I recently came across Ryan Serhant on ‘Owning Manhattan’ a Netflix series about Real Estate. What struck me was his approach to leadership in an exceptionally fast-paced, high-stakes and ‘traditional’ industry.
For those of you that are unfamiliar with Ryan, his name is synonymous with innovation, success, and dynamic leadership in the real estate industry. As the founder of SERHANT, a multi-faceted real estate company, Serhant has revolutionized how properties are bought and sold. Yet, it is not merely his business acumen that sets him apart—it’s his pioneering spirit and approach to leadership that truly resonate.
Pioneering Spirit and Career Successes
Serhant was launched in September 2020 and is now one of the fastest-growing real estate firms in New York, which has been achieved by boldly pushing-boundaries, challenging the status-quo, and setting a new industry standard.
People (Wellbeing) Leadership Approach
While Serhant’s business metrics are impressive, it’s his approach to people that truly stands out. His leadership style is a blend of firmness and fairness, fostering an environment where accountability is paramount, yet recognition and reward are equally emphasized. This balanced approach creates a culture of continuous innovation and high performance. So, how does he do it?
Ryan’s Leadership Traits
Approachability and Engagement
Serhant is accessible to his team, making time for people at all levels of his organization. He frequently attends events organized by his staff, showing genuine interest in their activities and achievements. This approachability fosters a sense of community and loyalty within the team.
Empowerment and Tools
He provides his team with abundant resources and tools to succeed. Whether it’s cutting-edge technology or advanced training programs, Serhant ensures his team is well-equipped to perform at their best, ensuring they feel that little is holding them back from reaching their full potential.
Decisiveness and Focus
Serhant is known for his ability to make quick decisions. In the fast-paced world of real estate, this decisiveness keeps the team focused and agile, enabling them to seize opportunities swiftly and reduce wasted effort, making each day feel fulfilling and successful.
Clarity of and Commitment to Values
The Serhant values provide an anchor for employees, giving them a clear framework for making decisions and raising concerns. They are also human-centric in that they make clear that the organization recognises, appreciates, and supports human needs and seeks to dampen destructive traits. There’s no place for Toxic Rockstars here.
Growth Opportunities
He encourages his team to take on new challenges and expand their skill sets. This focus on professional development is a key driver of employee satisfaction and loyalty. Ryan is measured in his approach to nurturing talent, finding a multitude of ways to offer growth and development opportunities such as taking on a ‘hard to sell’ property, testing commercial real estate opportunities, and mentoring new joiners. He carefully selects each opportunity for his high-potential employees, setting them up for future success. Employees feel valued, engaged and invested in.
Risk-Taking and Delegation
Serhant isn’t afraid to take risks and delegating responsibilities. This trust in his team empowers them to take ownership of their roles and contribute to the company’s success in meaningful ways, which drives a sense of accomplishment and inspires confidence.
Nurturing Potential and Inviting Innovation
By inviting innovation and being open to new ideas, Serhant creates an environment where creativity thrives. Even when employees don’t get it quite right, or their idea doesn’t work as expected, he is still complimentary of their willingness to try new things. This fosters trust and resilience.
Reward and Recognition
Ryan recognises that good real estate agents are always vulnerable to being ‘poached’ or going independent. Ryan understands that great talent will make his business, and that he needs to work hard to continuously demonstrate to his team that he values them and recognises the contributions they make and reward them accordingly. From a kind word to a steak dinner and a Cartier watch, this recognition comes in many forms, selected carefully for each situation. Employees feel seen and appreciated.
Vulnerability and Transparency
In a world where leaders often hide their vulnerabilities, Serhant stands out by being open and transparent. At 40, Ryan is a relatively young leader who has taken huge personal risks and made significant personal sacrifices to build Serhant. He is honest about his fear and his ongoing need for help. This honesty builds trust and respect, encouraging his team to also be authentic and forthcoming. The result is that problems are addressed in good time, keeping performance high.
Impact on Business Metrics
Studies have shown that leaders who exhibit characteristics like Ryan’s see higher levels of employee engagement, loyalty, and innovation. According to Gallup, highly engaged teams show 21% greater profitability. Furthermore, a study by Bain & Company revealed that inspired employees are more than twice as productive as satisfied employees.
Serhant’s leadership style drives tangible business results. Its three-year anniversary celebrated three major milestones:
– Expansion to 7 states
– Licenses or employs over 500 people across 19 states
– Crossed $4B in total sales.
Does Ryan get it right every time? No! Mistake-making is part of leadership. Yet, in a rapidly evolving business landscape, the need for dynamic, inspirational, and people (wellbeing)-focused leadership has never been greater. Ryan exemplifies these qualities, making him a great role-model for those seeking to lead REALLY effectively into 2024 and beyond.