The Iced Coffee Hour - Ryan Serhant: The 2023 Housing Crash, Billionaires Exposed, Selling Everything

Episode Date: February 26, 2023

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Ryan Sirhan is the star of million dollar listing in New York. He's sold over $6 billion with real estate, and he's about to give us an inside look into the 2023 housing market in a way that you've never seen before. We can buy an apartment here for $2 million, and you'll sell it for five. He's also currently selling the most expensive listing in the world right now, selling for $250 million a penthouse in New York. And homes like those are sold to billionaires, as in with a B.

So we're getting the behind-the-curtain look at what billionaires are actually. like behind the scenes when there's no cameras, there's no nothing, just Ryan Sourhant in them and the stories I got to say are insane. So with that said, enjoy. Subscribe if you're not already. And now let's begin. But first, you want to think our sponsor, Creative Juice. As a creator, you're running a business. And as a business, you've got to have a business banking account that's separate from all of your personal stuff. Well, fortunately, Graham, Creative Juice is the perfect place to get started. Juice funds creative futures so that you could stay in control of your content and supercharge your growth. Not only does Juice provide creators with funding, it's a

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funding could be. Juice funds offers 100% creator control, flexible deal links starting as short as three months, trust-based relationships, easy payouts, and dedicated support from industry experts. You could use these funds to purchase studio space, hire freelance help, or do anything else that you believe will help expand the business. So sign up for a free creative juice business banking account today by using the link down below in the description or by going to getjuice.com slash get funding. So get started now and take control of your creator business. Once again, guys, it's completely free. The link down below in the description. Thank you so much and onto the podcast. Well, thanks so much for making it on the ice coffee hour, Ryan Sirhant. I missed out this morning. You guys were touring a $250 million

penthouse, the most expensive listing in the United States. Is it in the world? Most expensive listing in the world? I don't think so. I think it's the most expensive active listing in the United States. There's definitely other properties out there where people are like, you know, this one is $100, you know, a billion dollars. Oh, yeah. There's off markets and Malibu and Palm Beach that are quietly marketed for half a billion dollars, you know, but they're not actively out there. And this is your personal listing? Or is it just like my house?

I don't live there. Oh, right, right, right. Unfortunately, it's not like my, you know, I'm just putting my own crib. Right. Yeah, one day. Yes, it's our listing. Yes, we have it listed. You missed out, Jack.

I was telling Jack. You didn't even get to see it. You didn't show up? No. Oh, you sleep on? No. Well, I just wanted to make sure I was ripe and tuned up for this podcast. That was my goal.

I was like, okay, I'll get good to sleep. Are you all stay in the same spot? No. Okay, so you're not staying in Harlem where he got a nice ritzie pad. You got a nice spot? I think it's two bedrooms. Wow. That's nice for New York.

That's pretty good. Yeah, I'm not with them. I'm staying with my buddy Sean. The guy that goes up, ask people questions on the street. He's a Kipps Bay. Nice. Yeah, so I'm there. Yes, nice.

I was trying to get Jack to go. And he was like, oh, no. It's like, Jack, how often do you have the opportunity to do this? Yeah. I'm enjoying Kipps Bay. He compared it. He compared this place. I love 31st Street.

I'm just loving it. He compared it to a $45 million home in L.A. And he's like, well, if I saw that, it's got the call. It's a really hard corner to get myself out of that I've somehow put myself in. But like, I've seen a $40 million place in L.A. And that just like, it blew my mind. And I'm wondering like, okay, what's the difference between 40 and $250 million for the average layman? It's like, for me, I see something.

I'm like, I don't even know what material that countertop is made out, but it's the best. You know what I mean? Yeah, I get it. So I don't know. I would have loved to see the view. That's the one thing. But I watched an entire, like, long YouTube video, your YouTube video on it. Yeah.

So I kind of got like the feeling for it. You know. I'm like, I don't need to see the Great Barrier Reef. It's not a YouTube video on it. Yeah. It's the same thing. I don't travel. I've seen Paris on TV.

You know what? Okay, yeah. Maybe I could. It saw an Instagram picture of it. Exactly. It looked lovely from the video that I watched on it. It was. Yes.

And thanks for this, we're like pinch hitting for ice coffee hour in our podcast studio in our Sirhan headquarters is over right now. Our pleasure. Welcome to our set. Crazy team, by the way. Like, it's very rare that we do. podcast with people and they're like one, two, three, four, five, six other people in the room. Yeah, you're stressing me out with how many of them there are. It's cool. I like it.

Yeah. It's like a live audience, honestly. Graham's got you. Yeah. And you. It's a two. Yeah. Yeah. That's it. It's nice. You're busy, by the way. Can you walk us through your schedule because even getting you for like an hour. I was talking to your team or like, we should do TikToks and this and that and this. You're like, yeah, we know, we've tried. We just can't, we keep telling him this. And I'm like, I'll tell them to. I'll back him up on this. You are so busy. Like every hour of your day is so finely scheduled where, like, I have a heart out, 10, 15, I have to leave. I'll be there exactly at this time. How do you, like, what's your day like?

It depends on the day. I mean, so there's, you know, there's a holding company, okay? And underneath that are three separate businesses. So there's Sirhan Real Estate. There is Sirhan Studios, right? And then there's what we call, sell like Sirhan, which is education. So, and I run all three. Now, there's great lieutenants and people for all of them.

I'm not doing everything right across the board. There's a lot of different people. But I'm incredibly involved in all three businesses all day long. So it depends on the day. Real estate takes up a significant amount of my time. Underneath that, there is real estate resale, right? There's real estate new dev, new development takes up a lot of my time. There's buy-side, sell-side stuff.

There's ADX, which is the tech stuff. There's just a lot. There's a lot of meetings. There's a lot of things that I got to do to keep the business, moving forward. There's recruitment. There's growth. There's pitching. We're, we're going to double in size this year. We're going to expand into a lot of new markets. So that's a lot on the education side. There's nonstop content creation, Zooms, lives, coaching, the mentorship. And on the studio side, then it's like where I have time, then it's me creating personal

content, which is tough, which is why a lot of our content is very like running gun, jump in the car, you know, kind of vlog, day and life type of stuff or real estate tours, because that's then what we do. And then wherever else I can then find time ends up being, wait, I'm married. I should see her. And then, oh, also I have a baby. I should see, I should see her, you know. And then I try to sleep. And then you said Datter Days.

