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Lone Wolf Introduces New Cloud Solutions for Agents, Brokers, Teams, Franchises, MLSs, and Associations
Lone Wolf Technologies announced the availability of real estate's first integrated suites of technology solutions targeted to the specific and unique needs of residential real estate stakeholders: Agent Cloud, Team Cloud, Broker Cloud, Franchise Cloud, and Organization Cloud. Each cloud solution connects real estate's leading technology in a single package and is available for purchase today through lwolf.com.
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Going Beyond Standard Integration, Inside Real Estate Builds a BombBomb Based Product Inside kvCORE
Normally, announcements of integrations between companies are not very noteworthy, but this one is different. Using APIs (Application Programming Interfaces) and single sign-on has been the normal process of integrating software solutions; they look like a link or an icon that allows you to share data and launch a program from one company in the software of another company. The CoreLogic Clareity Dashboard, or smart links in most MLS systems, are prime examples of this. There are similar integrated add-on solutions included in the kvCORE Marketplace. What is different in this announcement from Inside Real Estate about their new product CORE Video, powered by BombBomb, is that adding a video message to a client inside the kvCORE system is completely seamless (what developers call native integration). It's even beyond the typical notion of a native integration; it's actually a full feature set built within kvCORE. Moreover, it is now included in all kvCORE accounts. I have always seen BombBomb video as a nice feature rather than a required feature for CRM. I often refer to some products in real estate as vitamins rather than painkillers, and in the past BombBomb has been in my vitamin category—but my perspective is changing. The research on using video as a communication tool to increase effectiveness all say that it is a hit. 81% more replies and responses than any other medium 87% more clicks and engagement than text alone #1 preferred content type by consumers 85% of buyers and sellers want to work with an agent who uses video 95% of a message is retained via video vs. only 10% via text Now all kvCORE users will have access to a basic version of CORE Video powered by BombBomb at no cost. If they want more advanced capabilities, they can upgrade to a premium CORE Video account that unlocks a full set of additional, impressive features, including unlimited video messaging via both email and text, mass sends, use of video in campaigns, video libraries, complete mobile app integration and the powerful Google Chrome extension that lets you record and send messages from anywhere. Inside Real Estate is the first and only real estate platform to provide a basic (lite) version of BombBomb in its new CORE Video product, included with kvCORE, at no cost. Top that off with it being the first truly native+ integration, offering the most seamless experience of BombBomb video features within a real estate platform, and you've got a real winner here. To check out the new CORE Video, powered by BombBomb, catch one of their demos here.
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Canvas Real Estate Sees Massive Growth Through Independent Tech and Training
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Friday Freebie: Intranet for Brokerages and Teams That Outlasts COVID-19
If you're like most brokerages or real estate teams, the coronavirus pandemic has changed how you communicate with your agents. But though we all must physically be apart right now, you can still build community and stay connected via technology. One of the more encouraging things to come out of this pandemic is how the real estate community has come together to support each other. Several real estate technology vendors are waiving their subscription fees to existing customers for the duration of the crisis. Others, as you'll see in this Friday Freebie, are giving new users free access to their products… forever.
