Host: Michael Fanning
Guest: Matthew Ferrara
In this insightful episode, host Michael Fanning sits down with industry veteran Matthew Ferrara, who brings 35 years of experience across 49 states and 30 countries. They discuss the significance of listings in real estate and how agents can strategically prepare for success as we approach 2025.
The Future of Real Estate:
Michael and Matthew highlight the expected shift to a listing-centric market for the next decade. Matthew notes that while the previous decade saw fluctuating interest rates, future success will hinge on agents’ skills and their control over inventory.
Why Listings Matter:
Matthew stresses the necessity for agents to prioritize listings, as successful agents report that listings constitute a large portion of their business, rather than just working with buyers.
Business Planning Insights:
As business planning season kicks off, Matthew shares insights from the Windermere symposium, urging agents to adjust their business models to focus on listings and to “right-size” their businesses for sustainability and growth.
The Listing Advantage:
The conversation reveals the revenue differences between working with buyers versus listings. Matthew explains that having three listings can assure a near guarantee of income within 90 days, unlike the uncertainty with buyers.
Convert Sellers to Buyers:
Discussion on the fact that around 50% of sellers become buyers. Matthew shares strategies on how agents can remain the primary contact for sellers post-transaction to secure future opportunities.
Understanding Market Dynamics:
Matthew compares the competitive nature of real estate, noting that 80% of agents focus on buyers, leading to lighter competition for listings. He encourages agents to position themselves on the less crowded side of the market.
Targeting Orphan Buyers:
The pair discuss "orphan buyers"—satisfied clients who have lost contact. Matthew encourages agents to reconnect with these buyers as a potential source of listings.
Practical Strategies for Success:
Matthew proposes a straightforward action plan, recommending agents schedule two listing appointments per week. He emphasizes consistency over perfection and outlines a simple math model to illustrate income potential.
Creative Marketing Opportunities:
Listeners are presented with creative marketing strategies, such as thanking competing agents for their new listings, which can serve as conversation starters with potential clients.
The Importance of Relationships:
Maintaining relationships and frequent contact with past clients is discussed, including sending reminders and personal engagements to keep agents top of mind.
Michael concludes by reiterating the essential message: agents should aim to list more properties to enhance their careers and optimize income. The actionable insights offered serve as a roadmap for agents adjusting to the evolving market landscape.
Call to Action:
Thank you for tuning in! If you found Matthew’s insights valuable, consider reaching out with questions. Don’t forget to like, share, and rate the episode to help spread the word. Remember to be awesome, help someone, and make it a great day!
Key Highlights:Concluding Thoughts:Contact Information for Matthew Ferrara: