Asking Luxury Real Estate Agents How To Make $1,000,000 (ft. Ryan Serhant)

Summary

This video explores the high-stakes world of New York real estate, featuring interviews with top agents who've sold properties worth millions. It delves into the lucrative nature of the business, the challenges of dealing with the ultra-wealthy, and the secrets to becoming a successful agent. From humble beginnings to seven-figure salaries, the agents share their journeys, offering insights into the dedication and strategies that have led to their success. The video also includes a private tour of some of New York's most expensive listings, showcasing the opulence of these properties.

Takeaways

• 🏠 A single house can be sold for over two million dollars, as illustrated by the video's focus on high-value real estate transactions.
• 💼 Success in real estate requires persistence and a long-term approach, as highlighted by the agents' stories of growing sales over the years.
• 💰 The potential to earn millions in real estate is real, with some agents grossing over a hundred million in sales, and others making over two million dollars in a year.
• 🔝 Top real estate agents differentiate themselves by being relentless, having a strong work ethic, and focusing on long-term relationships rather than quick deals.
• 💼 Building a sales team can significantly increase earnings, with one agent's team achieving over a billion dollars in sales.
• 🏡 The time to sell a property can vary greatly, from a week to over a year, depending on various factors.
• 💼 Networking and relationship building are crucial for success in real estate, with many agents meeting clients through volunteering and shared interests.
• 💡 For those looking to enter real estate, starting with brokerage is recommended as a low-risk way to invest time and build relationships.
• 💸 Wealth can come from unexpected places, with the video mentioning clients who became rich through manufacturing screws or successful investments in Bitcoin.
• 🏢 High-end properties often feature unique and luxurious amenities, such as original Picasso artworks and high-value fixtures, which can increase their value.
• 💼 The video emphasizes the importance of passion and perseverance in any field, not just real estate, for achieving financial success.

Q & A

How much did the real estate agent make in their first year?

The real estate agent made $7,300 in their first year.

What was the agent's sales volume in their first year in real estate?

The agent's sales volume in their first year was $230,000.

What was the agent's sales volume the year they decided to start their own company?

The agent's sales volume the year they started their own company was over $100 million.

What was the agent's sales team's performance in 2019?

The agent's sales team did $1 billion in sales in 2019.

How much did the agent's company sell in its first year?

The agent's company sold approximately $1.4 billion in its first year.

What is the agent's strategy for separating themselves from average realtors?

The agent is relentless in their pursuit of success, constantly pushing to surpass their competition, and focusing on long-term relationships.

How does the agent recommend building a network in real estate?

The agent recommends meeting people organically, volunteering, joining clubs related to personal interests, and being persistent despite facing rejection.

What is the agent's advice for someone looking to make a million dollars in real estate?

The agent advises not to immediately go into real estate investing, but instead to focus on brokerage as a no-risk investment of time to build relationships.

How long does it typically take to sell a high-end property according to the agent?

The time to sell a high-end property can vary from a week to a year, depending on various factors.

What was the cost of staging for the 45 million dollar apartment mentioned in the script?

The cost of staging for the 45 million dollar apartment was $60,000.

What are some unusual ways people have gotten wealthy that the agent has encountered?

The agent has encountered people who became wealthy through manufacturing screws, inventing diapers, and being successful on social media platforms like Tick Tock.

Outlines

00:00

🏠 The Lucrative World of New York Real Estate

This paragraph introduces the theme of the video, which is about the potential for immense wealth through real estate sales in New York. It features interviews with top realtors who share their experiences and sales figures, ranging from millions to billions of dollars. The video promises a tour of some of the most expensive properties on the market. The realtors discuss their career trajectories, starting from humble beginnings to achieving significant sales and wealth. They also touch on the importance of networking, perseverance, and the long-term approach to success in the industry. The narrative includes anecdotes about how some individuals have made their fortunes in unusual ways, such as through manufacturing screws or being early investors in Bitcoin.

