By { Charisse Calalang
Photography by { John Russo
Originally from London, Patrick Fogarty moved to Los Angeles and his career as a real estate agent took off. Having extensive knowledge of the home investment market was an incredible asset he offered clients. After years of working in the real estate industry, Fogarty landed in the luxury home market. As a high-end property agent, he sells multimillion-dollar homes and is currently working alongside internationally recognized architects developing residential projects in Beverly Hills and Sunset Strip neighborhood.
What inspired you to be in real estate?
Working with people from all walks of life, as well as my interest in design and architecture are what drew me to real estate.
The first year in real estate can be difficult. How did you overcome this to drive your success?
The first year in business is difficult in most sectors, but in real estate it’s especially tough. What got me through was my determination and knowing that I understand the luxury market.
What are the most important elements to highlight when selling a home?
Understanding and conveying to clients the qualities that make your property unique compared to other rival properties.
What challenges do you face selling homes to high-end clientele?
These types of clients are specific and discerning, often having limited windows of time to view homes. You must be able to zero in on select homes that you know will resonate with them. The client’s time is valuable, and that’s why they’ve hired you to advise them on only the best options for purchase.
What is the greatest misconception in luxury real estate?
That it’s easy. A lot of agents get in the business as it seems glamorous from afar and then drop out in their first few years. You’re on call seven days per week and it’s not 9-5, which is too much for some people.
London already has a great market for high-end real estate. Why did you choose to break into the luxury market in Los Angeles?
Everyone wants to be in LA as it offers such an amazing lifestyle. Not only is the climate phenomenal but there are various industries based in LA such as tech, entertainment and fashion. Ten years ago, Silicon Beach didn’t exist. Tech is dominating more and more industries, therefore I just see more and more people coming to live here in LA. The food scene has also transformed. We now have Michelin-starred restaurants and some of the best young chefs. I couldn’t think of a better luxury market in the world right now, highlighted by this year’s string of record breaking high-end sales.
Aside from your age, what do you think separates you from other real estate agents in Los Angeles?
Authenticity. I’m always very honest with clients and with what I feel the value of a home is. It is a privilege for me to represent someone, and I always put the relationship over the deal. All my relationships are bigger than a commission.
What has been your most successful moment in your career?
This year I definitely had two high points in my career, selling one of my own developments, which took almost two years to build, as well as selling a home for $42.75 million.
Did you have a mentor?
I didn’t. I was fortunate to have a background in development, so I already had market knowledge and understanding of transactions and underwriting.
What advice do you have for younger agents who are just starting their career?
Knowledge. Nobody can take it away from you, and, if you’re more knowledgeable than your competitors, you’ll have a distinct advantage even if they’ve been doing it for longer. Follow up. Consistently follow up, whether it’s with other agents from showings or both existing and potential clients. Market yourself. Pick a day each week to focus on growing your business in addition to all your existing client-base affairs.