PAUL SALAZAR
Real Estate Agent & Estate Director, Hilton & Hyland
©Paul Salazar
FAME: How did you become a real estate agent?
PS: I started my real estate career in 2006 by working with my mom in Rancho Cucamonga. That is where I first learned the ropes of real estate. I knew I wanted more for myself so I left Rancho Cucamonga and moved to Los Angeles where I partnered up with a prominent agent at Hilton & Hyland in 2009. By working alongside this partner, I was exposed to real estate at a whole new level. Four years ago, I decided to break off and go on my own at Hilton & Hyland. That is when I really began branding myself by investing in marketing and focusing on selling expired and canceled listings, as well as new developments. I love the entrepreneurship aspect of being a real estate agent. You can make as little as you want, or as much as you want - the sky's the limit with this business.
FAME: What neighborhoods do you specialize in?
PS: My team and I cover most of the high-end areas of Los Angeles from Downtown, to Malibu, and as far south as LAX. I also cover parts of the valley from Toluca Lake to Tarzana.
FAME: Where are you from originally and do you think it benefits how you work?
PS: Although I grew up here in Los Angeles, my parents are from Colombia and I was raised very Colombian in America. Colombians are known for their savvy entrepreneurship culture and that definitely shines through in my business.
“I love the entrepreneurship aspect of being a real estate agent.”
FAME: What are three common mistakes clients should avoid when buying a house?
PS: Not hiring an agent who understands the area and property value of the home you want to buy. Not doing the proper home inspections, and not thinking about resale value.
FAME: What are three pieces of advice you would give clients looking to buy a house?
PS:
Make sure you are buying a property that has a good floor plan because changing a floor plan is costly, and a bad floor plan will affect resale value.
Get pre-approved by 2-3 different lenders so you can negotiate the best deal for yourself versus only talking with 1 lender.
Hiring a good buyer's agent who can walk you through the complex process of home-buying. With the new lawsuits that are coming out against buyer agent's commissions, it's more important now than ever to hire someone who will represent you in the best way. The best analogy is: When you are getting heart surgery, do you want to have the top surgeon or do you want to have an average surgeon?
“Make sure you are buying a property that has a good floor plan ”
FAME: What are some common ‘red flags’ you see in houses that clients should be mindful of?
PS:
If you are going to buy a single-family home, you want to buy in an area with other single-family homes. I try to advise my clients not to purchase those that are across from schools, close to a busy street, or on a Waze street. Location is paramount. Not only the location of the neighborhood but the location of that specific house. If you're purchasing in a canyon, ideally you want to be on the east side so you get more of the afternoon/evening sunlight. Most buyers don't want to be living in a house where it's going to be dark by 3pm in the middle of the summer.
Property insurance has become a major stress point in real estate transactions so knowing where your property is at and understanding if the insurance premium is higher in that specific zone, is important not only to understand the cost, but how that will impact resale value.
If you are buying a 2-story house, you want to make sure there are at least 3 bedrooms on the second floor so it can be used for a typical family when trying to resell the house. Many buyers who have children want to be on the same level as their children.
“If you’re purchasing in a canyon, ideally you want to be on the east side so you get more of the afternoon/evening sunlight.”
FAME: How can clients know if a house is listed for the right price, a price that is too low, or too high?
PS: Most buyer's agents do not know how to evaluate a property so when you are interviewing a buyer's agent you should ask them how they analyze property value. They should not be relying on Zillow, which could be off by 30%, especially in Los Angeles. They should have a thorough process for analyzing a property's value. When I analyze comparables, I am not only looking for similar sales in the area that have a similar house/lot size but also looking at the flat pad size, the view, school district, and natural light as a lot of homes in Los Angeles are in canyons.
How should clients choose the right real estate agent?
“When you are interviewing a buyer’s agent you should ask them how they analyze property value”
A) An agent who can help you find off-market properties because 30% of properties are sold off-market.
B) An agent and brokerage who is well-known in the real estate industry, as this will help with negotiations with a potential listing agent. Trust is everything.
C) Someone who can analyze the property and will give you a market-value range so you are not overpaying for the property. D) An agent who is a savvy and tenacious negotiator.
E) An agent who understands the due-diligence process and can walk you through the seller disclosures, preliminary title report, and other various disclosures.
F) An agent who knows which inspections you should be ordering and will be able to negotiate when it comes to the request for repairs.
G) An agent who understands the many pitfalls and red flags during the escrow process and can help navigate you through these issues. H) An agent who is going to be there for you post-closing for any issues that arise.
FAME: What is your process when working with clients?
PS: Every client is different and so we make sure to cater our white glove service to each individual client in a way that they want to be served. We pride ourselves in offering the best customer service as well as having 17+ years of experience.
FAME: What is the most challenging part of your job?
PS: The most challenging part is helping sellers understand market value as many sellers often feel their house is worth more than it is. It's important to educate the seller what the true value is based on data, but unfortunately, many times you can lose listings because you are being honest and another agent will tell them whatever price they want to hear. I'm not in the business of just getting listings, I'm in the business of selling listings.
FAME: What is the most rewarding part of your job?
PS: To bring value to my clients, and to bring value to my team. Building a business is challenging, but it's fun! I enjoy the process of what I am building day-to-day.