Was that your word, Datter Days? Saturdays. No, there's a book called Datter Day that someone gave to me when I was about to have Zina. And so it's actually a really sad book. It's about a dad who just like, well, I thought it was fun. but it's like this dad who hangs out with his daughter all the time. And then, you know, Saturday is dadder day. And they, like, have a plan every week.

And she, like, has a notepad in the kitchen where she writes down everything I'm going to do with dad on Saturday because he works all the time. Yeah. Right now Saturday, that's the day. And then in the, it's like a kid's book. In the book, like, Dad gets fired. Dad has to get new job. New job works on weekends. Dad travels all the time.

No more dad on dad or day. And she, like, cries by the window, like, cartoon, everything. The mom's like, dad. he still loves you and I like read this book and I'm like what on earth is the book written for I don't know it sounds like it's written for adults yeah it's just like it's too real it's like insane and at the end like they change the day it's like dad or day can be any time right even in your imagination because dad can't afford to spend time with you it's like it's it's traumatized so I try to wait did you read this to your child or no I do read it to she's get it fully she's like ha ha daddy cry like yeah but

But yeah, so Saturdays, our dadder days, if it's a normal week. But like this past weekend, we were shooting one of our new courses. So I shoot all day Saturday, all day Sunday when we do the courses because they can't do them during the week. This coming Saturday, I got to shoot a new course. Sundays is then a work day. So there's a lot of times where it's a couple months on end where there's no days off. But then when I have the time, Saturday will be Saturday.

Do you have strict clock in, clock out times or is it kind of just like wake up, let's go, and then go to bed? No, I'm pretty regimented. It, you know, it depends. So on Sunday nights. I'll talk to. So my main assistant is Will, and so we'll discuss calendar for the next seven days. And then I'll discuss it with my wife, Amelia, just to determine like, hey, part of our deal, right, is that I come home to see Zina twice a week before she goes to bed.

So I see her before she goes to bed at least twice a week. If that's going to be really hard, then I'm also taking her to school twice a week in the morning. So I drop her off at then 9 a.m., which is then, you know, which is downtown. So I try to see her a little bit more. Other than that, I would end up getting home at like 9, 10 p.m. every single night. It gets up a client event or something or I've got to stay in the office. And then I would just like I would literally see her on Saturdays only. How earlier are you wake up?

4.30. It's been the same. Wow. It's been the same forever. What time do you go to bed to wake up at 4.30? It depends. Honestly, it depends. Like the latest I'll go to bed is 11.

So like last night was 11. And if I could go to bed at like 6 p.m. I was so different. Right. Most times it's somewhere like 10, 10.30, Monday through Friday. Okay. Saturday I won't wake up at 4.30. It depends on, again, it depends on the day and depends on the work and what I'm doing.

So if it's a day, I'll, like, work out at like 8 a.m. But I still won't sleep much later than like six, you know. I just won't get, I just won't move. I'll just do what everyone else does where I'll like lay there and be like, no, I'm just going to, I'm just going to look at three more TikToks. Sure. Right? And then like an hour later, you're still TikTok.

Do you moisturize? I do moisturize. I asked him about his skin. It just, it looks incredible. Your skin looks better than mine. I know. 24. Tell them about the regular.

What's your secret, man? I got it. Dude, I thought it was like it had to be like Botox because it looks too perfect. You look like you get like 12 hours of sleep every night. No. No, I backed under my eyes now. It's puffy. Those are in the comments.

And it gets to me emotionally. The, no, dude. I had bad skin when I was growing up. Okay. I bad skin when I was growing up and I wanted to be an actor. So it like really affected me, right? I was super sensitive about it. Like it affected dating like this, that, the other.

It was super oily, had bad acting. And then as that started to transition, it's not like my skin cleared up. It transitioned into like full blown rosacea, like a 55 year old guy in Colorado where like I always looked like I was sunburnt. Like I was bright red. And if I had caffeine or it was too warm or like any kind of. triggers like if you look at it there's these triggers and like I would just be bright and I would just walk in rooms and people be like oh man what are you what are you outside all day man you got a lot of sun I'm like no I have a disease and it's uh you know it's not that big of a deal when you're much much older but when

you're like 23 in new york city trying to like get on a soap opera do theater you know it's like that's what you're known for you're the guy that walks in with premature gray hair and a bright red face people are like oh you're the gray haired crayon like it's just you know it gets to you. And so I did low-dose acutane four times. I did that four times. It took a long time to clear up skin. And then from there, I read a book by a guy named Dr. Nase called Beating Rosacea that like saved my life. And in it, actually in it, he's the one who talked about low-dose acutane. So I took that. And then there's a new laser treatment. It's not new anymore. But at the time, it was new is called V-beam. And so it would shrink the blood vessels.

in your face and therefore the pores and limit your sebaceous glands. And so I did a V-beam laser treatment and like my skin fell off. I looked like Freddie Kruger. It was insane. And it happens like the first time you do it. And I've done it like every other December since then. My skin doesn't fall off anymore. Like you wouldn't even notice.

I could do it today. You wouldn't notice. But I've been good ever since. But I also, I wear SPF every day. I wear an SPF every day. every single day. I wash my face twice a day with like this mud soap and at night and this deep cleanser in the morning. And I don't know. I should do a video in your skincare routine. You really should. Yeah. These guys would be so many. Come on. I don't know why we don't do this stuff.

I like, okay, it's not a full video, but that's a short. It's viral. That's a 45 to, you know, 60 seconds. Yeah. Yes, yes, yes. So as P. But I also, listen, at the same time, I eat relatively pretty clean. I work out a lot, so I sweat a lot, right? So I sweat a lot, so I clean my face a lot. And then I also, I don't really drink. I don't like to taste of alcohol. Like, I'll have a glass of wine once a week, and I don't smoke, you know, or anything

like that. I think that also possibly helps. So what about as far as going gray, when did you start noticing that? 16. 16. Yeah. What was that experience like? Did that run in the family?

