Master Real Estate Agent Shares Her Pro Tips for Maximizing Your ROI – Brooke Yussim
On this episode of The Closing Table, we sat down with Brooke Yussim!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Brooke Yussim…
The conversation began with a word association icebreaker on pre-approval, closing disclosure, and more. Brooke then introduced herself not just as a real estate professional, but also as a wife, a stepmother, and a proud grandmother of two little girls. Apart from her work, she has a passion for cooking and even has a hydroponic setup in her kitchen. She is also an active member of her community and dedicates her time to various local initiatives.
Moving on to her current market, Brooke serves primarily the Toledo, Ohio area, along with surrounding areas within approximately 5 miles of the Michigan border. While she does not currently have a Michigan license, she plans to acquire one in the near future. The Toledo area comprises mostly suburban regions, along with some rural areas and farms. Notably, the area also boasts an excellent park system that aims to provide residents with a park within 5 miles of their homes.
When it comes to paying for leads, Brooke has some reservations and shares her thoughts on the matter. Her initial reaction is “yikes,” but she wants to express her opinion without offending anyone, as she acknowledges that paying for leads can be successful for some people. At the beginning of her career, she started paying for leads through platforms like Zillow and realtor.com. However, as the success of these platforms grew, so did the prices. Initially, the leads were exclusive to one agent per potential client, but over time, it evolved into a free-for-all where multiple agents would receive inquiries from the same client. This change prompted Brooke to step back and reconsider her approach. One factor that further influenced Brooke’s decision was the realization that Zillow had transformed into a brokerage. This meant that her money was being used to compete against her, which didn’t sit well with her.
During the month of April, which is recognized as Fair Housing Month, Brooke discusses how she handles situations where a client expresses preferences that may conflict with fair housing laws, such as a desire to live in a neighborhood with a specific racial or ethnic makeup. Brooke’s approach in such situations is to typically ignore or avoid engaging with clients when they express discriminatory preferences. She emphasizes that it’s important to recognize and respect fair housing laws, and the National Association of Realtors (NAR) offers a fair housing simulator on its website. This simulator is a valuable tool that helps agents navigate through scenarios and refreshes their understanding of potential discrimination issues.
Brooke considers herself fortunate that she has not encountered many problematic situations regarding fair housing. However, she mentions that she has come across instances where sellers she worked with fell into the trap of discriminatory practices. In such cases, she promptly informs them that their actions are against fair housing laws and chooses to discontinue working with them.
Following that, Brooke clarifies that she currently works independently as a real estate agent and holds a broker’s license. When asked about her decision to work solo rather than with a team, she shares her experience of previously opening an office in Oregon where she operated solo for two years, with the assistance of a licensed assistant. Eventually, her husband obtained his license and began focusing on property management. At the peak of things, Brooke expanded to two offices and had around a dozen agents working under her. Although she enjoyed having a team, she realized that her independent nature clashed with the supervisory responsibilities that came with managing a larger operation.
Brooke also mentions her passion for teaching agents within the National Association of Realtors (NAR), but she found it challenging to manage a busy boutique brokerage so she decided to focus on working independently as an agent while still contributing through teaching. When it comes to reading the competitive market, Brooke emphasizes the importance of conducting a SWOT analysis as the first step toward success. She believes that individuals should take responsibility for their own success and acknowledges that it is impossible to make someone successful if they are not willing to put in the effort themselves. Conducting a SWOT analysis allows individuals to understand both their strengths and weaknesses, as well as the opportunities and threats in their market. By doing so, they can gain insights into their competition and gain a better understanding of themselves.
As independent contractors, realtors have the freedom to manage their businesses in different ways. Brooke highlights the significance of finding one’s value proposition. This involves identifying the unique service that one provides and understanding the value it brings to the consumer. By articulating this value proposition, realtors can effectively communicate what they offer to their clients. Furthermore, Brooke emphasizes the need to keep up with the fast-paced changes in the industry. Staying informed and continuously learning ensures that realtors know what they bring to the table and can adapt to new trends and developments.
When it comes to gathering and analyzing customer feedback, as well as integrating it into product development and sales strategies, Brooke explains that she actively seeks feedback from her clients throughout the transaction process. In addition to asking for references or reviews after closing a deal, she believes it is crucial to maintain open communication with clients throughout their entire journey. By fostering this open dialogue, she can gather valuable feedback that helps her understand the needs and preferences of her clients.
Next, the two talked about establishing and nurturing relationships with lenders is essential in the real estate industry, and Brooke emphasizes its importance. She shares an example where a lender didn’t approve her client’s loan just a week before closing. In response, Brooke quickly reached out to a different lender who helped her client obtain pre-approval and close the deal within two weeks. This situation highlights the significance of having strong relationships with lenders as it can provide alternative options and solutions for clients when unforeseen challenges arise. Additionally, Brooke mentions the importance of finding the right lender that aligns with your needs and preferences.
Brooke describes her approach to establishing and nurturing relationships with lenders and other professionals in the industry. Her philosophy is to take vendors, such as lenders, insurance personnel, inspectors, and others, to lunch. She actively seeks opportunities to meet and connect with them regularly. By building these relationships, Brooke not only creates a network of reliable partners but also gains insights into their processes and requirements, facilitating smoother transactions. Getting to know these professionals personally allows her to better understand their expectations, enabling her to navigate the process more effectively.
When discussing the relationship between leadership and execution, particularly in the case of an agent leaving a brokerage after a year of perceived “unsuccessful” results, Brooke recalls her own experience when she started in the industry. She entered an office where the approach was to welcome everyone, put them to the test, and see who would succeed. The company was a national brand that provided online training for agents to learn from. In contrast, the company she currently works with, Danbury Company in northwest Ohio, is a large private firm that offers extensive education and training opportunities. They have a strong management team that provides support. Brooke acknowledges that there are also intermediate scenarios between these two extremes.
However, Brooke emphasizes that real estate agents are independent contractors, and their success ultimately depends on their personal motivation and drive. Not everyone achieves success in real estate, even with access to education and mentoring. Some people join the market during prosperous times but struggle to adapt when circumstances change. Brooke believes that a long-term perspective and the right mindset are crucial for success.
The conversation wraps up with Kevin asking Brooke what success looks like to her, to which she answered, it revolves around having highly satisfied clients who refer her to others. She values the quality of service she provides rather than focusing solely on quantity.
Check out Brooke Yussim:
https://www.facebook.com/brooke.yussim
https://www.facebook.com/BrookeMichelYussimRealtor
https://www.instagram.com/brookeyussimrealtor/
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