Lennox Scott on how each generation of leaders innovates

Today’s RealTrending features J. Lennox Scott, president of John L. Scott Real Estate in Washington. He is the third generation of leaders of the company, and his daughter is in line to become the fourth. Scott talks about how each generation innovated and built on the success of the company. He offers his lessons learned in succession planning, the role of artificial intelligence in real estate and where he sees the most opportunity in today’s market.

The company is No. 17 by sales volume and No. 27 by transaction sides in the 2023 RealTrends 500 brokerage rankings and a member of the Billionaire’s Club.

Here is a small preview of today’s interview with Lennox. The transcript below has been lightly edited for length and clarity:

Tracey Velt: Agents who are to the business or have never been through a cycle like this haven’t had to do a lot of prospecting. They’ve done the minimum of reaching out to their sphere, just because business was really good. They had to work really hard to get a contract through but, to get an offer accepted, business was flowing. So, where is the opportunity now?

Lennox Scott: We took a look at the 80/20 rule. 20% implement, and they get 80% of the success. Well, we found the code to break the 80/20 rule. The code was supporting our broker associates, narrowing their focus down to one or two items that will really move the needle. Because as you were saying, it is all about relationships, especially in real estate. That trust in your relationship with a competent professional. And if you’re engaged, you elevate yourself above all the other brokers and agents in the industry. Therefore you get more of their business and more referrals.

The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.