Did you have someone like a... Yeah, my dad said he started graying when he was early, and he's like, you'll be white by 30. and it was like gross and it you know it affected me just like everything right

like you're a teenager and like anything that's if you you know if you're not like on the sports team everything about you is just not right and so and I also like theater so it's like bright red acne slightly overweight

and I like theater and oh also I was greying so I was like sweet awesome um so when I moved to New York after college When I was in college, I would like dye it by myself with like the gloves and the stuff and the Just for Men thing. And then when I moved to New York all but then I would go to like a hair salon and dye it. But you know, if you dye your hair, it feels weird.

You know, it starts to feel. And it's just like it's such a pain in the ass because you have short hair. Yeah. Like a woman dies her hair. She can at least, you know, she grows it for a little bit longer. She's not, she doesn't have to do it every 10 days. You're doing it every 10 days. My hair grows so fast.

And so, yeah, every 10 days to two weeks, I'd have to go dye my hair so I could go to these. auditions in New York City where people weren't like, do you have great tips? Like, what's happening? Like, it just would look weird. If you look at like early soap opera days for me on Asworld Turns, which is like the first thing I did in New York, I am super pale because I had zapped all the redness out, right? It was super pale and they were dyeing my hair on set and they would dye it so dark brown. It would look black. I looked like, I looked like, I looked sick. I looked like Dracula. Like I was super pale with really, really dark hair and I would just look like, I was like, I looked a week. It was just weird. Wow. But now you like, yeah, but it's like a great marketing

thing for you now. No, then I got into real estate because then I ran out of money. Then I was like, what am I going to do? Do I go home? Do I, you know, stuff? I think we talked about on our last podcast, a little bit of that stuff. And so then I just stopped dying it because it was also either expensive or I'd have to do it on my own and it was just messy. It was like, screw it. And when I first got into the business, my hair was still dyed because I just looked weird. Like, I was super young face, super old man hair. And it looked weird. But then people would ask me, they're like, oh, you're young. Like, should we really go look at apartments with you? And then I don't remember, I think I just like forgot to. I got lazy about dying it. And then I realized retroactively,

people have stopped asking me how long I've been in this business. People have stopped asking me, like, how young I am. I think they, they like would look at me and then look at my hair and then say, man, you just must take care of himself. This 40-year-old guy, and I'd be like, yep, that's me. I've been doing this for a long, long time. And then it just sort of became my calling card. Like, people would start recognizing me from the back of my head. Yeah.

Because they'd be like, what an interesting assortment of salt and pepper, you know? Yeah, I think when million-dollar listing New York first came out, the first thing I noticed was the hair. And that just stuck out to me. It's just, it's unique. It's not good or bad. It's just you. It's a staple, for sure.

It is. it was just the silver thing. And so then I've just, obviously, I've, obviously, I've been dyed it. And it's just gotten farther, further and further gray ever since. Oh. Next time, next time we do this, when we hit the trifectar, the hat trick for, for ice coffee hour, I'll walk in Anderson Cooper White. Nice.

And he'd be like, oh, you finally made it. Like, yep. Do you find that stress or like a busy schedule makes it gray faster? Or do you think it's just all genetic at this point? I think the kickoff was definitely genetic. So I think there was a lot of genetics to do, to do with that. But I also think I live a pretty fast, very high stress life. Like, I'm stressed all day long.

Are you motivated by stress? It drives you? I don't know. I think I'm motivated by pressure. Like, I'll complain about it, but I do live off of it. I'm motivated by by, by, like, you know, by timelines, right? By deadlines. Like, I'm motivated by my schedule.

Like, my schedule doesn't have to be crazy. I kind of create the chaos more than anything. but I think the stress and the things and all the stuff definitely does add to everything. Like, you know, workouts are way harder for me than they ever used to be. The hair is definitely grayer, the bags under the eye. You know, it's slowly, and I've become a product of my environment, you know, I'm just like a product of New York City. It's the grime.

And you're a fan of that intense lifestyle, constantly feeling like you're under pressure and like you've got to catch up or something. You're a fan of that. I guess so. I mean, I'm used to it now. So now it's like my normal. You know, it's like when people, we had Billy McFarland on our podcast talking about jail. And he was like, he totally understands why when people leave jail, they go right back because

they get so used to the structure. They get used to the four walls. They hate it. They complain about it. I shouldn't be in here. The minute they get out, just like, where my walls go. Like, I, I, nope, got to do something to get back in jail. I want someone to tell me what to do.

And I want someone to give my food at the right time. They like to have it. And so I think there is some sort of like masochism to the addiction that I have now, to the insanity of the schedule and to the habit of the routine. But I do take breaks. Like, there is dad or day. I do go on vacations now. I never used to go on vacation. My wife's Greek.

They spend all summer in Greece. So now I have this baby. So I'll go to Greece for a week here, a week there, and there's no 4.30 a.m.'s there. Like, I'm not a psycho. It's often people commit petty crimes to go back to jail. I didn't know that. It's a fairly common thing. Yeah, because that's just their new life.

Yeah. I know this is kind of a weird parallel to draw, but one thing I've noticed was like, if you know who Liver King is. Yeah. So he lives a very intense life. Yeah. Like he's working out like three times every day, just constantly putting himself under a lot of stress and pressure. Yep. And I feel like it would be more challenging for him to relax and more uncomfortable to relax than to constantly be put in this conventional discomfort of working out high-

It's going to feel empty. Exactly. He's going to feel empty. He's going to feel lost. You need the energy that way if you're that type of person. I don't know. Sometimes I'm like, man, I wish I could just be someone who goes with the flow. Like, hey, there's a dinner.

I got to go to the dinner. Like, you know, we're going to do that. Or friends saying, hey, you want to come hang out? And I'd be like, yep, yep, yep. You basically have gotten used to this very intense lifestyle and you're a fan of it now. But sometimes you do wish that you could have a more relaxed schedule. Yeah, I just don't think I'm the type of person who can just wing it. Like, I know people who, you know, are in the real estate business who, like, don't even

like they don't have a calendar. Like I know, like there's an agent I know who does like a billion dollars a year. And she like, like, do you have your calendar in her phone? She's like, no, like, how do you know where to go? She's like, oh, I get a printout for my assistant. Like, how do you know who to call and what to do? And she's like, oh, I guess I kind of remember. I'm like, do you ever forget anything?

