Takeaways:
- Here’s a reality check: You’re a real estate agent — your client is the boss.
- Brokers are like needy kids — if you give them candy and make them feel loved, they will return the love with deals.
- Every sale is a rush of fear and excitement, and that’s why I love this job.
We invited the Twittersphere to tweet questions to Ryan Serhant using #AskRyanSerhant and this is what emerged — with Ryan’s advice added.
1. @FedHomeLoan: What is the oddest thing you’ve done for a client to get the deal to close?
Oh my, oh my. What a loaded question. I think I do something odd to close almost every deal. If I didn’t, I’d close only 20 percent of the deals I do.
Real estate agents who hold on to commissions like they’re written in blood or those who make things difficult just to be difficult annoy me.
Here’s a reality check: You’re a real estate agent. Your client is the boss. One dollar is better than none. You don’t make your money as an agent on the deal at hand — you make it on the next five that you get from making sure that deal at hand actually closes.
For example: Just a few days ago I offered to cover the cost for wood fencing on the roof of a townhouse, and I said I’d install it myself in 24 hours. The deal almost died because both the seller and the buyer refused to compromise on the issue (it was an $18M deal and both sides were masters of the universe).
Just yesterday, the seller sent me a referral for an even larger house a few blocks away because I was the only broker he’s ever worked with who stepped up to the plate like that.
2. @bmsrealestate: How do you make a RE office grand opening exciting for brokers?
Brokers are like needy kids — if you give them candy and make them feel loved, they will return the love with deals. Create a giveaway, make the investment, and create a new agent sign-up incentive.
This giveaway could be an above-average commission split on their first 10 deals, a trip, a car, etc. Once the agents come over, continue to incentivize them. They’re the product. Without the agents, the office is as good as an old Compaq store.
3. @thespecial1jose: What property sale has given you the most pleasure and which has given you the most nightmares?
This is a hilarious question. Every sale is a rush of fear and excitement. That’s why I love this job. But if I had to choose: I represented a buyer who flew into NYC for one day who bought a $20 million townhouse. I made $500,000 in a day. That was a good day.
But I hardly ever think about that day. I spend more time thinking about the $7,000 I made selling an apartment in SoHo that took me a year and a half of work — day in and day out — dealing with a lot of drama I’d rather not go into. Sometimes I dream that I’m still showing that apartment. Scares the crap out of me every time.
Please tweet your questions using #AskRyanSerhant.
Ryan Serhant is a licensed associate real estate broker at Nest Seekers International. You can follow him on Twitter and LinkedIn.