How Real Estate Teams Work with RYAN SERHANT

How Real Estate Teams Work with RYAN SERHANT

– [Ryan] Hi, I’m Ryan Serhant and you are watching Selling Seattle. (electronic music) That was really smart. Brand deal city. I don’t give advice that I won’t take. This is the mode. – Hello. – What’s up man. – How are you? – Good. I’m Phil.
– I’m Ryan. Hey Phil. – Good to meet you. – Welcome. – Dylan.
– How are you? – Nice to meet you. – This is Hamlin. – Hey.
– Gotcha. – How’s life? – Life is good man. – Yeah? – Yeah, we’ve been here for
36 hours and haven’t stopped. – You’re from Seattle? – Seattle, yeah. – How’s the business? – Good. So I’ve been in real estate for 10 years. I think around the same time you have. – Yep. – Only recently this year am I kinda like in expansion mode. So that’s a lot of some of
the questions I have for you. – Sure. – But yeah, started in the depths of 2008. – Ditto. – Yeah. It was brutal. – What were you doing before? – This is kinda my first career. I was gonna be a high school teacher. So I got into a masters
program, didn’t get hired. I had to figure out what to do and after a year and a half or so, jumped in and got my real estate license. So in Seattle, the marked
hadn’t totally shifted in 2008. – Sure. – But, in September
2008, it all hit the fan. – Yeah. – Drew my first deal. I did one deal in nine months
and then just ground it out. I’m kinda like a cockroach,
I just bossed everybody. – Yeah. – So yeah, so things are good now. – Things are good now in Seattle. West coast, things are terrible here. – Yeah, I don’t get that. – You’ll feel it in like
a year or two, probably. Seems like New York gets hit first, right? The financial crisis, New
York stopped on that day. The rest of the country
was slowly fazed out. – Yeah. – Actually, New York
stopped well before that, but I just wasn’t in the
business at that time. I think there is just a lot of supply and people are really
holding out for their money. So people keep putting
things on the market and there’s just not enough
buyers to buy everything. – Are people anticipating a shift? I mean, I guess it’s
already happened, right? – It didn’t already happen. – Everyone is kinda worried
about the slow down. – Yeah, it hasn’t really. The stock market’s fine. – Yeah. – People are okay there, right? Things seem to be okay, but I think people are just cautious. And so they’re not really doing anything. And there’s just this like cow effect. Literally, we have a
penthouse in Chelsea right now that two years ago we sold for 15. It’s a new development, okay. The building was in a year delay. The guy’s life changed,
pulled out of the deal, he was able to rescind his contract. Okay, so let’s go find somebody else. That sucks. Now, we’re probably gonna
sell it for seven and a half. – One year later? – 18 months later. – Oh. – That’s where the market is now. It’s corrected in New York City, roughly about 50 percent, right? Which is crazy. – Dang. – Even going to people yesterday, I’m not just saying this
is a steal of an apartment. You will make money if
you can hold onto it and their responses are just like, I know I know I know, but isn’t it crazy how these prices are coming down so fast? Shouldn’t I just wait? You think it’ll get better? Maybe I can get this for four. (laughing) Like that’s gonna happen. But you never know, if you
would ask me a year ago if this would go for seven and a half, I would’ve said you were totally insane. – Yeah. – Even then it was like 10 would be crazy. – So is that, like that fluctuation, would that be considered normal? – No. It didn’t even really happen in 2008. The only people who sold where the market corrected in 2008, 2009, were people that had to. They lost their jobs, they
owned too much, right? They just sold it off and
those created new comps and then that fucked the market and then it crawled up from there. It wasn’t like people were
putting things on the market and then they were just sitting. That’s what happening now. It’s a different type of correction. Things are great, everyone
wants to make money and put it on, but the
buyers just aren’t there. – Yeah. That’s totally different
than what I’m experiencing. Well, you got the sense
of it in the crowd, right? – Everyone was asking
about escalation clauses and average days on the
market being 17 days. – Or like six. Oh yeah, average would be closer to 30. – It’s crazy. – The biggest stuff sells in five days. – By the end of this year. – We have to fend people off. – That’s so weird. I wish. By the end of this year, New York City, the average days on
market will be one year. And everyone thinks New York City is the greatest place in the world. – Yeah. – Yeah. – Interesting. Alright, so when you
started, from the get go, what’s your team look like right now? – We’re 62. The majority of everyone is
between the Hackinburg bug. – And is this basically just
your team at this office? – Yeah, this is my team. I work for a brokerage
company called Mess Seekers. I’ve never left, because
the only other option for me is to start my own thing
and it’s super expensive and brokers have lots of options. I’m only as good as the deals that I do. And I have great team members,
but I need to feed them, you know? – Yeah. – And I don’t know if I can do that with hundreds and hundreds
of people or thousands. Especially since there’s
so much competition and the market keeps changing. So I’m kinda, like, waiting
to see what’s gonna happen. But, I started just with Yolanda, who’s on the other side of
that gray wall, as an intern. And just helping me
manage email and stuff. Just doing rentals and slowly just started moving up the ladder and once I got a little bit
busier, I’d add somebody else. I’d get a little bit busier,
I’d add somebody else, but never to do what I was doing, really. Now it’s different, but at the beginning, it was always to handle business that was underneath what
I wanted to be doing. – Yeah. – So it started with
rentals, like in Korea Town. I think I talked about it in Seattle too. Sorry, people always ask me that question. I want to do 10 million
dollar deals, how do I do it? – Laddering up. – Yeah, so you just work that ladder. – Yeah. – So I didn’t want to do 2000 dollar a month rentals
anymore, so I got Bill. Bill was brand new, he did
2000 dollar a month rentals, now we do three to four thousand. And then, when I got a 5000 dollar client, now that’s all I do. Then I had to get Tatiana. She did 2000, Bill would the 3000, and it sort of just
started laddering that way. It also made it easier
