How to Harness Big Money Energy in Real Estate

TL;DR

Ryan Serhant shares insights on building confidence and success in real estate, emphasizing the importance of energy, enthusiasm, and self-awareness. He discusses his transition from acting to real estate, the impact of his book 'Big Money Energy', and how he navigated challenges during the pandemic. Serhant highlights the significance of controlling narratives and maintaining discipline in achieving real estate success.

Transcript

this is the bigger pockets podcast show 465. people who fake it till they make it are the people who say they're rich but they live with their mom they're the people who will lie they'll say oh no i totally i sold that building i sold those lists i did that that that and they never have and they can't back it up and i never lied if she had asked me... Read More

Key Insights

• Big Money Energy is about creating confidence to attract success immediately.
• Ryan Serhant transitioned from acting to real estate during the 2008 financial crisis.
• Serhant emphasizes the importance of controlling the narrative in real estate deals.
• Self-awareness and honest feedback are crucial for personal and professional growth.
• Successful real estate agents exhibit great energy, enthusiasm, and empathy.
• Persistence in following up with clients is key to long-term success.
• Serhant advises focusing on the work rather than the money to achieve success.
• The pandemic was an opportunity for Serhant to start his own real estate firm.

Questions & Answers

Q: How can you develop confidence in real estate?

Confidence in real estate can be developed by preparing thoroughly and knowing your market inside out. Ryan Serhant emphasizes the importance of projecting the confidence you expect to have in the future by acting as if you already possess it. This involves memorizing information about properties and market trends and presenting yourself with assurance. Self-awareness and seeking honest feedback from peers can also help identify areas for improvement and build genuine confidence.

Q: What is 'Big Money Energy'?

'Big Money Energy' is a concept introduced by Ryan Serhant that focuses on creating the confidence needed to attract success immediately. It involves adjusting your mindset to start becoming the person you aspire to be in the future. By projecting confidence and energy, you can influence how others perceive you and open doors to new opportunities, even if you haven't yet achieved all your goals.

Q: Why is controlling the narrative important in real estate?

Controlling the narrative is crucial in real estate because it allows you to guide the direction of deals and negotiations. By having a clear plan and understanding the desired outcomes, you can manage clients' expectations and navigate challenges effectively. This approach helps prevent deals from falling apart due to miscommunication or misunderstandings, ensuring that you remain in control and can achieve the best possible results for your clients.

Q: How did Ryan Serhant transition from acting to real estate?

Ryan Serhant transitioned from acting to real estate during the 2008 financial crisis when he needed a flexible job to support himself in New York City. A friend suggested getting a real estate license, and Serhant quickly became addicted to the business. He taught himself how to sell, build a career, and develop the confidence needed to succeed in the competitive New York real estate market. His journey involved a significant shift in mindset and embracing new opportunities.

Q: What role does self-awareness play in real estate success?

Self-awareness is vital for real estate success as it helps individuals understand their strengths and limitations. By seeking honest feedback from trusted peers, real estate professionals can identify areas for improvement and make necessary adjustments. Self-awareness allows agents to present themselves more effectively, build stronger relationships with clients, and enhance their personal brand, ultimately contributing to greater success in their careers.

Q: How did Ryan Serhant handle the challenges of the pandemic?

During the pandemic, Ryan Serhant saw an opportunity to start his own real estate firm despite the challenges. He focused on changing his energy from fear to excitement and used the time to plan and execute his business vision. Serhant's approach involved saying yes to new challenges, memorizing market information, and preparing thoroughly to seize opportunities. This mindset allowed him to navigate the uncertainties of the pandemic successfully.

Q: What traits make a successful real estate agent?

Successful real estate agents exhibit great energy, enthusiasm, and empathy. They are disciplined, relentless in following up with clients, and capable of controlling the narrative in negotiations. These agents focus on guiding and advising clients rather than simply taking orders. They also have the ability to empathize with clients' emotions and maintain a positive attitude, which helps build trust and achieve successful outcomes in real estate transactions.

Q: How does Ryan Serhant view the role of energy in sales?

Ryan Serhant views energy as a critical component of sales, describing it as the transfer of enthusiasm. He believes that having great energy, even if it's quiet energy, is essential for connecting with clients and closing deals. By projecting confidence and enthusiasm, real estate professionals can influence clients' perceptions and create a positive experience that leads to successful transactions. Energy plays a significant role in building trust and establishing strong relationships with clients.

Summary & Key Takeaways

• Ryan Serhant discusses the concept of 'Big Money Energy', which focuses on building confidence and energy to attract success. He shares his journey from acting to becoming a top real estate agent during the 2008 financial crisis, highlighting the importance of controlling narratives and maintaining discipline. Serhant emphasizes the role of self-awareness and honest feedback in personal growth.

• Serhant explains how he leveraged the pandemic as an opportunity to start his own real estate firm, underscoring the significance of saying yes to challenges and preparing thoroughly. He stresses the need for real estate agents to exhibit enthusiasm, empathy, and persistence in following up with clients to achieve long-term success.

• The discussion also covers the impact of Serhant's television presence on his career, the importance of energy and enthusiasm in sales, and the value of focusing on work over money. Serhant offers insights into the traits that separate successful agents from those who don't succeed, including the ability to empathize and maintain great energy.