Nevada’s most successful real estate team, led by luxury realtor Ivan Sher, left Berkshire Hathaway HomeServices and formed its own independent brokerage, IS LUXURY, and plans to expand to Utah and south of California.
Formerly known as the Ivan Sher Group, the team has achieved more than $4 billion in sales since its inception in 2005. In a recently announced national list for 2021 published by The Wall Street Journal, the Sher Group has been recognized as the leading real estate team. in Nevada.
The company said it posted $760 million in home sales in 2021, a record for the team that has ruled Nevada for nearly 15 years. Sher’s team is known for representing corporate executives, athletes and celebrities over the years.
Sher’s team, which had also been the No. 1 team in Berkshire Hathaway’s global network, opened a high-end, two-story office in downtown Summerlin for its 15 agents and 17 administrative staff.
Moving to start an independent brokerage is part of a nationwide shift in the luxury real estate industry toward luxury businesses, Sher said. He said Berkshire Hathaway has been “an invaluable partner to us and (vital) to our success”, but added that diversifying on its own was a natural transition after more than 20 years. He said he felt it was a good time to venture into other markets outside of Las Vegas as an independent business.
“It made sense for me to start my own brokerage,” Sher said. “I’ve had the autonomy and independence to run my own show with Berkshire Hathaway. It’s a good time to grow and launch a luxury brand. There’s an entrepreneurial side to me. On the dollar side and cents, it almost makes sense to stay with Berkshire Hathaway, at least initially, but I’m hungry to grow.
IS LUXURY has also formed an exclusive marketing partnership with Forbes Global Properties, an international media and marketing platform that showcases the world’s finest luxury homes for sale.
Sher’s team is FGP’s exclusive partner in the Las Vegas and Henderson area. With the FGP affiliation, Sher plans to expand its business into key luxury markets beyond southern Nevada, including Park City, Utah and Newport Beach, California.
“I’ve noticed that so many of my clients have second homes in Newport or Park City, Tahoe, Scottsdale or Aspen, and if I control my own business, that allows me to expand into those markets,” Sher said. “Now I feel like I have the ability to do it at my discretion, although more expensive because it will be at my expense instead of working with someone like Berkshire Hathaway. This is an opportunity for me to build a network of customers and serve them in multiple markets I want to be in three more markets in the next five years It’s not a monetary goal because I know money follows if I do everything else correctly.
Sher said he met his clients in Newport Beach and Park City, and thought that would be a good place to start.
They already know him and his team, he said. Sher starts the new business at a time when luxury sales are down and there are fears of a recession. He started the process a year ago when the market was at its best.
“You’re right, the timing isn’t the best,” Sher said in response. “But in every market we reach, we create our own market. My agents are best in class in the city and most of my agents do more business than my competitors. There is never a good time to do something and you have to follow your instincts.
As part of the company’s rebranding efforts, IS LUXURY introduced a new logo and moved to offices in downtown Summerlin. Sher said he envisions the space as a hub for events and social gatherings, as well as a convenient location for doing business and meeting clients.
IS Luxury is located at 2130 Park Center Drive in a 6,200 square foot office. The interior of the former retail store was demolished and a 2,000 square foot mezzanine was added to create two levels. It is the only ground level non-commercial space in downtown Summerlin.
The lower level features a luxury hotel-inspired lobby, lounge and bar area for events and entertainment, 19 private office spaces for real estate advisors and executives, two conference rooms, a green for personalized video recordings and podcasting, lounges, business center and administrative coworking spaces.
Mark Stark, president of Berkshire Hathaway HomeServices Nevada, Arizona and California Properties, and who has worked with Sher since 2000, said becoming an independent brokerage was a natural progression for the company’s top global team.
For more than 20 years, Stark said his company has operated with a business services model in which sales managers can create a brokerage within their brokerage and assume the additional risks and rewards of owning your own business. Sher is the eighth to have done so in four markets in three states, and the two have talked about the opportunity for a long time, he added.
“Ivan Sher is clearly in a league of his own,” Stark said. “He has built an incredible business, and we are very proud to have been part of IS LUXURY’s evolution to form its own brokerage and expand its reach to other states.”
Stark said this sends a message to anyone interested in starting their own opportunity brokerage with Berkshire Hathaway.
“We are delighted for Ivan and wish him the best,” Stark said. “I know Berkshire Hathaway isn’t happy about being separated from their brand, but the way we structure the executive model is very supportive of the commercial director side. And that’s why we continue to grow.