In this week’s episode of the RealTrending podcast, host Tracey Velt sits down for an informative conversation with Paul Carlson, the president of Five Star Real Estate. Carlson delves into his early career journey, sharing insights on how he steered the growth of the brokerage.
He also reflects on the key lessons he learned when taking over the president’s role from his father, Greg Carlson, the founder of Five Star Real Estate. Carlson provides valuable tips on centralizing management, building a brand, and developing a successful succession plan.
After a brief introduction, Carlson shares his industry background. He started his career in 2006 and transitioned into key management positions at Five Star Real Estate in 2012. Overcoming challenges during the 2008 recession and limited support from his father, Carlson honed his skills as a real estate professional and photographer before joining Five Star. Today, the company boasts around 740 agents, 22 offices, and closed approximately 8,000 transactions in 2024.
Velt follows up with questions about Carlson’s transition into the president’s role at Five Star. Carlson reveals that the company had an anti-nepotism policy, which led him to work his way up within the organization. By advocating for change and showcasing his leadership potential, Carlson eventually earned the opportunity to lead the company. He emphasizes the importance of establishing a unique leadership style rather than trying to replicate a predecessor.
“The best thing I could do is realize I could never be him, and the company doesn’t need me to be him,” Carlson states. “I see a lot of people taking over their parent’s business trying to imitate the president or founder, and it just doesn’t work. I’m good enough as I am.”
Despite facing initial resistance and criticism, Carlson worked diligently to earn the respect of senior staff members and implement forward-thinking strategies at Five Star.
When asked about his initial growth strategy for Five Star, Carlson highlights the importance of rebranding and focusing on building a strong internal culture. Rather than relying heavily on external tech solutions, Carlson prioritized creating a unique value proposition for the company.
Next, Carlson shares the three primary areas that drove Five Star’s growth – reducing costs for agents, providing centralized brokerage support, and offering personalized branding services. By positioning Five Star as a consulting firm rather than a traditional brokerage, Carlson aimed to differentiate the company in the market.
Concluding the conversation, Carlson and Velt discuss the criteria for a successful succession plan. Carlson emphasizes the need for successors to bring their own vision and work ethic to the business, rather than simply following in the footsteps of their predecessors. Failing to implement these principles during a succession could result in stagnation or decline for the company.
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