A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox. It’s not often you see a brand new business model in an industry as old as residential real estate. Sure, marketing strategies have evolved with new technology, and commission and pricing structures for agents have shifted to be more competitive. But real estate companies are generally in business to sell properties. Not according to Ryan Serhant, founder of his namesake real estate company. He’s also the executive producer and star of a Netflix reality show, a social media influencer, author and teacher. “We’re not selling property. We sell the people. The agent is our customer every day,” said Serhant, who sat down for the Property Play podcast at his SoHo, New York, headquarters. That means letting his agents lean into what they want – including commercial real estate, which he said is about 10% of his business now but is quickly expanding. That includes multifamily residential buildings. “We’re seeing the money come from people that have never touched commercial real estate before, because in certain parts of not just this city, but parts of Florida, parts of the Carolinas, there is, I think, a …
