Harry Khayalian is a Broker/Owner at Lucent Properties in Pasadena, CA, and recently joined the FORCE.
What is your background in real estate, and how does REO fit into your business?
Khayalian: I have 21 years of experience in the traditional real estate field, and the REO market is a new chapter in my career. I’ve lived in Southern California for 40-plus years, servicing clients in the San Gabriel Valley area, so I look forward to this new venture. The Five Star Conference was an eye-opener. The wide variety of business structures [in REO] are challenging, but they do interest me, and I look forward to diving in.
What role does technology play in your business? What changes do you think technology will bring to your business in the next few years?
Khayalian: The latest technology enables me to do everything I’ve always done but much more quickly and effectively. It also helps me extend the range of services I provide. The “iBuyer” market (online platforms offering fast-turn transactions based on sales algorithms) is something I’m keeping an eye on. Discount online brokers also look interesting and may be here to stay.
I find it particularly amusing when I receive property tour requests at 2:00 in the morning. Because rapid response time is key to current homebuyers, I do try my best to get back to them within a 10-minute time frame … though maybe not at 2:00 a.m.
How do you feel about the outlook for residential real estate in your local market?
Khayalian: In Los Angeles, we’re facing the issues of low inventory combined with high demand. Climbing interest rates will have some effect on the market—but then again, this is LA, and people want to live here in any case. In my opinion, we will see an adjustment but not like the one we saw in 2006–2007.
What concerns are top-of-mind for existing residents and those moving into your geographic area? How do you apply your knowledge to help them?
Khayalian: Schools, mass transit, and cultural diversity are just a few concerns of the buyers and sellers in my area. Living in Southern California, I have learned the true meaning of the term "melting pot." As a Realtor, I must be aware not only of the ups and downs of property locations but also of cultural demographics and preferences. As a business owner, volunteering and working with a range of community organizations helps me service my clients with the critical knowledge they need to secure their transaction.