for knowing who to go to. And then Bill would get a
million dollar buyer at a bar. Now Bill doesn’t want
to do rentals anymore, he wants to do sales and he’s got a little
spending money in his pocket, so shit, now I gotta go get
someone else to do those deals, because they never want
to say no to money. – Yeah. – There’s a lot of teams that just are, let’s say, up to 10 people. And they’ll kinda do their own deals, but they’re really there just for you. – Yeah. – You know? And manage your clients, your business. – Right. – So I have like five people that are my go to’s just for me, but everybody else works
on my other business and brings in their own
business and they have quotas. – Are you transacting yourself? Or are you just managing them? – I manage probably 90 percent. Because that’s the safest way for me to make the most amount of money. I do my own deals, but I don’t bank on it. You know, give continuity. It’s hard to also say that way, because I do, a majority of my business is new development condo sales now. So we have just huge projects and towers. So it’s like my business. You wouldn’t have it if it weren’t for me. – Yeah. – But I did put four people
on site to sell that everyday. So I need them to be there. And all of the resales, I try to do it alphabetically
through the team. Or, I do it one for one. Like, if someone brings in a good deal, I know I owe them next. You know, to be as fair as possible. – Got it. – And then just slowly
started building and building, but the power was always in leverage. Because I wanted to make sure that I made as much money as possible, even if I wasn’t doing
deals in this business. And I didn’t wanna be one of those brokers who had a bad down month. We still have down months
compared to other months, but they’re never bad. – Right. – There’s so many people, you know? – What’s your admin staff look like? – I have five. So Jordan is my assistant and kind of the assistant for the office. He manages the intro process
for listings and for projects. Shannon does graphic design. Christian does graphic design. Yolanda is now with me forever. She’s like my operations manager,
she does everything else. – Yeah. – And kinda controls
everybody, as well as the team. Handles all the deals and handles the closing side of listings. Okay. And then I have Morgan, who
handles new development. So, everything on the development
front is so much work. And then, everyone on the
team doesn’t make a salary. They’re commissioned and they
have different splits with me based on their production. But they are kinda like
assistants, you know? They do everything on deals
that I don’t need to do, because I really always try to make sure that I only do all day long
what I can do, you know? It’s super important. – Yeah. – And anything else, like
doing a broker preview, doing a broker open house, going to see if that coffee shop is open, doing paperwork, all that,
should be somebody else until they get to a point
where they don’t need to and then someone else will do it. – Yeah. That’s a lot leaner on the overhead than I would’ve expected. – Yeah, I mean, how much
overhead do you think we need? – No, I’m just, I know, but
well I’m in agreement with you. But you do a lot more business than I do and you have, I don’t know, someone else. I don’t know how many admin I expected. I guess what I’m saying is it’s cool. – For me, in New York, I have a lot. Like, most teams just have one assistant. – Oh they do? – But then they have brokerages
that have all these people. I don’t go to nestlers for anything. – Right. – I have my own accountants,
my own bookkeepers. I mean, I guess I have more happen staff. We have a showing coordinator named Renee. We also have Jasper, who does
all of our writing for us. – Videographer. – Videographer is right. We have all those people
who do that kinda stuff. But I also put a lot of onus
on the individual team members. Anytime a team member comes and says they didn’t do one thing that is on the checklist protocol that we have for everything that we do, then they can no longer be here. You have to just do your job. (laughing) Right? – Right. – It’s very important to me
and nothing is beneath anybody. So there’s a lot of companies too and teams that have more admin, but then it’s almost out of laziness and I really wanna control
overhead as much as possible. Because that’s how a
lot of brokerages fall. Their overhead is just too high. – Right. – This isn’t that hard,
it’s just real estate. – Right. A lot of it can be check listed, right? For system advice. – We have new listing protocol, new agent protocol, we have
new development protocol that is super check listed
for the most standard deals. Obviously, things change… – Yeah. – And people can improvise. So everyone knows what
they’re supposed to do. A new listing comes
in, this is what we do. A new buyer comes in
and this is what we do. This is how we do it. – Cool. – Yeah. – So what’s the next year hold for you? – More. I don’t know, I want to open
another office in Brooklyn. Brooklyn is the greatest
market for me anyway, right? If I was in San Francisco, I’d
be really focused on Oakland, you know? Because it actually sells. I don’t really care about
what I sell as long as I sell. I don’t really wanna do
bullshit stuff either, but I wanna do things that sell. I get super excited about every two or three family house I sell
in Bedstie and Buschwick. Right? I get more excited about those, as long as I do them in volume, than I do about a 20 million
dollar condo in SoHo. – Yeah. – It’s great. Those are good deals,
they’re good paydays, but they’re a pain in the ass. You’re dealing with people
who are kings of the universe. You know what I mean? – Yeah. – It’s all about volume for me. Last year we did 500
transactions, give or take, right? I know a lot of other
teams did a lot less. Some people sold more, but
they, just the headache. I don’t want their
headache, I want the volume. – The agents you bring
on, are they experienced or are you training? – It’s a mix. So we have an apprentice program here too where brand new agents,
well all new agents have to go, there’s like a
three step interview process. The first is through me,
but I’ve learned over time that I seem to like everybody. (laughing) And everyone is super nice to me. I’m like, they’re great! Then they have to get through
another agent on the team. Someone that’s random, because
I’m not here that often and so Jen or Cameron or Bryan have to want them in this room too. And then they have to go
