Ryan Serhant has made quite a name for himself in both real estate and reality TV.
Serhant, 40, is the former star of Bravo shows “Million Dollar Listing” and “Sell It Like Serhant” and the new hit Netflix show “Owning Manhattan.” He started as a real estate agent in 2008 and worked for the New York firm Nest Seekers International for years before launching his own brokerage, SERHANT., in 2020.
Throughout his career, Serhant has closed over $10 billion in sales and written several books, including “Brand It Like Serhant: Stand Out From the Crowd, Build Your Following and Earn More Money,” according to his website.
Since entering the real estate industry and becoming a reality star, Serhant has shared several pieces of wisdom, including his approach to being an agent, why owning real estate is a path toward generational wealth and more.
On breaking into the real estate industry as an agent
In a 2018 interview with CNBC Make It, Serhant advised people looking to become real estate agents to seek guidance from industry experts.
“Listen, learn, rinse, repeat,” he says. “With time, you will be successful if you work hard.”
Serhant also advised others against following his lead because he started selling and renting real estate independently rather than working on a team.
“First, don’t do what I did. Don’t start by yourself,” he says. “That’s a lonely place to be in.”
In another 2018 interview, Serhant spoke to CNBC Make It about the importance of showing loyal support to clients and treating them as childhood friends.
“Great salespeople treat every single person the same, with the utmost respect, as a close friend,” he says.
And once you’re leading your own team, Serhant advises always being an example.
“It’s incredibly important for everyone from the newest agents to our veterans to see that I don’t take anything for granted and, no matter what, I’m the hardest worker in the room,” he says.
On the state of the real estate market for buyers right now
In an interview on CNBC’s “The Exchange” last month, Serhant said that he believes buyers are starting to gain a bit of the upper hand in the housing market right now.
“What we’re seeing is an overall sense of ‘analysis paralysis’ in the housing market,” he says. “Everyone is paying attention to what’s happening in the fall… to the detriment of the housing market but smart people are jumping in.”
In a 2024 interview with Realtor.com, Serhant doubled down on the advice that despite interest rates being what they are, now is still a good time to buy.
“Yes, rates are high, but they could be higher because they were higher. You have to understand that it’s OK to marry the house and date the rate,” he says. “Your monthly payment can change, but you’re not renegotiating the sale price of the house. You’re not renegotiating the house and the location. If you find a house you really like, let alone love, figure out how to make it happen and you will live into it.”
On the state of the market for sellers right now
Early this year Serhant told CNBC’s “The Exchange” that he’s been busier in 2024 than he has any other year in his career because “prices are up and rates are still keeping inventory down.”
“Sellers are feeling less locked in than they have in the past 24 months… People feel a bit unlocked, and this year is going to be unlocked, and so far, it’s moving pretty quickly,” he says.
“If we look at history, markets go down, markets go right back up,” Serhant added. “2024 is turning out to be what I think might be one of the most robust real estate markets that I’ve ever seen.”
In the same Realtor.com interview, Serhant said although he understands sellers might be hesitant because offloading a property could potentially mean having to buy another one at a higher interest rate, he still recommends selling.
“I think there’s no better time than now. We have a presidential election coming up in the United States, and I don’t know what the market holds in the future, but right now, I know it’s active. Inventory is incredibly low,” he says.
“The minute rates start going down, will more buyers flood the market? Sure, but so will more sellers. More sellers will come to market, which is going to create more competition, which is why now is such a unique and opportunistic time to sell,” Serhant added.
On real estate and generational wealth
“Owning real estate is a great path toward generational wealth in the United States. You have ownership of your deed and if you can carry the monthly, then I think there’s really no better surefire way to build a great investment portfolio,” Serhant told Realtor.com in 2024.
In a 2023 interview on The Hard Way with Joe De Sena‘s podcast, Serhant reminded listeners that owning real estate can also be tricky.
“There’s only one Earth. There’s only so much land and there’s only so much property and only so many buildings to go around,” Serhant says. “That said, owning real estate is also one of the easiest ways to lose wealth. It can make you an insane amount of money, [but] it can also lose you an insane amount of money, so you have to be intelligent. You have to be smart about what you’re buying.”
In the same interview, Serhant said he would buy an investment property every year if he could.
“Real estate is an amazing investment for the long term, but you can never bet on the short term,” he says. “If you’re gonna buy something to flip it tomorrow, you’ve got to have a lot of courage, and you’ve got to be able to have a plan B.”
On the importance of working with an agent
In the same 2023 interview with De Sena, Serhant said he believes in the power of working with someone who knows the ropes because, in the end, it could cost you not to.
“If you’ve never bought real estate before, work with someone who has, talk to someone who has, and use a real estate broker,” he says. “Question everything. Do not be in a rush, take your time, and wait until you’re incredibly comfortable.”
On thinking about your home as a brand
In a 2024 interview with Today, Serhant suggested that when it comes time to sell your home, it’s important to think of it as a brand and describe it in a way that will get people excited and separate it from the pack.
“Underpricing your home is the new overpricing. You create that demand. You’re in the market and not just sitting on top of the market,” he says.
On the importance of having cash on hand when it comes time to buy
In the same Today interview, Serhant advised having enough money saved to make a difference when you’re trying to close on purchasing a home.
“Cash is key. Your ability to bring more to the table is going to lower that monthly payment,” he says.
Disclosure: CNBC parent company NBCUniversal owns Bravo.
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