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Inside Real Estate First to Invest in Broker Customers
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Delta Media Group Invests $30 Million to Create AI-powered, Broker Marketing Platform
I just arrived at the Leading Real Estate Companies of the World (LeadingRE) conference in Las Vegas. Other than seeing a whole bunch of people donning masks and splashing on hand sanitizer regularly, this smart group of nearly 1,600 of the leading brokers in America are here strategizing about the best ways to take their businesses to the next level. One big piece of news got my attention! Delta Media Group, one of the oldest and most well established broker marketing platform companies in real estate, today revealed their all new DeltaNET 6 platform. Remarkably, this privately-owned company invested at the levels of venture-backed companies, spending 40,000 development hours and $30 million to completely overhaul their platform to provide brokers with brand new technology to fight the good fight for listing exposure, lead generation, and customer relationship cultivation and nurturing. LeadingRE brokers are known for taking a proactive stance to do what it takes to make their agents successful at serving the needs of their clients better than anyone else. It's no wonder that Delta Media Group chose the LeadingRE Conference to reveal their platform. According to the news release, Delta Media is deploying the latest technologies, including artificial intelligence, to increase customer engagement. "Delta Media is taking in the delivery of AI-powered features across the new DeltaNET platform. AI-based customer engagement via web site offers suggestions and automated marketing engagements. On the consumer facing search site, the solution will monitor consumer behavior and anticipate their next steps. In agent and team facing solutions, artificial intelligence is used to help review an agent's sales funnel and make suggestions to the agent on which customers need to be contacted." Interestingly, I'm hearing from brokers here that they are excited to take a look at what DeltaNET has to offer because they are looking for a privately-owned company like themselves that is not owned by a competitive brokerage. We will stay in touch with Delta Media and let you know how their rollout goes. Here's the full news release for your review: Delta Media Launches Newest All-in-One Broker Platform at Leading RE Conference Canton, Ohio – March 10, 2020 - Delta Media Group, Inc., one of America's most established and largest broker technology solutions providers, heads to the Leading Real Estate Companies of The World Annual Conference this week to announce the launch of DeltaNET 6, their newest generation of cutting-edge broker websites, broker back-office productivity suite, and agent and team solutions. "DeltaNET 6 is the ultimate all-in-one website and digital marketing platform designed by real estate experts for real estate professionals," says Michael Minard, CEO and owner of Delta Media. "This major advancement represents over 40,000 development hours and an investment of more than $30 million. DeltaNET 6 delivers advanced technology to our brokerage clients as our new center of excellence drives success through artificial intelligence and machine learning," he added. Minard explained the approach that Delta Media is taking in the delivery of AI-powered features across the new DeltaNET platform. AI-based customer engagement via web site offers suggestions and automated marketing engagements. On the consumer facing search site, the solution will monitor consumer behavior and anticipate their next steps. In agent and team facing solutions, artificial intelligence is used to help review an agent's sales funnel and make suggestions to the agent on which customers need to be contacted. Expected to be one the most popular features is the ability to customize the DeltaNET 6 dashboard. Its allows an office, broker-owner, team, or agent to create custom layouts of modules that they use the most in their daily workflow, supports single sign on (SSO), and many other features that empowers brokers to present the most important tools to the right agent or team at the right time. As major real estate brands acquire broker technology platforms exclusively for their franchisees, Delta Media has been successfully offering orphaned brokerages a seamless conversion away from those platforms. With Delta Media's conversion tools, entire websites, CRMs, Customer Records, and often saved searches and other material content are transferred over to their new platform, provided by Delta Media. "Nothing challenges independent brokerages more than the idea of using a franchise technology solution that undermines differentiation between brands that compete in a market," Minard said. Delta Media will be hosting a reception at Leading RE immediately after networking night. Please visit Delta Media at Leading RE Booth 201 for reception details and to see the updated DeltaNET 6, which is being described as the most elegantly designed solution in real estate today. About Delta Media Group Delta Media Group, creator of the DeltaNET 6sm, PropertyPursuit®, AdWizard™, and Properties in Motion®, is a leading and trusted technology partner for many of real estate's top brands. Real estate's only provider of an all-in-one website, back office and digital marketing platform that is family-owned and operated, Delta Media Group is well-known for its patent-pending SEO software and custom hyperlocal content creation. Delta Media Group is an early real estate technology innovator, established in 1994. Discover more at deltamediagroup.com.
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The 'Four Pillars' of Brokerage Technology Tools
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Lone Wolf Expands Marketplace of Real Estate Tools for 1.3 Million Agents in the U.S.
Lone Wolf Technologies announced that three new real estate tools are now available as integrations in zipForm Plus, the national transaction management member benefit in the U.S.: Earnnest, eCommission, and Updater. Each of these tools simplifies the transaction experience for agents and brokerages and bolsters the value they can provide their buyers and sellers. Earnnest specializes in safe and secure digital escrow payments, connecting to more than 12,000 financial institutions across the country with banking-level security and encryption, mitigating the growing risks of wire fraud. eCommission provides commission advances to agents on pending sales and active listings through a short and simple online process. Updater is the nation's leading moving app, simplifying the relocation process for millions of home buyers and sellers across the country through a personalized moving concierge.
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Weichert Empowers Agents with New All-in-one Mobile Technology Platform
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From Data to Profit with Peter Mueller
Peter Drucker was famous for saying: "If you can't measure it, you can't improve it." After all, you can't expect to hit your New Year's weight loss resolution if you don't know where you started. It's like trying to run a race without a starting line. There's another great saying that was famously spoken by your coach, or maybe by your parents—or maybe even by your school teacher when you were upset about a poor grade: "You get out what you put in." Or perhaps you've heard the more forceful version: "Garbage In, Garbage Out" (G.I.G.O.). However you spin it, it's often uncannily accurate. So what do these two famous sayings mean to real estate brokers?
