268. Ryan Serhant: Owning Manhattan star and CEO & co-founder of Serhant returns! BTS of the current state of real estate, creating a new genre of reality TV, and his decision to live his life completely public Episode Description:

Summary

Trading Secrets Episode 268 — Summary

Guest: Ryan Serhant (CEO & co-founder of SERHANT., star of Netflix’s “Owning Manhattan”)
Host: Jason Tartick
Release Date: December 15, 2025

---

Main Theme

This episode dives into the current state of the real estate market with Ryan Serhant, explores behind-the-scenes details of “Owning Manhattan” season 2 on Netflix, and unpacks what it means to live a completely public life as a business leader and reality TV personality. The conversation is a masterclass in real estate trends, reality TV production, personal brand management, and the fine line between professional opportunity and privacy.

---

Key Discussion Points & Insights

1. Real Estate Market Deep Dive (05:54–38:45)

• Market Stalemate: Scarcity & Immobility
  • Market isn’t “buyer” or “seller” — few people want or are able to move.
  • Homeowners reluctant to sell due to high rates; new buyers struggle to enter. (06:56–08:52)
  • “It’s nobody’s market. You have pockets of good volatility.” — Ryan Serhant (06:56)
• Delistings & Pricing Disconnect
  • Sellers are refusing to reduce prices, leading to high delisting rates.
  • 90% of U.S. mortgages are still under 5%, creating “golden handcuffs.” (12:12–12:38)
• Co-Ownership & First Time Buyers
  • New trend: friends/roommates jointly buying via LLCs.
  • Median age for first-time buyers now 40, but many transactions are parent-funded. (10:25–11:02)
• Cash Dominance in High-End Markets
  • 60% of deals in NYC are all-cash in 2025. (13:09–13:13)
  • "Which is exactly what the Fed wanted.” — Ryan Serhant (13:13)
• Policy Impact
  • Critique of stagnant $500k capital gains exemption from 1997 tax law.
  • On Trump’s 50-year mortgage proposal: "No one’s going to have a mortgage for 50 years… But it gives the bank the ability to underwrite a lower monthly payment.” (16:14)
  • "People need to stop paying attention to headlines and actually read articles… The last paragraph is where the truth is." — Ryan Serhant (16:52)
• NYC Politics & Housing Regulation
  • Rent freezes without expense/tax relief drive landlords to abandon properties, echoing 1960s NYC. (20:21–22:11)
  • Policy must incent both “interns and the C-suite”: “I’ve never seen a company work successfully where everyone is compensated exactly the same when they do different work.” — (20:45)
• Market Prediction
  • Predicts 10–15% more trades in 2026, not due to inventory, but necessary “liquidity in the system.” (13:50)
  • NYC will see price/rent increases 3–4% over the year: “The only way you bring down prices is not with rates… but with fear or by creating new inventory.” (34:49–36:20)
• Divorce Rates Tied to Interest Rates
  • Predicts “gray divorce” spike as rates fall and couples can afford to split households.
  • Divorce law and wealth management are primary referral sources for agents. (31:55–34:08)
  • “Sex is bad, but the interest rate’s too good, babe.” — Ryan Serhant (32:07)

---

2. Reality TV & Owning Manhattan: A New Genre (40:14–47:50)

• Inventing a New Viewing Experience
  • Designed show as a “docudrama” with narrative thread, direct-to-camera engagement.
  • “I wanted to create a TV show no one had seen before. And you have to do that each season, or you do not value the viewer’s time.” — Ryan Serhant (40:14)
  • Netflix analytics: viewers pause and rewind when Serhant breaks fourth wall (41:29).
• Earned Media Value
  • For SERHANT., the show’s earned media value exceeds $100 million.
  • “If it had flopped? 500K. But Netflix is the world’s biggest distribution funnel for quality.” (42:47–42:56)
• Family-Friendly, High-Impact TV
  • Intentionally leaned away from “sex and language” shock value.
  • “More kids watch Owning Manhattan than any other reality TV show… because they watch with their parents.” (43:30)
  • A bet on decency as differentiator: “I think there’s a big audience going the other way; what can you watch with your son?” (43:45–44:20)
• Production Inspirations
  • Drew on business thrillers like “Arbitrage” for narrative and cinematic elements.
  • Noted Easter eggs and bold story structure; high engagement — “A massive pivot this season; people rewatch it.” (46:49)

---

3. Building the SERHANT. Brand Differently (51:29–55:14)

• No Signing Bonuses, No “Buying Talent”
  • “We don’t buy anybody… If I have to buy revenue, then I don’t want to do it.”
  • Some brokerages offer $1M+ to retain star agents, but “if people come for the money, they’ll leave for the money.” (52:28)
  • “I choose freedom over golden handcuffs.” — SERHANT. agent (53:20)
• Commission Breakdown
  • Example: 3% on $60M deal = $1.8M, split varies (50/50 to 90/10) by marketplace. (54:09)
• Brokerage Margins
  • Real estate companies’ revenue is big, but low margin; most money made by agents. (54:48)

---

4. Living Publicly: The Business of Transparency (55:14–57:18)

• Full Transparency vs. Privacy
  • Advocates “burning the boats” — choosing either full privacy or all-in public persona.
  • “I chose public. All in. From the moment I wake up to the end of the day, you can hate, it doesn’t matter, I don’t care.” (55:54)
  • Friend Dave Portnoy cited as another example: market expects brutal honesty, which increases resilience and brand value when missteps happen.
  • “Predictability, like we talked about before, makes sense.” (57:18)

---

5. Notable Quotes & Memorable Moments

• On the Market:
  • “If you’re not even in the game, you’re not even on the field, you’re not in the minor leagues… It’s hard.” — Ryan Serhant (06:56)
• On U.S. Housing Policy:
  • “No one has saved enough to be able to live their later years of life with supervision. So all these things are happening at the same point.” — Ryan Serhant (08:52)
• On Reality TV & Content:
  • “Content is a meritocracy now. You’re only as good as your last episode or season.” — Ryan Serhant (41:34)
• On Industry Imitators:
  • “I think we’ve created a new genre. It’s a heightened docu-occupational series… they better thank me.” (42:32)
• On Recruitment:
  • “If you marry for the money, then you’re going to stay for the money… Same thing in a company.” (52:28)
• On Handling Criticism:
  • “Never interrupt your enemy when they’re making a mistake.” (47:50)
• On Leadership & Hiring:
  • “Great people are uncomfortably expensive, but bad people will cost you a fortune.” (62:28)

---

Timestamps for Key Segments

• State of the Real Estate Market: 05:54–38:45
• Effect of Political Policy on Real Estate: 20:21–26:50
• Federal Reserve Rate Cuts & Impact: 29:56–31:40
• ‘Gray Divorce’ & Real Estate: 31:43–34:08
• Market Predictions & Historic Perspective: 34:42–38:45
• Reality TV Production Choices: 40:14–47:50
• Recruitment & Compensation Practice in Real Estate: 51:29–55:14
• A Public vs. Private Life: 55:14–57:18
• Rapid-fire, Memorable Quotes: Throughout; see above.

---

Trading Secrets & Final Takeaways

• New paths to homeownership (co-buying, parent-funded), alternative real estate structures, and widespread cash purchases are reshaping urban markets.
• Real value in branding and earned media for real estate business comes from innovative, widely appealing content, not just shock value.
• Transparent, all-in personal branding enables resilience and growth, even amidst scrutiny and industry rumor.
• Strong hires are worth the (often uncomfortable) cost; “bad people” are far costlier in the end.
• “Diversify referrals” — divorce attorneys and wealth managers drive high-value real estate deal flow.

Memorable Final Thoughts

• “You have to burn your boats; you’re either private or you’re public. You can’t have it both ways.” (55:54)
• “Great people are uncomfortably expensive, but bad people will cost you a fortune.” (62:28)

---

For Further Viewing & Connection

• Owning Manhattan, Season 2 — Netflix
• SERHANT. — ryanserhant.com & social media

---

For those eager for insights on real estate trends, how reality TV can serve a business strategy, or what it's like to live entirely in public as a modern CEO—this episode delivers candor, tactical knowledge, and fresh perspective in equal measure.

Transcript

[Ryan Serhant]

Foreign.

[Jason Tardick]

Welcome back to another episode of Trading Secrets. I'm your host Jason Tardick and I got the one, the only, the curious Canadian here with me on this intro. We are back for an episode you truly cannot afford to miss. It is with Ryan Sirhan from owning Manhattan Season 2. It's out now on Netflix. But in this episode we get into everything, the behind the scenes of filming, production, how much do they get paid? Does he make more on Netflix or when he was back on Bravo and all the things real estate. So I would tell you for the first 20 minutes, we are in the weeds on real estate. What is happening in the market? Is it a buyer's market, seller's market? What should renters do? What's going on with policy? What do you think about the policy? What Recently President Trump put out a potential plan for a 50 year mortgage. Mr. Sirhan, what do you think of that? All the moving parts. This one is a masterclass. Professor Sirhan is here to advise us and give us all the different information. It is like no other. One thing you got to know going into this week, there was just an article came out that is talking about the median and average net worths. I've talked about it on my podcast. I've talked about it in the books that I have written. You cannot improve your net worth. You cannot improve your numbers unless you know your numbers. So take some time, understand what your net worth is. David, you are here right now. What do you think the average net worth for the ages 35 to 44 in the United States is the average net worth of those 35 to 44?

[David Ardwin]

35 to 44, which means you're probably in the median. First time homebuyer, probably got some assets with you, maybe got some investments. I'm going to say this could be low end, could be high. And I'm going to say 722,000.

[Jason Tardick]

The average net worth for the age of the head of household 35 to 44, $549,600. Now remember, with averages, the reason sometimes you won't look at averages is because if you have really big numbers, right, like in that 35 to 44 range, you have billionaires, it's going to bring that average up. So then what they'll do is they'll look at the median net worth. So instead of averaging those high numbers in those lows numbers, if you remember 6th GR math, you just cross them out. You cross the outliers off the median net worth, which is a better reflection of accuracy in the United States 35 to 44, $35,600 from 45 to 54 $247,200 from 55 to 64, $364,500 from 65 to 74. The median net worth the United States $409,900. And for the median net worth for those 75 plus is $335,600. Which makes sense, right? Like as you age and you're retired, you're, you're taking from the money that you built and created. You're not usually earning more and more. So that puts some stuff in perspective. And that's a great topic as we go into the Sirhan podcast because we're going to talk about his biggest deal that was filmed on TV. $60 million from one of his brokers and how much he got paid. So it's good to, you know, touch grass a little bit before we get into these big numbers. But David, how about you tease the recap for our audience here before we ring in the bell with the one.

[David Ardwin]

And only Ryan CE recap was phenomenal. We get into a nice overdue 10 minute little recap of our personal lives. Which was, which was, which was really nice to do. I'm off my, what we were calling my two week paternity leave with a newborn in the household. And then as far as Ryan Sirhant goes, we've talked real estate with him before. We've talked real estate with other people before. No one quite talks about it quite like he does. He puts a spin on it and energy on it and you always take something away. And I took a bunch away from this episode. I know you will too. I'm excited for you guys. I think we just kick it to the, kick it to the episode.

