Two of the nation’s top-performing real estate leaders, Sherri Saad and Lisa Thompson, discussed how they have advanced their careers during a Fireside Chat at this year’s Velocity, A FORCE Conference at the Westin in New Orleans.
The conference allowed attendees to discover the transformative power of Velocity—a dynamic conference designed for real estate professionals. The conference was crafted for agents, brokers, asset managers, property management practitioners, attorneys, and servicers, and it delivered valuable growth strategies through interactive expert-led sessions and workshops.
Sherri Saad, Broker/Owner of REMAX Leading Edge in Detroit, and Lisa Thomson-Rosenhaus, Realtor Associate at Coldwell Banker in Miami, took the stage in the “Fireside Chat: Winning at the Highest Level” session.
Default and REO Behind Strategies
In their candid conversation, Saad and Thomson-Rosenhaus talked about how default and REO were a genesis for them to create strategies behind top-tiered production, build powerful client relationships, lead successful teams, and adapt to shifting market dynamics.
Saad and Thomson-Rosenhaus used a question-and-answer format to begin their presentation.
“Sherri, you built strong foundations through default and REO. How did that environment shape the way you approach business, leadership, and client relationships today?” Thomson-Rosenhaus asked.
Saad replied, “Building strong foundations through default has shaped my business and who I am today. The environment that helped me grow was being consistent, building strong relationships with my clients and the people all around me, and those who were there to help me grow. That helped me shape who I am today, and they’re still resourceful and a part of my business today.
Started in Traditional Real Estate Before Transition
Saad noted that Thomson-Rosenhaus started in traditional real estate before transitioning into REO.
“What made you do that?” Saad asked.
“I started my career in real estate 20 years ago. I was a young girl, just trying to get my real estate license. I wanted to sell real estate. I would go on listing appointments, and people would say, ‘I can’t sell my house for this because I actually owe more.’ So, I started to see that trend,” Thomson-Rosenhaus said. “When I started to see that trend, I said, ‘Hey, who are all the banks that own these properties? I want to sell their assets.’ And this was kind of like pre-REO. I was one of the first agents who really got into the REO market in Miami, which was very lucrative.”
Thomson-Rosenhaus noted she has a family business.
“I work with my mom and sister. We do not have a team, and we’ve sold just about 5,000 REOs, so very high volume. I love the REO market. It’s pretty much all I knew.”
Thomson-Rosenhaus recalled having to adjust as the REO business started to slow down. “I just wasn’t getting the business coming in,” she said. “It was scary, but you have to shift.”
She added that she started seeing a lot of big homes being built in Miami.
Selling Miami Homes had ‘Huge Commissions’
“I said, ‘If these agents can sell them, I want to sell them, because they’re huge commissions.’” This led to her expanding into luxury real estate. “I still did my first-time homebuyers. When COVID hit, it was a very unpredictable time, but in Miami, it really took off. My business was never stronger.”
Thomson recalled, “My mom and I started the business 20 years ago. I do not have agents that work for me. I do not have buyers or brokers. I have had the same assistant for 20 years. I have just really done everything myself. I know a lot of agents do not do that.”
Asked about a career turning point that helped her growth, Saad pointed out that building relationships was key.
“One of the biggest turning points in my career was realizing that success in real estate is not about selling homes. It’s about building relationships and systems and the importance of treating every client as if they are special and making sure that that client is your number one priority,” Saad said. “Even if you have a hundred clients or one client, you always want to make that client feel special, and no matter what the size of the transaction is, you are making them feel special.
“I know a lot of agents feel like, ‘That’s a $50,000 home, so I’ll answer their phone call when I can,’ or ‘This is a million-dollar transaction, let me answer their call right now.’ You really have to treat them all with respect and [make them feel] that they are special, because they’re coming to you for services.”
She said another career turning point was expanding into the REO and foreclosure space during a challenging market, “which a lot of agents were running away from, and I was just diving into.”
Adaptability is a Must
Saad said you must be adaptable in the REO business.
“Over the last few years, the market has changed dramatically, so agents, especially veteran agents, are stuck in their old ways and not willing to adapt, pivot, or even like any technology that comes in. They’re very old school,” Saad said. “To stay above in this industry and to stay one step ahead of this industry, you have to put systems into place and get out of your old ways and not be stuck in the old traditional real estate, like where we used to do MapQuest or get your Rolodex out.”
Saad said you have to trust the technology and implement it in your business.
“That is, I think, the biggest challenge right now: agents don’t want to be on social media. They don’t want to do what the new Gen Zs are doing. But we really have to adapt to it and start promoting it and get active in it, or you are going to be left behind in this business.”
How does Saad handle it?
“I encourage all my agents to always adapt to the new systems in place, especially AI right now. You have an agent who has been in the market for 30 years and doesn’t advertise their listings anymore on social media, and you should, because that is where the market is going. I encourage everyone to just do it one step at a time, but do not get stuck in your old ways because you are going to get left behind.”
Thomson-Rosenhaus asked Saad what opportunities she is seeing that many agents are overlooking.
Building Personal Relationships
“This is a big one. I do see a lot of agents that are coming into real estate right now that are overlooking building personal relationships with their clients,” Saad said. “They’re treating their clients as a transaction and not as building relationships because if you remember back when you started real estate, you built relationships and you asked for referrals, right?
“I do see that a lot of agents are now going into social media and trying to become the next influencer, [rather than] focusing on the contract and understanding the contracts.”
Thomson-Rosenhaus emphasized the importance of building relationships.
“I also think that buyers are very smart now. Buyers call me the second something goes on Zillow. They are reading the latest Wall Street Journal article. You have to stay on top of market trends because these buyers are smarter than they ever have been,” Thomson-Rosenhaus said. “And if we act more as an adviser, then we can help them make the best decision, and it will really set us apart.”