05:02

💰 Unconventional Paths to Wealth and Real Estate Insights

The second paragraph delves into the unique ways people have amassed wealth, including a client from the diaper industry and a tick tock star. It provides a detailed tour of a luxurious property, highlighting its high-end features such as a kitchen designed by Christopher Peacock and a costly staging fee of sixty thousand dollars. The paragraph also discusses the financial capabilities of potential buyers for such properties, often paying in cash or having substantial down payments. The tour includes a visit to the Steinway building and a 45 million dollar apartment with an original Picasso and a self-flushing toilet worth over six thousand dollars. The summary ends with a reflection on the journey of the realtors from modest beginnings to earning seven-figure incomes and encourages viewers to find and pursue their passion, whether in real estate or other fields.

Keywords

💡Real Estate

Real estate refers to properties consisting of land and buildings. In the context of the video, the focus is on selling luxury properties in New York City. The video highlights the high earning potential in real estate, with agents selling homes worth millions of dollars, and the challenges that come with it, such as dealing with wealthy clients and long-term networking.

💡Top Realtor

A top realtor is a highly successful real estate agent who handles high-value properties and large sales volumes. The video interviews successful realtors, emphasizing how top agents in New York City manage to sell luxury homes and make millions. Their success is attributed to persistence, building networks, and long-term dedication to their careers.

💡Luxury Properties

Luxury properties are high-end real estate valued in the millions of dollars, often characterized by premium locations, unique design features, and high-quality materials. The video showcases properties in New York worth over $20 million, illustrating the lucrative nature of selling these homes. Agents walk through multimillion-dollar homes, describing details such as designer kitchens and exclusive features.

💡Commission

Commission is the fee paid to a realtor for completing a sale, typically a percentage of the property's value. In the video, real estate agents discuss their earnings, explaining how they earn 3% commissions on properties. For example, a $10 million apartment sale could result in a commission of $300,000 or more, showcasing the potential for high income in this industry.

💡Networking

Networking refers to the process of building and maintaining relationships to advance one's career or business. In real estate, networking is crucial for acquiring clients and closing deals. The video emphasizes that successful agents often come from affluent backgrounds or have strong connections, but agents without these advantages must work tirelessly to build their networks by cold-calling or volunteering.

💡Persistence

Persistence is the quality of being relentless in the pursuit of success. The realtors in the video repeatedly stress the importance of persistence, especially when starting with limited connections or resources. For instance, one agent explains how he consistently worked harder than wealthier competitors to eventually outpace them in sales.

💡Cold Calling

Cold calling is a sales technique where an agent contacts potential clients who have not previously expressed interest. In the video, cold calling is described as a key strategy for building a client base in the competitive real estate market. Agents persistently call prospects over time, sometimes leading to successful deals after multiple attempts.

💡Millionaires

Millionaires refer to individuals whose net worth exceeds one million dollars. The video focuses on real estate agents who deal with extremely wealthy clients, some of whom are newly minted millionaires from industries like tech or cryptocurrency. These clients often pay cash for multimillion-dollar properties, highlighting the extravagant nature of the market.

💡Staging

Staging is the process of preparing a home for sale by decorating and furnishing it to make it more appealing to potential buyers. In the video, a $45 million home was staged at a cost of $60,000. The practice is essential for selling luxury properties, as it enhances their presentation and can justify higher prices.

💡Success

Success in the context of the video is defined by the ability to generate significant wealth through real estate sales. The realtors featured in the video share stories of how they achieved financial success over years of hard work and perseverance. Their journeys highlight that success in real estate is a long-term endeavor that requires dedication, a strong network, and persistence.

Highlights

An individual made over two million dollars by selling a single house.

The video features interviews with New York's top realtors discussing the challenges and rewards of luxury real estate.

One realtor expects to sell 2.7 billion dollars' worth of properties this year.

Another realtor's team grossed 500 million dollars in a year.

A realtor's first-year sales were over 100 million dollars.

Starting as a real estate agent in 2008 with an income of nine thousand dollars, one realtor now leads a team that did over a billion in sales.

A realtor shares their journey from a 230,000 dollar co-op sale to over 100 million in annual sales.

The importance of persistence and relentless pursuit of success in the real estate industry.

The strategy of building long-term relationships for sustainable success in real estate.

Volunteering as a method to organically meet potential clients and build a network.

