00:38:19 · Jordi Hays, John Coogan, Emily Sundberg, Lynn Martin, Joe Weisenthal
[00:38:19] S2: in. Yeah. [00:38:20] S1: This one actually wears in even better because, the scratches blend in. When you have the color, the color rubs off. [00:38:26] S4: Yeah. The orange. [00:38:26] S1: It gets real... Yeah. I'm sure you have a lot of patina on there. [00:38:29] S4: Yeah. I do. [00:38:29] S1: Which can be a choice. How long [00:38:31] S4: are [00:38:31] S5: you guys [00:38:31] S4: in the city? [00:38:32] S1: Twenty hours. We're leaving tonight. Twenty hours. Yeah. Twenty hours. [00:38:36] S4: Back before 2027? [00:38:38] S1: What do you mean? Oh, in New [00:38:40] S4: York. Yeah. [00:38:40] S1: I mean, we'll be back in LA before 2027. Be back tonight. [00:38:43] S0: Hopefully. But, [00:38:46] S1: yes, I think we'll be back. We gotta come back. There's gonna be so many tree lighting. [00:38:49] S4: Yes. Road to Christmas. [00:38:50] S2: Yeah. The road to Christmas. [00:38:52] S1: You you gotta hit Rockefeller. [00:38:53] S5: You were [00:38:53] S4: saying there's a lot of Christmas colors in here. [00:38:55] S1: It's sturdy. [00:38:56] S2: On a A lot of red today. Actually, a nice a nice mix. Yeah. That's great. It's kinda balanced out. Mean, look at this sign over here. It's kind of a perfect balance. [00:39:04] S4: Yeah. Tomorrow's a new day. [00:39:05] S1: That's good. Well, thank you so much for coming on. [00:39:07] S2: Thanks for [00:39:07] S4: having me, guys. See soon. Take it easy. [00:39:10] S2: Say, tell our best about MongoDB.
00:39:10 · Jordi Hays, John Coogan, Ryan Serhant
[00:39:10] S2: Say, tell our best about MongoDB. [00:39:13] S1: What's only thing faster than the AI market? Your business on MongoDB. Don't just build AI. Own the data platform that powers it. And let me also tell you about Console. Console builds AI agents that automate 70% of IT, HR, and finance support, giving employees instant resolution for access requests and password resets. And last, since we are at the New York Stock Exchange, let me tell you about public, invest across all asset classes, automate anything with AI agents, run trading strategies, risk management, money movements, and monitor markets with AI agents for investing on public. Our next guest is Ryan Serhant. Very excited to have him on the show for the first time. He's the founder and CEO of Serhant, and we're gonna bring him in in just a second. I'll also tell you about Figma. First time we ever came here was for... Because of Figma. Agents meet the canvas. Your AI agents can now create and modify your Figma files with design system contacts. What a day, for the Figma IPO. And we have Ryan Serhant jumping on in just a second here at the New York Stock Exchange. Ryan, welcome to the show. Great to meet you. Thank you so much for having us. For coming on. Thanks for coming to New York. New York. Yeah. Are you back to How how how often are you here? How much do you travel these days? [00:40:21] S3: We travel a lot. Yeah. Probably every other week. I'm on the air, either opening a market or visiting a market that we're in. So I'm here this week because we have
00:40:21 · Ryan Serhant, John Coogan, Jordi Hays
[00:40:21] S3: We travel a lot. Yeah. Probably every other week. I'm on the air, either opening a market or visiting a market that we're in. So I'm here this week because we have [00:40:31] S1: Is there a number one destination? Is LA the number one destination that you're going to often, or is it opening markets so you're always in a different place? The next one Okay. [00:40:38] S3: Is the number one. What's been [00:40:39] S1: the most exciting recent market you've booked? [00:40:41] S3: We just opened in Chicago. Okay. Earlier this year, we opened across California. So I opened in Tahoe, San Francisco, Los Angeles, Orange County, and San Diego on one day. So that was a lot. [00:40:51] S1: That's big. [00:40:51] S3: Yeah. And then [00:40:52] S2: Were you in the area after Why We just... We had one places not worth, like, at least one day? They... Well, we we... When we [00:40:59] S3: did the launches, we went one day at a time. [00:41:01] S2: But for us Oh, okay. [00:41:02] S3: Department of state is per state. [00:41:04] S1: Oh, sure. [00:41:04] S3: And so for us to do it, if I started in just one city Mhmm. We have to be on the offense all the time Yeah. Because then we'll be under attack by competitors. So I have to hit them all on one day in a sneak attack. Same thing in Texas. This year in July, opened Texas, and I did Houston, Austin, San Antonio, and Dallas in one day. Yeah. I just did Chicago. Chicago is by far the spiciest, and so we'll go into our launch event for Chicago next week. [00:41:26] S1: Why is it spicy? Spicy.