She's like, oh, my God, I forget things all the time. But she does a billion dollars a year. So does it actually matter? She has her way of operating. I have my ridiculous way of operating. There's other, everyone's got their own way. You just have to do the way that ends up working for you. How often are you showing properties now?

I showed properties today. So I was with you this morning. Yeah. So I guess I showed that to you. Okay. And then I went with a client, I had to show properties, which is more and more and more a rare occurrence. You know, I'll handle VIPs now. Like VIP's special property, special things I need to show.

Also still, you know, I'm showing, I don't know, the other day where one of our agents needed me to show. And I showed. Like, I'll do that if I have the time. time and if I can schedule it and I can make it happen. But my time is probably not best used showing anymore now that we're building and growing the business. Are you, go ahead. I was just curious. Is there a threshold like in terms of the dollar amount that if a client says, I want you to show me properties, $15 million. Like, is that a threshold where you would say, okay, I'm going to drop my schedule or make out a day for this?

I'm just curious at what level you would say that you would spend your time doing showings or walking on one client particular? Depends. If it's a personal referral client to me, you know, someone says, you know, hey, Ryan, I need you to take out this person. Like, I was just with a personal referral who's a very, very important client. And it was to help them find a rental for their daughters, right? And like, I typically wouldn't do that if I don't know the person.

But for them, like, I'm there, right? I'm showing them around. That's my job. And I don't ever really want to lose that. Yeah. You know, it depends. It depends also on future business. I care very much about future.

So if it's a one-time person, they come through and they have a $10 million budget, you know, if I can balance that time, then I can take it. But oftentimes it's never a quick thing. It takes forever. Then they change their mind. Then they want to rent something. Then they don't, blah, blah, blah, blah. So I always work with agents here.

It's a big part of our lead flow. Like I gave out 700 leads last year alone, just to agents here, not even part of our, like, Surhanac Connect referral network. There's a lot of lead flow to agents that work, um, at Sirhant everywhere. And so they'll take those people. But typically, like, if it's like 20 million and above, like, I'll be there personally and it'll end up making sense for time.

I just wanted to know what the difference is like, because I'm sure it's not the same structure that you follow if you're selling a $250 million house to selling like a, you know, a $500,000 townhome somewhere else. Like what differences for the average person can you expect if you're, like, I'm sure you're probably not throwing open houses, right? Right. No. It's $250 million place.

You could. You know, we'll do, like, we're doing a very, very high fashion event at the big penthouse, right, coming up. We've done a couple, like, hedge fund dinners and things. So we'll do, we won't do open houses on Sundays from 2 to 3 p.m. Right. Imagine that. Yeah.

Yeah. That would, that would, we would never be allowed to, and it would just be bad. But we'll do the alternate version, which are, like, targeted marketing events where you get the right types of people in the space. And it's something we're really, really good at doing. And it's a part of why we get hired because we can bring the right eyeballs, both virtually, digitally and in person to a space to try to get the absolute best price and to sell it. Because for a place like that, right, something that's asking $250 million, someone's going to buy it.

And that person's not going to even know that they wanted to buy it. They're going to make the decision once they find out about the property. And they're going to say, let's go see that. That thing looks crazy. They know they can afford it, but they're not like house hunting. You know, it's not like they decided, honey, we need to do seven bedroom in New York, budget somewhere between 20 million and 500 million. Like, that's not how people think.

These properties are always sold, you know, they're sold typically spur of the moment. Like I sold a house in Palm Beach last year pretty famously for just under $140 million. And I met that guy in a Tuesday to find things in New York City. We've decided to look in Florida randomly on Wednesday. We flew to Florida on Thursday. We were in contract on that place by Friday, and the budget he gave me was plus minus 20. And so I showed him a place that was asking 140, and he walked around, and then I showed him other things that, you know, I thought he was going to potentially buy. He hated them all.

He bought that big one. How does it work if he wants to buy here and just like on a whim? He's like, no, I'm actually going to move to Florida. Because when you're worth, yeah, I know. Yes. For us, like, stressful, right? Like, what am I going to do? Go tell my wife, hey, babe, by the way, we're moving across the country.

Like, you know, but for somebody like that, you know. What changed? It was a conversation that I had with him about, like, the necessity of being in New York at the time, right? Like, you're looking in New York City. It's an interesting market right now. You need to be here? No. And he said he didn't need to be there.

And so he kind of sparked that initial convoy. He said, listen, we're everywhere. We're kind of all over the place. But we're coming back to New York. I think we should probably get a place. Oh, you should probably get a place. Could you work from anywhere? Yeah, I could work from anywhere.

And we had so many clients that I was selling to in Florida. We were doing deal after deal in Florida. It was like, I don't know. Like Miami. I'm like, no, no, no. You don't have to go to Miami. Like, what about Palm Beach? There's a lot of finance types who are in Palm Beach.

It's like, oh, maybe, you know, potentially, like, you know, you should talk to your, accountant like about the potential tax savings it's the beginning of the year if you declare residency there i don't know how much money you make but new york city tax i mean you're going to save 10 percent right more more right how much is the tax here in manhattan so is that on top of i think all new yorks new york state and new york city tax i think you end up saving somewhere between 13 and 15 percent wow so it's it's a lot right and so um and everything all included right and because then you got new york city property tax and everything combined and so it ended up being

this massive tax savings. And so, yeah, so those things can happen really, really quickly. It's the $2 million buyers that'll look for three years. But now I'm curious, when you decide to fly to Palm Beach, do you guys get in a private plane? Do you book like first class? He does. Sometimes I can catch a ride.

Most times I catch a ride. But to be completely honest, like, you know, I love all my clients equally. But if I'm going to fly with you and it's private, like there's no moving. We're not getting like, yes, there's a, there's a flight attendant, right? You're there. But like, they're there. And now I have to sit here for hours. And we are just going to talk.