[Jason Tardick]

I love it. We'll kick into the episode. Before we do, we got to give something away to those who gave us a five star review. So I have a gift card to give away. Jordan, if you hear this, shoot me an email. Trading secrets@jason tardick.com you gave us five stars. Jordan said. I love everything about this podcast. There is something to learn and so many takeaways. I love the variety of guests. It combines my love of reality tv, celebrity influencer and business world and so much more. David's input is the voice. The viewer always makes it relatable and allows us to digest the information from the average Joe perspective. Personally, I'd love to see Jason interview some of my favorite influencers have turned entrepreneurs with successful businesses such as Krista Horton, Jennifer Reed, Daryl and Denner Madison Nelson. Keep up the great work. Jordan. Thank you for that review. Send me your email at Trading secrets@jason tarek.com I have a gift card for you and we are giving gift cards away every week. So please go give us reviews and then we will give another gift card giveaway. Next intro. But enough of the giveaways. Let's ring in the bell with the one, the only, the king of New York city real estate, $10 billion plus in listings. Ryan Sirhan. Welcome back to another episode of Trading Secrets. Today we are joined by a returning guest and one of the most influential leaders in real estate, Ryan Serhent. He is the co founder and CEO of Sirhant, now home to more than 1500 agents with growth that have doubled year over year. He's built one of the most fouled and powerful real estate brands in the world with over 9 million followers across all social media. And most importantly, he is back on Netflix with season two of Owning Manhattan showing a more competitive, more ambitious and more strategic side as he expands his empire beyond Manhattan in battles in the most cutthroat luxury real estate market in the world. Ryan, welcome back to Trading Secrets.

[Ryan Serhant]

Oh my God. Now I'm stressed out.

[Jason Tardick]

Yeah, you know, it's funny.

[Ryan Serhant]

Live up to that intro.

[Jason Tardick]

I tell you what, you, you've come on a few times now. Every, you gave me a great comment after the intro. Last time it was like, dude, next time shorten it up. That's too much this time. You got to live up to it. Let's start with this. So I of course want to talk about owning Manhattan. Before I do though, let's talk about, let's just get like a state of the union of real estate with Ryan Serhan. So you know, 15% of homes were delisted in September. They said that they were delisted because their risk at selling at a loss. 70% of homes list in September were on the market for more than 60 days. And now we talked last time you're on the podcast about supply issues but the supply for sale is about 15% higher now than it was a year ago. I just have one ridiculous real estate story in Nashville. Looking at this home, it's been on the market for 180 days, $2.95 million. Nothing's not moving. I look, yesterday they delisted it and then relisted it at 3.15. So I hit my agent up, hey, what was the reasoning? What did they do? They put a pool something. No they didn't do anything, they just saw more bites. At 3.15, I feel like it's mayhem. What do buyers, what do sellers do? What's your take on the whole market?

[Ryan Serhant]

Right now, I think the market is doing exactly what it was, what it's designed to do, which unfortunately is reward scarcity and disincentivize mobility. So you have to think about it like a game, okay? If you're already playing the game, you understand the rules, you're already in it, you have skin in it, and you're just going to move with whatever way you can. If you're already an owner, you're selling, you're buying, you're whatever. For everyone who's not even in the game yet, which is most Americans now who can't afford to buy a home, you're not even on the field, you're not even in the minor leagues, and it's hard. So it's not a buyer's market, it's not a seller's market, it's nobody's market. You have pockets of, I would say, good volatility. Right. So like Nashville is a good market where a lot of people like to buy, sell, move, right. There's, there's a lot of things to do there, but you have to kind of hit the 360 degree boxes to have a market like that. So you have to have good jobs, good schools, good health care, good security. Right. And an airport. If you don't have any of those, you roll the dice on whether you're in a healthy market or not. To your point, I think 45% of all new homes that hit the market this year have come off the market already year to date, and it's almost the end of the year. And it's not because the market's bad. It's because sellers are pricing at last year or the year before's comp data and they're not getting their number because interest rates haven't coming, haven't come down meaningfully. The cost to carry a home is incredibly expensive. And so there's just less buyers who are motivated and excited to go and spend $15,000 a month on carry, plus tax, plus their mortgage on a home they might have to move out of in three years. So sellers are then saying, well, I can't afford to move either.

[Jason Tardick]

Sure.

[Ryan Serhant]

Because rates are high and I don't, you know, what I'm going to do. So if I don't get this number, it's not that I don't want to sell, I just can't sell. And because boomers and Gen X can't afford to sell their five bedroom, they raised their kids in, in the 90s. They're sitting in those homes.

[Jason Tardick]

Sure.

[Ryan Serhant]

With unused bedrooms. And they're not moving either because the cost for senior care is the highest it's also ever been. And no one saved enough to be able to live their later years of life with supervision. So, like all of these things are all happening at the same point. And it all started in 1997 with IRS code 121, where they created for the first time the tax exemption.

[Jason Tardick]

500,000.

[Ryan Serhant]

$500,000 filing jointly, or $250,000 if you're filing as a single.

[David Ardwin]

Yeah.

[Ryan Serhant]

Right. On your capital gains. And the median price of a home in the United States in 1997 was $124,000.

[Jason Tardick]

Wow.

[Ryan Serhant]

And. But the tax exemption has never changed. And it's been nearly 30 years. So income has changed, stock markets change, wealth creation has changed, jobs have changed. Right. The world has changed, but the tax exemption has not changed. So now you're going to people and you're saying, hey, you know, tax free for the first $500,000. It doesn't do anything anymore.

[Jason Tardick]

Yeah.

[Ryan Serhant]

It's meaningless. I couldn't find you a $500,000 home in Manhattan if I wanted to. And if I did, I'd find it for you. You're not gonna like it.

[David Ardwin]

Yeah, right.

[Jason Tardick]

Yeah.

[Ryan Serhant]

And so, but here's what I'll say. It is as designed. And so there are still good deals. They're just not in yesterday's normal. People have to pivot how they think about home ownership. We're doing co ownership for the first time in my entire career. So instead of renting with a roommate, you're buying with a roommate. You're setting up an LLC structure or a tenants in common structure where two people are going in and you can buy them out of the LLC or you can rent out their portion. Why rent if I can make an investment?

[Jason Tardick]

You're seeing that happen a lot.

[Ryan Serhant]

Oh, yeah, yeah.

[Jason Tardick]

I haven't even heard about that.

[Ryan Serhant]

Yep. 100. Yeah. In Florida, et cetera. Like three roommates coming together. They have portions of down payments, but let's go do this together. So you're seeing that. You're seeing parents buying for kids, which also is really throwing off that median age of first time buyers. There was another stat that came out that said the median age of a first time buyer today is now 40 years old.

[Jason Tardick]

Yeah.

[Ryan Serhant]

But there's context to that. Because the person living in that home is not necessarily 40. The buyer and the person who's signing the deed and funding it is 70.

[Jason Tardick]

Got it. Because it's down that it's putting that number up.

[Ryan Serhant]

Correct?

[Jason Tardick]

Yeah.

[Ryan Serhant]

So that brings up the number. Okay. So it's a little occupancy for first time home. Home tenants is still about the same, if not like younger today than it has been. But life is expensive. Everything's expensive. I think the next crisis we're going to see is on just homeowner strain. Right. Household strain. One is enough. Enough.

[David Ardwin]

Yeah.

[Ryan Serhant]

And, and to fix that you need, you know, you need policy.

[Jason Tardick]

But I want to do, I want to talk about policy. But before we do, it feels like from the brokerage side you're seeing a lot of delistings because there's also brokerages that are, aren't willing to like reduce their price point. It's like you're looking left, you're looking right. You don't want the market to crack. So everyone's like, we'll just delist it because we're not going to move our price point. Owning a brokerage having, you know, so many different units out there and condos and houses. Are you advising clients to delist as opposed to red?

[Ryan Serhant]

It's, it's not the, the broker is incentivized by transactions.

[Jason Tardick]

Sure.

[Ryan Serhant]

And they're not paid salaries. Yeah, yeah, yeah. So whether something sells for better, for worse, whether it sells for a million or 2 million, you're, you're, you're moving transactions. Yeah. It's the seller who's saying, well, if you can't get me my price, that I'm taking it off the market.

[Jason Tardick]

Interesting.

[Ryan Serhant]

So it's the seller who's sitting there. And sometimes it's ego, sometimes, you know, it's ego plus a little bit of vanity. But a lot of times it's, they just can't afford to sell at a lower number. Yeah. Maybe their cost basis is too high. They did a huge renovation that the current buyer isn't willing to pay them for. Their mortgage rate is just too low. You know, you still have 90% of all home loans in the United States under 5%.

[Jason Tardick]

That's crazy.

[Ryan Serhant]

Your 30 year today is sitting at just over 6%.

[Jason Tardick]

Right.

[Ryan Serhant]

Like you could try to get a 10, one arm. So interest only at around 5%. Still going to be expensive. Yeah. So. But incomes aren't growing at the same rate as housing appreciation. So like it's this kind of messy middle. The super luxury market is stronger than Ever. And the first time buyer market is stronger than ever because you do have a significant amount of cash in the system. Even in New York City. Over 60% of all deals this year in New York City will be done in pure cash.

[Jason Tardick]

Pure cash?

[Ryan Serhant]

Yeah. Not briefcases, but like a wire.

[Jason Tardick]

I know, I know, but yeah, yeah, yeah.

[Ryan Serhant]

Just cash. Which is exactly what the Fed wanted. By raising the benchmark rate, you bring in cash that's sitting in accounts sitting in trillions of dollars.

[David Ardwin]

Yeah.

[Ryan Serhant]

Just sitting there doing nothing. Raise the rate now.

[Jason Tardick]

Okay.

[Ryan Serhant]

Now I have to spend it. That's what you want. Okay. You want that. And time heals all policy wounds. So you know people that are in their Covid interest rate locked in feeling. Yeah. Which is most people who, especially most people who bought within the last five years will eventually have life changes and need to move. And it'll bring more inventory to the market. I think next year we'll see somewhere between 10 and 15% more trades.

[Jason Tardick]

Okay.

[Ryan Serhant]

Not necessarily more inventory, but more trades. And that's what you want. You want people to just move, move. You want investors to invest and speculate, you want banks to lend. You want liquidity in the system. And to do that you need trades.

[Jason Tardick]

Do you think trades will be a result of price points coming down or do you think people will still trade at the same price point?

[Ryan Serhant]

Depends on the market.

[Jason Tardick]

Yeah, I know it's a bit. It seems like a question mark.

[Ryan Serhant]

Totally depends on the market. I know most of those. Sorry, Most of the homes that have come off market to like one of your earlier stats, a lot of that is heavily weighted in three cities, which is Miami, Houston and Denver. Because those are with, with, with a section this market's not that big of like Austin, Phoenix. Okay. Because a lot of those markets experience rapid price growth over the past couple years. Okay. And it's not that the markets are crashing. There's nothing broken, there's nothing crashing. They're just giving back some of the gains.

[Jason Tardick]

Interesting.

[Ryan Serhant]

Markets go up, markets go down, and then they go back up again. They go back up.

[Jason Tardick]

Okay, so we've seen that. Right? Especially since 2020. Up, up, up, up. Now it's starting to pull back a little bit. You can't give cookie cutter guidelines. But I'm asking for a cookie cutter guideline. If, like, at what point? If there's a listing today and I'm seeing it priced over, like let's say in 2022 they transacted for 3 million or 2023, they transacted for 3.1 and today at 3.6 and they've done nothing. Yeah. Is there a year from a certain guideline you'd be like, if you're paying over the price point of a 2023 listing, it's yellow territory, red flag territory. Do you have like a year benchmark? Like hey, no.

