Podcast Summary
From unexpected beginnings to real estate success: Ryan Serhant's journey from acting aspirations to real estate stardom, encountering Gary Vaynerchuk along the way, and his belief that consistent winners face adversity to grow.
Ryan Serhant, a successful real estate broker and star of Bravo's "Million Dollar Listing New York," unexpectedly found himself in the real estate industry despite his initial disinterest. He shares his unconventional origin story, including his attempts to become an actor and his encounters with Gary Vaynerchuk. Serhant also touches upon his theory that those who have consistently won, like Boston sports fans or businesspeople since 2009, may be considered losers due to their lack of adversity. This fireside chat at Agent 2021 offers valuable insights into Serhant's background and his unique perspective on success and resilience. If you're interested in real estate, sales, or personal growth, be sure to check out the full conversation.
Determination leads to unexpected success: Staying focused on a goal despite challenges can lead to fulfilling outcomes, even if they're not exactly what we initially envisioned.
Choosing success as a priority, even when faced with challenges or setbacks, can lead to unexpected opportunities. Ryann's story illustrates this idea perfectly. From wanting to be an actor since childhood to eventually becoming a successful real estate agent on TV, Ryann's determination to succeed first drove her to make tough decisions and overcome obstacles. Even when she faced rejection or financial struggles, she refused to give up on her dream. Her story serves as a reminder that success may not come in the form we initially envision, but staying focused on the goal can lead us to unexpected and fulfilling outcomes.
Navigating economic downturns in business: Entering a business during tough economic times can be risky, but also presents opportunities for growth. Adaptability and seizing opportunities are key to success.
Starting a business during tough economic times can be challenging, but it also presents unique opportunities. The speaker shares his experience of entering the real estate industry during the 2008 financial crisis. He was able to secure significant sales of high-end wine futures just before the crash, but had to refund most of the money when the market collapsed. Despite the initial setbacks, the speaker saw this as the best time to get started because many brokers were leaving the business. He used his earnings from real estate to support himself while pursuing his acting career. However, he soon realized that he could make more money and have more control over his time by focusing on real estate full-time. The speaker's story highlights the importance of being adaptable and seizing opportunities during difficult times.
Starting in Real Estate with Limited Resources and No Sales Experience: Despite lacking resources and sales experience, determination and a willingness to learn can lead to success in real estate sales. Emotional intelligence and the ability to connect with people are key skills.
Real estate sales can be a lucrative career for those with strong human skills, even for those who didn't initially possess them. The industry rewards emotional intelligence and the ability to connect with people. The speaker shares his personal experience of starting in real estate with limited resources and no prior sales experience, but finding success through determination and a willingness to learn. He also emphasizes that while charisma and natural talent can help, anyone can be taught to sell with the right mindset and training. The speaker's background in sales, including his experience as a former drug dealer, lends him a unique perspective on the industry and its requirements. Ultimately, he believes that those who are willing to put in the effort and overcome their fears can succeed in real estate sales.
Understanding Motivations and Overcoming Hurdles in Sales: To succeed in sales, identify personal motivations, overcome individual obstacles, and learn from experienced professionals. Meet new people daily and work with mentors to master the craft.
Becoming a successful salesperson involves identifying personal motivations, overcoming individual hurdles, and learning from experienced professionals. The speaker emphasized the importance of understanding what drives you (your "win") and what holds you back (your "wall"). He also suggested that anyone can improve their sales skills, but it requires effort and learning from those who have already mastered the craft. When asked about the most common questions he receives, the speaker noted that many people are unsure of how to get started in sales or real estate. His advice? Meet new people every day and work with someone experienced to learn the ropes. The speaker also touched on the idea that not everyone may have the same upside in sales, and that self-awareness and discovering one's unique strengths and talents can lead to great success in other areas. Ultimately, the speaker encouraged continuous improvement and learning in all aspects of life.
Find your niche and turn passion into profit: Everyone is a salesperson, find what you love and can make a living from, and embrace your inner salesperson to turn passion into profit in unique markets through the long-tail of the internet
Everyone is a salesperson in their own way, regardless of their job title or industry. From a young age, we learn to negotiate and sell our ideas to others. Even if you're not selling a physical product, you're still selling a concept or solution. However, it's essential to find what you love and can make a living from, rather than just doing what you love without considering financial stability. The speaker shares their personal experience of living in two different worlds – one of struggling friends and another of successful business associates. They believe that true happiness and wealth come from finding a niche and monetizing it, whether it's through content creation or other means. The long-tail of the internet provides opportunities for individuals to tap into unique markets and build significant income. So, in essence, embrace your inner salesperson, find your niche, and turn your passion into profit.
