Philosopher and entrepreneur Matthew Ferrara shared how health, economic and racial issues will push the real estate industry to focus on consumers’ quality of life.

If you’d like to catch a video replay of this Connect Now session, and access the other 25+ hours of video content from Connect Now, tickets are still available. Click here to access.

After three days of discussing how 2020 has pushed real estate to the brink, there’s one main question at the forefront of everyone’s mind: What’s next?

According to philosopher and entrepreneur Matthew Ferrara, the social, economic and racial issues that have come to the forefront during the pandemic will push the real estate industry to double down on helping consumers improve their quality of life.

“Those Ls might get redefined,” Ferrara said in reference to the old real estate slogan of ‘location, location, location.’ “It might end up being location, lifestyle and leadership.”

“Real estate actually gets so tied up into the fabric of societies,” he added. “Real estate can become an engine of promise and an engine of change. We’re going to see the role of the real estate professional be elevated.”

Ferrara said the pandemic and the additional time at home has given everyone the opportunity to rethink what’s important in life and how their home can reflect those new priorities.

“I think in a lot of ways, we’re asking questions about what we really want out of our personal and professional lives,” he said while noting people are taking a frugal approach to possessions and relationships by valuing quality over quantity.

As a result, Ferrara said consumers will start making buying and selling decisions based on the quality of life, which includes opportunities for community involvement, advocacy and political action.

“Real estate actually gets so tied up into the fabric of societies,” he said. “Real estate can become an engine of promise and an engine of change. We’re going to see the role of the real estate professional be elevated.”

In the future, Ferrara said real estate agents must transition from simply “meeting consumer needs” to “anticipating consumer needs,” which includes relying on technology.

“Technology is our middle name in real estate,” he said. “Technology hasn’t happened to us, it’s happened by us.”

For example, Ferrara imagined a world where housing information is integrated into GPS applications and can pinpoint potential listings for buyers based on their quality of life needs.

“It’s not about servicing consumer needs, it’s about anticipating consumer needs,” he said. “An anticipatory industry will be less subject to supply and demand shocks.”

Finally, Ferrara pushed agents to think about the industry’s role in achieving a better quality of life not just for one particular buyer or seller, but for everyone as a whole.

“There should be a quality of life for all people at all times,” he said. “Since we’re good at change, I think we can recognize an even greater positive role for us.”

“We’re going to be called to do it even more,” he added in reference to the industry’s role in past and current initiatives for housing equality. “This is our fight to lead.”

Email Marian McPherson

If you’d like to catch a video replay of this Connect Now session, and access the other 25+ hours of video content from Connect Now, tickets are still available. Click here to access.

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