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The Data Conundrum: Finding the Right Numbers for Profitability
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Finding Profit in the Likeliest of Places
One of the biggest challenges facing brokers today is pressure on their net profit margins, according to Real Trends' Q4 Broker Sentiment Survey. Understandably so. Real estate has changed so much in the past 10 years that new components, such as digital technology, are now part and parcel of working in the industry.
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Heads Up: brokerWOLF Reporting Is Getting New Features
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HER Realtors Launches kvCORE from Inside Real Estate to Fuel Growth in 2020
HER Realtors, ranked by the RISMedia Power Broker Report as one of the top 100 largest brokerages in the country, has partnered with Inside Real Estate to provide kvCORE to their over 1,250 associates. The platform will serve as a comprehensive tech ecosystem, allowing associates and teams to manage their entire business in one location, driving increased efficiencies and higher productivity for HER Realtors' growing footprint of associates throughout Ohio and Northern Kentucky.
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Lone Wolf Launches Integration Between zipForm Plus and brokerWOLF
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The Resurgence of the Independent Real Estate Brokerage: An Open Letter to the Real Estate Industry
As leaders of big-box franchise brands stand on stages and pound their collective chests, making outlandish claims about their commitments to technology, independent brokerages are feeling more empowered than ever toward gaining market share. In fact, industry data supports this fact. After more than 20 years in this industry, my conclusion is there are two fundamental reasons independent brokerages are winning today. First, technology is leveling the playing field and allowing for more net broker dollars than in previous years, even while margins are shrinking more than ever before in history. Second, the typical agent in the United States makes a brokerage change every four to five years, and grows increasingly concerned about protecting their data, contact records, and book of business. Considering more than 82% of an agent's annual revenue is procured from their sphere of influence, this wariness makes total sense.
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Inside Real Estate Supercharges Agent Productivity with Enhancements to Popular kvCORE Mobile App
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Residential Real Estate Software Platforms Growing Fast: Death of the Small Point Solution Firm
Scaled, modern tech players rise while small point solution firms melt. The world of residential real estate software is transforming rapidly to meet the needs of brokers and agents. In the past, there were seemingly hundreds of small, undercapitalized firms offering point solutions with very little capital available from professional investors (venture or growth equity firms) to support these businesses. Selecting and maintaining software solutions was a nightmare. Real estate brokers and agents had to buy 10 or more point solutions from small vendors and tie those solutions together to assemble their own 'Frankenstein' business system. Not only was it a mess to integrate all these solutions, but brokers also had to worry that a competitor might buy their vendors. Compass' purchase of Contactually is a recent example. In just two years, that world has changed significantly. At the top of the residential real estate market, there are a few select software firms rising above the rest to become the tech partner brokers and agents have been looking for. These firms have the breadth of modern solutions, the size and scale and the financial backing to be trusted by brokers and agents for the long term. On the other end, many of the smaller, weaker firms have melted away and are being purchased by consolidators that buy failed businesses and milk them for cash. Two examples from just this past week illustrate what is happening perfectly. Inside Real Estate is an example of one of those select firms at the top. They recently announced that a major growth equity firm, Lovell Minnick Partners with around $3 billion in investment capital has stepped in to back their business in its next major phase of growth. Inside Real Estate has all the characteristics these big investors are looking for. In fact, late last year I wrote about the powerful, end-to-end platform (kvCORE)  that Inside Real Estate launched in late 2017 which has been so successful. Their business has continued to grow significantly since then; they now have over 200,000 users. With this new financial backing (they are upgrading from a much smaller growth equity investor – NexPhase Capital), they now have the winning trifecta for a new world tech partner: a complete solution set, business scale and serious financial backing. This is the model for the future of software providers in our space. On the flip side, you have SmartZip that recently announced the sale of its assets to Constellation Software after a long, painful decline that resulted in this foreclosure sale by their lender. We will probably see more of these ugly deaths in the future as the select few leaders rise and the rest die. What does this mean for brokers and agents? It's great news. With growth equity investors like Lovell Minnick Partners finally finding software firms with the scale, growth and profitability to invest in, we will see more stability and more innovation from these vendors for years to come. To view the original article, visit the WAV Group blog.