[Ryan Serhant]

No. But most loan data is public in most markets.

[Jason Tardick]

Okay.

[Ryan Serhant]

So you can see if that person has a mortgage.

[Jason Tardick]

Okay.

[Ryan Serhant]

And oftentimes you can try to figure out what type of mortgage the seller has and you can say, okay, they bought it in 2023, they have a 51 arm. Right. Or they have some sketchy financing. Or listen, they have a 30 year fix at 3%, you're screwed. Like they're, they have no, there's no need.

[Jason Tardick]

You have no power that way.

[Ryan Serhant]

You understand? Like where, where am I, where am I moving? What am I doing? It's like holiday sales in December. A lot of times it's because they have an overstock on inventory and they're going to dump it or they're going to sell it to you for cheap. Okay, I can get it as cheap as I possibly can. Yeah.

[Jason Tardick]

Okay, cool. Talking about policy, you saw President Trump float the idea of introducing this government backed 50 year fixed rate mortgage with agencies Fannie Mae and Freddie Mac.

[Ryan Serhant]

Yeah.

[Jason Tardick]

What's your take? And I forward against it and why?

[Ryan Serhant]

No one's going to have a mortgage for 50 years. So it kind of doesn't matter. If it's something that a lower pricing, it'll help. They've done it in markets in Europe, they have it in Japan. It hasn't crashed the market. It is a tool to give a bank the ability to underwrite a lower monthly payment. Doesn't mean you can't sell your home in three years. Doesn't mean you can't sell it in 10 years. Right. You're still going to pay your fixed rate because you're going to principal parts interest. But if you can amortize it over 50 years instead of 30, you just bring down the monthly. You know, if you could do a hundred year. People have to stop paying attention to headlines and they have to actually read articles.

[Jason Tardick]

Yeah. And go into it.

[Ryan Serhant]

Right. Yeah. Just look at the last paragraph of every article and that's when the actual truth. Yeah. Is in the editorial. Right. It's never in the headline which is there to grab your attention and get your click. It's like you're gonna die. Earlier today it was raining. You know, read the last paragraph only ever. And it's just about the Bank's ability to, to underwrite the loan in case something happens to you, you start or you miss your payment. Yeah. And if Fannie and Freddie can backstop it because all the loans, especially at the jumbo size typically are sold right into Fannie and Freddie. You know, we're all, we're basically all borrowing our houses from the federal government anyway, anyway. And then we're paying the government rent disguised as property taxes to borrow the land anyway. And then we're paying them to collect an income and then we're paying them for the right to go shopping. Right. So like we all work for the government.

[Jason Tardick]

Yeah.

[Ryan Serhant]

Anyone who thinks they don't, anyone who says, I'm an independent contractor, I'm a free spirit, I'm a bird. You work for the government interest. That is your, that is your job. You're here to provide tax revenue for everybody else. So anyone who's already saying down with capitalism, let's go socialism, let's go common. What, what do you, what world do you think we live in already? Yeah, we're already paying for everybody. You pay a higher percentage, I pay a higher, but sure pays a smaller percentage. He pays this, that the other. You know, we're already all chipping in at the same exact time. And if you don't chip in, you go to jail.

[Jason Tardick]

Simply. Simply put, I think the big thing that I'll take away from that too was like on, there's so much clickbait out there. And when we hear it about the proposed plan of 50 year mortgages, all you would see at headlines is how much interest you would pay in 50 years versus 30 or more. But I think your point's exactly right on. Is that it's going to allow for more entry point.

[David Ardwin]

Right.

[Jason Tardick]

So you don't have to be paying this thing off for 50 years. Yeah, but it's going to reduce your monthly payment and it creates easier entry points which hopefully then stimulates the market. Cold mornings, holiday plans. This is when I need my wardrobe to just work. That's why I'm all about quints. They make it easy to look sharp, feel good and find gifts that last. From Mongolian cashmere sweaters to Italian wool coats. Quint's pieces are crafted from premium materials and built to hold up without the luxury markup. Quince makes the essentials every guy needs. Mongolian cashmere sweaters for 50 bucks. Italian wool coats that, that look and feel designer in denim and chinos that fit just right. And their selection for women is just unbelievable. This will make for a great gift at a good cost with the best quality. And how do they do it? By cutting out the middlemen in traditional markups, Quint delivers the same quality as luxury brands at a fraction of the price point. And they do it with ethical production. And all the products are made from premium materials. So get your wardrobe sorted and your gift list handled with quints. Don't wait. Go to quince.com trading secrets for free shipping on your order and 365 day returns. Now available in Canada too. That's Q-U-I-N-C-E.com tradingsecrets free shipping and 365 day returns. Quince.com trading secrets so then that's obviously Trump's plan. But now in New York City, Mayorman Donnie has just been elected and there's a lot of clickbait on both sides. With this new election, how do you think in, in your world it'll impact real estate only?

[Ryan Serhant]

I hope he's great. Yeah. I can only. I can only hope he does things that are great for New York City, which means you have to do things at the top of the funnel and at the bottom of the funnel. Any mayor, they want to be a good one, they have to not act like a student body president who reports up to the governor, who's the principal, who reports up to the chairman of the education. Which is Trump. Right?

[David Ardwin]

Yeah.

[Ryan Serhant]

You have to act like a CEO, which means you have to incentivize your C suite to stay at your company and do good work. And you have to incentivize the interns that there's a ladder here. It's going to be awesome. It's going to be great. Yeah. I have never seen a company work successfully where everyone is compensated the exact same when they all do different work. Doesn't it doesn't work. It's never worked in the history of time. So I think it remains to be seen what he'll actually do. You know, he's not the mayor yet. If he freezes, if he tries to freeze rents more than they already are, you will. But you're also not freezing taxes, you're not freezing expense, you're not freezing maintenance costs. Then any landlord is just going to abandon and give the keys back, which is what happened in the 60s, which means you have vacant homes. There is a class action from landlords. I think it's in the Supreme Court in New York right now against the 2019 rent regulation bill. Because there are now tens and tens of thousands of apartments in New York City. A city that needs housing desperately. We need affordable housing desperately. Where they're saying your policy and your regulations, we cannot afford to update these apartments. And so we're keeping them vacant or we're abandoning them.

[Jason Tardick]

That's a little ass backwards.

[Ryan Serhant]

Right. Completely backwards. And you can say, down with the landlord, down with the man, Dan. And I get it. But like, would you give an apartment for free and pay for someone else to live there?

[Jason Tardick]

Yeah.

[Ryan Serhant]

You know, so you pay tax for. Yeah. So like, you already. You already are doing that. So the rent freeze is incredibly difficult. I think what they've done through either a city of. Yes. And through other policies to create more affordable housing as you build market rate.

[Jason Tardick]

Yeah.

[Ryan Serhant]

I think has been pretty great, actually. And creating tax abatements to incentivize developers to build free market. Right. Build business. But then you also have to bring in city parks. You also to get the right to build there. And to go that high. You also have to do a school. You also have to do 200 units of affordable for police officers, school teachers. Right. Firemen. And you have to put it into a lottery system. I think it's like actually pretty great. And so if you run on a policy of creating versus taking, like any market and any business can be very successful if he disincentivizes developers and home builders to create here. All it's going to do is exactly what I talked about before.

[David Ardwin]

You.

[Ryan Serhant]

You're going to make the voting base say hoorah. But all you're going to do is further rig the system against those who can't afford to be in it. Because what's going to happen to all the properties that currently exist if there's no more competition coming? Everything gets more expensive.

[Jason Tardick]

Sure.

[Ryan Serhant]

Right. No new buildings. No one's going to build here. They've all gone to Florida. So everyone's just going to hold on to your point. I paid 3.3 last year. I'll move. But 4.3. Right. What are you going to do if it's the only one. Yeah. Someone's going to pay for it.

[Jason Tardick]

Someone's going to pay for it.

[Ryan Serhant]

So we'll see. I don't know.

[Jason Tardick]

There's a lot of. I think there's also a lot of headlines too, that your clientele is moving. Do you actually see that? Is that the reality? Is that the bottom paragraph of that clip.

[Ryan Serhant]

No. There is no place like New York.

[Jason Tardick]

It's just.

[Ryan Serhant]

Yeah. It's just the best city on the planet, no matter what.

[Jason Tardick]

New York or nowhere. You said it in your show.

[Ryan Serhant]

Yeah. 100%. Yeah. You know, New York is an incredible city that is architecturally significant in a way that, like, you can't do a lot to the kind of energy that it's here because it's just here. And I'm all for making New York more affordable.

[Jason Tardick]

Sure.

[Ryan Serhant]

The prices are insane. Yeah. I'm not sitting here saying, Man, 10,000amonth per bedroom. Solid deal.

[Jason Tardick]

Got them good.

[Ryan Serhant]

It's crazy. It's completely crazy. Yeah. You know, I. I want New York City to be more affordable. I want it to be safe. I want the schools to be great, and I want there to be more programs that create innovation and that are really, really geared on. On. On kids. Like, that is not your question, but, like, as you really, really think about the problems we're dealing with today, you know, are in part because of a lack of appropriate education. 30 years ago.

[Jason Tardick]

Yeah, yeah. 100.

[Ryan Serhant]

You know, 100. And so there should be incentivized programs that one, bring companies to the city to bring more jobs. You know, like, I think it would be so cool if there was a. Like a tax abatement, because you have to have incentive where corporations. If you come to New York and you create a certain amount of jobs and you create an innovator program that gives, let's say, employment to kids from underserved schools, and they get to have a job with you if they create unique business ideas, why not try that? Yeah. Right. And then every company would want to be here. Like, wait a minute. New York City is the most creative and innovative city on the planet, and we're incentivized to also be here. Fine. You know What? I'll create 10,000 jobs in New York. Why? Why is that a bad thing?

[Jason Tardick]

It's a greater good play. It's a PR play. It's also probably an ROI play.

[Ryan Serhant]

Yeah, yeah. And you can say, no, that's not right. Pay your fair share. And that's fine if you control the entire globe, because there's always another place to go. Right. Which also happened in 1994 with NAFTA. Like, why do you think we are where we are with tariffs? And the cost of goods sold here is because everyone was up in arms the early 90s about the cost of goods sold in the United States.

[Jason Tardick]

Sure.

[Ryan Serhant]

And so they created nafta, which pushed manufacturing to Canada and to Mexico to bring down costs, which in return remove jobs and decimated cities. You go to upstate New York City, city after town after town after town. That used to be where they would manufacture air conditioners. Manufacture, microwaves, Syracuse, don't do it anymore. Yeah, right. Utica. These are markets that no one talks about. And that's just one state because they made things cheaper, which is what everyone wanted. And everyone was up in arms and now they're sitting here and saying, well, where's our jobs? We. You can't have your cake and eat it too. Right.

[Jason Tardick]

It comes back to bite.

[Ryan Serhant]

Yeah.

[Jason Tardick]

I mean, as you're, this is nowhere in my repertoire to ask, but as you're bringing solutions and talking about policy and how it impacts your business, I mean, is politics potentially in your future? No, I like my, my life in no capacity. I like my life. You like your sanity?

[Ryan Serhant]

Yeah, man. I don't, I don't like it does not. Would not do me any good or, or, or, or benefit. You know, I like having the influence that I have at, you know, my, my level. But I don't think, I don't think politics are the same career today that they used to be.

[Jason Tardick]

I mean, if, I think if one day you took a shot at running for mayor, New York City, I think that would severely do.