And sometimes that's good. Sometimes it's like, I got to think about what to talk to you about. Like, how am I going to talk to about real estate the entire? And then you're going to ask me all these quite. What if I don't know the question? Like, it's a lot. So on that one, I met him there. Interesting.

So you feel pressured to, like, be friendly with them and to like continue the conversation. For me, it would be the intimidation of just like, you don't want to screw this up. At least that's how I would feel. Say something dumb or like a joke that doesn't land. I don't get nervous about saying anything dumb. I get nervous about like, can I relax in front of this guy? Like if I slouch funny or if I'm like, you know, because we do a lot back and forth between California in different places. And like, if I'm going to fly private with someone I just met, let's say, right, sometimes for five hours.

like American Airlines sounds real nice. Like I'll just sit up the front. It's stressful. Just do my, yeah, me there because you're going to spend so much time with that person on the way. But that's also the type of like, it's probably one of my weaknesses, right? There's plenty of people who can take that situation and turn it into a hundred other situations and they would like envy it and eat it up. And I can do that, right, with certain people.

But a lot of times, you know, I find too that you end up spending time on the planes and they're reading the whole time and you're reading quietly. In an airplane. It kind of feels like an Uber where you can never really tell. Like sometimes you just want silence. Or sometimes they're doing quiet. And you're like, are they just angry today? Is it a bad day? Or they just want to give you space.

Yeah. Or they're doing work, you know, which is totally fine. Everyone I work with for the most part ends up being like a real pleasure to work with. And they're great. It's more just my personal insecurities and issues of why like sometimes I'll just meet you there. And remember, too, when they fly private, they leave on their terms. It's not of my terms. So a lot of times, guys will say, hey, we're going to fly down tomorrow, 8 o'clock.

You want to fly with us? Say yes. And then they don't show up because they had a meeting. It's not, they don't care about my schedule, right? They come like an hour late, something else. Or they're like, yeah, we're going to leave tomorrow. Now I flew with them, let's say. Now we're super late.

Now I've got to wait for him to fly back. And he decides, oh, we're not going to fly back on Friday. I think we'll go back Sunday. Cool. I'm like, I have a life. Does that happen? And you know, yeah, that's why they fly private. So they don't have to operate within anyone other timeline other than their own.

You know, and so like you then get stuck that way and it's like, okay, well, I got to go now book a commercial airline. It's fine. Have you ever thought about flying private or no? You know what? We've flown private once to Canada and it was the worst. Why is everyone laughing? Why is there? I feel like there's a story.

Because they were stuck with me because no one told us that to fly internationally, especially into Canada to to get to leave there's one phone number you call and you got to wait for like one guy to get on the phone to give you clearance and to give you the code and then you can take off and we it took we like waited an hour hour and a half and then you land you got to call the same guy before you can get off the plane like we literally have content where we were just like getting real claustrophobic on this little plane sitting there and they're like sorry it never takes this long I'm like has it ever taken this long before and they were like well yes actually. I'm like, we must get off this play. It was awful. We all, we just took,

we just flew commercial on the way back. We're like, thanks so much. Yeah. Because it's like, Corral Airlines, they're big, they're fast, you know, they, they're easy. You can have snacks. You do your own thing. It's fine. You know, if you have TSA or clear, like you're not, you know, it's not that much of a pain in the ass. It's like, it's fine. And you save so much money. I'm like you. Like, I don't want to, it's, I just like, I don't want to spend the money. Like you look at this building Like we have this whole building In the middle of Soho, right?

You have the whole building Is there anything in here that you sub-lease? No, it's all us. It's had the whole building. How many square feet is that? 15,000. 15,000 square feet. Can you see what the rent is?

I don't know what my rent is right now. I think the rent is 75,000 a month. How much would this building be worth if you had to purchase it? Oh, a lot. 25? Yeah, I do not pay a rent

that's commensurate with what it would actually be worth. Okay. Right. It would be worth a lot. It would sell for a lot. I think Gucci across the street just sold for like $100 million as a store, one floor. This is four floors. That's the one thing I noticed in New York, as far as like cap rates are concerned, or any sort of return that you get on most apartments buildings is like 3, 3.5%. Yeah, if you're lucky. Oftentimes you're just looking to carry costs. Because New York City is built on appreciation. It's like where you can buy an apartment here for $2 million and you'll sell it for five. If you can hold, not all the time. But like it's in a commercial to retail. Do you think there's ever a chance that maybe it doesn't see the appreciation long term

because people are working from computers. They're going to Florida. Now. But I would say like work from home has not changed New York City's real estate business irreparably. Like it slowed it down for a hot minute. But now you have different types of people, right? Like there's always just a big changing of the guard.

It's like when China put in capital controls and all of a sudden all the Chinese money dried up that was feeding New York City real estate, then it switched. there's different countries that all of a sudden came through. And when currency moves, right, we watch currency exchanges a lot. When there's currency moves, money will come in or then money will leave, right? Then you start reaching out to foreign clients and just say, hey, just so you know, we're a par now or up. It would be a good time for you to sell.

You'll make 20% more at the same price. Then you would have a year ago start to have those types of conversations. I'm curious because the typical person that would buy a $250 million penthouse would, they're probably a billionaire, you would say at the point. Yeah, many times over. Many times over. Yes. So you're probably in context.

with a lot of different billionaires, right? Yes. Is there any trends that you've noticed amongst the ultra wealthy, the people that like, you know, I could potentially never meet my entire life, the average person could never meet, some trends that you've noticed, maybe about their personality, their characteristics? They're super normal, for the most part. I've never met like, some of them are quirky, but they're just like us. Like they just happen to be way wealthier.

Do you think that there's a trend, like some character trait or personality trait? They're on guard. They're on guard. They're always on guard of being taken advantage. out for the most part like everything like did they charge me too much here did they charge me too much there like you can see it kind of in the corner of their eye graham's going to be a billionaire now they're just like i'm on the right track there you go they're on guard and they also uh they do not waste time like they don't waste time there's like literally no wasting of the time because their time

is so much better spent elsewhere and they will make massive decisions incredibly quickly because is they trust their ability to make decisions fast. It's probably the biggest thing that I've taken away from working with billionaires versus working with everyone else. And something that I think a lot of us can really replicate and learn from. It's like I see so much analysis paralysis in decisions that have absolutely no need for it. Like I'll go to dinner with a billionaire client. They order like the waiter comes over to get water.