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Baird and Warner Launches Powerhouse Tech Platform kvCORE to 2,500+ Agents
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Small and Midsized Brokers Power Recruiting with Core BackOffice
When recruiting top agents and teams, commission calculations constitutes one of the most difficult hurdles for small and midsized brokerage firms. America has about 85,000 brokerages and over 1.2 million Realtors and teams and, truth be told, there may be hundreds of thousands of different commission calculation programs. Actually working out the commission program needed to recruit agents presents much less of a challenge than tracking these unique commission programs designed for each agent on something other than an Excel spreadsheet. Small and midsized firms need to support variety in their compensation plans in order to recruit. No doubt, enterprise systems like Profit Power and brokerWOLF support any type of commission calculation imaginable for firms with hundreds of agents. But smaller firms require an affordable solution that integrates with QuickBooks. In 2016 and 2017, entrepreneur Jeremy Shoenig developed software for exactly this purpose, called BrokerSumo. In 2017, the company was acquired by one of America's largest brokerage software companies, Inside Real Estate. Since the acquisition, Inside Real Estate made a massive investment in expanding the features and functionality of BrokerSumo, and renamed the product Core BackOffice. Today, Core BackOffice is recognized as one of the most flexible and easy to use broker back office commission management systems in America. Core BackOffice manages office financials and agent financials, processes agent monthly billings, and handles customized commission plans and closing net sheets. Core BackOffice even handles commission disbursement sheets and third-party direct deposit. QuickBooks does the rest. Even large teams are using Core BackOffice to run their financials. Yes, there is more... A key feature of the system is the seamless workflow for new agent and team onboarding. Transactions also sync with popular transaction management systems like dotloop, DocuSign, EZ Coordinator, and SkySlope. When you grow sick of using spreadsheets in your business to do all of the things that QuickBooks fails to do for real estate companies, check out Core BackOffice. Its affordability and ease of use make it a premium product.  
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Industry Acquisitions Drive Luxury Brokerage to Launch New Tech Stack
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Brokers Beware! That Old Tech Is Eating at Your Profits
Brokers and owners often view back office systems as an afterthought. This is because they aren't seen as revenue drivers. In fact, back office accounting platforms for the real estate industry have historically been expensive, with non-cloud based software that is a frustrating user experience, requires manual data entry, and lacks operational necessities such as seamless integrations and automation of simple tasks.
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How Do We Use Insights to Drive Action?
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Let's Start Tipping Brokers
In the past, we've talked about the compensation model for brokers (here and here). As Redfin continues to grow, the fixed-fee/discount model is continually positioned as a superior one. There's REX and its $2,000 fee, Homie and its $1500 fee, and a slew of others who are hitching their wagon to the trend that fixed-fee aligns best with the incentives of the client: why pay more simply because you spend more? The issue, as is well documented, is that there is often a stigma with 'discount' that implies lack of quality services provided when compared to the traditional brokerage model. What drives consumers crazy with the latter is the fact the agent gets paid more the more you spend, not necessarily due to better service. Is there a third structure that would optimize the alignment of incentives? Yes: tipping.
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12 Ways to Increase Your Real Estate Agency's Efficiency
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Virtual Is Becoming a Reality in Real Estate
There are new and exciting entrants into the real estate industry every year. While much of the focus the last calendar year has been on Compass, one firm that was born during the recovery from the great recession, eXp Realty, has been growing at a clip that should be hard to miss.
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Brokers: Does your real estate tech stack really help recruit and retain agents?
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Comp Talks: Real Estate Agents (Part 2 of 2)
Last week, we discussed real estate agent compensation and looked for parallels within the investment management industry to point to possible clues toward the future. Today, we're circling back to look at different models that exist currently, and what they mean for agents and the clients.
