Podcast Summary: The Stacking Benjamins Show – "Building a Billion Dollar Empire with Ryan Serhant" (SB1624)

Release Date: December 30, 2024

Introduction

In this engaging episode of The Stacking Benjamins Show, hosts Joe Saul-Sehy and OG welcome renowned real estate mogul Ryan Serhant. Recognized for his appearances on Million Dollar Listing New York and his bestselling book Sell It Like Sirhant, Ryan shares his journey from aspiring actor to building a billion-dollar real estate empire. The episode delves deep into Ryan's sales philosophy, the importance of structure and initiative in business, and actionable advice for aspiring entrepreneurs and sales professionals.

Ryan Serhant’s Journey and Career Path

Ryan Serhant begins by recounting his humble beginnings and the unexpected path that led him to real estate. Graduating from Hamilton College in 2006 with degrees in English literature and theater, Ryan initially pursued an acting career in New York City. However, facing financial constraints and living in a cramped apartment in Koreatown, he pivoted to real estate out of necessity.

“I never thought in a thousand years I would be a real estate broker in New York City of all places, selling a billion dollars worth of real estate a year. That's obscene to me even now to say it.” – [26:00]

Overcoming Challenges and Building a Sales Empire

Ryan discusses the early struggles he faced in the competitive New York real estate market. Feeling lost and demotivated, he sought mentorship from Ben Kennedy, a successful agent whose disciplined approach inspired Ryan to adopt a structured routine.

“He had a structure. He would come into the office at the same time every day, work on his computer for two hours in the morning, and then come back in the afternoon. I was running around like a chicken with its head cut off with no structure.” – [31:33]

This realization led Ryan to develop his own daily structure, breaking his day into sections he calls "Finder, Keeper, Doer." This system not only increased his productivity but also transformed his mindset, turning obstacles into opportunities.

“Once you realize that the word assure isn't a scary word, it's not a negative word. You assure people of eating the chocolate chip cookie versus the oatmeal cookie every day.” – [30:00]

Sales Philosophy: Selling with Assurance and Initiative

A significant portion of the discussion centers around Ryan's unique approach to sales. Contrasting traditional pushy sales tactics, Ryan emphasizes the importance of "assuring" clients, which involves helping them make decisions they are already inclined to make.

“Selling isn't convincing. Selling isn't taking. Selling is, when you really look at it, assuring somebody of a choice that they should make or a choice that they were going to make anyway, and they should just be making it with you.” – [31:05]

Ryan also highlights the crucial role of initiative in sales. Drawing parallels to entrepreneurship, he explains that successful salespeople must be proactive, consistently reaching out to new prospects, and maintaining relentless activity to generate opportunities.

“If you have more balls in the air and you're not focused on one ball, then you're going to do better.” – [35:34]

Training and Practice: The Role of Improv and Active Listening

Ryan shares his unconventional training methods, including role-playing and improv classes, to enhance his sales skills. These practices have honed his ability to think on his feet, respond authentically, and build genuine connections with clients.

“Improv classes teach you to think on your feet, make quick decisions, and the power of yes. Any good entrepreneur or salesperson needs to know and feel comfortable in saying yes and figuring it out.” – [38:12]

Additionally, active listening is emphasized as a differentiator in sales interactions. By genuinely listening and responding to clients' needs, Ryan builds stronger relationships and fosters trust.

“In acting, you have to listen and respond instead of just listening to reply. If you listen and respond, you'll get so much further with the person in front of you than you will if you just listen to reply.” – [39:32]

Publishings and Further Contributions

Ryan’s book, Sell It Like Sirhant, is discussed as a comprehensive guide not only for real estate brokers but for anyone interested in improving their sales acumen. The book covers managing daily activities, setting and achieving goals, and connecting with people effectively.

“It's not about real estate. It's about connecting people and how to meet as many people as you possibly can.” – [28:30]

Listener Questions and Practical Advice

The episode also features a segment where Ryan addresses listener questions, offering tailored financial and career advice. One notable question from Sarah involves establishing a 529 college savings plan. Ryan advises prioritizing retirement savings and ensuring a robust emergency fund before committing to education savings, emphasizing the importance of financial security.

“I would much rather have too much in retirement and then call my kids and say, hey, sport, mom and dad paid for your college. Also, we're out of money.” – [62:15]

Conclusion

The Stacking Benjamins Show episode featuring Ryan Serhant is a treasure trove of insights for anyone looking to excel in sales, entrepreneurship, or personal finance. Ryan's candid discussion about his transformation, disciplined approach, and empathetic sales techniques provides listeners with practical strategies to build their own success stories.

Notable Quotes:

• “Assuring somebody of a choice that they should make or a choice that they were going to make anyway, and they should just be making it with you.” – Ryan Serhant [31:05]
• “Selling isn't convincing. Selling isn't taking. Selling is assuring.” – Ryan Serhant [31:05]
• “If you have more balls in the air and you're not focused on one ball, then you're going to do better.” – Ryan Serhant [35:34]
• “Improv classes teach you to think on your feet, make quick decisions, and the power of yes.” – Ryan Serhant [38:12]
• “It's not about real estate. It's about connecting people.” – Ryan Serhant [28:30]

Takeaways:

1. Structure Your Day: Implementing a consistent daily routine enhances productivity and reduces stress.
2. Assure, Don’t Push: Focus on helping clients make decisions they are already inclined towards rather than pushing products.
3. Initiative is Key: Proactively reach out to new prospects and maintain high activity levels to generate opportunities.
4. Practice Makes Perfect: Engage in activities like role-playing and improv to improve sales interactions and responsiveness.
5. Listen Actively: Genuine listening fosters trust and stronger client relationships, setting you apart from competitors.
6. Prioritize Financial Security: Before committing to additional savings goals, ensure you have a solid emergency fund and retirement savings in place.

For listeners seeking to elevate their sales skills and financial acumen, Ryan Serhant’s insights offer a roadmap to building a successful and sustainable career.