00:44:37 · John Coogan, Jordi Hays, Ryan Serhant
[00:44:37] S1: Yeah. That's rough. [00:44:39] S2: Yeah. How... What is your mindset with the team when market conditions are horrible? Like, I... Just because, like, I think in our world, like, start ups specifically, like, the market the market can be shrinking. But if you're a young company, you can be growing. Yeah. You can be... And and you can be going on attack. [00:44:55] S3: So we've been lucky. [00:44:56] S2: Like, if you you can barely grow your market share, but you can still, like, [00:44:59] S3: actually Yeah. Grow your [00:45:01] S2: And so I think it's an important reminder, like, just because the market is bad, doesn't mean we have to just sort of roll over and accept that like, oh, it's gonna be a bad few years for us. We got to hunker down. You're like, I'm going on the attack.
00:45:12 · Ryan Serhant, John Coogan, Jordi Hays
[00:45:12] S3: Yes. My first day in the real estate business, even just as an agent here in New York City, was the day Lehman Brothers filed for bankruptcy in 2008. That was a bad day. But for me, because I was brand new, everything was up from there. You start at the bottom. Same thing when we started Serhant. We started the company in September 2020. There was... In New York, there was no vaccine. Everything was shut down. The Wall Street Journal, New York Times said if you're thinking about buying real estate, you're an idiot. Yeah. And then we made a bet on the future, and the future paid us back from there. Same thing now. We trade on the way up, and we trade on the way down. And I think the market being tight enables us to be as efficient as possible in doing, like I said before, like, what is the consumer upside? Where can we actually help people move? Yeah. Yeah. People talk about brokerage all the time, but I don't think anyone's ever woke up and said, man, I wonder what real estate brokerage I'm gonna work with to go and find my next home or sell my home. They wake up and they say, no. I wanna move. Yeah. Who's gonna make it as frictionless as possible? Who's gonna save me as much money as possible? And the traditional brokerage model, is kind of like blockbuster. Mhmm. If you've kind of read those stories where they wake up every day and they say, how do we manage customer satisfaction to the point at which we can minimize churn? [00:46:23] S1: Yeah. [00:46:23] S3: Yeah. So you [00:46:23] S2: have churn. Find find breaking point.
00:46:23 · Jordi Hays, Ryan Serhant, John Coogan
[00:46:23] S2: have churn. Find find breaking point. [00:46:25] S3: Yeah. Exactly. Of customer dissatisfaction. Yeah. Wherever that inflection point is, that's where we will exist as a business. Yeah. That is real estate brokerage in The United States, and I'm doing my absolute best to try to fix it. [00:46:38] S1: Yeah. What else is, in the organization? Because there's a a large social media team. [00:46:44] S3: Yes. [00:46:44] S1: Like, what makes your organization different than the brokerages, like, from a structural perspective? [00:46:49] S3: I mean, the first thing we started with was we started as a media company that's all real estate in 2020 and 2021. Yeah. That was our our first thing. We were the most followed and subscribed to real estate brand on earth. And we said we're going to use that in for two ways. One, it's we're going to have zero CAC. We have no customer acquisition costs. We've never bought revenue before. We never will. And it's been a kind of an ethos for us as we've grown the business. It's been completely organic, and it's enabled us to grow 100% year over year. And two, we're going to be able to properties in front of more qualified eyeballs than anybody else so we can sell our homes faster and for more money. And so we do that. And so every market we go into, the market demands us coming there versus us sitting there and saying, no. We have to grow. I don't think growth is a is a business plan. I think doing our fiduciary duty to our customers is the business plan.
00:46:49 · Ryan Serhant, John Coogan, Jordi Hays
[00:46:49] S3: I mean, the first thing we started with was we started as a media company that's all real estate in 2020 and 2021. Yeah. That was our our first thing. We were the most followed and subscribed to real estate brand on earth. And we said we're going to use that in for two ways. One, it's we're going to have zero CAC. We have no customer acquisition costs. We've never bought revenue before. We never will. And it's been a kind of an ethos for us as we've grown the business. It's been completely organic, and it's enabled us to grow 100% year over year. And two, we're going to be able to properties in front of more qualified eyeballs than anybody else so we can sell our homes faster and for more money. And so we do that. And so every market we go into, the market demands us coming there versus us sitting there and saying, no. We have to grow. I don't think growth is a is a business plan. I think doing our fiduciary duty to our customers is the business plan. [00:47:35] S1: Yeah. So walk me through. You're wearing another microphone. You're recording So many microphones. Yeah. And so, like, break the fourth wall a little bit. Tell me about, like, how you get the most out of a day in your life from a maximum [00:47:47] S2: Yeah. I was... I I sent John one of the green screen, clips that you do. [00:47:51] S1: So good. I'm like, let me... Yeah. Let me pitch all these, properties in one day. Like...
00:47:51 · John Coogan, Ryan Serhant, Jordi Hays
[00:47:51] S1: So good. I'm like, let me... Yeah. Let me pitch all these, properties in one day. Like... [00:47:55] S3: Yeah. That's just a conference. I used to do, like, did Million Dollar Listing New York on Bravo for ten years. Yeah. We did three spin off shows for Bravo. Yeah. And then we started a a YouTube vlog. So I was going into all these Bravo conversations and meetings. [00:48:08] S2: Million dollar listing is such a funny name in hindsight. Are you just gonna [00:48:10] S3: say like... It wouldn't work today. [00:48:12] S2: Yeah. But all the ever... [00:48:14] S3: All anyone focused on was was YouTube Sure. At the time. And they still do. You go into any Netflix, any any any streamer meeting, their number one focus is on YouTube and the power of social because that's where people are getting their content. Yeah. Right? The content is in the clips. The clips are the content. So Instagram, through Meta last week, announced features, which is coming. So up to ninety minutes of video, and you can string features along. So clip by clip by clip. [00:48:36] S2: Sure. [00:48:36] S3: I think you're gonna see the next Emmy nominated show that is gonna be created in that way. The same way you're probably gonna see Nathan Fielder or an eight twenty four. Yeah. Eight two four, you know, potentially winning the best documentary film with a best picture with a documentary. [00:48:49] S2: Yeah. Yeah.
00:48:49 · Jordi Hays, Ryan Serhant, John Coogan
[00:48:49] S2: Yeah. Yeah. [00:48:49] S3: The world is completely changing because the viewer has changed. So, yes, about the microphones. Yeah. I... Our production team is a 110. Yeah. We have Serhant Studios in every single market we're Correct. Cool. So we have... We run them through what we called a a studio suite Yeah. So that they're trained so that they can operate at our speed, but also create the type of content for a property that we know will grab the most attention in every single marketplace from Rednote in Asia to TikTok here to South America to South Africa and everywhere in between. And then it's a it's a lead aggregator. We generate more organic lead flow through content than any real estate brokerage does combined. [00:49:32] S1: And across that 110, you have cinematographers, editors, content strategists [00:49:37] S2: Drone pilots. [00:49:38] S1: Drone pilots. Like, what what what... How how structured is it? [00:49:40] S3: In the individual in the individual markets, the studio's team is, for the most part, they are are either licensed or trained to do everything that they need to do. Okay. So they can operate drones. Yep. And I wouldn't say they're so much cinematographers as they've gone through our boot camp and Yeah. They know how to shoot They know how to, you know, produce hooks. They know how to work with the dialogue. They know how to do different types of Zoom tours. And the types of content that we put up on LinkedIn are not the same types that we put on TikTok, YouTube, etcetera. And so we were able to turn kind of that that social machine