Episode Transcript
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Speaker 1 (00:03):
Hey, everyone, Welcome back to my podcast Pursuit of Sassiness.
Like I've mentioned in the first episode, there was a
certain Bravo personality who influenced me professionally and we became friends.
I'm so excited to have him on with me today.
He is best known for Bravo's Million Dollar Listing New York.
(00:24):
Welcome Ryan Sarhan. Ryan, you are obviously a powerhouse. You
are a real estate guru, an author, an entrepreneur, a
master of personal branding, thousands of people at ten conferences
knowing you're going to speak, So I feel so honored
to have you here right now with us. How you doing.
Speaker 2 (00:45):
Wow?
Speaker 3 (00:46):
What an intro, Michelle. It's great to talk to you.
I am pumped to be here too. I'm more pumped
for the second season of The Valley. Whose lives are
going to blow up this season.
Speaker 1 (00:59):
Hopefully not mine.
Speaker 3 (01:00):
Season one was you Now you got to like have
that uphill curve. It's what I tell all of our
agents on our show, and that's what I've always told
people in reality TV, like, as long as you have
an arc, as long as you have an arc, that's
what people want to watch, That's what they want to follow.
If you're just nice, no one cares. If you're just mean,
no one cares. But if you go from nice to
mean or mean too nice, everyone's just going to.
Speaker 2 (01:19):
Be obsessed with you. And that's how you build when
you have the platform.
Speaker 1 (01:22):
Yeah, I think it's a roller coaster. I'm like, people
hate me, people love me. I don't know what to expect.
So we'll see.
Speaker 3 (01:27):
That was like me Season one and Million dore Listing
New York. I'll never forget. Like the show comes out,
I'm all excited. My mom called me and said, you know,
I thought it was fine on that first episode, but
I think I think the things that you think are
funny are probably not going to be funny to other people.
Speaker 2 (01:45):
And I was like, what do you mean? What do
you mean? What kind of comment is that.
Speaker 3 (01:49):
I get out of the subway it's like April twenty twelve,
and this woman comes up to me and she's like, hey,
are you the guy from that new real estate show.
Speaker 2 (01:58):
It's like, yeah, I have.
Speaker 3 (02:00):
It's like the first time I ever got noticed. She's
like you're in and then walked off core memory of mine.
I was like, oh my god, what have I done?
What did I do? I'm not I'm like a nice
I'm a nice I'm not like a mean one.
Speaker 1 (02:15):
Yeah, that's what I say. I'm like, I'm the nicest person.
And I got a comment right now that I'm like
incredibly rude and I don't.
Speaker 2 (02:22):
Have a sense of humor.
Speaker 3 (02:25):
It's it's anyway, anyway, excited to watch season two. Your
show crushes it, which is awesome. What a random what
a random world for you?
Speaker 2 (02:35):
And I look at look at us, look at it, you.
Speaker 1 (02:36):
Know, can you believe it? It's like real estate and
reality TV. So in my first episode, I talk a
lot about how when I started the real estate market
in San Diego, I was obsessed with million dollar listing
and I watched you and I emailed you because I
wanted to be just like you. You were very motivating
from the very beginning, and so I wanted to ask you, like,
(02:58):
what made you respond into my email and meet with
me and interview me.
Speaker 3 (03:03):
Let me go back in my brain ten years over
ten years ago, yeah, over.
Speaker 2 (03:08):
Ten years ago.
Speaker 3 (03:10):
Well, the firm I was with at the time had
just opened an office on I guess what you would
call kind of real estate row. You were next to Rodeo.
You were next to Hilton Island. I think it was
twenty fourteen ish, sometime in that range, right, Yeah, And
so obviously, because the firm was going to be spending
the money and opening the office, I was like, I
(03:31):
want to have derivative business for that too. A lot
of our clients in New York also have places in
LA and I didn't really capture a whole lot of
that business. And so I was planning on starting a team,
expansion team in the Los Angeles market, and I would
have kind of like my own broker of record and
a bunch of agents, and so your email actually was
(03:53):
super serendipitous because I was trying to figure out that
market in the first place. The first agent I met,
if you remember, with Sam Reel what what a throwback name.
So we kind of, you know, teamed up together. He
was going to lead it, and we started, you know, recruiting,
and you were one of the awesome young superstars. And
I remember, because we don't door knock in New York, right,
(04:16):
because if you door knock in New York City, you
get shot. And I remember you'd be like really dressed up,
high heels dresses and you'd go door knocking like.
Speaker 1 (04:25):
It was the only thing I knew. Somebody told me, Yeah,
you prospect and you go up to people's doors and
you literally tell them about the real estate market and
ask if they're interested in selling.
Speaker 3 (04:36):
That's crazy. Yes, I remember you doing that. That's also
another core memory. And like these agents in Los Angeles
they just drive all the time and then they knock
on strangers doors and try to get them to sell
their houses.
Speaker 2 (04:49):
What a It was such.
Speaker 3 (04:50):
A as a New York City like bread real estate agent.
That was such a like.
Speaker 2 (04:55):
A Mars moment for me, like whoa different world.
Speaker 1 (04:59):
Absolutely, and not a lot of people do it, but
it does work. It one works. I mean that's how
I sold my first few homes.
