As technology continues to push the evolution of the real estate industry along, it also opens the door for new competitors to enter the market. The growing footprint of iBuyer companies, for example, has created the new challenge of vying for the attention of unattached buyers and sellers looking to get into the marketplace.
Rather than dreading the changes, Lennox Scott has opted to embrace the competition at John L. Scott Real Estate. In this episode of RISMedia’s RealEdge, Scott dives into the industry shifts and shares some of his company’s strategies that help agents remain competitive.
On this week’s episode you’ll learn:
1:50 – What it was like to grow up in the industry
3:31 – Lessons Scott learned over his career
5:39 – How tech changes the game of relationship building
7:05 – How to be the first to know when a person is interested in moving
8:39 – How to help agents and brokers become the point person in transactions
11:39 – How to flip the ‘80-20 Rule’ on its head
17:00 – How to compete for business during a frenzied market
19:08 – Why ‘five rights’ make a sale
25:55 – How to maintain the human side of real estate amid digital advancement
28:30 – “What I chose to do and be is me, and what I choose to do is this”
About J. Lennox Scott
Lennox Scott is the third-generation chairman and CEO of Seattle-based John L. Scott Real Estate, founded in 1931 by his grandfather. A longtime industry advocate and thought leader, Scott is also a member of the National Association of REALTORSⓇ’ Strategic Thinkers Advisory Group and the Large Residential Firms Advisory Group.
Scott and the firm’s executive team remain committed to collaborating and focusing on the opportunities and positive outcomes of real estate trends, establishing strategies and action plans that lead to innovation and ongoing success. In 2020, Scott and his team introduced the concept, “Everything Video: LIVE Communication.” Realizing that, during these challenging times, presenting an engaging presence online is crucial, they encouraged the firm’s agents to embrace all the technology available to them in order to reach clients.
Scott also emphasized the importance of racial equity and inclusion in the real estate industry, speaking on the topic at various conferences in 2020, and hosting industry forums and training events to address the issue.