Residential real estate has long hogged the reality TV spotlight with shows about buying and selling homes in some of the most picturesque — and expensive — parts of the globe.
Mauricio Umansky, founder and CEO of Beverly Hills-based luxury residential brokerage firm The Agency, thinks perhaps some commercial real estate deals could make for compelling reality TV, too.
"Leasing retail could be a lot of fun," Umansky told CoStar News at a premiere party at The Agency's office in Beverly Hills on Nov. 4.
He added, "Hotel, easy ... But I don't know about a straight up leasing industrial. Office space is just not that sexy. You could probably do it. But I'm not sure it could be done for a Netflix. It would probably have to be on the Discovery Channel."
His firm is the subject of new Netflix reality TV show "Buying Beverly Hills," which premiered last week. The 52-year-old Umansky is a reality TV veteran partly known for being the husband of Kyle Richards in the hit show "The Real Housewives of Beverly Hills."
Umansky's Agency is a force in the luxury residential world, notching what he said was $16 billion in sales in 2021. The company has 65 offices in seven countries and is still growing.
Lower Growth Costs
He said growth may be more affordable now as the world's economy slows and demand for homes has slackened. Still, he's judicious about how he chooses office space, preferring only to enter markets where he has the right staff and in locations that he wants to travel to.
"There's no question we're in a recession," Umansky said of luxury residential real estate, "and I think the commercial world is in a bigger recession."
Similar to the commercial sector, the luxury residential market hasn't been immune to rising interest rates, which have hurt demand. Umansky said across the residential sector he estimates sales are down 35% year over year, though official numbers have yet to reflect that.
Despite the economic challenge, Umansky said last week he believes "Buying Beverly Hills" will be a boon for business.
The broker-cum-reality TV star also warned his employees that fame comes at a price, something he said that's probably unfamiliar to commercial real estate executives laboring outside the limelight.
"You have no idea what you're in for," Umansky said, adding that "people will love you, and people will hate you. And people will have an opinion about everything you do from now on."