[Ryan Serhant]

I got, so, I got calls. So what was it? I think it was the middle of July or the beginning of July, and I got two calls from very, very serious people in New York City. Intense clients, hedge fund and private equity. And it both happened on the same day because it was an important day in July in New York City and both of them the same thing. How much money do you think you'd need to run for mayor? And I was like, what do you mean? I would never do it to make money. But in order to like win that race, it's going to take more than, more than money also. No, I'm not going to do that.

[Jason Tardick]

Did you name a price or like, what? No, no, I'll be worse. Like hell no.

[Ryan Serhant]

It's like, no, it's like you do it. You have all the money. You figure it out. It's like, come on, you do. You see? Bloomberg did it. You can do it.

[Jason Tardick]

They don't have the face you got though. Everyone's talking about supplements. Well, let me tell you one that you need to know about. Creatine. And it's not just for building muscle. It becomes a daily essential for your strength, focus, recovery, aging and cognitive performance. And now momentous is making your daily creatine routine easier than ever with new creatine chews. These bite sized lemon lime chews made with consistency that you'll just absolutely love. It's effortless. You just chew and go. I got to tell you, I will take creatine before big days where I have to be mentally focused because it helps with my cognitive thinking. Each Chew will deliver exactly one gram of creature pure creatine monohydrate, the gold standard single source from Germany and NSF certified for sport, which means it's independently tested for purity, safety and label accuracy, trusted by Olympic athletes, pro sports teams and elite military operators. Right now, Momentous is offering our listeners up to 35% off your first order with promo promo code Trading Secrets. Give livemomentous.com a try. Just go to livemomentous.com and use promo code Trading Secrets for up to 35 off your first order. That's live momentous.com promo code Trading Secrets. All right, let's go back into things that are changing and happening that we all can connect to. Federal Reserve Met this morning. It looks like they're going to cut interest rates down 25 basis points. This will be the third cut of the year. We hear a lot about it. There's a lot of speculation as to what it will and won't do. When you see these cuts, does it severely impact the real estate market? What should we think about as consumers, buyers, sellers?

[Ryan Serhant]

The market is affected by confidence more than it is pure data. Right. So the three cuts we've had this year have been priced in since last year because they've been anticipated. Right, Right. If they had cut it like 100 basis points, then it would be a shock to the system. Now you're cooking and you'd be cooking, but it probably also wouldn't be healthy. Like, you also don't want to flood the market in any way, shape or form.

[Jason Tardick]

True.

[Ryan Serhant]

Which when they raise rates like in 2022, no one anticipated rates rising that fast. And so you have like career deaths, interest rate deaths across the board. Yeah. You know, you have, obviously there's, you know, office vacancy, you know, people giving keys back, you know, especially with balloons like you know, just, just, just rates that they just never anticipated would go from two to six.

[Jason Tardick]

Yeah, that's for sure.

[Ryan Serhant]

How do you. You can't underwrite that kind of movement. Yeah. The market appreciates predictability. Predictability on the way up and predictability on the way down. That's why you see bear markets last so short. Now we're in a bear market on Thursday, bull markets here by Monday because information is 247 crypto trades. 24 7. Right. Futures trade 24 7, relatively speaking. And so you don't have to wait anymore until the next workday to make a decision on your future. And so, like, the, the, the shock to the system happens so fast. And then once people know where we're going, like, are we going down 50, 10, 2%? Okay, I'm gonna make a bet here. Okay. You go on Kalshi, or you go on Kalshi, or you go on Poly Market. You're like, is it market? Okay, 50 of the people say it's only going to. Okay, that's what it's going to be. By Monday, we're right back up. Because people have priced in the bottom.

[Jason Tardick]

Right.

[Ryan Serhant]

And that's why the market just like this all the time, right?

[Jason Tardick]

Left and right. Talk about predictability. One of the things I think I've heard you talk about is that you believe that as interest rates are cut, divorce rates will increase. That's a nice little intersection of love and money, which you talked about on this podcast. Tell me a little bit about that prediction.

[Ryan Serhant]

Yeah, the gray. The grade. Yeah, the gray divorce.

[Jason Tardick]

Yeah. Is that we call it the gray divorce?

[Ryan Serhant]

I don't know if I'm calling it that.

[Jason Tardick]

Yeah. Okay, I know. First time I heard about it was you talking about an interview.

[Ryan Serhant]

But, yeah, because, you know, we have our pulse on the market and we get the calls.

[Jason Tardick]

Yeah.

[Ryan Serhant]

And so when interest, you know, a lot of people who are married who have owned a home or two, they have loans, and those loans from 2009 to 2021ish. Right. Like I said, 90% of them are under, you know, 5%. Most of them are under 4%. And a lot of people have either, you know, adjustable rate mortgages or fixed mortgages that are somewhere in the threes. Okay. So when rates went up to in 20, 22, into the sixes, and they went into the sevens and touched eight for a second. If you're thinking about leaving your partner or divorcing, it's a financial decision. It's not just a sex decision. Right. Or it's not just a love intimacy decision. And so what you see is, you see in house separation into other bedrooms because the mortgage is just too good. So sex is bad, but the interest rate's too good, babe. And so we can't separate. Right. So that's what happens. So we get calls from the husband or the wife, sometimes the attorney, who are saying, hey, you know, where do you think rates are going to go? I got to figure out when my client feels that they'll be able to buy their next home, should they leave their husband? I'm like, is the Divorce dependent on the Fed lowering rates. And the answer a good chunk of the time is yes, yes, yes. So I think as rates come down, you'll see movement in general.

[David Ardwin]

Yeah.

[Ryan Serhant]

We need older people to move. We need younger people to buy instead of rent. And you will see a flood of divorce that gets filed because they'll actually be able to sell their home and afford to where they're both going to go to next.

[Jason Tardick]

When that happens, we're clipping this. It's going to go viral.

[Ryan Serhant]

I prospect all day long. Yeah. I talked to a new divorce attorney once every other day to introduce myself and our firm and let them know when this happens, we're ready to go.

[Jason Tardick]

So divorce attorneys are a referral source for you?

[Ryan Serhant]

Wealth managers and divorce attorneys are the two largest referral sources in the United States.

[Jason Tardick]

Would have never thought that 100. It makes sense.

[Ryan Serhant]

Everyone goes to the divorce or the wealth manager before doing anything with money. Never.

[Jason Tardick]

Or accountant. Right, yeah. Wealth manager, accountant, all those.

[Ryan Serhant]

Yeah, yeah, yeah, yeah.

[Jason Tardick]

That's wild. Divorce attorneys being your biggest referral source. It's incredible. All right. You said this. Average price point higher in New York City is higher than it's ever been before. Cost of rents higher than it's ever been before. Medium prices off the charts. These were your words. I'm curious. Just how is it a year from now? We've already said you think there's gonna be 10 to 15% more trade. You got the crystal ball in front of you. You got to predict in a year from now. Are those prices? Is the cost of rent, all those things continuing to move up, or do you think we see pullback?

[Ryan Serhant]

What's your prediction on average, you won't see pullback. I think. I think pricing will increase somewhere between 3 and 4% over the next 12 months.

[Jason Tardick]

Okay.

[Ryan Serhant]

It just has to. There's. There's nothing. There's nothing else to buy. You need to. The only way you bring down prices is not with rates. You lower rates, prices go up. Because it's all about cost to carry.

[Jason Tardick]

Yeah.

[Ryan Serhant]

The only way you lower prices is you either scare everybody. So fear. And we've done that before. You know, one time was called Covid. Right. For a short period of time. Right. You have 2008. You have terrorist attacks, you have weather events. Right. People are afraid, mass unemployment, etc, or you create new inventory like you were in Manhattan. Right. One of the ways prices got lowered on the west side of the city, is that related? Cut a deal with the MTA and many other organizations to create new land on top of the train tracks in Hudson Yards. So the yards are there, but it's all trains. So they said, what if we could figure out a way to engineer a platform to put skyscrapers above the train? And when they did that, they announced thousands of new apartments. All the homes in the immediate area, when people knew that was coming, immediately became less expensive because you had new inventory coming to the table. Like a grocery store. You go to the grocery store and you go and get an apple. They might have been there for two days. Right. It's fine. You're looking at them. But if you see someone wheeling in a bushel full of brand new apples, you're going to be like, like, I'll just wait for the new one.

[Jason Tardick]

Yeah.

[Ryan Serhant]

Unless they mark these down. Then you're like, these are fine. Better deal.

[Jason Tardick]

Sure.

[Ryan Serhant]

But then some people are still going to really want the new apples. Yeah. It is the same thing.

[Jason Tardick]

Okay, all right. That's a good analogy. Good breakdown. And it's. I don't know, it's just interesting to hear because there's so much speculation on a pullback. There's so much speculation. Another 2008 and your forecast, you don't see it coming anytime soon?

[Ryan Serhant]

No, I think the, I think household strain is the next crisis. Whether it becomes a consumer debt crisis, a credit crisis. There is so much cash in the system that it'll be handled relatively pretty quickly.

[Jason Tardick]

Yeah.

[Ryan Serhant]

The tariff crisis. Right. Was five days.

[Jason Tardick]

Yeah. That was quick.

[Ryan Serhant]

Hope you bought those five days or the end of the world. That's because things are bad. They've never been worse.

[Jason Tardick]

Yeah.

[Ryan Serhant]

And when things are great, they're never going to be. But. Dude, let's go. We want to go to Vegas tonight.

[Jason Tardick]

Let's go, let's go. Let's rip. Let's go.

[Ryan Serhant]

And then you probably have, have. You know, I think markets are trading at. At much, much, much higher multiples of earnings than they should because there's mass speculation. Aaron. Andrew Ross Sorkin just wrote 1929 about the crash in 1929, going through how they got there. Starting with, like the creation of the federal income tax in 1911.

[Jason Tardick]

Sure.

[Ryan Serhant]

All the way through. Talk about taxes all the way through the bubble bursting, you know, and that was a really, really bad time. And it lasted like 20 years. Yeah. You know, today, if there were a massive pullback, I think it would again last months, not years. And because the market knows that and because people have gone through 2008 not that long ago, and 2020. Not that long ago.

[Jason Tardick]

Sure.

[Ryan Serhant]

It'll Recover so quickly because everyone's just going to be waiting for it.

[Jason Tardick]

Yeah.

[Ryan Serhant]

What happens? They're going to jump on it and by Monday it'll be gone.

[Jason Tardick]

Makes sense. Efficient markets like time, I think. Here's all inefficiencies. You think about what happened in 2008. Think about the regulations of the banks right now of those holes that were in the ship are plugged, or at least they're a lot smaller. So if something like that happens, you're right. Correction becomes so much faster, which is beautiful for your business.

[Ryan Serhant]

Yep. Same thing with housing. You know, you cannot get an adjustable rate loan because of Dodd Frank after 2008. Oh, yeah. Unless you qualify at the fixed rate monthly cost. Now, if there's mass layoffs, no one's going to qualify. Right. Okay. That's kind of what happened in 2008 too. There was mass layoffs. Yeah. So it didn't matter if you were qualified before or not. You don't have a job anymore.

[Jason Tardick]

Right.

[Ryan Serhant]

But there's also so many ways to make money today.

[Jason Tardick]

It's true. There's the games changed.

[Ryan Serhant]

The games totally change.