through Jordan and Yolanda. If they get through all of those people, then we can figure out
a deal that makes sense. And if they’re brand
new, they have to team up with somebody else in the team
for their first five deals. – Yeah. – Right. Which, as you and I both
know, can take some time. – Right. – But that’s also a good
way for them to learn where they’re also not just sitting here. – You have production
goals for the new people? – Yeah. – I have to contextualize it. – It’s random. Everyone’s a little bit different, right? They gotta do their first
five deals within six months. It’s kinda like the benchmark. And it can be rentals or sales. Most of the times they do it quicker, but sometimes they don’t, you know, and then we’ll reassess. But once you’ve been here for a year or after those first six months then we set up an annual income goal that they personally set with me. I sit there with everyone
until fucking ever, but I sit down and I basically say, how much money do you
want to make next year? You can’t make less
than you did last year, it has to be more. If it’s 50,000 more, if
it’s 100, whatever it is. And kinda see where they’re going and then you have to hit it and we figure out how you’re gonna do it, based on how much you need to sell, based on average splits
and average commissions and then that’s kinda like your salary. Anything you sell over
that, make over that, is kinda like your bonus that way. And then adjust and adjust. And if you can’t hit the income
goal that you set yourself and if you didn’t come and
talk to me in June or July, then you can’t be here. – You started Bravo early on, right? – We started in 2010, the show
didn’t come out till 2012. So I was in the business for four years when the show actually came out. – So, what I’m getting at is
do you have people that want, are clamoring to be here
because of your status, right? How do you… – Get people otherwise? – Yeah. – I don’t think there’s a lot of… – And what’s the value
at if you’re not on, like if you’re me basically. – Sure. The show, honestly, that’s
where I made mistakes early on was bringing people in who just
really wanted to work here, but then they sucked. Just because I’m on TV doesn’t mean that they’re gonna be
good real estate agents. For the most part, they’re here
for the wrong reason, right? And so, everybody who
actually works here now are people, for the most
part, that I had to go find. And I’d find in different ways. I mean, the best agents that I have, were not in real estate. They were newer and I don’t like teaching
old dogs new tricks. So really experienced agents, they want too much, they do too much, their personal lives get too in the way. I don’t wanna deal with it. Chase does a considerable
amount of business. I found him selling t-shirts. Cameron is at a closing right
now for 32 million dollars for the guy that founded Facebook and he was selling furniture
to the tech community. Roy was selling Iranian handbags, but these people were
really good salespeople and you can make a lot
more money in sales. Why don’t you come and do this? And put them into the apprentice program and they like it and then
some start part time, some start full time. You kind of mix and match that way. – Cool. – But I think if I’m you, you know, you use a ten year track record and you use the ability to learn and not just be by yourself. I wouldn’t focus on agents that… A great model of how a team should work and I know you’re from Seattle,
okay, so don’t get upset, is the Patriots, right? Think about a football team that literally will spend
no money on quality talent. All of their top players, with the exception of that
quarterback, are Chris Hogan, who’s one of the greatest
wide receivers ever, played lacrosse and they were like, you should play football
and now he plays football. And he’s really really great. They find people and then
they nurture the talent so then the talent doesn’t want to leave. And then the Patriots
have given the talent this amazing lifestyle and opportunity and then they kinda
wanna keep giving back. That’s the best way and
it’s hard at the beginning. – Or if they get too big
headed, they cut them loose. – Of course, not worth it. Yeah, it’s like, thanks so much, I got some of the best years out of you, go get hurt on someone else’s team. – Right. – So that’s kinda what happens here. – Right. – You know? I try to keep everyone’s egos
in check as much as possible, but the best agents are the
ones who’s lifestyle changes while they’re here, you know? Not to say that I don’t want good people, but if I open another office in Brooklyn, I’ll have a manager who
knows what they’re doing, but then I’ll hire all
fresh faces and new people who are incredibly hard workers. Did I talk about the four
E’s when I was in Seattle? – I don’t remember. – For hiring new people? – No. – It’s energy is the most important thing in the whole world. – Yeah. – They have to have
good energy in the room. If they don’t have good energy, they’re gonna walk in like sloths everyday and they’ll never be able
to pick up the phone. Energy, they gotta have enthusiasm. They have to be excited even
when they’re not making money. – Yeah. – They have to be excited about life. And you can figure that out
based on how they tell a story. If they went to a concert
and they were like, yeah I went to a concert, not good. If they went to a fucking awesome concert. It was great and there was singing and you can follow them on social media and you can see that
they’re excited about life, that’s great, that’s what you want. They need to have empathy, okay? And you do that by asking them, tell me about the worst time in your life. That’s a great question to ask. If they tell you, my mom died,
that person has no empathy. But if they tell you, well, when I was 10, my mom got sick and they walk
you through that process, that person can talk to
someone about tough situations and that’s what you need. And then the fourth E,
which is kinda a little E, is education. If they can speak and they can write. I don’t really care if
they went to school. It helps, obviously. If they know the market, if they know the business, that helps, but we can teach them anyway. – Yeah. – And then it’s about spending the time. The hardest part about having people is taking time to spend with them to train them in your ways. It’s a big part about
how the book came about. Because I was just writing
my agent playbook for my team and then I was like, maybe
I adapt this, flush it out, make it like a real book, but this is now my training manual. You have to read this, report
