Agency’s David Parnes talks about the market fueled by the LA pandemic and – Daily News


Obsessed with the online real estate ad craze of the COVID-19 pandemic?

Bravo’s Million Dollar Listing Los Angeles star David Parnes of The Agency has created a new bookmark-worthy site.

Double, it offers a free search platform for properties up to three days before they appear on the multiple listing service on third-party online sites. It was originally an agent-exclusive off-market registration forum – created by the Agency’s top-selling agent, Christopher Dyson, with co-founding partners Mauricio Umansky (the CEO and founder of the Agency), James Harris (Parnes’ business partner and co-star of “Million Dollar Listing”) and Parnes – in 2017.

But Parnes, the elegant 38-year-old Londoner, said they “have decided to take the site down and rebuild it so that our agents can use in a way that is 100% compliant” with the clear cooperation policy of the National Association of Realtors. This policy requires brokers to enter listings in MLS within one business day of a property being marketed to the public and up to three days if they are marketed on a Friday or face potential fines.

The new site, which has been operational since mid-January, is free to the public.

“Buyers can first access properties on, before they appear elsewhere, including Zillow. And for the first time anywhere, potential sellers can research which agent has the best-suited buyer for their home and connect directly with that agent, ”Parnes said in a follow-up email from a Premier. phone interview when we asked him about the effect of the pandemic on LA’s luxury real estate market.

Question: How has business changed for LA’s luxury real estate market since the pandemic?

A: It’s actually stronger than ever.

Question: Why do you suppose?

A: I think the reason is the lifestyle that Los Angeles offers. The weather is better. More people live in Los Angeles homes than New York, Chicago, Miami, and even London. And I think that’s a big deal because, in a post-COVID world, people value their space more.

In addition, more and more people are working from home. Thus, the house has become more and more important. As such, we are seeing strong demand from first-time home buyers and buyers in general for Los Angeles as it is a very pleasant environment to live in under the circumstances.

Add to that low loan rates – especially for first-time home buyers – and you see demand really skyrocketing, which has happened.

Question: What price bracket are we talking about here when we talk about borrowers?

A: I would say $ 10 million and under is when you typically see a loan and a mortgage. And that is sure to include virtually every first-time home buyer.

Question: Who are these first-time buyers?

A: Typically these are couples or singles in their 20s and 30s and from all walks of life. They can tie up that cheap debt now for the long haul. So this is an incredible opportunity.

Question: Do Low Rates Offer Benefits to the Super-Rich?

A: For them, I think it’s more the opportunity cost. If someone with a lot of money has their money in a bank, they won’t get much of it back. So we see a lot of them putting it into real estate because it’s tangible. They can use it. But I also think they can borrow and take advantage of this cheap debt, buy it all in cash and then refinance, or whatever you have.

Question: What did you do to prepare for what you yourself said was an uncertain future at the start of the pandemic?

A: We have been very active on social media when it comes to market updates. We did a lot of Instagram Live. We were heavily promoting our properties on Instagram and were positive about the situation. And then everything changed, fortunately.

Question: That was when?

A: In about three weeks. When we hit April, we suddenly saw all of these broadcast requests and demand peaking. We have become very busy.

Question: Has the pandemic affected a change in the types of homes people want?

A: What’s interesting is that we saw a move away from older architecture, where it was more compartmentalized. All of these people wanted an open space. But now what we’ve actually seen, quite interesting, is a reversal of that. People want to compartmentalize again. The main spaces can be open plan, but people want their own separate spaces with privacy to accommodate their new lifestyle since they spend so much time at home.

About David Parnes

Title: Main

Society: The agency

Residence: Los Angeles

Education: Received his BA in Economics and Politics from the University of Manchester, England.

Previous work experience: After college, he worked in a hedge fund before moving into commercial real estate.


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