[Jason Tardick]

The game's change. Trading Secrets is supported by Yubico, makers of the Yubikey. Protecting the personal and business applications and accounts that people and companies rely on every day. The Yubikey stops AI powered cyber attacks, online identity scams, fraud and account takeovers. It provides powerful protection and it's easy to use. Simply tap your Yubikey to log in securely to everything from email to finance to productivity applications across all your devices. Yubikey, the original passkey, still undefeated. Visit yubico.com and use code jason at purchase for $5 off a Yubikey 5C NFC. Again, visit yubico.com and use Code jason at purchase for $5.00 off a Yubikey 5 C NFC. And that, that's a good transition because we're going to transition from real estate to how it's changed for you into entertainment. Because I only got so much time with you. We have to get into owning Manhattan. So the games changed in a lot of ways. You got owning Manhattan season two. You talk a lot about going on the offense in season two. One thing you had to go on the offense with is also production. You got a lot of competition now. You got selling oc, you got selling Sunset. There's a lot of real estate market shows. So it's from a producing standpoint, when you go into season two, how are you going into offense on real estate but in production and entertainment to be like we will be the best real estate show out there. What are some things behind the scenes that happened?

[Ryan Serhant]

I wanted to create a TV show no one had seen before. And you have to do that each season, otherwise you do not value the viewer's time because there's too many other options. And so I put myself in the viewer's seat and I said, what would I like watch? What would grab my attention? What if it's a reality show that's shot like a docudrama and plays like an eight hour movie that is focused on the work that is told through my eyes with voiceover, a narrative thread throughout. And then right when people are wondering what the fuck am I watching, I turn to camera and I look the viewer dead in the eye. And that grabs everybody. And it was a big, big risk because I do it twice in season two at very, very pivotal moments and it throws everyone off because you're like, hey, I'm gonna sit down and watch a reality show about real. What did what can you rewind? And the amount it's even getting the data from Netflix is so interesting because when it first happens, people pause and go back 10 seconds because they think it's a mistake.

[Jason Tardick]

And they can track that data and they'll show you every wine box.

[Ryan Serhant]

Everything. Yeah, yeah, yeah, everything. It's insane.

[Jason Tardick]

That's, that's true.

[Ryan Serhant]

It's insane to watch. And I wanted to create something that was, that was gripping, that was worthy of people's time. I get so annoyed when I spend time watching something lazy. I'm like, you know, what else could I have done with those 30 minutes? I could have been with my daughter. I could have worked out, I could have slept, I could have worked. I could have watched something else. Right. It's content is a meritocracy now. You're only as good as your last episode or your last season. And so I really wanted to make sure that this show wasn't just visually appealing, but was had story that was told in such a way that people don't fully understand what they're watching until they do. And I think we've created a new genre. I think it is a heightened docu occupational series that you're going to start to see more businesses start to create. They better thank me.

[Jason Tardick]

You, last time you're on, you talked about if the show flopped, what you thought the earned media value would be, but then you were projecting what it could be if it did. Well, now season two has been filmed, it's aired. What do you think the earned media value has been for season one and season two for Sirhan.

[Ryan Serhant]

Yeah. $100 million.

[Jason Tardick]

Damn, that's a big number. 500, 000 was your estimation. If it flopped. So obviously that's, that's far, far off.

[Ryan Serhant]

The world has also changed since the last time I was here. Like, Netflix is the largest distribution funnel on planet Earth.

[Jason Tardick]

Yeah.

[Ryan Serhant]

Right. For quality. It's a big difference.

[Jason Tardick]

Yeah.

[Ryan Serhant]

Because YouTube is massive, but it varies in quality because it's user generated. Netflix is not. And so people who are tuning in expect quality, which for me is a better audience to be in front of. We also created a show too, that plays for families. More kids watch Owning Manhattan than any other reality TV show. Isn't that crazy?

[Jason Tardick]

It is crazy. It's actually mind blowing. Because this is, it's also impactful.

[Ryan Serhant]

Right.

[Jason Tardick]

It's not.

[Ryan Serhant]

I think it's because they also watch. I think they watch with their, with their parents.

[Jason Tardick]

Yeah, yeah, yeah.

[Ryan Serhant]

You know. Yeah.

[Jason Tardick]

And you can't do that with shows like Love Island.

[Ryan Serhant]

No.

[Jason Tardick]

And things like that. It's just not, it's not sustainable.

[Ryan Serhant]

It's, it's interesting too because I think, you know, everyone plays for clicks. Yeah. And they play for views.

[Jason Tardick]

Sure.

[Ryan Serhant]

And what's the easiest way to do that? It's through sex and language. Right. How do I, how do I, how can I, how can I like sex, language, dating? Like, how can I, how can I be as controversial as possible? Yeah. And we took a calculated risk that just said, I think there's a big audience out there who's actually going the other way. It's like, what, what can I watch with my son? What can I watch with my father in law? What can I watch with my employees and not have to look around the room and say, hey, did you see that episode last night?

[Jason Tardick]

Yeah.

[Ryan Serhant]

Like what, what can I watch? That's also, you know, insane and crazy because this show is a lot. But that also, like, brings some decency back to the workplace. And I appreciate that very much. Even about, like, you know, Jason Sudeikis and the team that created Ted Lasso.

[Jason Tardick]

Sure.

[Ryan Serhant]

Like, that's a, like you sit there and you like, where's the controversy other than the fact that it's one of the greatest TV shows ever made?

[Jason Tardick]

Right. It's just. That's good.

[Ryan Serhant]

It's just awesome.

[Jason Tardick]

Yeah.

[Ryan Serhant]

And I think a lot of that, you know, has to do with how we thought about getting into the show and the story and.

[Jason Tardick]

Do you want, you, you mentioned things like, I don't want people to get bored. I Want to catch, like, Raid as they're getting bored? I'm going to bring them back. Do you watch your competitors, like, selling Sunset or any of those? Say, hey, we're not going to do that. Or is that part of the process when you're.

[Ryan Serhant]

Yeah. You have to be aware, just like you're building a building or creating a house.

[Jason Tardick]

Yeah.

[Ryan Serhant]

You. You can't just create what you want. Like, what's going to sell. Yeah. What are people going to actually want to buy? You know, you can make something bright orange, and yay for you. Not a lot of buyers are going to pay you for that one. Yeah. And so we look at the competition and we see what works and we see that what doesn't work and we see what we like. And we just take a lot of inspiration from some. Lots of movies. Like an example, I haven't talked about this at all. There's a small movie that I really, really like. So shot in New York on a low budget. It's called Arbitrage.

[Jason Tardick]

Okay.

[Ryan Serhant]

With Richard Gere.

[Jason Tardick]

Okay.

[Ryan Serhant]

It's a great movie about a hedge fund manager who lies and is in hot water and a lot of stuff happens, and the movie does not let go. And if anyone's ever, like, worked in a bank or worked in finance, Richard Gere gives a incredibly tense, stressful performance. And when that movie's over, you're just like, thank God. Yeah. There is a moment when that opens where he's doing the news. He's in a private jet. You start camera outside the airplane as it's flying, and then you go inside into a scene. And I borrowed from that in creating our opening and our intro. Wow. So there's a little nod to. To Arbitrage, which is a movie that not a whole lot of people have seen because it's like a small business film that I think is. That I think is cool. There's a lot of, like, little random Easter eggs, and then there's a massive pivot. And I would say a. A big change in arc this season that when you get to the final moment of the finale, people are so taken aback at what they just saw that they're re watching it. And so we also got a note from Netflix for, like, we've never seen this many people in such a short period of time watch a reality show twice.

[Jason Tardick]

Wow.

[Ryan Serhant]

So they're re watching it.

[Jason Tardick]

Wow.

[Ryan Serhant]

Because when you go back and rewatch season two, you watch it with an entirely new set of eyes, and then it's. And then it's kind of like Fun that way.

[Jason Tardick]

Yeah. Another Easter egg slash. I think, like a foreshadow into the entire season is. And I. I love this line. You haven't walked into the prison yard and fought the meanest guy in line yet. Right. And you're talking about the fact that it's time to go on the offense. People are talking about you. And I wanted to connect, like, that theme out of the show into what I know people that listen to this podcast deal with with. I think in a lot of worlds, that growth equals enemies, and with growth equals mislabeling reputational risks because of lies and rumors. And you had mentioned that your competition is stealing your agents and your opportunities by mislabeling you or by talking about you. How do you overcome that? How do you deal with just lies and mislabeling and attacks on your character and reputation? And do you think growth equals enemies?

[Ryan Serhant]

I think you should never interrupt your enemy when they're making a mistake. And you keep your blinders on and you just move forward and the world will pay you back, even if it's uncomfortable in the beginning. So I welcome the noise. I think it's great. I think it's fine. I'd be concerned if they weren't talking. And so we create a significant amount of, I would say, engagement. 90% of it is for good, 10% of it is probably not. But it keeps the conversation going and hits the drumbeat that you need to continue to push the markets. I think it's fine. I try to be good and do what's right for. For everybody. And I think you have to be really nice and play well in the sandbox. And I think that's also been a big thing for our business and our growth. Like, we have, you know, people who work with us now all over the world, and I don't have to go buy them to tell them to come work with me. We don't have to convince them. They're. They're just waiting because they know that we also have built a business, I think, in the right way, which is we started with purpose. We then align the right people with the right purpose. And when you have that, you can sell any product. And when you do that, you can make all the profit in the world. And those are the four P's. Most businesses go the other way, guy. They're a bunch of guys, and they're sitting around like, hey, let's make money, right? How do we make the most money? So just start with profit. Like, okay, well, let's go disrupt this and we're going to sell new types of speakers. Okay. So then they go to product. Okay, well who makes those speakers? That guy. That guy. Let's go. We're going to pay him, whatever it is, we're going to raise money. Then they've, then they've got the people who can make the speakers and then they pay a branding or creative agency to come up with some purpose and they're like, we are here for the orcas, you know, and like. And then sometimes you get lucky. Most of the times you get burned because then people bail if there's no profit, the product doesn't work if it's the wrong people. And when everyone realizes that your purpose was full of, you're just left with a dumb idea.

[Jason Tardick]

I like it. I like it. The PPP. Build your complete business identity in just 10 clicks and in 10 minutes when you walk. Want more? Start your business with Northwest registered agent. Everything you will need to launch and protect your business all in one place. Northwest is your one stop business solution. You'll get everything from business formation paperwork to custom domains, websites and trademark registration all in one, easy to use, accessible from anywhere online account. Build your business identity fast and for just 39 plus state fees, fees. Get an LLC, domain name, business email, local phone number, business address, registered agent and compliance in just 10 clicks and in 10 minutes. Don't wait. Protect your privacy. Build your brand and get your complete business identity in just 10 clicks. In 10 minutes you'll visit northwest registered agent.com backslash paid trading secrets and start building something amazing. Get more with Northwest registered [e-mail] backslash paid TradingSecrets. You said people are waiting in line, which they are. But there's also people that aren't waiting in line that you have to go to. We saw that with peter in season two from Corcoran. You give them 200Amsterdam 300 million in listings. That's what we see behind the scenes. When you're trying to take top talent. Is there any other things that happen? Like do you signing bonuses? Are there backdoor cash exchanges, titles? Is there anything else that happens to bring these people on?

[Ryan Serhant]

No, we don't, we don't buy anybody. It was one of the things that I set out in 2020. I'm like, if I have to build a business where I have to buy revenue, then I don't want to do it.

[Jason Tardick]

Do people buy revenue from you when they're poaching agents?