Speaker 2 (05:09):
Yeah.
Speaker 3 (05:10):
Yeah, and then we did our I don't know did
you tell people this? And then your your first foray
into reality TV was shooting a pilot for Bravo with me.
Speaker 1 (05:19):
I almost forgot about that.
Speaker 3 (05:21):
Until yeah, good thing, I'm here, Good thing, I'm here,
jogging your memory.
Speaker 2 (05:25):
You don't remember, sir, Hunt Team.
Speaker 3 (05:26):
La, the greatest show that never got made by Bravo
in twenty fifteen.
Speaker 1 (05:31):
Well, we could now do a spinoff, he could.
Speaker 3 (05:34):
We could do Oh my god, you know, we're selling
Andy Cohen's apartment in New York City right now. And
I was like, we're filming season two of Only Manhattan.
You got to you got to bring your property on
and he was like, you know I still work at Bravo, right,
it's like I can't come on Netflix.
Speaker 2 (05:49):
I was like, really, is that a real thing?
Speaker 1 (05:51):
Interesting?
Speaker 3 (05:52):
Yeah, it's real. Yeah, no, can't can't do that. So
sadly we won't see Andy on season two of our show.
Speaker 1 (05:58):
Okay, Well, I'll be heading to York soon, so I'd
love to see the new Sarhant office. So you decided
during COVID to open up your own company, Yeah, like
a crazy person. Okay, And how is the hiring process like?
Being your own boss and having to create an entire team.
Speaker 3 (06:21):
The agents is not the hard part. I I I'm
a real estate agent. I understand agents. You know. I'm
a I'm a general contractor hiring general contractors, right, like
I'm a plumber hiring other plumbers.
Speaker 2 (06:33):
Like I just it's my world.
Speaker 3 (06:35):
I know how to talk to people, and I know
what's important to them, like as an agent yourself, like
I know what's important to you, right, I know how
you operate. I know what would change your life in
the next twelve months, and if I think I can
do that, then I'll position that to you. It's not
about me, you know, buying business. It's about really earning
the business. The hard part for me is the staff,
(06:55):
like I have. You know, when I when I was
working with you ten years ago, I had like three
employees and that felt like a lot, you know, and
it kind of scaled up to like a little bit
more than that. I have one hundred and sixty people
on payroll now that are not real estate agents. We
have twelve hundred real estate agents. But the staff and
(07:15):
their emotions and their feelings, like I had to learn
what PTO is. I had no idea like paid time
off ims, like wait, wait, wait.
Speaker 1 (07:23):
I've heard of that. I've never had a job that
pays me while I go trip.
Speaker 3 (07:28):
I know it's a legit. It's called PTO because it
sounds so egregious to the boss to call it what
it is out loud, which is you pay me to
take time off for this job that I have, which
I get people should have vacation time. But that was
like a fresh thing, like you're in the middle of
fifty projects, and then I get this HR report that
(07:48):
just says, hey, here's the PTO list for next week.
Speaker 2 (07:50):
I'm like, wait, wait, wait wait, I mean in the.
Speaker 3 (07:51):
Middle of all with all these people and they're just
going away.
Speaker 2 (07:55):
For a week. Where you where do I don't? What
do I do?
Speaker 1 (08:00):
Firing is really important staff, just everybody to make sure
that your brand is successful.
Speaker 2 (08:08):
Yeah, I think.
Speaker 3 (08:09):
Listen, you see this too in picking a partner and
in picking friends, right, like even the family you come from,
like you are the people you keep. You're only as
good as the people you surround yourself with, and so
you want to elevate yourself as much as you possibly
can by surrounding yourself with people who ideally are like
(08:29):
you but also better than you. Otherwise otherwise you know,
what's the point. And so you know, the agents we
work with, I really try to make sure like that
they are the best and are going to make us
better as a company. When it gets to the employees,
that's a little bit scary because now you're hiring people
who like they're smarter, and they'll like, they'll circle up,
(08:51):
they go on a tack mode. You know, they'll they'll
they're they're very, very clever, these smart employees, but I
think I hope that they make the company better. And
when we started the company in COVID, my goal was
to basically build out the Avengers of real estate firms.
Let's go out and find the best of the best
and allow them to work with us to do the
best of the best, because they think that when you
(09:13):
put multiple great people together, they just create even more greatness.
And that's what's happened so far.
Speaker 1 (09:18):
Yeah, and I myself, I'm always you know, I work
now at the Beverly Hills Estates. My bosses they were
the best at Hilton and Highland and they created their
own companies, so I wanted to join forces with them
because it's so important to be with people who motivate
you and are just so good at what they do.
Speaker 3 (09:38):
I'm sure you dive into it season season two? What's
the can you give us any tea? Like, what's the
biggest surprise that's going to come out of season two?
Do someone die?
Speaker 1 (09:46):
There is so much that happens, and I am in
a new relationship, so you get to see how I
co parent and my new relationship, dealing with my ex
husband and all of that.
Speaker 2 (09:58):
How's co parenting going.
