According to a new report, Mauricio, who is married to Real Housewives of Beverly Hills star Kyle Richards, closed his Palm Springs location last month while also deciding to scale down on the company’s office space expenses following the laying off and furloughing of some of his employees.
On July 6, The Real Deal revealed that Mauricio, who is one of the Top 30 Realtors in Los Angeles, made a number of cuts within his business after making the decision to scale back on the amount of physical space he has for his staff.
“A lot of agents are talking to me – ‘Why not get rid of space?’ That’s what the agents are telling us. We have some rent commitments. But let’s see what’s happening six months from now, nine months now,” Mauricio said.
According to Mauricio, he arranged for deferrals on rent payments with some of his office landlords and reduced the size of the space he has in the Pacific Palisades.
While The Agency received a Paycheck Protection Program loan in April for between $2 and $5 million that allowed his company to retain 104 jobs, the money, unfortunately, did not prevent Mauricio from having to lay off and furlough a number of members of his staff — something a number of companies who got the PPP loans still had to do.
“We have to lay off people and furlough people,” Mauricio admitted. “It was one of the most difficult things I’ve ever gone through in my life.”
In addition to The Agency’s struggles, The Real Deal revealed that Douglas Elliman was forced to temporarily shut its Santa Barbara office as Coldwell Banker closed an office in Malibu and reduced the size of its location in Los Feliz.
The Agency’s Palm Springs location opened its doors in 2017 and was one of the company’s 36 offices.
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