[Ryan Serhant]

Oh yeah, for sure. How money talks. Say hey, if you leave, come to Sirhant, we'll give you $250,000 if you sign up for five years. If you sign up for two years. If you stay for the two or five years, you don't have to pay us back. Back. If you can leave after that. And then, you know, money, Money's money. So people listen to the money. You know, it's like, it's like sports contracts. Yeah. At the end of the day, you know, like, didn't someone just leave the mets today for $155 million? Who are the Cardinals? Yeah. You know, even Stephen Cohen couldn't stop that one. Yeah, that guy's got all the money. So, you know. Yeah, people do do that. But then also my thing has always been, if you come to me for the money, then you're going to stay for the money money. Like a bad marriage. If you marry him for the money and then the market implodes, etc, etc, etc, then you're like a bad episode of that show Billions where it's like, how do I get out of this?

[Jason Tardick]

Sure. Right.

[Ryan Serhant]

I marry you for your looks or this. I made you for the money. So same thing. In a company, if people are coming to you for the money or coming to you for the deal, you'll always have to give them a deal. It's like E commerce businesses that just roll discount after discount after discount. That's the only reason you're filling your bucket. You have a hole in your bucket because no one's going to stay until you give them another deal and eventually your discount goes to zero, which is called bankruptcy. And so for us, we've always sold the opportunity. You know, I had an agent who was at Compass in Miami. Compass has bought all revenue.

[Jason Tardick]

Yeah.

[Ryan Serhant]

That's been their model and it's worked awesomely.

[Jason Tardick]

Great. Stocks doing well too.

[Ryan Serhant]

Totally, totally crushed it. It's been awesome to watch. But that was their model and we do literally the exact opposite. But we now have Compass agents who come to us, say, compass offered me a million dollars to stay, but I know with you that's just a couple deals and I can leave whenever I want. I choose freedom over golden handcuffs. Wow. Yeah. And I have that framed.

[Jason Tardick]

That is a good. That's a good frame. But real estate agents, they make money off the commission. But companies like Compass will put a million dollar injection to keep and retain someone.

[Ryan Serhant]

Yeah. Top talent. It's like, it's like private wealth management.

[Jason Tardick]

Yeah, same thing. Okay.

[Ryan Serhant]

It's like you watch a big short, you know, they're teams Within Merrill lynch teams, within ubs. Right. And you know, other banks will pay you, you know, a multiple of your, of your book and bring you over because they want your, your client base to upsell other products.

[Jason Tardick]

Yeah, makes sense. On, on season two, we saw the $60 million transaction. I know you've done larger transactions, but with that one, what was the we talking about? Money. And I'm just curious. TR Serious, what's the commission on that?

[Ryan Serhant]

It's Peter. Should have been me, but I'm okay. That was a great negotiation. What a great scene. Dude, this show's so good.

[Jason Tardick]

It is good.

[Ryan Serhant]

I think it was two and a half percent of say, $60 million.

[Jason Tardick]

One point.

[Ryan Serhant]

1.8.

[Jason Tardick]

1.8. Okay, so that's 3%. 3% of 60 million. So 1.8. Does he walk away with 1.8 or.

[Ryan Serhant]

Like how do split. He's a split with the company.

[Jason Tardick]

Okay.

[Ryan Serhant]

Yeah.

[Jason Tardick]

And, and just you don't have to give me specific information on that split. I just don't know for brokers. But how does the splits range?

[Ryan Serhant]

Depends on the marketplace. Depends on your deal.

[David Ardwin]

Right.

[Ryan Serhant]

And splits range anywhere from, let's say 50, 50 to like 90, 10 or the agent will take 90, but you get what you pay for.

[David Ardwin]

For.

[Ryan Serhant]

So if the agent wants nothing, they're not going to do anything. You know, they're in like Nashville.

[Jason Tardick]

Yep.

[Ryan Serhant]

Right. They pay for everything. Literally. Then you're just sort of paying a fee to the house to hold license. Got it. And brand awareness.

[Jason Tardick]

Okay.

[Ryan Serhant]

But the company doesn't make any money. Most of the real estate brokers out there that exist, especially the publicly traded ones like Exp Real, all these companies, the reason they trade so low is because they make no money. The revenue is huge. Yeah, but they don't actually make any money because the people making the money are, are the agents. Yeah. So they tell an agent count a market share and a revenue story that like, is the way I think you built brokerages for the past 20 years, but it's not the way you build it going forward.

[Jason Tardick]

This is a selfish question, but you got over $10 billion in listing. You're, you're at the pinnacle of all areas of your career and you've mentioned on interviews there's no nobility in sitting behind closed doors anymore. You're an open book. You don't care. Privacy means nothing. You've talked a little bit about, about maybe your wife and you behind the scenes have discussions about that as she thinks the opposite. But in this world, it feels like one misstep. When you open your entire book could ruin your entire career. And you've built so much, you've come so far, you are so high. Don't you worry about some of the risks in being such an open book with one misstep? And if, if not, what's advice to people that are afraid to put their privacy on the line for the benefit of their lives, their financial lives, their professional lives?

[Ryan Serhant]

You have to burn your boats, meaning you have to pick a path and go all in. You're either private or you're public today. You can't have it both ways. Where people do get burned is I'm going to be as public as I want to be. But all of this is private. And sure. Right. I chose public. Like, all in. From, like, the moment I wake up to the end of the day, you can hate. It doesn't matter. I don't care. It's worked for me. And so I'm so just authentically open and honest. I'll talk about anything. That when mistakes happen and I do up and stupid goes down like it's just another day. And it's not like, oh, oh, they didn't want you to see this. Yeah. A. A friend of mine and, and. And client. Dave Portnoy.

[Jason Tardick]

Yeah.

[Ryan Serhant]

Of barstool, you know, chose public some things. His life is private, but he has gone through a significant amount of ups and downs. But the market almost like expects the brutal honesty and knows that he's just going to come out and tell it exactly the way it is. And he's a bigger entrepreneur today than he was yesterday because the market understands what's coming. Right. They priced in. The predictability, like we talked about before, makes sense.

[Jason Tardick]

All right, I have a couple more for you. Fenton Bailey, producer on the show, he was interviewed by Variety. Some people don't believe he has it. He's referring to you. Ryan won't like me for saying this, but he is a big old softy. I found that quote from him quite interesting. You're looking back at season two, what are you most surprised that you learned about yourself?

[Ryan Serhant]

I think that was from a Variety article yesterday. So you are on top of it. I.

[Jason Tardick]

See that. And that was on the bottom of the article.

[Ryan Serhant]

So, yeah, I mean, I know what scene he's talking about. He's. And I think what he's saying is Ryan puts on a tough guy Persona. CEO. He's probably sitting there in a suit and a tie, but deep down inside, he's just a little boy like everybody else, masquerading as A grown up up. And he still gets scared and he still makes mistakes and he still wants to cry to his mom and have a cookie and all of that stuff is true. And so, like, it's all out there. And the show follows a lot of funny. I mean, the show is funny, I think, in the way, like, succession is funny, but also gets incredibly uncomfortable. Like, I don't like watching people cry on tv, especially men. Like, it's weird for a guy to watch another guy cry, but when it happens, you know, you know it's happening and it's not on purpose. I have a breakdown with my ex assistant and it's meant a lot to a lot of people who have watched it. So, like, for the first time, I was really, really, really able to relate to you because I felt like that two weeks ago when this happened and the emails and the DMS and everything is so anyway, so if I could help the, the, the people out there who are also, you know, struggling with figuring out who they are as human beings just like the rest of us. They're great.

[Jason Tardick]

He's not just a robot. He's got the emotions. Vulnerability equals connections. And you've done it in this season again. Season three greenlit.

[Ryan Serhant]

It's been four days.

[Jason Tardick]

I asked you the same thing last year. You gave me the same response. So, so more to come. Last question I got on this is you're selling a negotiating machine. You're going to season two. Is there anything you can share about what you negotiated going into season two that was different going into season one with Netflix?

[Ryan Serhant]

Oh, no, they're all. That's why Netflix makes so much money, because they, all their deals are pretty standard and. Okay. And no, you know who paid the most? Bravo.

[Jason Tardick]

Okay.

[Ryan Serhant]

Like, those were real checks.

[Jason Tardick]

Interesting.

[Ryan Serhant]

Those were real checks. And that was a long time ago. Checks. They. I'm sorry, what were they paying a lot?

[Jason Tardick]

Like, how much a lot?

[Ryan Serhant]

It was. I mean, those were like, those were like, if I didn't sell, like, I, I, I guess especially younger, I wouldn't have needed to. That's why you have so many reality stars who just do reality and then brand deals, et cetera. They don't actually have to go do the thing. Yeah, I always actually like doing the thing. You can make a lot more money selling real estate. Yeah, but, you know, they, they would pay a lot. Netflix understands the power of their platform and they want to have great content, but they also put out a new TV show every seven hours.

[Jason Tardick]

Yeah, it's crazy, you know.

[David Ardwin]

Yeah.

[Ryan Serhant]

An original. Yep. On it, you know, on average and are the biggest in the world. So, you know, if anything anybody will tell you, like, they would pay to be on the platform. Yeah. And you do you invest at the. What Season two cost me is so in the red compared to what I made making season two interesting until you start to count the brand value, the savings in marketing and advertising and the business growth that we'll have, which will be, I don't know, a thousand X which we don't have a percentage to the network for, you know, which is, which is the trade off. But you have to do the work.

[Jason Tardick]

You have to do work. $100 million of earned media value. The costs that you're spending are probably worth it. The last one I got for you, fellow bachelor alum Tyler Cameron is now an agent at Sirhan. Come on, give it to me. How's he doing it?

[Ryan Serhant]

He's great. I think he's got his first couple, like, cool listings.

[Jason Tardick]

Okay.

[Ryan Serhant]

Every agent he's based in Florida, every Sirhan agent we have agents all over Florida is trying to work with him. Yeah, various reasons. I'm sure he's awesome. Dude, Tyler is the nicest, coolest, calmest guy. Like, I, I, I'm sure he has bad days, but you wouldn't know it.

[Jason Tardick]

Yeah, yeah.

[Ryan Serhant]

You know, like, he just is. And he's a lot of dude.

[Jason Tardick]

He's a big.

[Ryan Serhant]

Like, he walks in sideways through a door and he doesn't even need to. That's a power move. That's a power move doing that. You walk in and just move in sideways because it gives the person in the room. Like, did he just need to do that? Or his what, what, what kind of shoulder workout does he do? Sends a message. It's like the silverback gorilla standing up. Tyler Cameron walks in sideways. It's awesome.

[Jason Tardick]

It's awesome. It's incredible. He is the best. We're big fans of Tyler, so I'm glad to hear he's doing well. Dude, I could ask you a million more questions, but only got some time. I appreciate you coming on Trading Secrets. Always good to have. Got to wrap with the trading secret. So give me something the last year, maybe a trading secret you learned about yourself. Real estate, money, relationships, whatever it could be, but something different than the trading secrets you've given us in the past.

[Ryan Serhant]

A lot of my life over the past year has been growing this business with great people and learning what it's like to hire and what it's like to fire and how to have difficult conversations. And I have Learned now the hard way that great people are uncomfortably expensive, but bad people will cost you a.

