M
ichael Nourmand is the president and broker-owner of Nourmand & Associates, a boutique residential real estate brokerage firm with 175 agents across three offices in Beverly Hills, Brentwood, and Hollywood. Founded by his father Saeed Nourmand in 1976, the company has remained family-owned despite not being directly involved in day-to-day operations.
This year, the firm reported an 18.7% increase in sales volume and an 11% increase in average home sales price. As president, Michael Nourmand still sells real estate himself, a common practice among boutique brokerage owners due to thin margins and high agent splits.
Nourmand & Associates specializes in properties across Los Angeles County, with an average deal size of $2 million. The company has expanded its reach from the Westside to the Eastside, Valley, Tri-Cities, and Glendale. Michael Nourmand attributes the firm's success to its ability to adapt to changing market conditions and appeal to millennials and new agents.
As a family business, Nourmand & Associates benefits from being independent and not having to answer to corporate interests or outside investors. The company has grown significantly since Michael Nourmand took over, increasing sales volume from $200-250 million to over $1 billion in some years.
Attracting and retaining top agents is crucial for the firm's success. Nourmand & Associates focuses on providing a unique culture and services that differentiate it from larger competitors. The company also helps its agents create their own brands, allowing them to stand out in a crowded market.
Regarding the NAR settlement, Michael Nourmand is generally favorable towards the changes, which require written buyer agreements detailing agent compensation. However, he finds the increased paperwork and explanation requirements frustrating.
Looking ahead, Nourmand & Associates plans to continue growing by adding great agents to its existing offices. While open to opening additional offices or making acquisitions, Michael Nourmand prefers maintaining a boutique approach, allowing him to personally connect with his agents and stay boots-on-the-ground in Los Angeles.