Orders are made. There's no, just like it is not. that they're in a rush for dinner. It's there is no benefit to the time to me to look, to think, what could I want? Oh, dude, what about the chicken? You want the chicken? Do you think the state, let me look. I'm going to Google review.

There's no fucking time for that. Like, life is short and they get it more than anybody else. But I have clients who are far, far, far, far less wealthy and the amount of time they take to think about decisions and this, that and the other, just like, you know, I don't say it. but inside, I'm like, if you were a billionaire, this would be moving so much faster. Interesting. You know, this would be moving so much fast. Like, I'm, dude, like sitting in here, I missed like eight phone calls. I've noticed that.

That's crazy. Yeah, it's a lot. But, like, you know, right now, this one guy, so this guy is a billionaire. He's texting me. It's like, please call me back. Let's make offers on both. Let's try to come in a little bit lower. Let me know what numbers you want to start at.

This is like a $40 million apartment. He's trying to go back and forth in between the two. So I got to call him back. And it's just going to do it for text. I'm going to call him back and he's not going to pick up, right? And then he's going to text me what he wants me to do. They also text a lot more than anyone else. Do they send voice memos?

No, because they don't want their voices recorded. I'll do, like, I'll negotiate something for $1.5 million and the client will need an in-person meeting, right? They're going to bring their private banker. They want, like, they want their attorney on the phone. You negotiate with someone who's worth multiple billions of dollars and it's like a DM because they just don't care. and they don't have the time to waste.

And they'll text their ideas and their thoughts. So when it comes time to actually signing something, then there's absolutely a team of very smart people that are risk assessing. Like, is this the right thing to do? But it's an interesting world. A lot of that, what I've seen with at least actors, is that they are very rarely involved. They'll look through it.

Okay, I like it. All right, you're going to talk to this person now. Yeah. And for the rest of the deal, you don't even communicate with them. I know it's so annoying. Someone else who's making all the decisions on their behalf. You'll call them sometimes say, hey, this is what we're doing. Are you okay?

Oh, yeah, I know, whatever they say. They say, oh, you know, I'll listen to them. Yeah. And that's it. Celebrities do that. Yeah. Right. I deal with that all the time.

Celebrities, models, athletes, it's so annoying. Because I like, especially in athletes, they're handlers. Like the athletes' handlers aren't, you know, there's business managers, right? There's the bankers, et cetera. But it's like, yeah, you're going to talk to Richie. I've known Richie since I was two. And Richie is a pain in the- He's a negotiator, but he also, he's got his own interests.

Like he does his own, he's got his own people. That's why a lot of times you see celebrities running around with, with brokers or people, you're like, who? How did you ever even get involved? It's because the richy of that, you know, of that celebrity and friend relationship is getting paid by Bobby. Say, Bob, you're going to work with my buddy Bobby. You're like, Bobby, you're giving me 50% of whatever Leo buys. And so, like, whereas Leo, where he could just come to, it happens all the time. And it's this, and then the celebrity doesn't even question it because they have so much trust and faith in their friend because they've been with them forever that they don't even think about the kickbacks that this friend is getting the whole time and how he's living off of you.

Whereas like, you know, I do deals for free with celebrities. You come to me and I'm like, I just want the relationship. Anyone you know, because you know a lot of people, I don't need to make money on your say. I'll sell it for free. I'll rent you this place for free. I won't charge commissions or anything. And yet they end up working with other people where the commission's actually more because Richie says, Leo, that's how it's got to get done here.

Sorry, buddy, sorry, buddy. When he's actually being taken advantage and his poor, poor celebrities. Wow. But now at the billionaire level, how often do they generally negotiate on a deal? Because I would imagine a lot of these cases, it's not even worth their time. It's like the more time they spent even negotiating like $5 million off. Yeah, but they don't want to get a bad, Yeah.

Or how much of it is purely just they want to get a good deal? It's a good deal. They don't want to be taken advantage of. They just want a good deal. And they are, you know, they take it personally too because it could also be written about. Yes. There's no billionaire out there who's like secret, you know, for the, you know. And so if it's going to be written about, there's ego, right?

There's involvement. Like now all their employees are going to know what they just spent, you know, if they don't bury it, right? Their employees are going to know. Their wives are going to know. The ex-wives are going to know. the kids in their kids' school are going to know, oh, your dad just bought that big place. My daddy said he overpaid. Your daddy's an idiot.

Like that's happened. Yeah, of course, man. Kids are the worst. Like, you know, it's going to be written about in the papers. All of a sudden, the company doesn't have a bad year. It's like, ah, well, the CEO overpaid for that property earlier this year, the shareholders must be pissed. Now they're calling for his ouster, right?

Now they're trying to take down his pay. Like, it all feeds into together. So do they have time to negotiate and does another million or two here or there make any difference? Probably not. But money's money and most billionaires that I work with didn't start that way, right? They worked incredibly hard to get the money or the valuations that they have in some way, shape, or form. And they're going to keep it that way. That's interesting.

How easy would it be to keep that anonymous? Why don't more people just do anonymous property sales, put it under a trust? You try. People talk. Yeah. People talk. Like that deal I did in Palm Beach, it was buried. It was buried in LLCs.

There's nothing public about that everywhere. It was a cash purchase done incredibly quick. No one would know. The problem is it's not the only thing we saw, right? So we saw a bunch of other houses. And then reporters, they're always talking to different brokers and different people. And then like, you know, I know. I know that's how it got found out.

One of the agents on one of the houses that we went to that my guy did not buy was just, jealous and spiteful and angry and probably called up a reporter's like, hey, I know who bought that house. Yeah. Yeah. Fuck him. This is who it is. Because they know it's going to be upsetting. It's going to make me look bad because I was supposed to bury it.