[Jason Tardick]

Fortune or a lifetime or entire career and a career, entire legacy. It's a hell of a trading secret. And I think for me, watching back season two and having Jan over the years, I think the trading secret I've taken away is it's like the areas are discomfort that you continue to step in, like going from off or defense to offense and having these tough conversations and putting yourself in positions where you're crying on national television from the entire world. It's these positions of discomfort that actually lead to continued growth. It's just that so often we get more financial safety, we get more fame, you get more whatever it is, notoriety, and you actually stay clear of those. And I think one thing, you just, you do it every day. You continue to step in in that area of discomfort which creates unbelievable growth. And so many people avoid those. So that's a trading secret I've learned from you in the last year. And thank you for coming on podcast. Where can everyone find everything you got going on?

[Ryan Serhant]

Just go to Netflix and watch oni Minutes.

[Jason Tardick]

Okay?

[Ryan Serhant]

I like it.

[Jason Tardick]

That's his request. Go to Netflix, watch it. And you're competing against some big. You got Stranger Things right there. You got P. Diddy doc out there. Come on, give him a break from.

[Ryan Serhant]

Game of Lena, from Game of Thrones decided to drop like a like the.

[Jason Tardick]

Beast out there, but you're still ripping in the top 10. Can't be stopped. Ryan Sirhan, thank you for being on Training Secrets. Ding, ding, ding. We are back with the recap. The one, the only, the curious Canadian is back on the ones and twos from his old paternity leave. I'll tell you what, David, you leave for 14 days and my God, has the world world turned upside down in the trading secrets world. All for the best. How you doing? Welcome back. And let's make sure we got a recap with Brian Saran. How you doing?

[David Ardwin]

Good, good. It's great to be back. Two weeks paternity leave. I don't know if it was actually paternity leave, but life is busy right now. But men, but life is great. Life is great. We have another little male, little, little boy, Caleb. Caleb. Anthony Ardwin is in the house and mama is doing great. Ashley is doing amazing. And let me tell you, Jay, the second time around, it's just so different in so many different ways. Well, first of all, you're just as a parent, you're so much more confident. You really are Able to. The biggest difference is seeing what they become right in front of your eyes. So Carter's two and a half, Caleb, two weeks. Caleb's two weeks old. To see what they become allows you to soak in those little moments so much more. Because the best way I can explain it is when I change little baby Caleb on the changing table. And he's this little tiny little nugget. He's so small, he's so delicate. I change his diaper. It's all, I'm all fragile, you know, you put him down and then Carter needs his diaper change. I'm lifting Carter up and I put. It's like a dinosaurs on the changing table. It's like two different species. So to see how fast they grow. When Carter met Caleb for the first time, I bald my eyes out. It was, it was more, it was more sweet, more emotional, more connected than I ever could have imagined. And Carter's being an amazing older brother. So it's been good so far. It's been good. It's been good. He's eating well. Ash is crushing the breastfeeding, he's sleeping really, really well. So as far as having a toddler and a newborn goes, it's going as good as it can, so.

[Jason Tardick]

Unbelievable. How long was Ash in labor for?

[David Ardwin]

Eight minutes.

[Ryan Serhant]

What?

[David Ardwin]

Yeah, eight minutes it was, but I've.

[Jason Tardick]

Never heard of anything like that ever.

[David Ardwin]

It was, it was so wild. Compared to the first one with Carter, she pushed for three and a half hours and so she was in labor for eight minutes. Yeah, it was.

[Jason Tardick]

Is that a world record?

[David Ardwin]

Dude, it was. I, I, I could do a whole podcast on like the play by play of it all. But they, at 11:00pm, they're like, all right, you should get your sleep, like epidurals and you should be good. And then like, as I'm like trying to get some sleep, she's like screaming in pain. And in the last delivery when she got epidural, she couldn't feel anything to the point where like, they had to decrease it. So I'm like, something's not working here. So they came in, checked her. She had gone from 7cm dilated, 10cm dilated in like 15 minutes. Like, it's time to push. And eight minutes later, the baby was out.

[Jason Tardick]

And it was like, what, how much did he weigh?

[David Ardwin]

He weighed 6 pounds, 11 ounces. So he was, he was a little nugget. And he came three days early before his due diligence date. But he was, he was great. She did amazing. Like, she, the, the Difference in her personal recovery from Carter to Caleb has given her so much more like, energy, confidence, enthusiasm. The breastfeeding's gone 10 times better, so she's like super mom right now. I was just gone for three days on a hockey road trip. You know, she had the toddler, the newborn. She's just, she's in our element right now. It's great to see.

[Jason Tardick]

So unbelievable. So glad to hear Ash is doing well and baby Caleb's doing healthy and well, and that's a beautiful thing. You got to love it. And how about the sleep regimen? You sleeping?

[David Ardwin]

We are pretty good for anyone out there. Listen, if I could get a sponsored ad from anything, it should be the snoo. For those who don't know what a snoo is, it's an electronic motion and sound detected bassinet where you put your baby in there. It's got four different levels and motions all that replicate sounds that they're familiar with. And it helps himself soothe. And Caleb's sleeping. Last night he slept three and a half hours, woke up for feed, three hours, woke up for feed. And then his first four hour stint at less than two years old or two weeks old. So he's crushing it. Ash is crushing it. The Ardwin household is full of love. It's full of baby crying, it's full of, full of poopy diapers, but the best way possible. But enough about my personal life before we get to Ryan Sir Hunt. Congratulations to you, Mr. Jason Tardick. He is Instagram official with the lovely Katherine Hurley. And how are you feeling about it?

[Jason Tardick]

Feeling good, Feeling good. It was Catherine's birthday Friday and yeah, I mean, it's, it's fun to, to share. You know, it's so funny because I've been private, obviously about this relationship for a little bit here and this podcast actually with Ryan Sirhan, like, I was pretty confident, Like, I was excited and, and just feel so comfortable with where Katherine and I are and what our future looks like that I was, you know, excited to, to share that story and. But I was hesitant too, right, because there's a lot of, I don't know, there's especially just looking in the rearview mirror. There's a lot of headaches that can come with that. Right. But then Ryan actually kind of motivated me in this podcast. Like, like when you live in that gray area, it's just, just not a great care area to live. Like, either get out there and open your life up or don't. You know what I mean? But this, like 2026 going into it, like half in, half out, like, what are you doing? You know, and he talked with him and I talked a little bit about that, of course, after the podcast too, and I got some different advice from him. And yeah, I mean, I feel, I feel great about it. She's, you've met her, she's one of the most special people in the world and yeah, so excited to share that. So it's exciting, brother. It's exciting.

[David Ardwin]

It should be exciting. I can't wait. We're, we're, we're excited about due for JTA 2025. And I, I, my favorite part of JTA is always playing the teaser from what you're 2025, what you thought it was going to be like to seeing how it actually was. And then I'm excited now that you're in this place in your life to Hear what your 2026 teaser will be because you're definitely in a more, a much more different place than any of the JTAs how we've done before. And I, and I will say that Catherine is, she's so sweet. When I was able to come out to Nashville and meet her for the first time, it just felt so natural. She was so inviting, welcoming, wanted to be around, truly seemed really supportive of you. Get what really wanted to know your best friends, which is, you know, for anybody, you want it to feel like, you know, that, that your best friend is dating their best friend and, and that you all want to be in a room and hang out and get to knowing each other. So she's great. So definitely curious Canadian approved on that.

[Jason Tardick]

Curious Canadian approved. Yeah. I remember the first time you guys met, I would just be like doing my thing and you two were like in the weeds for 45 minutes talking about like all things life.

[David Ardwin]

Yeah, it was great.

[Jason Tardick]

This is great. This is great. So then I guess, you know, one of the questions we'll have to ask everyone is I've obviously talked a lot about our non for profit wax for locks, the rescue. Maybe we have her come on one time. Maybe even jta, she pops in. I don't know, maybe you guys give us five stars and let her know should we have her on as a guest? I don't know. You know, that could be fun. Talk about the nonprofit rescue world.

[David Ardwin]

That is a, that is a world that's near and dear to your heart too. And I just saw that Teddy has a brother now. Is that a, is that a inherit. Is that a step brother? Is that Catherine's dog?

[Jason Tardick]

How does that Work Catherine.

[David Ardwin]

Okay.

[Jason Tardick]

That's Catherine's dog. But we've, you know, we've gone through the pro, like, especially with rescues, and they're based on, you know, their different traumas and things like that. You got to be very, very intentional with how you integrate them and, and you have them meet and like we did, we worked with the trainer to do it because you just never know reactivity. And they get along so well. Like they're. They're best buddies. They're hanging out left, right and center. They're always together. So. Yeah. Moose and Teddy, Teddy bear, dynamic duo. Baby.

[David Ardwin]

I love the name Moose. That's good. And beauty. It's same thing with Carter and Caleb. Tick tock. They showed us all the ways of how to have your toddler meet your newborn. So he wasn't jealous enough. We followed all, we followed all the steps and there's really two main things.

[Jason Tardick]

We followed which were like, I mean, trading secrets. You got to give them.

[David Ardwin]

Yeah. Yeah. So number one is, is get your toddler a gift and wrap it up and say it's from his little brother. So when he walks into the room, he opens the gift from his little brother. So he opened this big like dinosaur truck thing that carried cars, Dino cars. He was so excited. And then don't have the newborn in the arms. Have the newborn in his little bassinet so that he doesn't see that you're. He's like connected to you and he's like all alone. So we had him. We had him open his gift. He was all hyped. And then he heard Caleb cry in the other room and he goes, baby's here. And he ran over and he saw him give him a big hug. He gave him a big kiss and he was just obsessed with them. So it was like, I'll send you the video. I'll send you the video.

[Jason Tardick]

Video. After this.

[Ryan Serhant]

It was.

[David Ardwin]

Yeah, look at us. We're growing up. We're growing up here.

[Jason Tardick]

Smokes, you know. You know what's really cool about doing this is we're going on almost five years and if we go back into the, you know, the old episodes, we go back to 2021. Verse, 20:25. You think about how many different chapters and eras and roller coasters and life detours. We vote them not. And it feels like this one's a fun one in, in many ways and obviously different chapters, but exciting for both of us. But that is so cool. I can't wait to see that video.

[David Ardwin]

Very exciting. Listen, this has been 10 a 10 minute recap of our personal lives in the last two weeks. Ryan Sirhant, he's a three times guest. So you know what, Ryan, we are, we're taking this recap. You've been, we've recapped you two times. We're going to recap you again. We are taking our time right now now on the recap to give the listeners a little update on, on our personal lives before we get into all of your genius that you, you displayed in your, in your podcast today.

[Jason Tardick]

And that's a great transition too. So three time around here, obviously owning Manhattan season two, it's out right now. It's crushing it. You gotta love having someone like Ryan Sirhan on because you got the pop culture vibes. You have the business side, which of course is real estate. And then we're living in this world right now, now where just no one knows what is next. Houses are sitting on the market. It's not a buyer's market, it's not a seller's market. So many questions. You're seeing, of course, a lot of different policy and political change from our country to specifically New York City where he operates. And there's just so much to talk about. So I was, I, I was very excited, David, to hear what you thought of this episode because there were so many technicalities, but then there were also so many generalisms and there was also pop culture.

[David Ardwin]

Culture, Yeah. I mean, he's a genius. Like I alluded to there, I, I have my notes first. The first 10 minutes of this was an actual master class. Lots of little definitions that I didn't exactly know, but I felt like I could still follow. I remember clicking into the episode as I was listening because I had all these notes down. It was like 8 minutes and 50 seconds into the episode. I said, that's it.