Speaker 1 (10:00):
It's a struggle. It's a struggle. Yeah. I just say,
you need to have two people who have the same
mindset that just want to move forward in life, and
if one person can't do that, then it just ultimately
makes the divorce process brutal, It makes it longer. It
just you know, I'm very black and white, and unfortunately
(10:23):
he's not. So I think it's going to take a
couple of years to get divorced.
Speaker 2 (10:28):
Oh so you're still going through the process now we are.
Speaker 1 (10:31):
Yeah, I actually have a lawyer. He does not, which
makes it even harder at times because he thinks that
he knows the law. But that's a whole nother conversation. Yeah,
but we actually still work together in past clients. So
anything that we've sold in the past, because we were,
(10:53):
you know, team members for five six years. So anybody
in the past, like somebody you referred to us recently,
were actually closing this week. So that's that's going to
be a sale that I can talk about in a
few days.
Speaker 2 (11:05):
Got who referred you?
Speaker 1 (11:06):
It was you?
Speaker 3 (11:07):
I referred you a deal that's closing in a week, Yes, yes, right,
keep me posted on that one.
Speaker 1 (11:14):
So for me, I wanted to make sure that I
impressed Ryan and that I could always be his go
to real estate agent and so whatever I could do,
you know, I thought it's very important to always be
on the top of his mind. So if anybody ever
told Ryan, like, oh, I'm looking to purchase a house
or sell a house in LA I would be the
first person he thinks of. So I think, you know,
(11:36):
follow up is so important in our in our world
is back to your crazy uh daily schedule, because I
know people freak out about that, and that's something I've
known about you, that you always wake up super early.
(11:57):
What does your morning routine look like? And what is
your non negotiable I think.
Speaker 3 (12:01):
There's literally I think a clip from Season one A
Million Dollar Listing thirteen years ago where I walked through
my daily schedule that in a very sad way, I
guess hasn't changed much, just the level of my work
has changed. But you know, like my sanctuary is personal fitness.
(12:22):
Like it's just I think because I grew up as
a relatively overweight kid, and you know, I had really
bad skin. I just like I had a really really
low self esteem for a long long time until I
realized that I should focus on the things that I
can control, control the things you can control. I can't
control the weather, I can't control this, can't control that,
(12:43):
But I can control what I eat.
Speaker 2 (12:44):
Control. Oh, I look for the.
Speaker 3 (12:46):
Most part, and so I've never broken that habit. So
I wake up at four thirty in part because I
have clients all over the world, and there's always emails
that come in overnight, right, and so I answer those emails,
I check the news.
Speaker 2 (12:59):
I move pretty slowly, and I.
Speaker 3 (13:02):
Actually find it far more, far healthier to wake up
at four thirty and then get going by five thirty
than it is to wake up at six and get
going by six ten, right or seven and seven or
eight and just rush like I don't want my day
to start in a panic. I think like that first
foot you take out of bed and the first steps
you make and the first words that come out of
(13:22):
your mouth are then indicative of the race you're going
to run that entire day. And so wake up before thirty,
I do emails and everything from four thirty to five thirty.
I work out from five thirty to six thirty or
five thirty to seven, really depends on the day. Then
I shower, I try to say I have a daughter,
a Xena, wife Amelia. I try to see them before
Xena goes off to school, which is around seven fifteen.
(13:45):
I then go off to my first appointments by seven thirty,
jump in the car, and I zoom around New York
City all day long.
Speaker 2 (13:51):
If I'm in New York.
Speaker 3 (13:51):
If I'm traveling, the days can be upside down. But
then I'll have a dinner event or two or.
Speaker 2 (13:55):
Something at night, and I get home.
Speaker 3 (13:58):
I clean email for like two hours so I don't
get bogged down in box zero is super important to
me until they fix that, and then I go to bed,
I wake up, I do it all over.
Speaker 1 (14:09):
Again, seven days a week.
Speaker 3 (14:12):
Yeah, I don't wake up at four thirday on a Saturday.
I'm not like a lunatic. Plus the gym wouldn't even
be open. I mean, I have my own gym. It
depends like I had, you know, like Xena had a
birthday party the other week where actually I was annoyed
by it, but actually it was awesome. It started at
eight am, and which was great because it was done
by ten, Like you're in and out nice and early.
(14:33):
But in order for me to work out that day,
I had to work out super early. And I'm just
a creature of habit, And like, I really believe in
micro wins and sticking to those habits and really building
consistency to lean in on discipline, And it's the only
way that I know how to do everything else I do,
even as annoying as they might be. Like the daily
routine tracks over into my work routines and my process.
(14:55):
Like I have a binder in front of me. This
is my March binder that is literally broken down just
like a routine of everything about our company and how
we're tracking to well, my annual goal is called the
Sir hand Star. How we're tracking to that Sir hand Star,
how we're building towards it, what our goal strategies and
tactics are, all the financials and all the money everyone
fucking spends. And I just hold it close and I
(15:17):
know exactly what I'm doing, just like that morning routine,
and I just go and go and go.
Speaker 1 (15:23):
I mean, I feel like a lot of people know that,
but they don't do it. And you are just a
creature of habit and you do work on that every
single day. How do you stay consistent without burning out.
Speaker 3 (15:35):
I think burnout comes from doing the same thing over
and over and over, right, and I definitely don't do
the same thing over and over and over.
Speaker 1 (15:46):
You know.
