Today we’d like to introduce you to Michael Thomson.
Hi Michael, we’re thrilled to have a chance to learn your story today. So, before we get into specifics, maybe you can briefly walk us through how you got to where you are today?
I developed an interest in real estate after I purchased my first property in the late 1990s. This was a one-bedroom and one bathroom condo located in an area known as the Norma Triangle in West Hollywood.
I paid $132,000 for the condo which was the highest price for a sale in the building at that time. I qualified for a first-time mortgage program which allowed me to put just 3% down. I remember being a little embarrassed and wondering if I overpaid.
Then after about 5 years, I sold the condo which had tripled in value. I used the proceeds to put a down payment on a single-family home in the Melrose/Fairfax/Grove neighborhood. So, in less than 5 years, investing in real estate allowed me to turn that initial 3% investment of $3,960 into $243,000. I thought this was amazing and would love to help others achieve the same thing.
I began my real estate career with Keller Williams Realty Hollywood Hills, where I was awarded top producer status even during the challenging great recession of 2007/2008. Observing the importance and ever-trending online activity with buyers and sellers, I moved offices to eXp Realty in 2016. eXp is a cloud-based brokerage that is powered by top agents and cutting-edge technology. The office campus is virtual, so access is possible from anywhere in the world.
I am considered a top-producing licensed Realtor who is familiar with the most sought-after neighborhoods in Los Angeles due to his clients’ extensive range of interests. I have helped clients purchase or sell properties from Marina Del Rey to Pasadena and from Malibu to Redondo Beach. Living and being established in the West Hollywood area for many years has also given me the expertise in selling properties in that area, as well as the Hollywood Hills, Sunset Strip, Beverly Grove, Beverly Hills, Miracle Mile, Hancock Park, Carthay Circle and more.
Before my career in real estate, I gained 14 years of valuable negotiating experience working at some of the leading global Advertising Agencies. I handled the media negotiations and implementation of multi-million-dollar advertising campaigns for prominent national and international clients.
While living in Los Angeles, I have purchased and sold my own properties, so I understand my clients’ concerns. Buying or selling your home is one of the most important financial decisions you will ever make.
I graduated from college with a Bachelor of Science in Marketing, which has proved beneficial when it comes to marketing and selling homes. I am dedicated to each client’s needs as a skilled consultant and business partner.
We all face challenges, but looking back would you describe it as a relatively smooth road?
The first two to three years working in real estate did prove to be challenging due to the recession that started in 2007/2008. We had to help many homeowners sell their homes in a market where prices were decreasing every month. Sometimes sellers needed to do a short sale which means a homeowner is in financial distress and needs to sell their property for less than the amount due on their mortgage.
The sale would require lender approval which could take many months or longer. Sometimes the lender would not give approval and the home would then go to foreclosure. These types of transactions were never a happy time for homeowners. Working with these types of sales was draining and very emotional.
The market greatly improved in 2011. We started to see more multiple offers on properties which meant it went from a buyer’s market to a strong seller’s market.
In 2013 my house suffered some water damage from a defective water heater. The whole interior of the house needed to be gutted from the original hardwood floors to near the top of the walls. This was very devastating news. But this did give me some valuable experience in rebuilding a home.
I hired a contractor and supervised the work myself. This was a great time to do some of the things I thought the house needed. I opened the kitchen to the dining room/living area. I was able to add a bathroom. I installed a tankless water heater outside to avoid any more water issues. In about 6 months, I had a new home that was worth more than it was before the water damage.
Then at the beginning of 2015, I was diagnosed with anal cancer which is caused by the HPV virus. Going through chemo and radiation treatment became my full-time job for 6 months. Near the end of my treatment, I was hospitalized for a week at Cedars-Sinai with a terrible infection. Luckily, I made a full recovery but did deal with some anxiety and depression for a couple of years afterward.
Due to the slowdown in my business at that time, we started renting out part of our property as a vacation rental. This has turned out to be one of the best ways to make passive income. The vacation rental pays for our mortgage, property taxes, and insurance. It’s also a business I greatly enjoy. Our guests are so nice and thankful. So, there was a silver lining from getting sick I suppose.
The next challenging time was when Covid-19 hit the United States in the spring of 2020. There was already a housing inventory shortage prior to Covid. When people started working remotely, many decided to move out of the city and find homes in the suburbs or smaller towns.
This caused multiple offers on nearly every home to hit the market. Many times, buyers would be competing with 20 to 50 offers on each listing. This caused a frenzy where buyers were removing all contingencies and paying prices far above the appraised values.
On a positive note, both my real estate and vacation rental business has been very busy during Covid. This has continued through today.
How can people work with you, collaborate with you, or support you?
Homeowners, future buyers, and investors can call, send an email, or text message to me, and we can set a time to review their goals. After our initial consultation, we will be able to set a plan into place that best fits their needs.
I collaborate with some of the top realtors in Los Angeles. I have a top producing mentor who helped get me into the business and they are always available for support and discussions.
There are also a few social media groups that I have joined for sharing thoughts and ideas for real estate.
Contact Info:
- Email: michael.thomson@
exprealty.com - Website: http://cityhomesla.
com - Instagram: https://www.
instagram.com/ michaelthomsonrealestate/ - Facebook: https://www.
facebook.com/CityHomesLA - Twitter: https://twitter.com/
cityhomesla - Other: https://www.zillow.com/
profile/mthomson2/