[Ryan Serhant]

How?

[David Ardwin]

Like I actually think my brain's gonna explode once I hit the 57 minute mark because I can't actually retain all this stuff.

[Ryan Serhant]

Stuff.

[David Ardwin]

So it was incredible. There was one definition. I actually had no clue. He's had 51 arm. So I had no clue what that was.

[Jason Tardick]

So five is like a five, one arm. So arm a R M. Right. That's just, it stands for adjustable rate mortgage. That's what the ARM stands. Okay, let's just break through each of them, what they mean. So the five is going to be how long your interest rate is locked in for and doesn't change. So, so for five, five years your interest rate is locked in. It will not change in five years. The one Means that after the five year period your rate will adjust annually, every year based on whatever is happening in the market. So that's like your 5:1. Now the big thing about that is your interest rate will actually be lower because if you think about like a 30 year fixed rate mortgage, think about the risk that a bank has to take in because how much much interest rates can change within 30 years. With five years it's only locked in for five years. So like if interest rates go up big time in five years from now, your payment's going to go up big time. But they'll usually have a lower interest rate on a five, a five year one arm. So yeah, that's what an ARM is, an adjustable rate mortgage.

[David Ardwin]

That makes a lot of sense. That's actually what all my fellow Canadians function under for their mortgage. When I tell them that we do 50, 15 and 30 year fixed, they can't believe it. They're all five years. And so their payments do adjust big time over five year periods as well.

[Jason Tardick]

Yeah, that's like the, the negative with it is that there's like that payment uncertainty. You just don't know what's going to happen. Right. And then the other thing is that market risk, if like in seven years that interest rate goes up big time, you could be screwed. Yeah, the what it's really good for is like the home buyers who if you know that you're going to sell, you're going to refinance, you're going to do something within a short period of time or maybe have a new renter in or something like that. I don't know, like within a five year period. It's a great time to lock in a very discounted rate. And I think also those who know that like income strong, they've built good wealth, they expect to make money on their money and they're expecting future income to come in, they're at the same level or higher, they know they'll be able to accelerate pay down but then have a low interest rate for that period of time. And then people that are just trying to get a low payment from the get go. So those are the things to think about when you decide what structure to go with. And like the best, especially in the States is like just talk to your mortgage banker and they'll walk you through all of them.

[David Ardwin]

Things to know, things to know. Homeowner problems 101 right there. He's helping us with them. Another thing he was helping us with is proving that he is an encyclopedia. I couldn't believe How? Well, this guy, I, you know, I, I, I shouldn't be surprised. He's one of the best in his industry. But when he was spitting out little, like he was going on his little, you know, answering questions with those passion and then he starts throwing out, you know, Jason, all started in 1997 with the IRS code 121 and DA DA da da and tax rates. And then in 1994 trade NAFTA decimating cities with manufacturing hubs. In 1960, the rent freeze and all the, all the homes went vacant. I was like, Jesus, this guy is giving me three college credits in, in 27 minutes. So I don't know, man, there's two takeaways there.

[Jason Tardick]

Yeah, I want to give you two, two trading secrets there. Number one, if you want to be a leader in whatever field it is, you better know the history of that field and what has determined where things have been and why. Because credibility is massive. So when he's talking to these billionaires or 100 millionaires, multi millionaires, whatever it might be, these people with big power, you have to understand what is everyone going to ask for? What's happening next? What do you think? And he says, well, I can't tell you what's going to happen next because I can't predict it. But what I can tell you is what's happened in the last 200, let's go through it. So whatever industry you're in, you better know the history of it because that's going to be credibility. Number two, he is genius. We know that he's extremely smart. However, there's always a strategy and calculation behind those people. And that alludes to. Number three is I listen to a lot of his recent podcasts in preparation for this and I will tell you in each of those podcasts, when not even asked about the topic, right, Those were some speaking points that he stepped into. So you can tell, tell those are speaking points that he's memorized. That he understands that the people that listen to him need to know and that he builds credibility when speaking about him. And everyone listening right now can do that too, in their jobs and in their fields.

[David Ardwin]

Are you at all. I'm listening to this episode and he's been on our podcast three times. He might be the only three time guests other than Tyler Cameron, maybe Blake.

[Jason Tardick]

Horses too, I think maybe.

[David Ardwin]

But I'm, I'm thinking, I'm like, man, this guy's kind of a big deal. And not that you're not a big deal or I'm definitely not a big Deal. And our podcast is great, but it's not like, it's like, call her daddy, like, level podcast. This guy's making time three times to come on our podcast and really talk about the same thing. Like, he's. He's talking about the real estate market, and he's talking about the shows that he's doing, and he's really not going in depth about the reality piece. He's really going to in depth about this. Is it ever, like, dawn on, Like, I don't know. To me, I'm like, this is. This is a. I feel like he's a big deal and he keeps coming back and there's something that you're doing that's really impressive. And do you guys have, like, a really strong relationship outside of when we're on the podcast or in a business? Do you hang out? Have you ever gone for drinks? Do you guys hit each other up? Do you small talk? Like, I'm just. Give me a BTS on that.

[Jason Tardick]

Yeah, I think. Think so. The first thing is not really, like, I saw him at Surf Lodge this past summer. Hit him up, we talk for a while, shoot the ship. Like, we're not like, boys. I would say that's one and two. I would say he just gets it, man. Like, I think in this space, there are so many people with such large egos that they're like, oh, I'm only going to go to this podcast or this podcast, and depending on what you're trying to achieve, most of the time, that's not going to be the right play. Because what he's trying to achieve is all different niches in different places. Find out who he is, and he throws a blanket on them everywhere. So you're seeing right now he is very strategically going on the right podcast in the right niches that have the right audiences. He's collaborating with people on social media that have all different demographics and age groups. Everything from like. Like doing, you know, some of those. You know, some of those, like, tik tockers who just do stunt tricks, like, where they, like, do they bounce eight pingpong balls into one ball?

[David Ardwin]

Love those guys.

[Jason Tardick]

He's doing stuff like that to being with, like, the big YouTubers, to being on certain business podcasts. So my point is he gets it right. And we're a show that does a ton of listens every single week. And we're on social media. We're getting the most views. We're doing like, 5 million impressions on social media week. Like, that's crazy that the podcast is generating 5 million eyeballs through our clips on Tik Tok and on Instagram. So, you know, I think he just gets it and he. It also has respect for us, right? Like, I listen, like, with all due respect, I listen to two, three podcasts, like I said, in preparation. These people don't know how to interview him and they ask the same questions and they don't know how to talk his language. So I think we've earned his respect.

[David Ardwin]

Well, it. It aligns a lot with what he said about selling Manhattan, how he took a risk because he did want to have a show that everyone could watch. They could watch with your kids, they could watch with your, you know, your colleagues. He kind of took the TED Lasso approach where, like, you know, he wants everyone to be able to watch it. So him going on all these podcasts with all these different, different, you know, like you said, the tick tockers in our audience, it makes a lot of sense. So clearly a smart guy, he gave some unbelievable.

[Jason Tardick]

One more thing I want to say. Say if you have an exclusive, right, like you have a big announcement or you just haven't done anything in a while and you need one big splash, that's when you try and like, land a caller, daddy, you know, but when you're trying to promote something like a show, that's why, like in Ariana Grande, it's not like she goes on one podcast. She goes on six talk shows and six live, you know, night shows and podcasts and red carpets, because she's got to promote Wicked, even the biggest of the best and the biggest spaces. Doing it. He just gets it, you know, he just gets it. And like anyone that's out there, when you're promoting something, even if it's a st. Small, small startup with 10 followers today, you got to find your network and make a splash. Like, you got to get out there and do it.

[David Ardwin]

I'm going to end with my. My three zinger points. Let's just say things that zinged me. He said them and I was like, damn, this one depressed me. We're all basically boring houses from the Fed. We're paying the government rent disguised as property taxes to borrow the land we're paying and then paying them to collect income, then paying them for the right to go shopping. We all work for the government. We're all here to provide tax revenue for everyone else. That was a very sombering, realistic, depressing moment. And then I did love the, the. The quote, never interrupt your enemy when they're making mistake. I just Thought that was like a good business PR type. Like, like, I'm just going to keep this in the back of my head and, and use this when it comes time. And then I'm going to end with how he ended with this trading secret. In the business world and managers, all these things when you're, when you're responsible for a budget, etc. He learned the hard way that great people are uncomfortably expensive, but bad people cost you a fortune. I loved that. It goes hand in hand with the biggest takeaway I've ever had on this podcast from a trading secret, which is higher, slow, fire, fast. I just thought that those all go together and they're from really smart people who manage a lot of people. And I just loved how he kind of tied a bow on that and that it was my biggest takeaway was his trading secret.

[Jason Tardick]

Yeah, that was, I mean, incredible trading secret. Incredible guest. Such a sharp, smart guy. It's funny, just even these takeaways, like, after it, I, I just, again, this is like, Ryan, I know how busy you are. I can't tell you how much it means that you're giving us his time. So thank you because every time he comes on this podcast, I learned something new. And do we talk about similar things on this podcast? Sure. But we talk about them in times of increments that are like a year later. And the speed at which this man changes his professional life year over year, it's crazy fun to watch, fun to be part of, definitely inspires and motivates me. So I hope everyone enjoyed this episode. I hope everyone enjoyed the recap, a little personal update, and of course, a little professional breakdown of the one and only Ryan Sirhant. David, anything before we wrap?

[David Ardwin]

I got a baby crying upstairs. The toddlers passes bedtime. I gotta go. We gotta run. It was great seeing your face again.

[Jason Tardick]

I love it. We got two dogs in this household and two babies at David's. It's a beautiful thing. Guys, give us five stars. Let us know what you're looking forward to. And thank you for tuning into another episode of Drake's Here Secrets, one you can't afford to miss.

[Ryan Serhant]

And now a next level moment from AT&T business. Say you've sent out a gigantic shipment of pillows and they need to be there in time for International Sleep day. You've got AT and T5G so you're fully confident, but the vendor isn't responding. And International Sleep Day is tomorrow. Luckily, AT&T 5G lets you deal with any issues with ease, so the pillows will get delivered and everyone can sleep soundly, especially you. AT&T 5G requires a compatible plan and device coverage not available everywhere. Learn [e-mail] 5G Network what do you.

[Jason Tardick]

Think makes the perfect snack?

[Ryan Serhant]

Hmm, it's gotta be when I'm really craving it and it's convenient.

[Jason Tardick]

Could you be more specific?

[Ryan Serhant]

When it's cray venient okay, like a freshly baked cookie made with real butter available right down the street at a.m. p.m. Or a savory breakfast sandwich I can grab in just a second at a.m. pM.

[Jason Tardick]

I'm seeing a pattern here.

[Ryan Serhant]

Well yeah, we're talking about what I crave which is anything from AM pm. What more could you want? Stop by AMPM where the snacks and drinks are perfectly craveable and convenient. That's cravenience AM PM too much good stuff. Hey Mrs. Sarah. Look, I'm standing out front of AM PM right now and well, you're sweet and all, but I found something more fulfilling. Even kind of cheesy. But I like it. Sure, you met some of my dietary needs, but they've just got it all. So farewell oatmeal. So long you strange soggy. Break up with bland breakfast and taste AM PM's bacon, egg and cheese biscuit made with K tree eggs, smoked bacon and melty cheese on a buttery biscuit. AM P M Too much good stuff.