The recommendation for aspiring real estate agents to start with brokerage rather than direct investment.

The significance of cold calling as a traditional method to connect with potential clients.

The diversity of backgrounds among wealthy real estate clients, including a screw manufacturer and a diaper company inventor.

The role of social media, such as TikTok, in creating new millionaires who are active in the real estate market.

A tour of a 45 million dollar apartment featuring an original Picasso and a self-flushing toilet worth over six thousand dollars.

The cost of staging a luxury property, with one example being sixty thousand dollars.

The financial requirements for purchasing a high-end property, such as a 45 million dollar apartment.

The inspirational message for viewers to find their passion and stick with it for potential long-term success.

Transcripts

imagine making over two million dollars

just by selling one house well that is

what this guy did and in this video I'm

gonna be asking New York's top realtors

is it easy to get rich selling real

estate is it as lucrative as it seems

and what's it like dealing with the

world's wealthiest people make sure you

watch to the end for a private tour of

some of New York's most expensive real

estate listings on the market start here

right this block 64th Park left 20

million dollar house on the corner

Bernie madoff's Penthouse who's up there

oh in that building yeah before we tour

these New York Mega homes let's go and

hear about the real estate agent's

stories and how they even got in the

position to list these million dollar

properties in the first place how much

does Sirhan sell per year this year I

think we'll do 2.7 billion we are

probably grossing 500 million dollars a

year how much did you generally sell

last year last year my sales were over

100 million I've been a real estate

agent since 2008 uh in New York my first

year I made like nine grand my second

year I made like 50 third year it's like

150 so every year I tried to like double

it from there I built a sales team a big

one it was like 65 agents but between

here California South Florida and the

Hamptons my last year as a team we did

so for a billion dollars in sales that

year and that was 2019 2020 I decided to

blow up my whole life and start my own

company basically kind of creating a

content to training to Commerce business

for Real Estate we will sell this

apartment it's 45 million dollars and we

will sell it through big Doc and the

whole company does that last year was

our first year we did I think it's like

1.4 billion our first year my first sale

was a 230 000 co-op on the Upper East

Side and my first year in real estate I

made 7 300 7 300 try living on that in

New York 2020 you sold over 100 million

dollars and most agents make three

percent or one and a half percent I

guess with the brokerage six percent

that's co-broke so yes three three and

then you split it with the brokerage

correct so on so over 100 that's at

least two million dollars

some that's what someone would guess

that's what someone would guess how much

did you make in your first year like how

much did you sell and how much did you

make like 80 000 bucks that's pretty

good for your first year so when you

sell like a 10 million dollar plate

apartment this is like an agent make on

that like 45 400 500 000.

