To say that Jason Oppenheim has an enviable actual property profession is an understatement. In 2021, his West Hollywood–primarily based brokerage The Oppenheim Group—which he based together with his twin brother, Brett—did $417 million in gross sales quantity. The corporate at present have over $300 million in lively listings. Previous purchasers embody basketball star Kris Humphries and actors Chloë Grace Moretz, Orlando Bloom, Taye Diggs, Jessica Alba and Dakota Johnson. The Oppenheim brothers and their brokers even have star energy as the topics of Netflix’s top-rated actuality present “Promoting Sundown,” which chronicles the day-to-day workings of The Oppenheim Group within the ultracompetitive Southern California luxurious market. Nevertheless it’s not all champagne and celebrities. Behind the glamor is a variety of onerous work, dedication and expertise—and, above all, a deep love and appreciation for actual property.
You come from an actual property household, however you started your skilled profession as an lawyer. What led you to founding The Oppenheim Group?
My dad was an actual property agent. It was all the time one thing I used to be round as a baby; I noticed a variety of open homes. However my dad bought these $150,000 properties in Fremont, Calif. It wasn’t the identical form of market. And at the same time as a baby, I all the time knew I wished to be an lawyer. After I left faculty, I traveled the world for 3 years, and actual property was what I used to be drawn to in my travels. I used to be very desirous about structure and finishings on buildings. Then I returned and had a profitable profession as an lawyer for a number of years. Ultimately, I noticed I used to be extra captivated with actual property. The primary couple of years had been actually powerful. After which one factor led to a different, and issues started to develop.
Your present “Promoting Sundown” has been an enormous hit for Netflix. How was the present developed?
Producers had been approaching me and my brother [Brett Oppenheim, who also appears on “Selling Sunset”] about doing a present for a couple of yr. However we had been adamant that we didn’t need to do a present. We’d constructed so much, and we didn’t need to put it in danger. We mentioned no to everybody, together with our present producer. However finally that producer satisfied us to take a gathering. Then they satisfied us to do a “sizzle reel”—a five-minute interview package deal. After which Netflix acquired us to do a 20-minute pilot. We wrapped our heads round the concept that we may do that. It crept up on us. Then we had been filming season one, and we realized that we had been, actually, doing a present. It’s humorous the way in which it went from us being adamantly towards it to being fully for it.
Many new brokers say “Promoting Sundown” impressed them to enter the true property trade. Are you able to inform us concerning the distinction between your “actual life” work and the way offers would possibly seem on the present?
Individuals come as much as me and say the identical factor. I’ve some considerations about that, as a result of it’s not typically that you simply begin on the high. There are a variety of mundane features of actual property that you simply don’t see on the present. What you get to see is the horny aspect of actual property, and it’s very encouraging. It reveals you the dream. I admire that we’re inspiring folks, however they should have a dose of realism as nicely.
The Hollywood Reporter just lately offered you with the Media Maverick award at its Energy Dealer Awards occasion. How do you assume tv and social media are altering the true property trade?
Properly, on a macro degree, the true property agent has turn into “celebritized” within the final decade, and that’s given the person agent a variety of leverage. On the identical time, it’s taken leverage away from the brokerages. We’ve gone from seeing 60-40 splits to 80-20—and even 90-10. That’s nice for brokers, however it is also the loss of life knell for actual property brokerages. We’re at a crucial juncture now. We’re seeing a variety of bankruptcies, and brokerages are treading water in an incredible market. There’s good and dangerous within the brokerage system, however high brokers know that they want assist and infrastructure. If we don’t return to 60-40, we gained’t see brokers’ wants being met; they gained’t get the assist and coaching they should present good service. Consumers and sellers will endure. So, this future is one thing we have to determine.
You might be often called a world traveler. Have you ever seen something in actual property abroad that you simply want would occur within the U.S.?
You understand what I like internationally, particularly in Europe? I like the timelessness of the finishings and the structure of the buildings. I want that we may retain that. We don’t all the time must construct essentially the most trendy rental. I’d like to see one thing new that appears like a French château or a constructing from London from 300 years in the past. I wouldn’t thoughts changing among the modernism that we see.
May you provide any recommendation for brokers who aspire to work within the luxurious market?
It’s onerous to begin on the high. I didn’t. You shouldn’t have expectations that you simply’ll be doing the large offers straight away. On this market, you’ll begin out with $600,000 and $700,000 condos. After which a kind of purchasers will bear in mind you and purchase a $2 million home with you. You’ll do a variety of hustling. Ultimately, your corporation will probably be purchasers coming again to you to purchase once more. Be life like, and have a five-year plan. It took me three-and-a-half years earlier than I had any success, and I may need been out with out that five-year timeline. Realistically, it’s a five-year trajectory.