Embracing the journey of earning and growing: Embrace the process of earning, push beyond comfort zone, trust and love the work, and have control over your projects for greater personal growth and satisfaction.
Finding happiness and fulfillment in life isn't solely about the amount of money you make, but rather the relationship you have with the process of earning it. Living comfortably is important, but pushing beyond that comfort zone and embracing the journey can lead to greater personal growth and satisfaction. Trusting the process and loving the work are key components to this mindset. Additionally, having control over your own projects and creations can be a significant source of motivation and success, even if it means dealing with some limitations or frustrations along the way. Ultimately, it's important to remember that everyone's path to happiness and success is unique, and finding what works best for you may involve some experimentation and perseverance.
Embracing the future and preparing for it: Focusing on the future and preparing for it can lead to success. Don't dwell on the past, instead focus on today's actions for future benefits. Resilience and a clear vision are key.
Focusing on the future and being thoughtful about your strategies can lead to success. The speaker shared how the pressure of being on a reality TV show, Million Dollar Listing New York, pushed him to work harder and prepare for his future self. He emphasized the importance of not dwelling on the past and instead focusing on what you can do today to benefit yourself in the future. The speaker also mentioned how his experience in acting and getting out of that industry led him to real estate, which ultimately put him back in front of a camera and allowed him to pursue his original goal. Overall, the discussion highlights the importance of resilience, preparation, and having a clear vision for your future.
Finding Passion and Utilizing Potential: Recognize and embrace unique passions, use them to enhance work and life, focus on progress and potential, and make the most of opportunities during this era of prosperity and technological advancement.
Finding passion and utilizing potential are key to personal growth and happiness. The speaker shares his experience of combining his passions for real estate and food to create unique experiences for clients. He emphasizes the importance of recognizing and embracing what makes us unique and using it to enhance our work and lives. The speaker also encourages a growth mindset, focusing on progress and potential, rather than dwelling on financial stress or external obstacles. He reminds us of the preciousness of life and the importance of making the most of the opportunities available to us, especially during this era of unprecedented prosperity and technological advancement. Instead of comparing ourselves to others or tearing down their achievements, we should focus on improving ourselves and building our own success stories.
Real Estate Industry Shift: Personal Brands and Technology: The real estate industry may shift towards independent brokers and small teams, as individuals focus on building strong personal brands and leveraging technology to attract clients. Adaptation to these changes will be crucial for success.
The traditional brokerage model in the real estate industry may undergo significant changes within the next 5-10 years, as individuals have more opportunities to market themselves directly and automation takes over administrative tasks. This could lead to a shift towards independent brokers or small teams, rather than large brokerages. The key to success in this new landscape will be building a strong personal brand and leveraging technology to attract clients. This trend is not unique to the real estate industry, as other industries are also seeing agents reevaluate the value they provide and adapt their business models accordingly. For instance, VaynerSports started with the goal of evolving the sports representation business by focusing on building personal brands at scale, rather than relying on traditional commission-based models. Ultimately, the future of the industry will be shaped by those who can effectively adapt to these changes and provide value beyond what can be automated.
Personal connections drive industry shifts: Companies that build strong personal connections with customers will thrive in the new landscape, as people prioritize relationships over convenience or brand in various industries.
The importance of personal connections and relationships is driving a shift in industries, from fitness and real estate to retail and marketing. People are no longer just going to a gym or a brokerage firm based on convenience or brand, but rather because of the specific person they will be working with. This trend is disrupting traditional business models and forcing companies to adapt or risk becoming obsolete. The Internet and digital technologies are playing a significant role in this change, eliminating commoditized services and creating new opportunities for differentiated offerings. Companies that can effectively leverage these trends and build strong personal connections with their customers will be the ones that thrive in this new landscape.
Embracing Change in Real Estate: To succeed in real estate, embrace change, learn new technologies, and adapt to consumer behaviors. Be proactive, patient, and open-minded to stay competitive in today's evolving business landscape.
The real estate industry, like many others, is being disrupted by technological advancements and changing consumer behaviors. Traditional business models, such as building a large toy store or being a successful brokerage, are no longer enough to ensure success. Instead, it's essential to adapt and embrace new technologies and business models to stay competitive. This means being open to learning, having the patience and work ethic to adapt, and understanding that complacency can be detrimental. The Internet is a game-changer, and those who can ride the wave will be rewarded. A good example of this is VaynerMedia's 4 D's consulting product, which has had a significant impact on their business and can provide value to others as well. In essence, the key takeaway is to be proactive, embrace change, and stay ahead of the curve to succeed in today's rapidly evolving business landscape.
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