back to me, it’ll save me time and then we’ll sit down and go through it. This is everything that
I know about how to sell and how to build a sales career. – So, percentage breakdown, how much are you managing those people? Of your time, percentage of your time. – Managing the people is
very little, honestly. – You were saying spending time. – At the beginning. – Gotcha. – At the beginning. Everyone’s different. Some people want to sit down with me for a half an hour every week. Minimum I’ll do that. Some people I see once a
month, but they do deals and they just don’t like
being in the office. The time that I have to manage is a lot less compared to them. That’s what Yolanda and
Jordan are here for. But I answer all of their phone calls, I talk to them all the time. It’s a lot, but I try to, I would say, 90 percent of my day, maybe
like 95 percent of my day is bringing in new business. That is my through line. – So you’re down here? – No, not necessarily. I hope, I try, but it’s
either pitching new listings, reaching out to people
to try to get business, going to meet developers, even doing the Chase speaking events. Trying to meet other brokers that are good referral sources for me. My head’s also a big
part of me doing that. Shooting the shows takes a
significant amount of time, but that’s branding for me to be out there that my team can’t do. I need to be quarterbacking as
much as possible all day long so that we all have more business to do. – Cool. So we were at Baher yesterday. – Yeah. – I don’t know if you
know about the four D’s? – I don’t. What is that? – It’s a one day intensive
where you get to sit down with I don’t know how many
sessions we had, eight sessions? – Yesterday? – Yeah. – Crazy. – It was nine hours. – How much was that? – 10 K. – What? How many people were there? – Nine or 10. – Okay. Is it for all businesses or what is it? – Yeah. So we had a real estate agent, we had two guys, former NFL player that’s launching an app in September. We had a DIY flower making kit company. We had a VC in the room. And there’s grand cannon. – How often does he do that? – I think roughly twice a month. – Crazy. – So he carries in the room for an hour and a half for Q and A, which is cool because it’s just
like sitting at this table. – Yeah. – Chopping it up with him. – How’d you find out about it? Does he post about it on social, or? – Mmhmm. Well we were talking about ad buying. They break it down. They bring in the head
Facebook or social ad buyer for the company and they’re
just going through the playbook of like, here’s what we look
for and here’s what we do. If you only have 100 dollars to spend, this is where you focus. If you have 100,000, here’s what we do. Through their sales funnel
and we broke that down. It’s kinda funny. I heard about it on the
podcast, clicked on website, you hit me up for three
months on Facebook about it. – Because it had your information, right? – Yeah. – Yeah, crazy. – I mean, I was already sold from the moment I heard about it. Anyways, point is, it’s a
huge inspiration for us. Things are already kinda
new and I had seen. Saw you, even though you’re
on TV, you’re starting to vlog and talking to Gary about basically it’s just like
a land grab at the moment. – He uses that phrase a lot. – Yeah. Curious what your, you’ve
been in it for four months or five months or something like that? – Yeah. – What have you seen? We keep laughing. Yesterday, after having a
lot of things confirmed, I get a call from, I don’t do
new development in Seattle. Totally different, right? I got a call from a builder saying, hey, I’ve seen your stuff. Can we have a conversation
about what we can do together? And that’s only from, how
long have we been posting, a month? – [Cameraman] Yeah, a month. – So we were just laughing, like, who knows what that turns into, but that’s a phone call, right? – Yeah, for sure. – So how’s your business shifted? Ultimate motivation? Because you have, in
the real estate world, you have a top five to 10 attention span. – Sure. – Eyeballs. – Man, it hasn’t really shifted at all. It takes time, right? And I’m still feeling it out. It’s not hard for me because
they just sorta follow me as I do what I do and put it together. I honestly started it because I saw that people
were not watching TV anymore and I wanted to hedge my bets. It’s my hedge against TV is what it is. It’s that I’ve built my business while Million Dollar
Listing has been on the air for millions of people. Less and less people now watch TV. No one who sits here has cable anymore. When I first got in the
business, everyone had cable. No one has cable. They watch on the internet,
they watch on their phone, they watch Netflix, Hulu. They don’t watch cable. You can’t watch Million Dollar Listing unless you sign in on with your cable subscription. I wanna, like you said, the land grab. I wanna already have a presence out there so I don’t have to start from zero and let people know about it. And so, now I have developers who, for me, they just think it’s funny. For me, they just think
I’m incredibly vain. You have two TV shows and
you had to do a vlog too? (laughing) Can’t you leave room for somebody else? – Yeah. – But where it really helps me, honestly, is in the speaking side. Speaking is like, small income, but it’s beneficial for me to do it. I get a lot more speaking engagements from the vlog than I ever do from TV. – Interesting. – Yeah. Because people see the TV. But the speaking, keynotes,
panels and stuff like that are mostly for sales conferences. I’m not somebody who can
just go to some random event and talk about life and
entrepreneurship in general. I mean, I guess, I can. But I think I’m most effective
in front of sales people and brokers around the world. – You’re the agent 2020? – Right. Tell me about real estate, yeah. It’s worked that way. It’s fun, it’s different. It’s just another form of
content to put out there. You need to be in as many
different places as you can. – Are you doing your social yourself? – I post myself, but I do
have two people that help me. I don’t do anything for
Serhant team on social. They handle all of that stuff. I have no time. But Joe and Casey, they
help with all that back end, social media stuff. Help guide it, they’re
helping with the app and all that kinda stuff. – The app? – I made a game. Actually comes out today. – Sweet. – I have not posted it at all yet, but it’s a real estate game where you play as a young rental agent in New York City. – Is this like Candy Crush, kind of? – No. It’s more… – You can walk around the city? – Not yet. We’re getting there. It’s so expensive to build