and how long does that take to sell a

week to a year it's uh this house for

example we had on the market for 35 days

pretty quick turnaround for fantastic

what do you think separates someone from

an average realtor from the one percent

I think I've just been absolutely

Relentless in my pursuit of success I

saw who my competition was they're

already rich I already went to the most

expensive private school ever they

already have this incredible Network and

they're doing business that's just

coming through their parents I have none

of that how do I do this when they're

all in the Hamptons or sleeping or

taking time off because they have

nothing lighting a fire under their own

every single day I'm gonna creep a

little bit closer to passing them even

when I hire new agents now the ones that

have great networks that have been you

know wealthier come from successful

families for a long time they'll be good

but it's gonna be very hard for them to

be great what separating the people that

are seven figure multi-million dollar

year salaries versus the people 50 000

less or Nothing what separates I mean

you think about at least in New York the

story was Grandma's just going to go

represent someone just because it's easy

they have a friend in the building

they're going to go sell the apartment

then they're in and out of the business

this is my career this is not short game

this is the long game 17 years I don't

foresee myself changing careers anytime

soon so I think that mindset creating

relationships for the long term will

cause you know like my earning power and

my market to grow what else do you think

separates someone who's a top broker

versus like people just make okay money

or give up I think for me and my

business

organically like to meet people I love

to volunteer I do a lot of volunteer

work that's how I've met a lot of

clients because you're seeing these

people every week and it's not like

you're going there and trying to push

your business and be like sales pitchy

like I'm a real estate hire me I'm great

like if you're into cars join a car club

or go to a car show surround yourself

with other people that love the same

things and do the same things and you

can kind of make your business out of

that and get clients that way so if I

want to make a million dollars in real

estate what would you recommend for them

to do I would say Do not immediately go

into real estate investing I think a lot

of people think that that's where you

make money I think that's also where you

can lose a significant amount of money

for me brokerage is a no risk

investment your time is what you're

investing into creating relationships

for people that are going to pay you to

help them do a real estate transaction

that you have nothing to do with you

don't have to buy the glue or the nuts

or the bolts there's no capital

investment and that's what's always like

set me free because the risk is your

time but the reward can be endless how

do you connect with the seller or the

buyer in general our day-to-day blocking

and tackling is like old school it's

cold calling most of the time I get told

these cold calls are warm calls now

because they're constantly calling the

same people over the years it will

ultimately lead to a sale so if

someone's looking to build their Network

how would you go about it today feel

rejection it's just it's inevitable

you're going to get rejected and that's

okay there's a guy in my office he

started like a year ago

I never did this and kudos to him he's

knocking on doors this is like pretty

much unheard of and he's doing it in an

area in Brooklyn and he's had a lot of

success doing it what are some of the

weirder ways people have gotten wealthy

that you've learned her there was

someone we were shopping with for a

while they were one of the biggest

manufacturers of screws they ultimately

bought like a 55 million dollar piece of

real estate just a little screw what are

some of the weird ways that people have

gotten wealthy I had a client who I'll

just say generically they were in the

diaper company

of like invention of diapers and then

you'll get people who come in and

they're looking at like 10 million

properties and they're Tick Tock Stars

really we just hold an apartment for 21

million dollars to a guy that hit

Bitcoin at the right time and sold it at

the exact right time when it was like

that day it was at 65 000 he emptied new

millionaires were created every single

day in the world now which isn't

something that should get you down it

should be something that excites you can

we get a tour of this place yeah let's

do it right so let's actually step out

in front it starts here right this block

64th Park left 20 million dollar house

on the corner Bernie madoff's Penthouse

was up there this is 20 feet wide you

have three Windows across these are the

little things that I look at when

valuing a property or walking clients

through okay I will say this house was

renovated about 11 years ago so from a

finish quality everything is still in

fantastic condition so this kitchen in

particular is designed by a guy named

Christopher peacock based out of London

high-end name so it should then Garner

more money on this particular level

level you've got dining in the front and

living in the rear not a big bar but I

like the fact that there's a little serp

up station right here yeah so I'm the

bartender so I would just be working in

here

like so this was then designed as office

and kind of media room this passes all

the way through so this is cool right so

this is where you make your money

sitting at the office you pass through

and this is where you watch your uh your

YouTube videos and you guys stage this

this house was staged how much does

staging cost for

um this house sixty thousand dollars

what kind of person can afford a 45

million dollar Place most people that

would buy probably pay cash you know a

second from that like your down payment

if you wanted to do 20 you know is

immediately gonna be nine million

dollars which means your monthly costs

are going to be absurd it's going to be

like a million dollars a year this is

the Steinway building here which I think

is beautiful I love the best skyscraper

in the world this 45 million dollar

apartment is unbelievable it has an

original Picasso just chilling in the

hallway a self-flushing toilet worth

over six thousand dollars and a bar from

bigger than most people's Apartments but

what was even more shocking was how much

was being spent on booze alone

so debrief of the day we went to an 11

million a six and a half million a

almost 50 million dollar place I just

think it was impressive that a lot of

these people started out with making

nothing and then through sticking with

it through over 10 years they're now all

making seven figures a year and so for

me for everybody out there it's like

whether it's real estate whether it's

Tech whatever it is making content just

find the thing you really enjoy doing

yes it's going to be a little bit of a

struggle early on seven thousand three

hundred dollars try living on that in

New York but you stick with it like

appsuma.com eventually real estate

whatever that is you can't make a lot of

money if you like this video you were

going to to love this video right up

here where I go up to yacht owners and

ask what they do for a living and get

some business and life advice for people

like you and me Uncle Noah loves you and

I'll see you out there