Profitability in Beverly Hills Real Estate
''The key factors to success are perseverance, knowledge of the marketplace and superior service to the client.''
An Interview with Leslie Kavanaugh
President & CEO - Leslie Kavanaugh Homes
Our special interview on on Profitability with LESLIE KAVANAUGH of Kavanaugh Homes, a Luxury Division of Rodeo Realty in Beverly Hills, California, delves into the familiar world of multimillion dollar luxury real estate as Executive Global profiles one of the top producing agents in Los Angeles serving the Westside communities of Bel Air, Hollywood, Santa Monica, Brentwood, Pacific Palisades, Malibu and Beverly Hills for the inside scoop on a highly attractive market that can maximise returns for investors.
EG: As an award-winning real estate professional with Rodeo Realty, and among the top 1.8% of NRT’s 54,000 agents, what three factors do you feel make a successful realtor?
Leslie Kavanaugh: The key factors to success are perseverance, knowledge of the market place and superior service to the client.
EG: What are some of the main features that make Beverly Hills such an attractive location for real estate?
LK: On a personal level, I grew up in Beverly Hills and Beverly Hills has remained a part of my life. It is a community that has a diversity of types of homes from the flat areas through the hills with views including the most beautiful and elegant neighbourhoods in the world. Beverly Hills is a thriving suburb with world famous Rodeo Drive and rivals cities anywhere for the best public services and schools. Although, it is in the heart of a big metropolis, the residents are involved in maintaining Beverly Hills as one of the most desirable and livable cities.
EG: What is the biggest real estate deal you have ever done and what enabled you to succeed here?
LK: In order to answer this properly, I need to extricate myself from the price and focus on the buyer and seller. It is not about how big the deal is (my biggest deal has been in the tens of millions and I currently representing a $25M and an $11M property), but is it about the negotiation process, bringing the buyer and seller and any of their business managers, professional managers or consultants to the table so that each side feels confident their needs have been met. No matter how large or how small the deal is, the principles remain the same.
EG: In what ways does having a thriving film and entertainment industry on your doorstep affect profitability in this market?
LK: The film industry and the music industry both bring an allure to the area. The community is filled with entertainment peripheral employment from talent to attorneys to agents to managers to support staff. Because Beverly Hills is such a desirable city in which to live with a limited number of properties, the prices are driven up as is profitability.
EG: You are involved in a lot of charitable organisations. How important is giving back to the community?
LK: Yes, I am involved with Jewish Big Brothers Big Sisters Los Angeles, Friends of Robinson Gardens, AVIVA Family and Children’s Services, Stop Poaching Now, Blue Ribbon, Los Angeles Ballet, Art of Elysium, Cedars Sinai and City of Hope. My father was a philanthropist and my mother recalled stories of my Nana who, during World War II, invited strangers into her home to have them join her dining table so no one would go hungry. Giving back has always been a very integral part of my life.
EG: What crucial factors are necessary to successfully sell a property at the maximum asking price in Beverly Hills?
LK: The crucial factor is the initial pricing of the property, as this attracts buyers who are knowledgeable of properties in these price ranges. No matter what the vintage of the house, having it in its best possible condition so that it shows well, is important. Lastly, the availability to show the property, whenever a buyer wants to view it, is key.
EG: You have stellar reputation. What can affluent clients expect when having their luxury homes represented by you?
LK: They can expect that I will bring excellence, integrity, honesty, commitment and experience to the selling of their home. My team and I are truly “hands-on” and available each step of the way to provide the best possible service in marketing, showing the property, client relationships, agent to agent relationships, negotiations, expertise and knowledge to all parties involved. EG