a real New York City. It’s like, I can’t afford that. So it hasn’t come out yet, but it comes out eventually
at some point today. – What’s it called? – Agent Empire. But you play as a real estate
agent in New York City. You run around and you do
deals and you negotiate and you build and try to make money and you have to fight other
brokers to get listings. We’ll see how it goes. I always kinda wanted to
do a role playing game. Something like that. So it’ll be fun. – Cool. – Yeah. That, the book, the vlog, the TV shows. – Yeah, what aren’t you doing? – Um, what aren’t I doing? – Podcast, you don’t have a podcast. – So, we did a pilot podcast
last week with iHeart Radio. We tried here. I don’t wanna be emailing
people to interview them and do all this stuff. We’ll do audio by the end of the year. But we’ll do it in seasons,
not everyday or not every week. But we’ll do it in seasons,
12 episodes at a time I think. We’ll probably do is more,
kinda like my Mom story. Sorta like the rags to
riches type thing, right? From nothing to something. – Yeah. – And then just find people who kinda have the same sorta story and see kinda like how they did it. – Why don’t you strip the vlog audio? – We thought about it in the past and I tell them to do it,
they just haven’t done it yet. I don’t know. There’s only so much we can do. But you’re right, they should do that. That’s what Gary told us to do the first time I ever met him. – That was one of your
first episodes, right? – Yeah. Yeah, early on. And then the vlogs, like
trying to figure out. It’s the same issue we had
with Million Dollar Listing. We’ve been doing it for
seven years now, you know? We’re gonna start shooting Million Dollar Listing season eight. There are only so many ways
you can sell a property on TV. – Yeah. – And only so many times I can talk to someone on speakerphone on the street. Only so many ways I can negotiate. How do you keep it fresh
and keep it different? And what you see now in this season is it used to be that
Bravo only wanted to see things that we sell. So we would shoot properties
and if we couldn’t sell them, they would only end up editing and putting together things that sold. – Yeah. – They wanted wins and awesome
and New York and crazy. Now. – Well, people that have seen the big commission numbers
zoom across the screen. – They used to. – Oh, they don’t like them anymore? – People don’t like it anymore. – Interesting. – The world has changed. – They turn the TV off seeing three people in New York City making money. Now, if you see this season,
even last week’s episode, it’s like pure crushing. The worst day ever. You’re losing projects, losing listings. We’ve never done it before,
but this season we’re doing it where they follow us on listing pitches, like they always have. But if we didn’t get
it, they would scrap it. Now, they’re putting it in the show and they’re telling us later. And they’re like, you know, that house that I was
gonna get on 76th street for like 17 million bucks, she called me and said she
was going with somebody else and they put that whole thing in the show and they’re like, no it’s good. That’s what people wanna see. They wanna see you lose now. (laughing) Life has changed that way. It’s crazy, you know? I don’t know, just trying to
stay as different as possible. – Cool. – But I would find young people. Young people who can work underneath you who are grateful to be the there. – Mmhmm. – You want people that
work for you to be grateful and then watch them grow. Then you do that classic
just promote from within. – Yeah. – People that work with me now, who do the big projects with me, they started with me from the bottom. It takes time, but then
those people don’t leave. The only reason they leave
is if they don’t make money. So then you have to nurture
them and help feed them. – Right. – Give them ten percent on this deal. Give them a couple hundred
bucks for doing this open house. You have to take care of them because you don’t wanna grow too fast. – Right. – But that’s how you hedge against. And then you, yourself, can
go and focus on bigger things. – I think that’s the
challenge for me is that for the first nine years, I just kinda worked with my database. – Yeah. – Where I had family and friends. I wasn’t doing a ton of
outward bound marketing. – Sure. – So as we scale with our visibility, hopefully I can feed, right now I can just feed the
other person besides Dylan is Blake Knee and she’s kinda
half executive assistant, half buyers agent. – Sure. – You know, I would even love
to send her more business. Working on the pipeline, basically, being able to feed a bunch of people. – Sure. – Or more people. – Yeah. – Also too, the managing, training, or the training aspect
is a little daunting. So I also have three kids at home. – Three? How old are you? – 35. – Damn. Working on my first. I’ll keep you posted. (laughing) – Nothing to announce? – No. – No, it’s awesome. It’s the best. Priorities shift a bit, you know? And so I want to go home at night and not like work and train. – I mean, it does take a lot of time. It’s smart training too. I would start with one person at a time. You don’t need to have 50 people. Do it one person at a time and just have them shadow
you at the beginning. That’s kinda what I did
at the beginning too. I’d have them shadow me. They’d come with me everywhere and then slowly but surely you realize, oh, they’re not shadowing me anymore. I guess they’re doing other stuff. Oh yeah, they’re working on
that deal with that person. – Yeah. – Now I have more time. New person, come shadow me. – Yeah. – And just create that shadow. And then that way you’re
not taking extra time on top of the day to
sit here and train them. You’re training in between appointments, you’re in a car, they’re
asking you questions, you’re talking to them. And as long they have good
energy and as super enthusiastic, they will hammer you with stuff. You’ve been in the business for 10 years. How awesome would it be if I’m
a brand new real estate agent who I thought I was going
to go to law school, but now I can’t or my life changed and I really wanna do this business and I love it. To be with you every day
versus just being by myself or working by myself somewhere else or working on a team
that’s really established where I’m just the lowest
rung of the totem pole. That’s an opportunity, I
think, people would soak up. – Right. – Yep. This is Joe. – Mister Joe, I’m Phil. – Joe. Nice to meet you.