Speaker 3 (15:47):
I was a real estate agent. Then I built a
real estate team, and then I built a really really
big team. Then I expanded into new markets, and then
I hit the rankings I wanted to hit. It's like, okay,
so what do I do now We're going to We
had all the different Bravo TV shows and everything, so
I blew up my whole life. At the end of
twenty nineteen or early twenty twenty, then COVID hit and
I was like a WHOA.
Speaker 2 (16:05):
Started the company.
Speaker 3 (16:06):
At the end of twenty twenty, kind of just been
expanding and building NonStop. And then the Netflix show happened,
and we've been filming and doing that nonst So it's
like I'm always doing different new things, no days the
exact same, which is why I think getting into sales,
especially into real estate, is probably the most freeing career
you can have. It's also not for everybody. I don't
(16:28):
know if I would wish this level of unbridled stress
on like the average person. Some days I do think
about a nice, good old job with PTO.
Speaker 1 (16:39):
Yeah, I mean I do too. I've been doing real
estate for over ten years, and I have rough years
and deals that are incredibly hard, and sometimes I'm like,
I don't know if I meant for this, but I
have to keep doing it. Yep, what is your end goal?
Speaker 2 (16:55):
I don't. I don't know, Michelle, I don't. I have
no idea. I think about that all the time. I
don't know.
Speaker 3 (17:00):
So far, my goal has just been to do more.
But right now it's it's to build, you know, something
that changes the lives for real estate agents around the
world and enables people to buy and sell homes in
a way that they've never been able to do before. Like,
if I can do those two things, then I think,
I think I will have gotten it out of my
system and I will I will be good. I'm not
(17:23):
good at working for other people, and I don't think
I'm good at being in a.
Speaker 2 (17:26):
Low stress environment anyway. As much as I complain.
Speaker 3 (17:28):
About it, like I do think that I feed off
of it and I need it. Like I have a
brother in law who's an er doctor, and he talks
about it the same way, like he just he's just
he's in, like you know, in trauma all day long,
and he wouldn't have it any other way, as traumatizing
as it is, you know, as as the actual surgeon,
(17:49):
not comparing myself to an er doctor.
Speaker 2 (17:51):
But I don't know.
Speaker 3 (17:53):
I want to build something big where I'm flying next
week to open up Sir Hanton, Scottsdale. It's our first
kind of foray out West, which will be new and
if that model that we're trying there works well, then
we'll replicate it across the country and just build and
grow and build and grow and make more seasons of
Boning Manhattan, and yeah, you know, do as much as
(18:14):
I can.
Speaker 1 (18:15):
That's amazing. Do you ever feel like you're using fearless?
Do you ever get nervous with doing all these new things?
Speaker 3 (18:26):
I'm nervous all the time. I'm like, I live in
New York City. This is like the fear city of
the world.
Speaker 1 (18:32):
I ask you that because I'm nervous right now, and
I'm just always nervous at all times because it's I'm
doing things that are so out of my comfort zone.
Speaker 3 (18:42):
Yeah, I think you know, we have one of our
businesses called sell it dot com, so it does real
estate agent coaching and community and all that. And one
of the things that we that our coaches talked to
all of our real estate agents about, which I think
is super helpful, is like every session we track towards
a micro win, Like what's it No matter what happens,
don't do any of the work we talked about, you know,
listen to me at all, But what's that one micro
(19:03):
win we're going to track to because you got to
get that win? Yeah, And then what is that goal
that we're tracking to for the year, and how can
we track ourselves to that goal? And what's one thing
we can do on the call that's going to make
us uncomfortable? And we do it live, so like we'll
have an agent take out their phone if they've never
done a cold call, just do it right now while
you got me already paid this time, so we're going
(19:24):
to do it now. Or take out your phone and
you're going to go on Instagram Live and you're going
to just talk about what we're doing Instagram Live.
Speaker 2 (19:31):
You're a coaching session with me right now to do it.
Speaker 3 (19:34):
And it's wild what happens when it's like a little
kid learning to swim, you throw them in the pool.
They think they're going to die. They pop their head
up and they're like, oh my god, my mind just blew.
Speaker 2 (19:43):
I didn't die. I didn't die.
Speaker 3 (19:45):
I'm going to do that fifty two times in a
row now. It's the only way to unlock the potential.
And I I'd rather regret the things I did than
the things I never tried.
Speaker 2 (19:55):
Anyway.
Speaker 1 (19:55):
Wow, let's talk a little bit about real est. I mean,
I know you're the boss, you're the CEO, but do
you still lead generate at this point?
Speaker 2 (20:07):
I do.
Speaker 3 (20:08):
It's muscle memory for me. It's like I tried not
to for a short period of time, Like when we
started the company. I was like, I'm a CEO now,
and then I just hated it. It's not my highest
and best use. I have a lot of other people
here who do all the stuff I brand, expand, and sell,
Like those are the three things that I'm just the
best at, and everyone else can do all the other things.
(20:31):
I think focusing on your highest and best use is
also a really good use of your time. But I
meet new potential people every day, Like I am currently
on a track of just trying to meet two to
three private wealth managers every day who because all like
the new rankings just came out, the Baron's List.
Speaker 2 (20:47):
The Forbes List, whatever the other ones are.