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The Importance of Quality Agent Onboarding for a Successful Team
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MoveEasy Masters Brokerage Integration
The number one business challenge brokerages struggle with when it comes to technology is "getting our systems to work together." That's what the more than half – 54 percent of real estate leaders said when asked about their major tech challenges. The study was conducted by Imprev, which last year polled nearly 240 real estate leaders who represent brokerages responsible for more than half of all U.S. residential real estate transactions. Integration isn't just crucial to brokerages – it's vital. A brokerage will never implement any new technology today if it can't work together well with their existing tech-stack. At MoveEasy, we offer brokerages a moving and post-move concierge platform combined with a human concierge service fully integrated with the brokerage's technology to streamline the last mile of the transaction and to help agents stay connected to customers for life in a seamless manner. Tech integration: But there's the rub! The challenge brokerages often face integrating technologies is that it comes with a cost. Even when a technology firm doesn't charge an integration fee – and some actually do – there are planning, development and training costs that the brokerage will bear. Brokerages also are often hamstrung by having legacy technology. These older software systems are so embedded into their daily routines, it makes it difficult or seemingly impossible (or cost prohibitive) for a brokerage to update its systems. That means a lot of new technologies just won't play well with this outdated software. Integration won't be possible with many tech firms without a lot of pain and torture. Moreover, brokerages face another major dilemma: their agents are inundated with technology. Many times, their agents are actually suffering from technology fatigue. That's because every time a brokerage adopts a new technology, agents have to learn the new technology – sign up for new training, then remember new logins and most importantly, change what they have been doing. Many studies reveal that even at the best brokerages, a high adoption rate is still well under 50 percent. No wonder brokerages struggle with getting their agents to adopt the technology they provide. A 360-degree integration solution MoveEasy has an answer that helps solve these broker challenges. We call it our 360-degree integration solution. Our integration is holistic – from agent account creation to client usage. As a result, it just doesn't make MoveEasy adoption better but helps increase the adoption of a brokerages other connected technology products, like their CRM. Our 360-degree integration makes everything connected seamless for the brokerage, agents and their clients. MoveEasy has become the "Masters of Brokerage Integration" because our roots are in technology and unlike our peers, we just don't focus on a single integration. We look at how we can help a brokerage automate as much as possible by doing multiple integrations. Let me give you an example of how we do this and the value this brings to agents and their buyer and seller clients. How Realty ONE Group benefits Realty ONE Group is the fastest growing real estate brand in the nation and ranked #5 nationwide by REAL Trends. With more than 11,000 professionals and over 150 offices, they deploy industry leading technology including MoxiWorks (CRM and agent websites), Skyslope (transaction management), and ONE Login (Dashboard Single Sign-On or SSO). Realty ONE Group exploits the full power of MoveEasy's 360-degree integration, including: With our MoxiWorks cloud integration, MoveEasy automatically pulled their entire agent roster, creating individual agent accounts (fully personalized with their headshots, contact details and brokerage branding) for the entire brokerage in less than two seconds per agent. As a result, Realty ONE Group's admins don't have to email roster information back and forth, or keep updating this information when agents leave, or new agents join. MoveEasy's Transaction Management integration with Skyslope ensures that the moment a transaction goes to pending, agents are automatically notified, and pending their permission, clients are automatically invited. MoveEasy's integration with Skyslope means agents don't have to worry about remembering to log into another system or entering clients' details every time. Automation does it for them: they are simply notified. When a client clicks on an agent invitation to use MoveEasy, the client's details also are pre-populated: clients don't have to enter any information their agent already knew. Once clients log in, they will never have to enter their details even once to confirm a service. MoveEasy calls this "one-click service." That means clients won't have to enter their zip codes to find movers, or property details to order home services. Even when clients contact our human concierge, all of their information is at hand. They can simply text, call or email and our system will automatically recognize them. Realty ONE Group receives a wide range of other benefits from our 360-degree integration. As clients use the service on MoveEasy, Realty One receives activity updates inside MoxiWorks Engage so its agents know what their clients are doing, allowing them to touch base with their clients just at the right time. Our integration can allow agents to automatically embed their MoveEasy platform into their individual agent websites. With our MoxiWebsites integration, agents can activate MoveEasy on their site in one click. There's absolutely no need for any training, or instructions, etc. Agents benefit because if a prospect signs up with MoveEasy from their website, a lead automatically gets created into the MoxiEngage CRM. The agents don't have to worry about entering it manually. Finally, if Realty ONE Group agents want to log into their MoveEasy admin dashboard to check analytics or update their profile, it's again just one click. MoveEasy is fully integrated with both ONE Login and MoxiWorks SSO connection. That means agents don't need to remember another login or password. Mastering integration matters It's safe to say that no one cares about integration in the moving and post-move services field more than MoveEasy. Talk to our brokerage customers for validation, but our approach has been to create each integration we do based on the brokerage's needs. That has allowed us to master the ability to integrate with some of the most popular real estate systems available. Already, MoveEasy has integrated with electronic signature giant DocuSign and some of the industry's leading transaction management solutions, including dotloop, Skyslope, and Brokermint. We've also integrated with CRM leaders MoxiWorks and LionDesk, as well as back-office solutions Profit Power and AccountTECH. Other integrations include SSO platforms such as Konverse and OneLogin. Most importantly, MoveEasy will work with each brokerage to integrate with any of their current CRM, back-office system, transaction management software, agent websites, or SSO –including proprietary software – so their agents can get the benefits of MoveEasy without typing an extra key. At MoveEasy, we're working hard, so it becomes easy for brokerages tech systems to talk to our systems. As the masters of brokerage integration, we want this experience to be as seamless as possible. Venkatesh "Ven" Ganapathy, Founder & CEO of MoveEasy, moving made simple by people+tech, at moveeasy.com.    
