February 15, 2018

Meet Michael Banovac of RMB Luxury in Biltmore

Local Stories

Today we’d like to introduce you to Michael Banovac.

Michael, can you briefly walk us through your story – how you started and how you got to where you are today.
RMB started in 2009 with the idea of creating value to our capital partners and clients. The model was pretty simple. We acquired anywhere from 4-8 properties a month that were selling at below market prices. We would completely remodel the homes and resell them within 90-120 days for a slight profit. It was great model until the market came back significantly and we began to see larger opportunity in luxury new-construction and remodeling. Our brand became synonymous with great design and quality, Many of the times capturing the highest price per square in our neighborhoods! Now our company builds homes for clients, remodels homes for clients, and also brokers homes for clients as well. It’s a great model because we’re vertically integrated and are one of the few firms that can offer almost everything residential real estate related under one roof.

Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
Real Estate is always a roller-coaster ride of emotions. But I have to say we have been pretty fortunate to date. We’ve been lucky our homes have been well received and we’re optimistic towards the future. Think in this business it is very difficult to rest on your past laurels. A company has to constantly be evolving to meet the needs of their clients and to better serve them in a more efficient and consistent manner.

Please tell us about RMB Luxury.
RMB Luxury’s partner companies are licensed contractors specializing in residential and commercial development. As a team our partner companies hold a General Residential Contractor’s License (Class B) as well as a General Commercial Contractor’s License (Class B-1).

From 2014-2017 alone, RMB and its affiliated companies have been the acting general contractor in the building and/or renovating of over $25,000,000 worth of custom homes in Paradise Valley, Phoenix, & North Scottsdale.

Our affiliated companies have a BuildZoom score of 110 rating it in the top 4% of 71,576 contractors in the State of Arizona.

Do you look back particularly fondly on any memories from childhood?
My favorite childhood memory is seeing my father conduct meetings. I know it sounds funny, but I always thought it was so cool to be apart of many of his meeting and learn how he conducted business. I think as a kid you learn through proximity and osmosis. It truly was invaluable as I grew up both in school and beyond. I’m very blessed to be working with my idol and role model on a daily basis – my father.

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