Speaker 3 (20:50):
And so there are all the people who manage the
money for all the clients that you and I work
with around the world. So from UBS to Morgan Stanley
to Goldman Sachs JP Morgan, like, you can do this too. Actually,
you should be doing that for women wealth managers because
there's going to be like I don't remember the number.
Speaker 2 (21:07):
I think it's.
Speaker 3 (21:07):
Trillions though, that's going to be passed down through inheritance
to women between now and twenty thirty. And a lot
of women work with women private bankers and women wealth managers,
and there's these forums and everything, and it's amazing. It's
a great, great way for you to get business and
to establish a great, you know, working relationship with somebody.
(21:28):
I would advise you definitely do that starting tomorrow.
Speaker 1 (21:31):
I'm actually going to do that because I felt like
I was a little stuck and like I need to
do something different that I'm used to because I got
a little comfortable. And when you get comfortable, you're not
lead generating as much, and therefore you'll see it in
your results that you're not selling as much.
Speaker 3 (21:48):
Yeah, like you can't. You can't see this. I'm going
to send you this article like this was a big
unlock for me and the women who worked for me.
So this article came out on March twelfth, twenty twenty five.
It's in CNBC, So.
Speaker 2 (21:57):
Fact check me.
Speaker 3 (22:00):
Two thirds. Hold on one second, why as my computer
being so slow? Is it because I'm in New York? I
don't know what's going on. Women are going to get
most of the one hundred and twenty four trillion dollars
in the Great Wealth Transfer between now and twenty forty eight,
and between now and twenty thirty, roughly two thirds of
(22:22):
the private wealth in the US is going to be
held by women. So, as a woman in I'm going
to send you this. I think it would be great
for you to work on as a woman in real
estate and dealing with people's wealth decisions, reaching out to
women in banking and anybody men too. But I know
(22:45):
that there's like just great groups of people who are
working really hard to help women around the world, especially
given these stats.
Speaker 1 (22:52):
So do you email them? Do you call them? Do
you set up a lunch? What is your approach.
Speaker 3 (22:57):
I would, honestly do you should do what I do,
which is you look at the lists. Everyone's public, all
their information's public. They're bankers, they want to be reached
out to. And you would say, are you still going
by Lalli or Sonai Sunny Sunny Sonny, Sorry, it's been
a long time. You say who you are? You might
(23:17):
know me from a TV show called The Valley on Bravo.
My actual job is I'm a top real estate agent
based in LA with a lot of clients who are
coming into New Wealth and have terrible asset management. I'd
love to create a relationship with you if you have
five minutes over zoom, Like that's all you have to say,
which is true. Like you have clients coming into New
(23:39):
Wealth and you need to know great health managers who
don't screw up deals, and you reach out to them
and you create good relationships and sometimes you'll know them
by proxy, like it'll be like, oh, wait, I do
know you because you represent that person's sister and I
sold the brother his house in six degrees of separation later.
And you're creating bigger and bigger and bigger, you know,
(24:00):
And I would do it.
Speaker 2 (24:01):
I would do it wall. The show is running.
Speaker 1 (24:08):
Interest rates they're at six percent, and a lot of
people are constantly waiting. I always hear that all the time.
I'm waiting. So what do you advise buyers or sellers waiting.
Speaker 3 (24:19):
For interest rates to fall? Is like, you know, waiting
for a sunny day when buying a convertible, Like, you
don't go and buy a convertible when it's absolutely sunny
and amazing, because that's when everybody wants it, and that's.
Speaker 2 (24:34):
What drives up the price.
Speaker 1 (24:36):
Absolutely, you buy.
Speaker 3 (24:37):
A convertible when no one wants a convertible, which is
when it's pouring rain. Same thing like an umbrella, right,
and so same thing with where rates are, Like, well,
rates are high. Sellers are having a hard time selling
because they don't know where to go and they don't
want to let go of a two and a half
percent rate. Okay, And given that ninety percent of all
home loans in the United States are under five percent,
(24:58):
like a thirty year fixed sitting at six p seven
percent right now means that most people I will have
a hard time affording their new purchase. That said, any
new buyer who hasn't bought something or was sitting on
cash or has family who can help them, because that's
what a lot of the gen z and even the
millennials are purchasing with these days. Right as family help,
(25:18):
you can always purchase, and you can always refinance. If
you find the right house and you can make the
numbers work. The house is just going to get cheaper
as rates come down. When is that ever been the
case before? For those of us who own real estate
and have a low rates, we've had relatively probably a
fixed monthly payment for quite some time. If you buy
(25:39):
a house today, as rates come down, you just get
to refy and refy and refy, and the same house
that you paid one price for now gets cheaper and
cheaper and cheaper every single month.
Speaker 2 (25:50):
That sounds pretty great to me.
Speaker 1 (25:52):
Yeah, And I'm always illustrating to people the cost of waiting.
You know, between six percent and five percent on a
million dollar loan, it's only six hundred and twenty seven
dollars a month, which is about seventy five hundred, seventy
five hundred dollars a year. So it's like, what is
the point of waiting? You can have that house, not
have to overbid, and you know, a couple of years
(26:14):
ago during COVID, it was just like you couldn't get
an offer accepted. There was over ten offers per house
and you were overpaying essentially for the house, and you
don't get to refinance.