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Are Your Agents Cutting Their Commissions?
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One Brokerage's Key to Success
Starting a real estate brokerage from scratch is no easy task--especially in one of Canada's biggest housing markets. It takes hard work, dedication, and resources. But that didn't stop Michelle Napieralski. As a Realtor in the Greater Toronto Area, Canada's largest metropolitan area, it didn't take long for Michelle's drive to kick in. She wanted more from the brokerage she was working at; she wanted to be able to grow as a team with her partner. So she and her partner started a brand-new brokerage—and before long, Manor Hill Realty was on its way.
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The Unseen Perks of a Strong Broker Tech Platform
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How to Unlock Your Brokerage's Ultimate Power
If you've been following the Marvel Cinematic Universe for the last decade, you might know that it was all leading up to Avengers: Infinity War. That blockbuster featured all our favorite heroes trying to stop the villain Thanos from getting his hands (hand?) on the Infinity Stones, a source of immeasurable power in the universe. Obviously, Marvel couldn't let Thanos have an easy time getting those stones. Each required him to solve a different problem, some of which cost him much more dearly than others. Don't worry, we won't spoil it! Each stone represents one of six aspects of the universe, which are surprisingly applicable to your brokerage. It wasn't easy for Thanos to solve his pain points and get those stones, but it doesn't need to be difficult for you to solve yours and build your brokerage's power! So how do these apply to your brokerage, and how can you use them to unlock its ultimate power?
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Visualizing Data to Understand Brokerage Performance
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RE/MAX Just Bought booj. Are You Prepared for What's Next?
2018 is looking to be the year of the mic drop. With LeadingRE's Cloud announcement recently behind us, subsequently comes another. RE/MAX acquired technology company booj in order to future-proof their stake in the industry. First of all, congrats to booj for this epic announcement and sale; it's what every entrepreneur dreams about. I'd also like to congratulate the other end of the deal, RE/MAX, for embracing a great technology solution for their vast number of agents. Now, for all the existing booj customers out there that are independent brokerages...
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[VIDEO] Lone Wolf's Virtual Meet and Greet
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MoxiWorks to Deliver LeadingRE Cloud Data Services Ahead of Big Franchises
In an announcement made to their membership, Leading Real Estate Companies of the World (LeadingRE) have entered into a definitive agreement with Moxi Works to provide LeadingRE Cloud to their 565+ brokerage members. Franchises and networks like LeadingRE have been providing data services for their brokers over decades. No doubt, the most notorious version is the legacy CREST system at Realogy Holdings Corporation. Keller Williams CEO, Gary Keller, has kicked off a billion dollar investment in technology. RE/MAX® is in the process to buy a company or outsource to a vendor. Berkshire Hathaway Home Services has projects underway but have not released their ambitions to the media. Remember, all franchise systems are required to have some sort of database for tracking payments from the broker to the franchise on transactions. They all need data systems to power up their franchise software solutions.
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Moneyball: The Analysis of a Real Estate Agent
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Compass Is Coming to Your Town
To recap quite possibly the most significant announcement of 2017 for our industry: Softbank invested a whopping $450 million into the new, shiny tech brokerage, Compass. Emphasis on the brokerage, emphasis on that dollar amount since it's the largest investment into real estate technology ever, from the world's largest technology investment fund. They basically did a mic drop to cap off an already crazy real estate tech announcement year.