00:41:26 · John Coogan, Ryan Serhant, Jordi Hays, Joe Weisenthal
[00:41:26] S1: Why is it spicy? Spicy. [00:41:27] S3: It's, it's aggressive. It's mean. There's a lot of, like, in travel business. Yeah. The... In the real estate brokerage business, they don't like newcomers. They don't like changing things. What I found about this industry is people will spend so much money, so much blood, sweat, and tears defending where they've been instead of building for where they're going. And anyone who challenges the status quo and their purse strings, and I'm sure this is the way it is in every business, I sue you. I just sue you. That's what they do. They use... Oh, absolutely. [00:41:57] S2: Just Really? Yeah. And what, is it suing over a specific transaction? [00:42:02] S3: Like, I... They they sue over torturous interference, poaching, recruit, anything that they can come up with. [00:42:07] S2: I've been sued over photos before. And that's specifically so they can say, like, oh, don't work with that guy. We're in a lawsuit with him. He's out of town. 100%. [00:42:16] S0: Do you say there's [00:42:16] S2: a dimensionality? I imagine there's, like, a playbook, like, when you come into a market, the the other brokers have this, like, playbook where they're, this is how to talk about Ryan. Oh, [00:42:26] S3: You're not. [00:42:27] S2: Is why we hate him. This is why we don't like that Yeah. [00:42:30] S3: Sure. They're they're young. They use social. We don't understand it. They're AI native. We don't get what that means. Yeah. Don't go over there.
00:42:30 · Ryan Serhant, Jordi Hays, Joe Weisenthal
[00:42:30] S3: Sure. They're they're young. They use social. We don't understand it. They're AI native. We don't get what that means. Yeah. Don't go over there. [00:42:37] S2: In a lot of these markets, I'm assuming there's, like, an existing brokerage that has been dominant for a long time and is, like, incredibly lazy. Yeah. It depends. [00:42:46] S0: That's right way [00:42:47] S2: to put it because I'm sorry. So... Like, specifically because, at least from my my understanding of real estate is primarily primarily through living in Malibu Yes. Where, like, half of my friends are real estate agents. Yeah. And they're all, like, very friendly to each other, like Yes. When we're at the farmer's market or at a barbecue. But you start to realize, like, they all, like, just absolutely hate each other and, you know... Yeah. They're sharks. They're willing they're willing to, like, work together, like If you force... At times, you know, if they're forced into situations, but it's very funny to to interact with. But then it seems like in every market, you're gonna have one group that sort of becomes dominant and then through that doesn't have to like... They stop having to innovate or or really like put the work in because
00:43:28 · Ryan Serhant, Jordi Hays, John Coogan
[00:43:28] S3: they get some type of like momentum that gets built out. Sure. Yeah. No. Comfort is the death of innovation. And so we operate in a very, very different way, and we go into new markets. And it's not to disrupt. I mean, if anything, we disrupt for good, and we try to do what's best for the consumer. Like, what is best for the home buyer and the home seller? We're in an incredibly tight marketplace right now, and it's not just in luxury markets. It's across the country. Right? You have an affordability problem. You have an inventory problem. We're gonna do less home sales this year in The United States than than we ever thought we were going to do this year. September had less pending contracts than in any single month in thirty years. [00:44:03] S2: Yeah. Worse than, like, o eight and two thousand. [00:44:06] S3: In terms of pending contracts? Yeah. Absolutely. Because rates have spiked. They're up a 100 basis points year over year. You know, the the first time starter price, I think it was in... Before COVID. So end of twenty nineteen, early twenty twenty, there were 80 cities in The United States where a starter home was a million dollars and above, and that was a lot. That's a lot of cities. Today, it's just over two sixty. [00:44:26] S1: Woah. [00:44:27] S3: It's 260 plus cities where a starter home is a million dollars and above. The current mortgage rates, it's... A million dollars is no longer means you made it. A million dollars is now just the entry price. [00:44:37] S1: Yeah. That's rough.