Richard Ferrari, President & CEO of Brokerage for New York City and the Northeast Region, Douglas Elliman

In an interview with Invest:, Richard Ferrari, President and CEO of Brokerage for New York City and the Northeast region at Douglas Elliman, highlighted the firm’s expansion with the opening of three new offices in Massachusetts, including Wellesley, Nantucket and The Sarkis Team’s office in Boston’s financial district. Ferrari attributed the firm’s success to its client-focused approach while emphasizing market adaptability and professional development. 

What have been the most significant achievements for Douglas Elliman in the region? 

Over the past year, we’ve hit significant milestones. First, our largest team in Massachusetts, and one of our top sales teams nationwide, The Sarkis Team, opened their own Douglas Elliman office in Boston’s financial district. They’ve been very successful, working in the city, the suburbs and on Cape Cod. 

Secondly, in 2022, we strategically opened an office on Nantucket. Douglas Elliman spans from the West Coast to the East Coast, with locations in California, Nevada, Colorado, Texas, Florida, New York, New Jersey, Connecticut and Metro D.C. Nantucket Island is a premier summer beach-destination in the United States, attracting visitors from across the country. Our offices in Palm Beach, Beverly Hills, Aspen, Greenwich, and New York City all refer clients to Nantucket. It’s a unique and valuable part of our network. 

Lastly, we opened an office in Wellesley, positioning ourselves in the heart of the Boston suburban market. We were pleasantly surprised by the strength of the Douglas Elliman brand in the suburbs. The Wellesley office is now thriving, not only in gross commission income but also in serving the suburban communities of Boston. 

What drives Douglas Elliman’s success in Boston? 

We pride ourselves on being ethical, honorable, and professional. When representing sellers, we work to the best of our ability. For buyers, our focus is entirely on them – not our agents, not me, not the company. It’s about getting the job done and bringing people’s lives together. A home is essential for happiness, and whether people are trading up, trading down, or relocating, we’re there to help them transition to a new lifestyle. 

Although I’m not from Boston, I’ve been the President and CEO of NYC and Northeast Region for three years and visit Boston every six weeks. I’ve grown to love both Boston and its suburbs. Coming from Northern New Jersey and New York City, I appreciate the ease of getting around Boston compared to New York. The proximity from Logan Airport to our main corporate office at 20 Park Plaza is incredibly convenient. 

Our work goes beyond just selling homes, whether they’re apartments in urban Boston, townhouses, suburban homes, or vacation properties, we help create lifestyles for individuals and families. The Boston market, like many others, is experiencing an inventory crunch post- COVID. Interest rates are impacting people’s decisions to move, as switching from a 3% to a 6- 7% mortgage is costly. Despite this, the demand remains high, and our agents are still successful. 

I see Boston as relatively recession-proof due to its strong foundations in education, medicine, technology, and science, making Boston more resilient than other cities in this country because it is not solely driven by the economy, but by people’s ongoing needs. There will always be a steady number of students attending schools and medicine remains a constant necessity. Science and technology, while slightly more tied to the financial sector, are integral to our future. This resilience is another reason why I love Boston. 

What are your thoughts on the urban and suburban housing markets in Boston? 

Currently, there’s no rush to buy urban housing in America, making it an excellent time for buyers. When an urban property is priced correctly and in good condition, it attracts multiple buyers. Boston’s townhouse market is particularly impressive, comparable to a blend of Manhattan and Brooklyn. Beacon Hill and Back Bay have seen significant sales, with top properties fetching millions. 

Our first quarter numbers showed a slight decline in condo market prices, with sales down primarily due to a lack of inventory, not interest. This trend is consistent with our experience nationwide. Despite these challenges, the unique market in Boston and its suburbs continues to support our agents and the firm financially. 

What technology solutions is Douglas Elliman incorporating? 

Our technology operates on a national platform, but we tailor it to individual markets. For instance, we’re currently revamping our CRM to meet the specific needs of agents in different locations – Boston agents have different requirements than those in Los Angeles or New York. Our marketing department maintains a uniform brand nationwide, but each region’s branding has slight variations. 

In Boston, our city agents also sell in the suburbs and are members of the MLS, allowing them to sell on Cape Cod and Martha’s Vineyard without needing a physical office there. The New York connection is crucial, especially for second-home markets like Martha’s Vineyard, Nantucket, and Cape Cod. We’ve had significant sales in these areas, including an $8.1 million sale and a $6.2 million sale on Nantucket, and in 2022, we facilitated a sale of around $30 million. 

With hybrid work becoming the norm, how do you anticipate this will affect real estate? 

Pre-COVID, our agents came to the office almost daily. COVID changed that, making home offices essential. Now, this has evolved into a hybrid model. Agents still use the office for company culture and to stay informed. 

Real estate is unique; you need your colleagues to succeed. Being in the office, agents hear about new listings and potential buyers, which doesn’t happen when working from home. Our business relies on collaboration. 

Currently, agents come to the office two to three days a week. They don’t stay for eight hours but come in to do research, talk to colleagues, and understand market changes. You can’t operate effectively as an island; you need a village behind you. At Douglas Elliman, we provide that village for our agents. My clients are my agents, and their clients are the buyers and sellers. 

What advice do you have for young professionals aspiring to build a career in real estate? 

I’ve been in the business for 35 years, with 32 years as an agent and over three years as a sales executive. My advice is that regardless of industry changes, a dedicated real estate agent can still make a great living. Those who don’t work hard or think they can just take orders will fizzle out. Success in real estate is about professionalism and knowledge. 

For young agents, building a foundation of expertise in their chosen area is crucial. It takes time, years, not months. You need to actively seek out knowledge; it won’t be handed to you. When I started, I didn’t know much about Central Park West in New York, but I learned about every building and eventually sold the most expensive apartment there. 

A good agent never forgets the inventory they learn about. Walking through a neighborhood, they can recall sales from years ago. New agents don’t have this history, but it’s never too late to start. Building a foundation of knowledge is essential. It’s not enough to just know what’s listed; you need to physically see the properties and preview them before showing them to clients. 

Bringing value to a buyer is about interpreting listings and understanding why a property is great – or not. That’s where the true value of an agent lies. It’s not easy for new agents. It takes time, and real estate is a different type of career. There’s no salary; it’s all commission based. 

What is your long-term vision for Douglas Elliman and how do you see the company shaping residential real estate in the Boston region? 

The residential real estate industry is evolving nationwide, and I believe these changes will ultimately be for the better. Our vision for Douglas Elliman in the Boston area Massachusetts focuses on growth-specifically, growth among professional agents rather than just expanding brick-and-mortar offices. While physical offices are still necessary, the extent to which we need them has decreased compared to ten years ago. 

We aim to grow by nurturing professional agents, including new ones. Every top agent making headlines today was once a new agent, and fostering their development is part of Douglas Elliman’s DNA.