Josh Altman, who works with his brother Matt Altman, is an agent at Douglas Elliman focusing on luxury homes.
The two also star in Bravo’s “Million Dollar Listing Los Angeles” and are known for working with celebrities and other high-net-worth individuals from around the world.
Josh Altman spoke with the Business Journal about working with his brother, interest rates and challenges associated with being an agent.
What got you interested in real estate?
I was a mortgage broker and Matt was a talent agent. While we were each very successful in our careers, our passion was flipping houses on the weekends. When we started making more money doing what we truly enjoyed as opposed to our daily jobs, we decided to jump into real estate full time.
How was 2022 for you? How did it compare to other years?
2022 was another banner year for us selling over $1.1 billion despite there being a small pause in the market. 2022 is our second-highest volume sold to our record-breaking 2021 sales volume of $1.64 billion.
Was it a buyer’s or a seller’s market?
It’s never totally a buyer or seller’s market. In the high-end luxury market, if a property is priced well, it will sell. Sellers did not see any benefit in 2022 of pricing properties too aggressively.
What do buyers want now?
Buyers are highly motivated by price right now. In regards to finishes and amenities, buyers are looking for turnkey homes, gated and guard-gated neighborhoods, and they want to see warmer and timeless finishes like 12-inch French white oak plank floors, leather-finished marble, and creamy, neutral color palettes. We’re seeing less interest in shiny modern finishes and a stronger desire for a more warm and homey feel.
Were there any major surprises last year?
While interest rates rose and stocks declined, skeptics were expecting a crash in the real estate market, which did not happen. There was a momentary pause in the market with buyers watching on standby, which slowed the market, but the market continued to show confidence and momentum, especially the high-end market. Real estate is still the best asset to invest in and (is) tangible. Everyone needs a home in a good or bad market.
How did rising interest rates impact the market?
Rising interest rates had a significant impact on the market last year, primarily because the rapid changes scared buyers. When we look at the history of mortgage rates we’re still seeing incredibly low rates, but the first rush of mortgage rates nearly doubling in over six months had a huge impact on buyers in 2022. Sales were still at a historical high.
What was the most challenging aspect for you as an agent this past year?
The most challenging aspect of being an agent this past year was actually closing deals. The shifting interest rates, stock market and crypto began shaping peoples’ decisions, and that was something that we had no control over. Usually we can control things within a real estate deal, but last year there were outside factors that subsequently impacted deals, which resulted in us having to be very creative with clients on both the buy and sell side.
What’s it like working with your brother?
Working with my brother is the greatest blessing in the world because there is nobody that I trust more. We always have each other’s back and we balance each other out. We are totally different people with polar opposite personalities, which plays in our favor when meeting clients, because usually one of us really clicks with them.
Has being on a major TV show impacted your role as an agent?
Being on a popular global television show for the past 15 years is a great benefit to us because it has helped increase awareness of our brand and constant hustle in the industry. We are known for being the hardest-working agents in the industry, working 24/7 and providing the highest and best services to our clients.
What are your expectations for 2023?
In 2023, we plan on continuing to crush it and surpass the $1 billion mark again. It’s a big year for us already, as our team is expanding and we’re opening up our new office in Newport Beach this summer.
— Hannah Madans Welk
