Sell it Like Serhant: Book Summary and Review
Sell It Like Serhant: How to Sell More, Earn More, and Become the Ultimate Sales Machine by Ryan Serhant
This is a sales book every real estate agent should read. Learn how to follow up effectively, plan your day, and prospect for new business every day. This book is clearly written with plenty of funny anecdotes and stories that will resonate with both new and growing real estate agents. The takeaways and lessons are not clouded by the entertaining stories as Ryan has clear action steps following each account.
The Review:
This book is written for general sales, however, the lessons and focus are clearly on real estate agents. I won't complain about this, as the task of re-positioning sales books with a deep locus on B2B sales and product selling can be a challenge when we are attempting to think in terms of B2C real estate sales.
I’m usually skeptical of educational and training books written by celebrities as their path to success can be heavily predicated on their celebrity and not on the skills required to achieve success for the everyday person. Unless the book is about how to become a celebrity! However, Sell It Like Serhant is different as there is some great wisdom for real estate agents who are building their businesses.
What I like:
Clarity: the book is clearly written with a logical structure and actionable advice.
Interesting: not only do you feel as though you are a fly on the wall for Ryan’s conversations, but he also walks you through the thought process in his decision making.
Entertaining: this is an office read or a beach read. It will have you learning and laughing at the same time.
What Could Have Been Improved:
Deeper: the book is entertaining, however, I would have liked a more extensive exploration of sales concepts as they relate to his business. The takeaways are present but it’s missing some depth.
Relatable: the beginning of the book has relatable stories for the growing real estate agent, and would strengthen the learnings if these later stories could be put in terms of the everyday real estate agent as well.
Rev Real Estate School Rating: ⭐️⭐️⭐️(3/5)
The Cheat Sheet
The cheat sheet is designed with the most prominent concepts for real estate agents
Introduction
“The secret to your success will be revealed in hindsight. You won’t recognize it until you have already lived it”
“Don’t doubt the magnitude that a small step can actually have”
Becoming a sales pro takes time and effort. Focus on small actions that accumulate vs. how you are going to be the top agent tomorrow.
Take initiative to be successful in sales (i.e. action is the most important element)
Avoid being hyper-focused on one deal. This is immense pressure. Always be filling your pipeline with new opportunities and the loss of one deal will not matter.
Let fear drive your success. Think of where you don’t want to be (lack of money, etc) and let that fuel your drive to succeed in real estate.
None of this works without confidence. Make building your confidence a staple in your real estate business.
The Power of Yes
“Never underestimate the power of a face to face meeting. Sometimes emails and texts are not enough to get a deal closed”
Start saying “yes” to more potential deals. Early in your career, it’s more important to chase potentially bad deals. Stop disqualifying so many buyers and sellers.
Practice improv to improve your sales and confidence skills
Build your confidence with taking risks
Work for the Deal
“People don’t like being sold but they like shopping with their friends.” Build rapport with your clients
“What is your thing?” Ryan met a lot of his clients through the gym and fitness classes. Everyone in real estate needs a “thing” where they can connect with people (i.e. potential clients). This is a place that you enjoy going and you are comfortable.
Give yourself a quota for the day/week. This quota should be # of new people you plan on meeting in that time frame. Start with 1 new person every day and work your way up 3 people every day. You need to be constantly looking for new business -- everywhere.
You’re not a used car salesman (pushy) or a tour guide (look at homes). You need to be relentless but empathetic while also bringing value and respecting the client’s needs/timeframe.
The Master of Follow-Up
Just because you are ready for your client to buy, doesn’t mean that they are.
Educate buyers that searching for a home is a process of elimination and not a “shopping spree.”
Classification of clients:
Hot: Ready to buy/sell anytime. Touch every day.
Warm: Thinking and curiosity about purchasing/selling. Touch every week.
Cold: Not actively looking but still a client. Touch twice a month.
Ryan’s follow up has more touchpoints than most agents. This would contribute to his success
Three F’s
Follow Up: Constantly connect with ongoing clients
Follow Through: Stay accountable to your clients
Follow Back: Follow up with past clients
The Seven Stages of Grief Selling
Excitement, frustration, fear, disappointment, acceptance, happiness, relief
Use empathy - “I understand how hard these decisions are. This is the hard part, it gets easier from here.”
Let them know you are in the process with them - “I’m with you until this is finished. If there is a problem, we will work it out together”
Push/Pull/Persist
Push: Gentle prodding to move the deal along (incentives, urgency)
Pull: Pulling item away from client (gut-check on client’s price point)
Persist: Consistent reminders that this is the best product
You Need to Get FKD
Finder, Keeper, Doer
Finder Time: CEO who makes decisions and moves business forward (spend 50% of your time here)
Keeper Time: CFO who makes financial decisions about the business (spend 25% of your time here)
Doer Time: Executing work and working in the business (spend 25% of your time here)
Most people spend 50%+ of their time in Doer Time. Reduce this and focus on CEO time.
The Four Tenants of Work
The Why: Why do you do what you do? (focus)
The Work: What do you do every day to expand your business? (daily goals)
Your Wall: What are you running from? (motivation)
The Win: What are you doing this all for? (deep motivation)
Be the One Who…
Crafting a sales pitch
[No takeaways from this chapter]
How to Fail Smarter
Negotiation:
Always make a counteroffer
Remind clients there is always a cost to time. Time is expensive. For example, sitting on the market can be costly
You can’t predict the market or assume there will be a better offer in the future
Can the parties split the difference?
Can the salesperson offer an incentive (commission reduction)?
Play the fears
Talk about not buying and not selling
Remind clients of the risks to now selling or not buying.
Common reasons for lost deals
Failure to communicate
Just replying without responding (giving thoughtful responses)
You have set unrealistic expectations
You don’t know your shit (know the market)
Your approach is stale (mix up your pitch and keep it interesting and fresh)
You are too focused on money (i.e. the outcome)
Do It Right NOW
I don’t stand out
Offer unique promotion
Use your SOI (sphere of influence)
Social media
Perfect the follow-ups
Follow Four E’s: Energy, Enthusiasm, Endurance, education (small because less important)
Look for the Four E’s in people you hire