Summary: The Philosopher, Matthew Ferrara of MF Company, jumps straight into the discussion by defining innovation. Technology is an avenue of innovation but there are so many other aspects of opportunity for innovation. Processes are probably the most needed. Think about the opportunities for changing how the sale of a home is handled. Inventorying homes, selling them at auction, changing the way brokers and agents are paid. There are so many avenues to innovate and the consumer will be driving these channels if real estate as an industry does not. Things that we need to focus on to innovate to improve the consumers experience. Out of the box techniques for driving down days on the market, lowering fees to the consumer to encourage more movement in the market. We're essentially charging people for the homes we haven't sold as much as we are for the homes that we are. Something is broken. We need to stop taking overpriced listings. Market to sell them in 30 days and stop taking listings that won't sell. We also discuss the fear based mentality of innovators who pull back when agents don't like something they are doing and loudly voice their opinions. For some reason we're not focusing as much on what the consumer needs and we've put the focus on taking care of ourselves. That's not truly how an economy works. Take a look at co-brokering a deal. Some agents are doing 90% of the work while others simply deliver the human on the other side of the transaction. Get rid of blanket offer of compensation. We're rewarding both sides of a transaction regardless of how an agent performs. This is the part of where the MLS is not doing a service to the industry, the consumer or the agents. There are a lot of gems in this episode. Take a few minutes to expand your mind and think about the possibilities if we change the system. We can do it or we can wait for someone else from the outside do it for us. Remember Trulia and Zillow. What are we waiting for? Matthew Ferrara, Philosopher Matthew Ferrara has had a very interesting career. Graduating with degrees in Philosophy and Political Economics, Matthew Ferrara opened his first business in 1991 helping salespeople use technology to increase their sales. He has spent twenty years working with sales and marketing industries, with a special focus on real estate and finance, trainers and management teams. Today Matthew helps his clients prepare for the challenges of the next generation of consumers, markets and technologies by unlocking their creativity, passion and intellect. Matthew has been called a renaissance man. He grew up analog, but lives digital. He travels the world delivering 60-70 keynote speeches annually, focusing on leadership, personal growth, sales and new technology. He has written a blog since 2008, appears on radio shows and delivers live internet television programs every month. Flying more than 150,000 miles a year, Matthew takes time on his journeys to photograph the people and places he visits, sharing his pictures in two books, his workshops and portfolio. He has won awards for his images in the United States and Italy. Most of all, Matthew is a philosopher who is focused on unleashing individual potential. He understands life’s challenges, as a two-time cancer survivor, yet remains focused on opportunities. He continues to travel the world, making new friends and offering ideas that help them reach their goals – and change the world. Matthew lives in Las Vegas. www.matthewferrara.com