Speaker 3 (26:25):
Then absolutely, I think you got to tell people one,
control what you can control, kind of like I said
about even my own life, right. I think that helps
grounding clients when rates and headlines feel overwhelming, and it
puts focus back on their goals and not on the
chaos because you're just focused on the headlines, so you're
(26:45):
focused on the rates. So control what you can control.
I think telling people that time in the market beats
timing the market. I didn't make that up. I think
people have been saying that for a long long time.
But I think it helps shift the mindset from like
from fear right, I'm trying to time the market or
the market it's not a good time to buy or
it's not a good time to sell. To strategy, it's
(27:07):
never going to be the right time. It's never a
good time and it's never a bad time, right only
in hindsight, So let's talk about strategy instead of timing.
And I think lastly, right, like kind of like every
decision you make in your life, but definitely with real estate,
the market rewards action. It does not reward hesitation, and.
Speaker 2 (27:30):
That can go.
Speaker 3 (27:32):
Or even personal life right like deciding whether or not
to get divorced.
Speaker 1 (27:36):
What was the biggest deal you've ever lost? Oh God,
what did you learn from that?
Speaker 3 (27:43):
I learned to get another job because it was devastating.
At the end of twenty nineteen, one of my longtime
clients said that he had a huge fund out of
the Middle East that wanted to buy real estate, and
big real estate in New York City.
Speaker 2 (27:58):
They were very real.
Speaker 3 (27:59):
They didn't have broker representing them. They wanted to come
and they wanted to find a huge, multi family asset
and I'd never done a commercial deal like that before.
I was like, what's their budget? They can spend anything, Okay?
So I put together a bunch of buildings in Manhattan
sent them a building that they actually really liked that
was asking a billion dollars like Pie in the sky, insanity.
Speaker 2 (28:19):
Okay.
Speaker 3 (28:20):
January twenty twenty, they fly in after New Year's like,
whole team, dig into it. We make it offer, okay,
like completely insane. We agree to a price that's a
little over nine hundred million dollars for what is basically
two connected rental buildings in New York City that were
brand new, the big cash flowing asset, and they just
(28:41):
wanted to own dirt going through, like the lawyers were
working on it. Everything was insane. The money was coming
out of the Middle East. The money was, you know,
obviously attached to energy and oil. Okay, contracts going through.
In February, people start getting sick in China. Things are
a little bit weird. People start getting sick in Spain.
They start like singing and banging on pop. I don't
know what's going on. Tom Hanks gets sick, the NBA
(29:03):
goes down, It's all over the place. They start getting
slow on the contract. But I'm like, the deal's a
little over nine hundred million. I had negotiated a two
percent commission.
Speaker 1 (29:14):
Okay, nine hundred million.
Speaker 3 (29:17):
The deal was for just over nine hundred million, and
it was for a commercial building in New York City.
The commission was two percent that I negotiated, right, so
it was like eighteen million dollars. And then March twenty
twenty hits everything's slow. I'm holding onto this deal for
deer Life, Andrew Como comes on TV. He says that
we're going to shelter in place. He shuts Manhattan down,
(29:40):
and the deal dies because the price of oil tanks
by like half, the stock market sells off by you know,
by ten thousand points, becomes a complete catastrophe.
Speaker 2 (29:49):
And I always held.
Speaker 3 (29:51):
Out hope that the deal would eventually be come back,
but they just never had interest again in New York
City real estate, and that building ended up selling to
somebody else.
Speaker 2 (29:59):
And I think the about it probably twice a day.
Speaker 3 (30:04):
Wow, the biggest deal I'd ever biggest deal I'd ever lost,
but it never happened.
Speaker 1 (30:08):
Okay, but yeah, the one that I lost was fifty
six million, and I'm still devastated by that one.
Speaker 2 (30:15):
Yeah.
Speaker 3 (30:15):
I try not to focus on the things that I've
lost and just focus on the things that I've I've
won but then flipped. So that's like the beginning of
twenty twenty talk about just the way life works. And
this has actually kept me so much happier because the
beginning of twenty twenty started as like the worst thing
of all time, the world shuts down. I was like
the nerves, the fears, the expenses, ever like it was,
(30:37):
and I didn't have a job, so it wasn't like
I can Netflix and chill. It wasn't a chill time
for me. It was I was about to start my
own company and the whole world just shut down and
every deal died. It wasn't just that deal deals we
had in contract in New York. We lost like one
hundred and seventy five million dollars in contracts in one
day on that Monday in twenty twenty.
Speaker 2 (30:54):
It was the worst. Everything went into litigation.
Speaker 3 (30:57):
Now because of nine to eleven Manhattan, they had forced
majority clauses, and because judges didn't allow people to get
out of purchase contracts because of nine to eleven, they
didn't allow people to get out of purchase contracts because
of COVID. But how much are you gonna wait? How
much you're gonna fight someone? What are the legal fees
for all that? So it's just mass trauma. We start
(31:18):
the company in September twenty twenty out of a townhouse,
which is just depressing because I was expecting, like I
was going to do this huge thing, and now I've
got like three people were wearing masks and gloves.
Speaker 2 (31:27):
It was crazy.
Speaker 3 (31:27):
And like, man if I could do like a small
rental deal is my first deal, that would be insane.
And I get a call from a guy who's like
a hedge fun guy, and he's like, hey, I think
it's a good time to buy in New York and
like you're the only one who thinks that. Look at
the New York Times, it says to murder yourself.
Speaker 2 (31:45):
It's over.
Speaker 3 (31:45):
New York City is dead. They were literally articles that
said New York City is dead. It's all gone, We're
all going to die. Okay, that's the way everyone talked
about it. CNBC had a death clicker on TV every day.
Here's your net worth, it's gone. Here's how many people died. So,
like fear mongering was at an all time high, Like
what do you want to spend? He's like, I don't know,
(32:05):
five ten million dollars, but he's like, I want a deal.
And so I searched around, found a deal. And so
I do this thing when I work with buyers called
the wow moment, where I always take them to something
that's like way more expensive.
Speaker 2 (32:16):
Just to show them.
Speaker 3 (32:18):
And so I took them to this thing that was
asking fifty million dollars just for fun, if five sixty
five Broome Street and Soho walks through, He's like, this
is insane. The next day he's like, hey, that thing
you took me to you what do you think I
could get it for?
Speaker 2 (32:31):
And I was like, no, you're not. You're not going
to buy that thing.
Speaker 3 (32:33):
You're crazy. He bought it for twenty two and a
half million dollars for basically half off because the sellers
had to get out because it was COVID, because the
New York Times said we were all going to die,
and the buyer took a big risk, and he was like,
I don't think we're all going to die. I think
I think I'm It's like the stock market two weeks ago,
right with the tariffs, Like, I think this is a
(32:55):
good time to buy. We have had so many people
try to buy that from him now or fifty million
dollars and he's like, nope.
Speaker 1 (33:02):
Exactly, that was the time to buy. That's how the
rich get richer.
Speaker 2 (33:06):
So exactly.
Speaker 3 (33:07):
So the year started awful and ended like on this
wild upswing that then to this day hasn't stopped. I
stopped a little bit ten days ago and the world
exploded in the stock market, graduate.
Speaker 1 (33:19):
I think we'll be so you call it the wow moment.
I actually do a little bit of that. But that's
really a great concept to do because it's like you
just saw something incredible and then you go look at
something that's ten million. It's not quite the same.
Speaker 3 (33:34):
Yeah, people, and you do it all price points. We
teach our agents to do it at three hundred thousand
dollars price points if anything, and that it's a rare
instance when someone actually buys the wow moment you're not supposed.
Speaker 2 (33:43):
To buy it.
Speaker 3 (33:44):
It helps reset the relative value conversation because if I
just show you what you told me you want, you're
never going to be satisfied. Right, You have to see
what you can't even afford to make what you want?
It actually feel like, you know what.
Speaker 2 (34:02):
That's what I need? How do I turn a want
into a need?
Speaker 3 (34:05):
If you just go with you know, it's like if
you just get married to your high school sweetheart, what
are the what of the what of the what's the
percentage of people who are still married to this.
Speaker 2 (34:14):
Day because they don't know what else in the world did?
I Like, there's so much world out there, what's going on? Yeah?
Speaker 3 (34:22):
Uh, and so and you have to value yourself right.
You do the same thing with property. It's a going
you have to see what else is out there to
make sure I'm getting the absolute best deal on what
is right for me. And that's where the wow moment
can help. Just push a deal along, especially with people
who are indecisive.
Speaker 1 (34:37):
Yeah, and that is the best way to also get
a lot of referrals. You just made somebody a lot
of money.
Speaker 2 (34:44):
Yeah, exactly, exactly. Joe is the name of Joe. Yeah.
Speaker 3 (34:48):
I follow with them all the time, like you sure
you don't want to sell? And he's like never, God
damn it.
Speaker 1 (34:52):
One day, Bunny, So I wanted to talk a little
bit about you being a dad because I feel like
you don't. We don't know so much. We know you
have a daughter, Zena. She's beautiful and so tall, by
the way, so tall.
Speaker 2 (35:08):
Dude, so tall?
Speaker 1 (35:09):
What is is she gonna be taller than you?
Speaker 2 (35:13):
I don't know.
Speaker 3 (35:13):
I'm six three. I don't think she'll be taller than me.
She's one head taller than every kid in her class.
But I also know that well, she's I also know
the kids. You know, girls grow faster. I think she'll
slow down a little bit, I don't think. I mean,
who knows, although I tell her like it's okay to
tower over other kids because tower is power.
Speaker 1 (35:34):
Absolutely. So she's she's almost six, right because I have
a five year old tomorrow.
Speaker 2 (35:39):
Yeah, she just turned six.
Speaker 1 (35:41):
Okay, what is it like having a six year old
in the house?
Speaker 3 (35:44):
So far? Six is the best? Five was rough or
was great? Three rooms were rough, two she was cute,
and before that I blacked out.
Speaker 2 (35:51):
So I have no idea, but.
Speaker 3 (35:52):
Six, so far, she's like full on sentences. She's learning
to read. She can do like little math on her fingers.
