. Um, I have a large family. I had lake problem. I couldn't do large open ounces, go through homes all day, um, turn the candles on and have dinners and birthdays too high network of people all the time. So I knew my market, I knew my products are like $700 $800,000. This is 20 years ago. And now obviously the prices I got to 1.5 million to change it sounds luxury, but I was very clear er what kind of products I can service. So I never try to say I'm going to do commercial, I'm gonna do land, I'm going to do luxury, I'm going to do a small condo. I had my niche and in cells and I don't think whatever you are selling, you have to know your product and your what you're good at. And the servicing that product is going to be very different than other products. That can be more luxury or can be larger, whatever, whatever that is. So know your cells know your scripts, know your value proposition in that specific product because people are extremely smart and telepathically, they can actually learn from your eyes. I just look at you. They know if you're authentic, you know what you're talking about, you're passionate or your two new. The other thing I learned in cells that people don't care how much, you know, they care how much you care. So if they feel you just don't care about their goals, It is unlikely they will trust you if you have a lot of knowledge and you still don't listen. As you just mentioned, you talk 80 of the time and you don't let them talk and you don't listen to their needs. You cannot have a successful transaction because ultimately they don't trust you or data. Is there? No, um, they don't feel you care. So I learned that many years ago that people don't care how much, you know, until they know how much you care and uh, it's been a very important part of ourselves and our real estate has changed. You don't have to be in the same neighborhood to sell in the same area. However, if you look at the top 150 agents in business owners in real estate, they still specialize in one area. So if you are a dry cleaner and you are a doctor, you still, no matter how many people come and see you from out of area, you still belong to one community. That community has to recognize you to give something back to the community, which we do twice a year to have your five star reviews. That local community will support you. It's not one way to win its, but his it's a combination of other and if you're doing this for long term, it's extremely important to have an impact locally. No, that's a great stuff too. Especially for those in real estate that are listening and speaking of that, I know we're at the end of our time, but I'd be remiss if I didn't ask you about the real estate markets in general right now. I mean, real estate is, as we do, This is pretty, pretty hot right now. You know, I don't know if it's 2000 and 2009 hot, but you can tell us about that. But what's your what's your Thoughts on the real estate market right now? What are you seeing, what do you expect maybe happen over the next 12-18 months? What what's important for people to know? Um, great question. I, I have to pay attention to that considering the expenses of the office. Um, when covid head, um, I did not lay off anyone because I always prepared and I thought we will have a correction by now and we didn't, and now it's even harder than before. So I don't think this will continue forever because as you know, anything goes up comes down. So, but rates are low and even the rates just last week a little bit, it will be a period that we're going to have a correction. We will not have short sells like we did have in 2006 because people have a lot of equity, but the forbearance will be lifted and there are so many people that haven't paid their mortgage or they paid the bare minimum, but no one told them that you'll be forgiven. So they have to catch up. And if they haven't been able to pay whether they had no money or they had it, they just thought not to pay, they have to make that lump something. Now that's going to affect the market. The banks are asking for a lot of opinion of the professional agents locally. They hire people and we're like, I'm one of the certified agents to do for the bank. And then so we go with dR I will tell them this property is worth this much. You only get those requests when the consumer sellers are not paying their payments. We see that as high as the market is because there is no inventory. We see those people are having a hard time paying their payment. So I predict 18 months from now we will have some corrections but not necessarily huge like 2006. I also predict that we are going to have a lot of Agents enjoying the journey for next 18 months. But we the media is always six months behind. So there whatever media says it's not current. Um The one of the very famous economist that I watch, he said that people didn't have much to do when Covid head. So they use their money because they didn't get to go out. They bought cars, they bought paintings, they bought things for the house, the furniture, the couches, things, they bought things that they wanted all this time because to just make themselves happy and things they come in the U. S. We get that from other countries were not necessarily manufacture things but now that things are opening up. People will be spending their money on outdoors and travel and seeing things doing things outside their home, not necessarily inside. So which means the economy of the us will improve because that's what we are all about. We are all about um entertainment and doing things and are right so that will have a positive impact. I don't think that it will be too high to balance out. So we will not have 2007 experience. That was a big crash and it was horrible. But I think the banks have a guidelines now but definitely a correction is coming. I'm just not sure how big it will be.
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