A disruptive business and opportunity stem from identifying voids in a specific industry or marketplace. Patrick Michael, Founder & CEO of L.A. Estate Rentals, incorporated a company before Airbnb that dealt with marketing, managing, and representing the finest luxury homes in Los Angeles during the 2008 recession. It was an excellent opportunity to take homes that could not sell, homes that developers built to sell, and rent them out to discerning clientele who were, in essence, recession-proof. “A wealthy individual will only get wealthier during these downturns, and hence, may not immediately buy property, but will rent to maintain a certain lifestyle (and possibly writing it off if it’s a business/travel related expense) if they are savvy individuals,” says Patrick.
The steadfast leader has pioneered the luxury vacation rental market, set the standard of how brokerages and agents conduct business, and all collaborate. “I am a firm believer that there is no competition except benchmarking yourself, only against yourself. There is an infinite abundance of opportunity, so we must attack business with an abundant mindset, not a scarcity one,” elucidates Patrick. Prior to entering his real estate career, Patrick was a minority partner and Marketing Director of Joya Beverly Hills, a prestigious lounge, restaurant, and bar in Beverly Hills. He has also been involved in various start-up ventures such as the clothing line Rebel Lifestyle/Rebel Jeans and the luxury car company Beverly Hills Automotive.
After attending Loyola Marymount University’s Hilton School of Business for undergraduate and graduate programs, Patrick received his Real Estate Broker’s License in 2006. In 2008, he opened up a boutique brokerage firm with the help of Jonathan Massaband, Capital Investment Realty Group, which would focus on the luxury residential real estate market. Patrick not only has a brilliant business mind but also has a well-honed creative side. He has had the opportunity to collaborate with some of the A-list real estate music artist clients and put together a production company – recently having been able to executive produce 3 top-tier A-list music videos (one of which was 3x nominated music video of the year) – Offset’s “Red Room,” 21 Savage “A Lot,” (3x nominated), Migos/Travis Scott/Young Thug – “Give no Fxk”.
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