She gets embarrassed in you know, big situations. She understands
her emotions a little bit. She still has tantrums here
and there, but you can actually talk to her like
a human when she's you know, now that she's six
years old, like it's she's like a little she's like
(36:14):
a little lady. And the nature versus nurture thing starts
to happen. I feel like, now I'm actually looking at
I'm like, okay, I can parent you to be anything,
but I see the nature starting to pour out of you. Yeah,
like the directions you're going to lean in on, the
things you like the person you're going to be. It's
pretty wild to watch, Like the genetics are you know,
(36:38):
are real in this way.
Speaker 1 (36:39):
It's amazing the conversations I have with Isabella and she
is like an adult now. She still has her tantrums
that I'm working on, but they're much better than they
were a year or two ago.
Speaker 2 (36:51):
Yeah, good luck is she got the show this year.
Speaker 1 (36:55):
Yeah, she's on it. She's on the first episode, so
people will learn more about.
Speaker 2 (36:59):
You know, beyond this season.
Speaker 3 (37:00):
She wasn't really on last season except for a little bit,
but I got the wife to agree for just a
moment to allow Zina to come on.
Speaker 2 (37:08):
And you know, we a merely.
Speaker 3 (37:10):
Gets super nervous about safety and security, especially in New
York right, Like it's just we're not behind cars all
day long, you know, everything is. It's a tight, tight city.
So there's lots of those conversations going back and forth.
But man, oh man, Like if you go to Assina,
like what was the best day of last year? I
don't even think she would say Christmas. I think she
would say the day we made our TV show, Oh,
really was the best. She was like ready to go,
(37:35):
she wanted to do it, which is where like that
genetics taps in where Amelia like stares at me and
she's like, you did this, you made her like this.
Speaker 2 (37:43):
I'm like, I don't. I didn't. I haven't talked to
her about this at all. She just likes it naturally.
It has nothing to do with me. Yeah.
Speaker 1 (37:50):
People ask us all the time, like why how did
you feel about Isabella being on TV? And I always
said it depends on the child. And Isabella is very
outgoing and she actually love having producers and people at
her home. She didn't mind it whatsoever. The opposite. She
was like, oh, let me be the star of the
show exactly exactly.
Speaker 3 (38:11):
I'm excited to see her on your second season. It
should be should be great.
Speaker 1 (38:15):
Thanks.
Speaker 3 (38:16):
You know who I like haven't ever? I think I
met him once and then actually haven't actually talked to him.
But who actually DMed me like really nicely the other
day is Jack's.
Speaker 1 (38:27):
Oh that's interesting. What did he say?
Speaker 2 (38:31):
He said, Hey, man, long time?
Speaker 3 (38:33):
Because I think we had met through like a Bravo
event like forever ago, like literally like early days of
vander Pump because millionire Listing came out like the same
time millionire Listening New York. It's like millionaire listing in
New York. Shahs of Sunset, Vander Pump rules kind of
all within the same like decade, right, so we're all
kind of part of the same world. He said, DM
(38:55):
me and said, man, you really don't age, which is
such a great compliment. But I do age, for sure.
I age a lot more than you guys in Los Angeles,
that's for sure.
Speaker 1 (39:06):
And no, you don't. You look exactly the same. My
last question about zen I didn't get to ask, So
how is it being so busy and being a dad
at the same time, Like, how do you manage that?
Speaker 2 (39:20):
With help?
Speaker 3 (39:22):
Our mother in law lives with us, you know, she
was by ya yah, so yayah is a key part
of the child rearing process for us in our household.
We definitely are very fortunate that we can have that
help and have family that lives with us that we
can trust. You know, I've like have so many clients,
so many horror stories of of you know, having help
(39:45):
for your kids that you can't trust, and like how
I'm nervous that would end up making us would be terrible.
Speaker 2 (39:50):
So yeah, helps us.
Speaker 3 (39:52):
I try to stick to a pretty good schedule of
you know, I'm there when I'm in New York anyway,
and I'm not traveling. I see her before she goes
to school. If I can take to school, I'll take
her to school. But I'm not like righteous about I
will always take her to school.
Speaker 2 (40:05):
Like I, I have to work.
Speaker 3 (40:07):
And you know, have things I gotta do, and then
we have Saturdays, Saturdays or Saturdays. So like I had
to do a deal in Palm Beach on Friday of
last week, so I flew down Palm Beach, I had
dinner there, I slept overnight, I took the six am
back was and I was home before like she goes
to she does, like her little activities and stuff that
(40:28):
she has, like a little class she goes to on
Saturday mornings. I was home before she got home from that.
So we were able to have like a full Saturday Saturday.
And I think that's that's important.
Speaker 1 (40:37):
Well, you are a great father from what I see.
I do see your Saturday Instagram stories.
Speaker 2 (40:42):
Yeah, if it's not on the Gram, did it even happen?
Speaker 1 (40:46):
All right, Well, thank you so much for your time.
I feel like I could talk to you forever and
get great advice from you. But maybe another time after
the season is done.
Speaker 2 (40:56):
Tell me what you think crushing it. Let me know
when you're in New York if you're doing press for
the show. Would love to see you.
Speaker 1 (41:01):
I will thank you, have a good one.
Speaker 2 (41:03):
Bye bye bye