But I always tell everyone, we're going to do everything we possibly can. I've sold properties for billionaires. No one will ever know. They don't know about the deal. They don't know about the property. I've never posted about it. I don't talk about it. Like no one, no one, no one knows.

But then there are the few that there's just nothing you can do. How do you prevent that from happening in the future with having another agent or could be even like a doorman, let's just say, sees someone walk in and like, I think that maybe that's the. So, I mean, I did this. We sold a place in the Hamptons once, 2019, I guess, for $40 million to an incredibly well-known, very wealthy person. And to really, really protect that that wouldn't happen. He never came. No one came. I did everything over FaceTime.

and he wouldn't even put the camera to him. He had the camera on his desk facing this way. He wouldn't talk or anything. And I just FaceTime to him through and he could see the camera to the side on his phone. And I walked him through and he bought that place for 40 just over FaceTime that way. And everything's buried. It's owned in two separate LLCs. Wow.

How do you verify though? Because it's a trail somewhere. Like how do you know, how does that person even approach you? The client approached me? Yeah. How does that connection was made? I met him. a long, long time ago, way before, way before he was that wealthy.

But then let's, why, why the not even showing a face on face? Because we don't want the listing agent to know who it is. We don't want anyone else. We don't want the other. The listing agent. Yeah, like I'm representing him. So we don't want anyone else, the gardeners, the attitude people. See, I was with a celebrity earlier today.

And it's like, you walk outside and people just take photos, take photos. And now they see him coming out with me, right? And so people immediately know what it's about. And so there's, there's no way. around it. So I'll go in different doors. They'll go in different doors or we'll do things virtually. There's always there's always ways. But sometimes, it's funny, like we sold, I did the first resale at 220 Central Park South for $33 million to Igor Tiltsky. Awesome guy. Like hardcore, such a cool guy. Very wealthy guy. And I had the same conversation with him and his people, right? Said, just so you know. Because that was depth of COVID. Nothing like that was strange. It was $10,000 a foot. Like, if you buy this, right? And then he also wanted to go to Palm Beach. So we bought a place for $40 million in Palm Beach. So if you do these deals, I'm going to do everything possible to keep this quiet. And his identity was pretty hidden

because he had a huge, huge mask. I've never seen a mask like this, fully masked, all the masks. He had all of them. Back when we had to wear masks all the time. And I was like, someone's going to find out. And he's like, oh, good. Do you think? we could put this in the Wall Street Journal. Yes, we can, actually. I know exactly how to do that. And he gave them a quote. He gave them a photo, a great photo.

He had these great articles written about how he did it. And it was just a different, just a different mentality, different spin. And I think also in his business, too, I think there's probably a correlation between the more successful he is buying trophy real estate. What's his business? the more successful his business is. So then people are like, oh, I want to invest money with that guy. I think as I like... Sure.

What's his business? Pontificate finance, hedge funds. I could see the correlation. Yeah. I mean, that makes sense. How much... Ken Griffin's not that quiet. Oh, my gosh.

His purchases, his art purchases are insane that he does. He bought the Constitution. Yeah. And what was the price that it was like $50 million? Yeah, $43 or $42. Yeah. His son told him to buy it. Is he in New York?

He has a place in New York. all the places in Florida, Palm Beach and Miami, and Chicago and everywhere else. So what do you think the difference is in terms of privacy between some people and others? It seems like Igor was very much spin it around as a positive. This is a good thing. I think it's, it's, listen, everyone's different, right? Yeah. Like, there are real estate brokers in New York who do amazing, amazing transactions. You don't see them in press ever. They have no social media accounts, no nothing. And then there's fucking guys like me. We're like the exact opposite. Sure. You know, it's,

I don't know, people just, I think people built their, they build their businesses differently. I don't know how to have my career without being as out there as I am. It's how I've generated a business since day one, right? Through the power of content, through promotion, the more people who know what I sell, the better. I've never had the opportunity to be quiet about it, you know, whereas a lot of agents who are very, very quiet and are very successful, if they were to all of a sudden try to generate business by being loud, it would hurt the book of the business that they built over such a long period of time based on the fact that they are a complete unknown, but very powerful in the industry.

How many homes do you usually sell from social media? How many leads have brought in from, let's say, TikTok or YouTube? Oh, I mean, we probably get 10 to 15 leads a day, right? How many of those convert into transactions over time? It's not all day every day. But it's probably, I mean, I don't know. It might be 10% of it. of that.

Okay. You know, it's still fantastic. One a day. And that's from social media. Oh, yes. Yeah, 100%. By leads, you just mean like a client that wants to sell their home that once. Yeah, they want to sell or they want to buy or they're interested in something.

They want to, you know, let's be in touch. Or they're reaching out specifically about a listing. Yeah. Because we do a lot of promotion for the listings, the new developments, everything in general. There was a great, like when we started the company and I had this idea of creating a content to commerce funnel for all things sales, sales people and people who need sales people. And it was just weird, right?

We listed a building in Brooklyn. We did the tour. We did everything. We optimized it. A girl saw it and came through. Saw the video. Never even thought about buying over there. Bought an apartment for $2.3 million.

And then gave a quote to like the New York post about why she bought there. And it was like some of the best press we've had as a company. And we have a lot of press. But I took that because now I can use that with everyone to go through. Like, hey, just so you know, proof is a. the pudding. Like, even if it creates one more deal or two more deals to, to put property in front of eyeballs that otherwise would not have known about the property who could then potentially purchase it, better. Yeah. We've sold $15 million townhouses because a 16-year-old daughter

saw the video as we targeted that type of market, showed her parents. Parents said, oh, I wasn't looking at that location, but I'll go take it. And they bought it. That's wild. How is it different than selling a $250 million listing. Are you taking a different approach with like social media? Are you taking maybe the stance that more views the better on something like this and get it out there? Are you trying to curate the right type of views? Could you explain how that's different? Yeah.

I mean, we, I mean, listen, if something's $2.5 million, right, we could put it all over the world and it's not going to make a difference. We want great exposure, but it's super targeted. Like we know that that's probably going to be a local renter or someone who owns a smaller apartment looking to upgrade. Someone in probably the immediate tri-state area or like an investor base, right? That's about it. For something that's $250 million, I need to go and find somebody that can afford it that doesn't even know they want it. So it's a mixed campaign of target marketing and mass marketing. So mass market through content.