– One listing agreement instead of 200. – Yeah. – But if I don’t sell the
units, I don’t get paid. – So what does the developer want? What are they looking for? – Marketing exposure, complete staffing, advertising, everything. – And so, are they coming to you in part because of your celebrity status? – They used to. Now, it’s more because we’re a better deal than the bigger firms. I started, even with
Million Dollar Listing, I was 24 or 25 on a Bravo TV show. New York City real estate developers didn’t wanna hire Bryan Serhant who takes his pants off
on a reality TV show. I had to show value. So I had to show that I was
smarter than everyone else and I would do it for a better deal. Everyone else is charging three percent, I’ll do it for two. Not everyone would say yes, but enough were like, okay. We’ll give you 30 days. And then I would just
hump it until I kept it and sold it out and then I would use that to go and get the next three projects, over and over and over. Too many brokers are too
commission sensitive. They’re like, well, I’m
not a discount broker. Asshole, commissions are not in the bible. We made these up. We could take 10 percent, we would. – Net seekers obviously
doesn’t care about that. – No. Net seekers, I’d rather make
one dollar than zero dollars. Especially at the beginning,
it was very important for me to get as much business as possible, because the business
would speak for itself. – Yeah. – I was never gonna lose a
deal based on commission. I would always do it for cheaper, because who was I? – We were talking about Facebook. You’re the Facebook guy, social guy? – Here and there, yeah. – Social Joe. – Social Joe. (laughing) Day one. – Well we were just at the Veener media they were talking all things
social media yesterday. So, we were curious,
specifically, the real estate, if you do any ad buying, that sorta thing. – We do them case by case. I see them working better with, I would say, new developments, because there are more units. So if we have a building with 50 units, it’s easier to market something bigger than opposed to one specific
townhouse in Chelsea. But we do everything that
Gary would say to do. Income threshold, types of
jobs, types of companies. But like I said, I think
there’s more success when there’s an actual building as opposed to one that’s maybe a place. It’s really hard to market one property. – Yeah, and it’s expensive. – It’s expensive. It works, but it’s a lot of money. – For the new developments, do you get a budget from the
builder on your marketing? Or is that just out of your commission? – Every project is different. If it’s huge, then yes. We have some projects
where it’s 10,000 a month, others it’s more. Others, I get the project and we have to take care of everything. And then I just have to be super smart. – [Paul] You just front it? – Yeah. It depends, though. What I hate doing, is
spending money on marketing for something that is not gonna sell or something that’s overpriced. We don’t have your market. Our average days on market is so long, not everything sells. There’s, I don’t know, there’s 50,000 homes on
the market in New York. Only 11,000 will sell in a year. There’s so much that will never sell. – Do you presale the condos? – We try. Used to be able to. Now we can’t. People don’t buy a floor plan anymore. There’s too much active inventory like the 15 million dollar penthouse that’ll sell for seven and a half. Why would you buy that
pre-market two years ago and over pay. Unless it’s super special and super unique then people will jump on that stuff. – Yeah. – New York City is all
about light and air, so people will pre-buy things that have good light, good views. Everything else will sit and wait. Because if you look across the
street into another building there’s lots of those. Doesn’t matter how nice
they are on the inside. – Yeah. So you’re doing the conceptual plan for how you’re gonna tackle it? I guess, what do you do, social Joe? – What do I do, social Joe? It’s a team of three or four now, right? So we have Adam, who shoots
everything with Adrian. They both edit. I kind of run the entire process. We also have a side company called SMG. – [Paul] You guys do? – We do. It’s right here and that
little desk right there. We’re working on a couple of pilots there, but in terms of, specifically to Ryan and the Serhant team, just
every single platform. We’re upping content right now. We’re at one video a week on Youtube. Adam don’t kill me for saying this, but we wanna ramp up to two. We do our LinkedIn, Instagram, Twitter. – Okay, across all platforms,
how many posts per day? – One. – One to three. – [Adam] There’s always
one on Serhant team, especially during weekdays, and then you’re usually posting at least one piece of content
a day, for the most part. Whether it’s a photo or a video. – For real estate
specifically, it’s different. I think your question is more like, so we’ll figure out who the target demo is and we can go after those people through the Facebook backend
pixels and all that stuff. I don’t know. We can figure out let’s
just target people 18 to 35 because this is a first time buyer market. Let’s go after people who are talking about schools all the
time because we think these are three bedrooms
that need kids and all that. – Yep. – You just try to spend wisely. Listen, New York is also different. People still check their mail here and direct mail gets us more leads than Facebook will everyday. – Interesting. – Because direct mail, they
actually have to look at it and decide to throw it away, whereas Facebook you spend all that money and they’re like, eh, eh, eh. They already went by. The best targeted ads
