Blog / Time Management
Matthew Ferrara, Re-booting real estate
A keynote speaker at the upcoming AREC conference
Following the downtime the industry experienced during the financial crisis, the question is; how can we reinvigorate real estate?
With this being the age of technology, it’s time to re-boot the way we do business.
“We need to forget about the past, learn what the modern consumer wants and how they want it and deliver it fast”, says expert on real estate technology, Matthew Ferrara.
“Once agents identify that the future consumer isn’t anything like the past consumer, they’ll understand the importance of new sales techniques, modern relationship management and technology as the model for real estate success.”
President of the highly successful consulting fi rm, Matthew Ferrara & Company, Matthew Ferrara is rewriting the book on how real estate is done today, and in the future. Based in Boston, Mr Ferrara has shaped the strategies of some of America’s most successful real estate businesses and, through his syndicated column, inspires countless agents to develop tech-savvy selling strategies.
Known in the US as ‘the best technology instructor in real estate’, Mr Ferrara’s mission has been to revolutionise the industry by empowering agents to create consumercentric businesses that meet the needs of modern buyers, sellers and renters.
During a Q&A with Hot Topics, Mr Ferrara revealed ways you can launch your business model into the new age.
Q. What do you think are the most important actions to take to be highly successful in the world today?
Matthew Ferrara: Learn more about the people who purchase their products and services, and less about the ‘product/ service’ itself. Stop marketing, advertising, talking ‘at’ your customers, and start engaging, asking and listening “to” your customers. And most of all; do it every day: stick to it in good times and bad; not just when things start slowing down.
Q. How can social networking assist real estate professionals in increasing their earning potential?
Matthew Ferrara: In the US, 64% of prospects use social networking sites every day, but only 11% of real estate professionals do. With millions of consumers online and some social networking sites generating more traffi c than traditional search engines, integrating social networking into your prospecting and customer relationship strategies is a must.
Q. What is your business motto/creed that you live by?
Matthew Ferrara: Forget about the past; disregard the competition. Focus on the customer and they’ll tell you exactly what you need to know to be successful. Q. What would you do differently in business if you were starting all over again?
Matthew Ferrara: All businesses depend upon sales, which ultimately depends upon creating and maintaining relationships with customers who can refer you and repeat-use your services.
If I could start again, I’d ensure that every possible customer contact and interaction was integrated into our social-infl uence strategy. I would throw away every ‘non-dialogue’ marketing and advertising activity we wasted money on, and focus solely on opportunities to educate and engage our prospects during their dreaming/researching phase of the purchase decision.
Matthew Ferrara will be in Australia this month speaking at the 13th Australasian Real Estate Conference (AREC), the largest and most successful real estate professional development event in the region. With the theme ‘2010: New Decade New Direction’, AREC10 topics will focus on fresh perspectives and new technologies for real estate businesses.
“AREC10 delegates will learn how to be effective generating new business with social media, including concentrating their efforts, controlling their time and focusing on activities that build relationships, while avoiding activities that destroy them online,” said Mr Ferrara.
“Plus, attendees will learn the ‘secret advantage’ to social network prospecting. My session will demystify the technology and help you take advantage of the next great business growth opportunity for real estate!” Other keynotes speakers at AREC10 include activist and entrepreneur, Sir Bob Geldof, Edward De Bono, creator of the term ‘lateral thinking’; The Lifestyle Channel’s Andrew Winter and groundbreaking communicator Erik Wahl. Local real estate industry identities such as Ewan Morton, James Tostevin, Aaron Shiner, Tony Bacic, Peter Veitch and Randall Curry and Sophie Lyon will also be presenting.
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