And it's not just about views, right? It's the sharing. I don't care about the people who see it. I care about how many times it's been engaged with it. how many people share it, because they're sharing it to somebody who could share it to someone else and share it to someone else. And at that point, we don't know how many times it gets shared because people will see it, right?

And it'll most oftentimes be a kid and a kid will see it who'll show it to another kid, who show it to another kid, who will show it to his mom who works for a guy who works for the buyer, right? And it's this trickle up theory of kind of how content to commerce ends up working. It's not trickle down, right? It's trickling up the ladder that way. And so it's really, really interesting. And then we enact like a real targeted campaign of personal outreach to these people, right?

If you can afford it, you need to know about it. And we're getting it in front of you or we're getting it in front of your business managers or your private bankers or your lawyers. How do you do that in such a way that doesn't seem like pitchy? I mean, it is pitchy. But you keep it super simple, right? You're like, hey, Mr. billionaire, my name is Ryan Serriant. We just listed the highest residential home on earth. I know you like trophy property.

if you'd like to tour, let me know. Here's some information. Like you're not wasting time. You're not like, oh my God, you're like super, super, super simple. And people respond. You'd be surprised. Really? Yeah, they respond, right?

Or they'll send it to someone who will then respond, who will reach out, said, oh, Mr. So-and-so received an email for Ryan about a property. We'd like to ask, is that on the X? You know, they have questions. And so it's, so it works. So it's target plus mass. You bring it together, and that's how you sell. I feel like billionaires or people of that status would be so,

privy to like people pitching them and trying to add extra details and stuff like that. So they'd be very, they would appreciate a nice concise, you know, like not. You've got to be simple. Exactly. Like I always remember that phrase, right, kiss, keep it simple, stupid all the time. Don't waste anyone's time. Don't be overly pitchy. Don't introduce yourself for two pairs.

No one gives a shit, right? And they all have funnels and filters to get rid of all the stuff. So like all the apps that these guys are being pitched all the time and all the NFTs and all the crypt and all the stuff and all the new business ideas. It's funneled and someone will look through it, you know, sometimes or just goes to junk. But we have ways of getting in front of people, you know, where they actually will have to see it and make a decision. There's a lot of different ways that we've perfected over the years.

Can you share any of those or is that a trade secret? I don't know if it's a trade secret, but if I say it here, then other brokers will use my shit, you know? Okay. So probably keep that stuff to us. Okay. How often is it if you get reached out to buy a billionaire? is it like the billionaire themselves?

Or is it usually just like the, you know, their assistant or something like that? Sometimes, like if it's email or phone, it's them directly. Because you can get people's phone numbers and you call them and they pick up the phone, right? And you have two seconds to make an impression. Email, they'll respond. But if they're like want to sell something or they want to buy something, it's hardly ever them. It's one of their handlers, one of their people who will reach out. And oftentimes you won't know who it is until you start to figure it out.

How is the New York market changing right now with higher interest rates? It definitely took a beating last year. I think like most markets did, right? The minute the monthly cost doubled really, really quickly. Everyone kind of said, wait, can I afford this? The biggest difference is with doubled rates as fast as they've gone, I think you've talked about this too, you have sellers who are just locked in. So the inventory stays low.

So you've kind of got this, you know, real estate stagflation, which is sellers can't afford to sell because they can't buy where they want to go. They can't go get a bigger place. They can never afford it. And they have a low rate, so why sell? So the general construction business has gone through the roof. Home renovations, like you cannot get people because people can't move. They can't afford to go buy something.

There's then nothing on the market because sellers aren't selling. Buyers don't know what to do because inventory is so low. And then sellers end up just renovating. So like even my little brother outside boss, he's like, dude, I can't afford. the house I want to anymore. You know what the monthly payment would be? So we're doing an addition. But the addition now costs double what it did even a year ago because everyone is doing

additions. It's weird. It's just huge disparity between current payments and what people got locked in two years ago. And you had like the same unit, same building, same everything. One person is paying $10,000 a month. The other person's paying $5,000 a month for the same unit, similar price. It's too bad that loans are unassumable. Like if someone was able to sell that 3% loan, it would be worth a lot of money.

Correct. There are markets where you can do that and you can do it in commercial. I've noticed that, yes. Yes. You can do it in commercial, which is why the commercial market hasn't changed, right? And it makes properties even more valuable because you can then, you're perching someone's rate. Residential, at least in New York, the only thing you can assume is you can assume the amount of the loan. and therefore bypass what is in New York City called the mortgage recording tax of 2% of the loan amount,

but you are going to have to get today's rate. We were talking with someone on the podcast the other week who was saying that the due-on-sale clause is rarely ever enforced if you continue just making the payments. Have you ever experienced that before? Like the bank just calling? Yeah. In terms of, let's say you sell the property, but you keep the mortgage. and you just make the payments on the mortgage.

No, I've never seen that before. Neither have I. We had someone else on the podcast who says he does all the time. Really? And has not had an issue with the banks. I think twice. Twice. Yeah, but he resolved the issues very fast.

Yeah. It was not an issue. Yeah. Interesting. No. Yeah. And our markets and our price points. I've never seen that.

Maybe in lower price points. It could be the lower price points where it's different. 500 grand and under. It could be. Yeah. I want to be respectful for your time. I know it's almost... Yeah, I've got to go sell something now.

Yeah, 3.30. Good timing. Is there anything else you want to mention? Anything you want to throw up here, pitch? Well, you just came and did our new podcast, the business of influence. So make sure to go check it out, right? Go check it out. Your episode, by the time you put this up is probably going to be up, and it's awesome. I'll link to it.

That means right after this, you could click that, and then you could watch that. There you go. Perfect. There you go. Watch it. Awesome. Keep watching in the link in the description. More Graham.

That's what you. Just watch me for another hour. More Graham. Yeah. I would love for everyone to go check that out. I mean, I'm everywhere, but they should go check that out. We'd love the love. Cool. Thank you so much.

Thanks, guys. Thank you. I appreciate it. Until next time.