“It’s a hell of a lot more of a fight for your commission than it’s ever been. Deals are getting done a lot skinnier than they used to.”
Josh Altman
Co-Founder of Redy and star of Bravo’s “Million Dollar Listing,”
.…on how hard it’s become to sell mansions these days, via the Wall Street Journal.
We recently told you about Redy, a new home-sales marketplace that rewards home sellers with a “cash bonus” for selecting an agent who best aligns with their sale goals. “Million Dollar Listing” star Altman is a co-founder of the service, which is launching in Dallas and four other U.S. markets.
One reason he may be launching the new business? It’s hard out there for reality TV celebrities selling pricy mansions these days. The Wall Street Journal explained it all in a recent article called “Reality TV’s New Star: The Mansion Nobody Is Buying.”
Altman’s Bravo show used to feature lots of slam-bang sales of seven and eight figures. But now, WSJ writes, things have slowed considerably thanks to high mortgage rates, overpriced mansions, legal battles over realtor commissions, and a new Los Angeles “mansion tax.”
In fact, “Million Dollar Listing” captured just one closing in the first 16 weeks of shooting for the show’s 15th season, WSJ noted.
One former star of “Selling Sunset,” which also airs on Bravo, told WSJ that when new realtors tell her they’ve just gotten their license, she congratulates them—then says, “But don’t quit your day job.”
You can read the WSJ story here.
For more of who said what about all things North Texas, check out Every Last Word.
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R E A D N E X T
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Reality TV star Josh Altman of Bravo's "Million Dollar Listing" is leveraging his pop culture fame to further disrupt an already disrupted home real estate sector. By using Redy, he says, "For the first time, sellers get paid cash to pick an agent; as a result, agents are directly invested in the sale."
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