that we do on Facebook are kinda like what you did for Vainer like you were talking about. You saw on his social that he’s
doing the four D’s program. You went to his website. Maybe you go to the website, they track your information forever and then they started
targeting you for three months like you said, right? So that’s the best way to do it. Once someone sees a listing, you can target them
forever until they show up. – Okay. – Or the other thing that we’ll do, especially for projects, and if this builder has
a project like that, what really works, you can talk about, is you do competitor promotion where you just advertise
against other projects. You say, who’s my comp? You advertise against those listings and against those projects. So for every project we have, there’s 10 other buildings
that are competitors. We make sure whenever
anybody is looking at those or typing it in or sees one of those ads, they also see us. It’s the easiest way to do it, because then you don’t even
have to go after demographics. Let them spend all that money. You just go after. You become the ambulance
chaser of advertising, but it works so much better
and it’s more cost effective. – Basically part of the
video promotion team. – Everything, just the entire media team. – [Adam] I would say brand
awareness, in general. As many people who know
Bryan social, the better. Especially in New York
for whatever we market and having Million Dollar
Listings automatically triggers, I’m gonna buy a property
that’s four million dollars, where do I even start? Most likely seen the show
or seen clips of the show or something like that,
they’re like, okay. I may dive a little deeper and then they go to his Instagram and they see he’s actually putting content about the properties that he’s selling and all that kinda stuff. It all adds up into one
general awareness bubble where I think we get the most benefit. – I mean, real estate in general is really just exposure, right? – [Paul] Yeah. – Obviously hard work and
everything that Ryan does, but that’s mainly our job. Just brand awareness. Just figure out ways to
continue growing eyes on Ryan, on the brand itself, on the team, and just new opportunities
that make sense. – Being different than everyone else. I don’t know if you’ve
seen Bryan’s Instagram where he does those little
motion graphic videos where there’s a bunch of his heads popping out of windows with
property or things like that. Just finding creators or creative people who can spin things in different ways that’ll actually grab
somebody’s attention. Especially on mobile
when everyone’s always just scrolling through. – [Paul] Do you guys do that
or do you outsource that? – If we can’t do it, we outsource it. – We try to do it, but we
have other videographers who specialize in crazy stuff like that. Be different just to be different. We focus a lot more on
getting new business than we do with promoting
what we actually have. So if I’m you, I’m making sure that people I really want business from see my stuff all the time. You know who they are,
you know their names, you know where they live. Target market dumps people. You wanna be that pipeline
machine to bring things in. Especially in a market where
the average days on market is like 17 days. If you price it right, it’s gonna sell. – Right. – Gonna be heading out, but
it was good meeting you. – Yeah, yeah. – Nice haul. – See you around. Hey, nice meeting you. – [Cameraman] Nice meeting you. – Do some push ups before. – I’m gonna try. – Okay, so from your perspective, how’s the vlog going and
what does he need to do? What are you trying to get
him to do that he’s not doing? – That’s a very good question. (laughing) Well, I mean, it’s tough
because he’s so busy and he has a lot of
things that we can’t film. So it’s just a matter of both of our ends just trying to utilize the
time that we have to shoot, whether that’s just talking
about different things or talking about college debt or moving to New York on a
whim or something like that. Just to expand horizons a little bit. But I mean, the Youtube’s awesome. I think it gives people a connection that they’re not really used to, especially because they’re
used to seeing him on TV or through an Instagram story. It’s more of a long form. You get to really see
someone’s personality and how they go about their day or go about their
interactions with others. Vlogging is awesome because
you can literally see in real time how one human
being reacts to another one and how they react to what they’re saying. Especially in sales because
it’s so incredibly important. – [Paul] Right. – I think you, Bryan, you’ve
probably learned a lot from just watching yourself. – Yeah. And listen, Gary also talks
about it a lot, right? We go back and fourth
on figuring out stuff that we think is
important to put out there and stuff that’ll work for the audience. On Instagram, if it’s with me and my wife, that’s what people want to see. Everything else is half that. Even if I look here on the vlog, selling a nine million dollar
penthouse over FaceTime has 222,000 views, okay? People want to see that. 21 questions with Larry King
I though was super cool. Let’s put that out there. 24,000. Literally, 200,000 less
people gave a shit about that. – [Paul] YouTube people probably don’t know who Larry King is. – True, also. But it’s also a name. My nine to five as a real estate agent we thought was super cool and different and maybe people would
understand that one. 47,000. So it’s all over the place. And then why real estate is the greatest career in the world, that one happens to be at 171,000. So it’s all over the place. – I think the greatest
benefit we got off YouTube was a completely different
