Podcast Summary
Calculated risks, growth mindset: Entrepreneur Ryan Sirhan's journey from financial struggle to leading a successful real estate brokerage shows the importance of taking calculated risks and maintaining a growth mindset for business expansion
Entrepreneur and real estate mogul, Ryan Sirhan, emphasizes the importance of taking calculated risks and maintaining a growth mindset in business. Sirhan, the CEO of Sirhan brokerage and star of Netflix's "Owning Manhattan," discussed his journey from nearly running out of money to leading a multi-dimensional real estate brokerage with over 500 employees and 6 million social media followers. He shared how he made a shift in his mindset from "protecting Ryan" to "growing Ryan," which led to rapid expansion and growth for his company. Sirhan's advice to blitz scale and fly the airplane while building it highlights the importance of taking bold steps and embracing the stress that comes with growth.
Fredrik Eklund's reality show creation: Fredrik Eklund created a reality show focusing on characters and stories to differentiate it from others, produced it through his own company for control, and chose Netflix for its reach and accessibility to international clients.
Fredrik Eklund, a successful real estate broker, created and produced his own reality show, "House of Serhant," which combines elements of property porn, agent drama, and docu-series, aiming for an elevated reality format. He was inspired by the success of shows like "Million Dollar Listing" and "Selling Sunset," but wanted to differentiate his show by focusing on the characters and stories, rather than just the listings. Eklund also produced the show through his own production company, Surhand Studios, which allowed him to have more control over the look and feel of the show. The decision to go with Netflix over other streaming services was based on the potential reach and accessibility of the platform to their international clients.
Netflix partnership: Partnering with Netflix offers creative freedom, unique storytelling opportunities, and a global audience, despite the high expenses, resulting in increased exposure and earned media value.
Partnering with Netflix provided a level of creative freedom and unique storytelling opportunities that would have been impossible on a traditional network. The top-down approach to production and the ability to reach a global audience have significantly impacted the brand's awareness and success. Despite the expenses involved, the potential benefits, such as increased exposure and earned media value, far outweigh the costs. Additionally, people often rent expensive items, like luxury properties, for the convenience and flexibility they offer, even if the long-term cost is higher.
Agent compensation in real estate: Agents in rental market earn from 1 month rent to 15% annual gross rent, luxury agents can earn up to 75% or more, firms look for committed agents for growth, PR agents can help build a positive public image
Transparency is crucial in the real estate industry, especially when it comes to agent compensation. Agents in the rental market are compensated anywhere from one month's rent to 15% of the annual gross rent, and this amount is usually negotiated. In the luxury real estate market, commission structures can vary greatly depending on the market and the agent's experience and volume. New agents may start with a lower percentage split, while experienced agents can earn up to 75% or more. Industry expertise, such as experience in car sales, can be beneficial in luxury real estate. Agents can expect to see significant growth in their revenue within three to five years, depending on their individual circumstances. When it comes to hiring, firms like Sirhan's look for agents who are committed to growth and building a strong brand. The use of PR agents can be a valuable investment for luxury real estate firms, as they help to build and maintain a positive public image, leading to increased business opportunities.
Personal branding in luxury real estate: Authenticity, hard work, and incentivizing those around you are crucial in building a strong personal brand or business in luxury real estate. Despite market challenges, the speaker expresses confidence in the market's continued growth.
Building a personal brand or business involves both the reality of the work and the perception of that work. The speaker emphasized the importance of incentivizing those around you and constantly working on both the reality and perception to create a strong personal brand or business. In the context of luxury real estate, the speaker noted that the market has been down for several years but has shown signs of recovery, with luxury home prices increasing by around 9% over the last year. Looking forward, the speaker expressed confidence in the market's continued growth, despite upcoming elections and other moving parts. Additionally, the speaker emphasized the importance of authenticity and hard work in building a successful brand or business, and shared his experience of building a large team to help him achieve his goals.
