E81: Ryan Serhant: The #1 Sales Mistake You’re Making
Jul 30, 2024
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Ryan Serhant, Founder & CEO of SERHANT. and a notable real estate TV star, dives into his company's explosive growth after his Netflix show, revealing how entertainment can transform business. He shares his unique sales approach, common pitfalls in sales practices, and the significance of branding in leadership. The conversation also touches on the 'thousand minute rule' for time management, resilience in bouncing back from setbacks, and the importance of recognizing potential in people to build a successful team.
Ryan Serhant emphasizes the transformative power of media visibility in elevating real estate professionals' careers and driving significant business growth.
The concept of the 'thousand minute rule' underscores the importance of effective time management and productivity in achieving personal and professional goals.
Deep dives
The Impact of the Show on Real Estate Success
The episode highlights how reality television can significantly elevate a real estate professional's career, as demonstrated by a newer agent landing a $7.85 million listing after a viewer visited the office post-show. The dynamic created by the show catalyzes business, leading to increased website traffic and a remarkable uptick in social media followers, suggesting that visibility translates into tangible business growth. Metrics from a record month indicate a scarcity of growth that many startups experience, showcasing impressive numbers for a relatively young company. The business model's evolution includes an expanding presence outside its primary market, thereby achieving a more balanced portfolio across various geographical locations.
Maximizing Time for Productivity
The concept of the 'thousand minute rule' serves as a key framework for effective time management, with the idea that individuals have roughly a thousand minutes of productive time each day. This perspective allows a focus on productivity rather than time wastage, prompting an organized daily schedule around finding, keeping, and doing business. By viewing time as a form of currency, individuals can make conscious decisions to optimize their minutes, ensuring they are always aligned with their goals. By establishing this routine, even adverse events can be reframed as temporary setbacks rather than the defining moments of the day.
Sales as a Service: The Core Business Model
The podcast delves into the integration of sales with service, emphasizing that a real estate brokerage can be viewed as 'brokerage as a service' that prioritizes the agent's experience over clients. The strategy involves providing training and support that enhances agents' skills, ultimately creating a loyal workforce dedicated to the firm's success. By focusing on the concept that media presence and strong service attract business, the discussion notes how fostering such a culture can drive both retention and revenue. Through continuous training and support, the goal is to empower agents to handle more clients effectively, increasing overall productivity and employee satisfaction.
Building a Brand and Company Culture
A strong company culture and personal branding are emphasized as vital for sustainable business growth, with the personal brand driving recruitment, retention, and revenue. The leader's visibility and approachability can foster a sense of belonging among employees, making them feel part of something significant. The podcast highlights that individuals aim to join companies where they see personal and professional growth opportunities, leading to improved morale and productivity. The successful integration of technology and a clear vision for the future helps solidify the firm's identity, aligning it with the values and aspirations of both employees and clients.
Ryan Serhant is the Founder & CEO at SERHANT., a star in the Netflix show “Owning Manhattan” and Bravo show “Million Dollar Listing New York”, and a 3x bestselling author. In this episode, Ryan and David Weisburd discuss SERHANT.’s meteoric rise as a top real estate brokerage in New York City, Ryan’s unique approach to sales, sales training, and branding, and what it’s like for a founder scaling a business in hyper-growth.
(0:00) Episode preview
(1:50) The impact of new Netflix show “Owning Manhattan” on SERHANT.’s business
(4:41) Sales-as-a-Service and sales training
(7:44) Common sales mistakes
(11:27) Why Ryan started SERHANT.
(15:18) Reflecting on “Owning Manhattan”
(19:34) Recognizing potential in people
(21:54) Strategies for scaling in hyper-growth
(26:45) Branding
(33:12) The 1000-minute rule
(34:52) Follow & subscribe to The 10X Capital Podcast
(35:20) Handling setbacks and maintaining perspective
(39:38) Business expansion, success, and finding balance
(42:20) Closing remarks
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