audience from what any other social channel that Bryan does. – No one who watches my YouTube channel, I think four people have ever
seen Million Dollar Listing. Maybe they saw it on a plane
or they’ve heard of it, but other than that, it’s a demographic and age group that no longer has cable. Which again, like I told you, is my hedge against TV going under. – It’s pretty astonishing actually, because you can even look
in especially his analytics it says that a lot of his older audience is on Instagram and then
when you go to YouTube, it’s everyone is 18 to 24 males, females, people who want to know about real estate or want to know about just
the business environment. Just seeing somebody
who is pretty successful run around New York City
going about his day. People really wanna see that kinda stuff. – And then we get stopped by
young people on the street saying, dude, I watch your vlog. And if I said, oh, and not
Million Dollar Listing? They’d be like, what’s that? (laughing) – [Paul] Right. – Right? That thing my mom watches? That thing my dad watches? My grandfather loves that show. (laughing) – It’s almost like, you know, Will Smith, sad to say,
he was almost irrelevant until he launched his Instagram
and his vlog and stuff and now he’s like on fire, right? – Yeah. So he’s out there. I don’t have Will Smith’s
notoriety just yet, but he, you know, he’s different. But listen. – No, but it’s the same thing, right? Where he’s tapped into a new audience that he never had before. – Sure, yeah. And people are catching on to it. But, how many people watch Will Smith versus how many people watch
PewDiePie play a video game? The people who watch our vlog now, a lot of them weren’t, they
don’t know the past century. They were born in the year 2000 and over. That’s insane. It’s crazy. It’s so crazy. So it’s different, you know. You have to adapt. You have to change, you
have to figure it out. – [Paul] So when’s the
twitch studio getting built? – Dude, I don’t have
time to play video games. – [Adam] Soon. (laughing) – We’ll figure it out. We’ll just try to do as much as possible and we’ll see what sticks. Kinda like anything. Like any business, not
everything is gonna work out. Good thing is that social
media, for the most part, is relatively free, right? They just steal all of our information. (laughing) Yeah, it’s good. What else? – We talked expansion,
we talked team building, we talked social vlog. – You fly back today? – We fly back today. – Nice.
– Tonight. Oh, what should we do? We’ve got three hours to kill. – I don’t know. Did you go around the city yet? – We walked the high line last night. We’re staying in Chelsea. – Cool, where? – Maritime. This really fancy hotel
called the Double Tree. – Oh, nice. (laughing) Good work. – We ate in Chelsea, we
ate in Grenich last night. – [Adam] That’s cool. – When was the last time
you were in New York? – Two years ago. I was here for Enman. So just kinda hung around Times Square. – You ever go to the Freedom Tower and see the pools and stuff? – No. – Okay, well I mean, as an american. – Is that the new World Trade Center? – Yeah, you have to go there. You have to go. Just take Broadway all the
way down to Wall street and go right and you’ll see it. I’d go to the Freedom Center. I’d go to the Freedom
Tower, walk into the oculus and I’d go to the pools. The huge pools where the
World Trade Center was. I would see that, I
think that’s important. I’d do that. And if it’s nice out and
you have walking shoes, you can walk across the Brooklyn Bridge which is always a cool, fun,
and different thing to do. – No state scramming the spot? – Yeah. Those are the three things, especially if you’re a New York City vlog, Freedom Tower, Central Park, walk across the Brooklyn Bridge. I think those are three
things that you should do in the next 10 hours. – Okay. – Fly Ion does a helicopter
tour around the city with the doors open too. It’s 250 dollars per person, but you’ll get the best
shots you will get. – [Bryan] Kinda last minute, though. – [Cameraman] That’s pretty cool. – Yeah. Cool. – Well I really appreciate your time. – Thanks for coming in. – Yeah. I have a hundred books to give out now. – Yeah, give them to clients. That’s what everyone else is gonna do. (laughing) Give them to clients, give
them to your team members! – How many people have done this? – Way more, I don’t know,
like 100 or something? – Oh really? – I do one of these now
every two or three days and I’m booked through
the end of the year. I should’ve charged, I should’ve told people a thousand bucks. (laughing) I never thought anyone would do it. If you watch that video, the
vlog where we put it out there, Jordan was like, no
one’s gonna buy 100 books just to talk to you. (laughing) It’s good, but a lot of people. A lot of people did it. No one did, I mean I guess like. – You know Gary does his 500
books and they’re in grind? – Yeah. Well on my fifth book, I can do that. (laughing) (electronic music)

6 thoughts on “How Real Estate Teams Work with RYAN SERHANT

  1. Suggest you fix your audio. See this

  2. Hi love the content, but could really use a mic or two can barely hear/ make out what you guys are talking about without the closed captions.

  3. Great work! One of the best interviews I've seen about Ryan. Finally someone that goes into Serhants Team operations, management ,advertisement strategy etc

  4. By far the best interview with Ryan I've seen. I think he should let you do another Q&A, this time on his channel and for free. Excellent exposure for you both.

  5. 06:16 bust down thotiana

  6. Unreal video! Thanks for sharing!

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