Did You Forget About the Data?
By Lorne C. Wallace on the Lone Wolf blog
Posted by: RET Staff
You are buying another brokerage, you've negotiated the terms and you've finally cut the deal. The acquisition of that competitor's office is going to finally happen. Congratulations!
Now you are thinking about changing the building sign; getting new business cards and yard signs for the agents; how to announce the deal; etc. This is all of the surface stuff that people see. But have you thought about the engine that runs the machine? Your technology, your back office accounting systems, your web integration to the MLS/Boards and every tool that actually makes your company run! These essential tools are often overlooked until the day after. And what you don't see is what creates challenges!
Here are some things to consider:
When integrating one office to a new environment, the back office systems are often not the same. And, even if the two companies are with the same technology partner, the service level or menu of products can be different and will require some advanced planning to seamlessly integrate.
The MLS systems can be challenging and will also require some advanced coordination between you, the other party, your MLS, real estate boards and your technology partner.
Sensitivity and confidentiality prior to your announcement are critical and you should ask your technology partner and any employees involved to sign a NDA.