Luxury Real Estate Market: The luxury real estate market is a resilient investment due to high demand, low inventory, and low-interest rates. Florida's political climate and attractiveness make it a promising market.
The luxury real estate market, despite economic fluctuations and political uncertainties, remains a resilient investment due to its desirability as an asset class. The luxury market represents the top 20% of the market, and purchasers are consistently willing to pay a premium for ready-to-go properties. Low inventory and low-interest rates for luxury property owners contribute to the market's strength. Florida, specifically South Beach, is a promising market for real estate investment due to its political climate and attractiveness to buyers. While economic factors such as inflation, high interest rates, and unemployment can impact the market, the outcome of events like elections or crashes is uncertain. Hiring practices in real estate involve thorough background checks, credit checks, and references, but red flags may not always be apparent. Continuous evaluation and focus on underperforming agents is crucial for effective management. Education and training, such as through courses, remain a significant source of income in the real estate industry.
Ryan Serhant's sales training company: Ryan Serhant's sales training company offers various resources to agents to improve their skills, accessible even without buying the program, and Ryan emphasizes the importance of happiness and domain expertise to avoid financial mistakes.
Ryan Serhant, the founder of Sellit.com, has built a successful sales training company that has grown exponentially, with over 30,000 salespeople in 128 countries. He offers various coaching programs, courses, and events to help agents improve their skills. However, access to these resources is not limited to agents who buy the program; they can also get access just by joining the company. Ryan's success has come with its challenges, including personal sacrifices and fear of failure. He has promised himself to focus on being happy instead of important at the age of 40. Regarding financial mistakes, Ryan advises staying within one's niche and having domain expertise to avoid uneducated major swings that could potentially lead to significant losses. The largest commission check he's ever seen was not mentioned in the conversation.
Long-term priorities: Focus on long-term goals in relationships and home buying, avoid trying to time the market, prioritize family time, and be smart and educated in real estate and hiring
It's important to prioritize long-term goals over short-term gains, especially when it comes to personal relationships and home buying. The speaker emphasized the importance of finding a home that can be grown to love, rather than waiting for the perfect one. He also advised against trying to time the real estate market and instead encouraged patience and education. Additionally, the speaker shared his regret of prioritizing work over family time and encouraged listeners to consider optimizing their lives for long-term happiness. The speaker also mentioned the importance of being smart and educated when it comes to real estate and hiring, and recommended using Indeed for hiring needs.
Pressure and sacrifices in success: Success often comes with immense pressure and sacrifices, and it's essential to prioritize personal well-being while striving for success. Ryan Serhan's top-down approach involves setting clear goals and being unapologetically focused, but it's crucial not to let success come at the cost of personal happiness.
Success often comes with immense pressure and sacrifices. Ryan Serhan, a successful businessman, shared his experiences of working relentlessly and the toll it took on his personal life. He revealed his fear of losing his drive and success, which left him feeling empty and unfulfilled. This resonated deeply with the speaker, who acknowledged the importance of balancing work and personal happiness. Another key takeaway was Ryan's top-down approach to life and business, which involves setting clear goals and expectations, and being unapologetically focused on achieving them. Overall, the conversation highlighted the importance of prioritizing personal well-being while striving for success.
Sacrifices and priorities: Success often comes with sacrifices, and it's essential to consider what expenses we're willing to bear in our personal lives and relationships, as highlighted by the speaker's reflection on his career, Mark Lorry's regret, and 'The Notebook'.
Success often comes with sacrifices, and it's essential to consider what expenses we're willing to bear. As we build our careers and businesses, it's crucial to remember that our personal lives and relationships also require attention and prioritization. The speaker shares his experience of realizing that he might have found someone with whom he can build a family, but he's unsure if he can maintain his current pace. He references the Mark Lorry episode, where Lorry's biggest regret was the lack of relationship with his daughters despite his wealth and success. The speaker also reflects on the Broadway show "The Notebook," which highlights the importance of self-reflection and the fleeting nature of life. Ultimately, he encourages listeners to consider their priorities and focus on what truly matters in the long run.