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Key Aspects to Look for in a Brokerage Platform
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Inside Real Estate Acquires BrokerSumo
WAV Group would like to congratulate Inside Real Estate and BrokerSumo. Inside Real Estate acquired BrokerSumo in an all cash transaction today. Both real estate technology firms are clients of both WAV Group and RE Technology. WAV Group is highly impressed by the quality of the Inside Real Estate core product, kvCORE. Inside Real Estate acquired Kunversion last year and has expanded the platform beyond team to a full broker suite. The kvCORE platform includes agent and broker lead generation websites, smart CRM, transaction management, an application marketplace, and integrations into many of the most popular applications in the industry. For the most part, the combination of kvCORE plus Transaction Management integration goes a long way toward a true lead-to-close solution. But the one thing was missing was accounting and commission management. With the acquisition of BrokerSumo, they have completed the suite.
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Everyone Is Moving to the Cloud
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Will Redfin's Giant Team Take Your Market Share?
Redfin's stock dropped 5.45 percent earlier this month when Compass announced their plan of world domination. It was primarily due to their poor Q3 earnings release, falling short of analyst estimates, and we'll go ahead and mention the fact they currently only serve 0.71 percent of the U.S. housing market... BUT they're still Redfin. They're still a shark in a sea of minnows, constantly posing a threat. In real estate, agent teams are becoming kind of a big deal. In fact, according to REAL Trends, there are now 35,000 to 50,000 agent teams across the U.S., with the majority having two to nine team members. These numbers are only growing, with 37 percent of teams formed one to three years ago and 26 percent of teams formed one year ago.
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How to Streamline Your Real Estate Transaction Using dotloop and iBroker
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The Importance of Quality Agent Onboarding for a Successful Team
The real estate profession is unique when it comes to joining a new brokerage or firm. Unlike with traditional job onboarding, there is a combination of requirements to be successful as an agent. New agents need a thorough and effective onboarding process. Many new real estate agents drop out of the industry simply because they didn't receive proper training when they started out. Here are a few tips for how to improve the onboarding process for new agents.
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Which Back Office Platform is Right for Your Brokerage?
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Open Platform: The Newest Way to Run Your Back Office
How do you manage your back office? In truth, That's largely dependent on the software you've chosen to support your endeavors. Today, we're kicking off a two-part series that looks at a pair of very different back office solutions: a more traditional, enterprise level platform and an "open platform" that works as a hub to connect all of your existing tools. Both solutions are highlighted in our 2017-18 Technology Guide. Which approach is best for your business? Read on to learn more.
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Is Your Back Office Management Working for You or Costing You Time?
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Do You Have a Love-Hate Relationship with Your Brokerage Business?
There's so much to love about running a real estate brokerage: You can use whatever business model you wish, hire according to your standards, service the clients you choose, decide what tech tools to leverage, and even decide (within reason) when you'll make yourself available for work. But there's one big aspect of running a brokerage that almost every real estate broker hates: The administrative burden of operating a business that involves dozens of different technology platforms and marketing systems, plus the independent contractor hires. It can be overwhelming for even the most Type-A broker-owner.
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What Lone Wolf's Acquisition of Instanet Solutions Means for Brokers and MLSs
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Don't Let the Keller Cloud Kill You
Keller Williams recently announced that they have a $1 billion budget to set aside for their technology. You read that correctly, a BILLION. The idea that a smaller brokerage could be able to invest that kind of money to create and maintain their own technology is absurd. Not every brokerage is a Keller Williams and we bet that billion they're investing in their technology is just the beginning. How does any other brokerage compete with that? You can't, not at this level of investment. However, you don't have to sit back and let them bring you to a slow and painful death either.
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Translating the Power of a Franchise to Your Brokerage
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Rich Broker, Poor Broker: Breaking Free and Building Wealth in Real Estate with the 'Cashflow Quadrant'
By now, everyone is nauseatingly familiar with the mantra, "Work smarter, not harder." However sick of the expression you may be, as a professional in the real estate industry, can say that you actually consider this concept on a regular basis and actively practice it? Be honest, because what we see in this industry is an ideology centered around putting our heads down and logging long hours every week. This "hustle 'till you drop" philosophy seems to be the more prevalent mantra in the business culture of North America. The average person believes if they just put a little more effort into their work and take on a few extra projects or clients, they will eventually find success. The unfortunate reality is the average person working in real estate will never find freedom they're after, or the success they believe their hard work entitles them to. Their level of wealth will forever be directly correlated to how many hours they are willing to sacrifice with their nose to the grindstone "hustling." Don't Sweat, Succeed!
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3 Reasons Reporting Analytics Are Imperative for Brokerages
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Top 5 Reasons Why Getting Real Estate Accounting Software Could Be Your Play of the Week
Although real estate and sports teams differ in many ways, your real estate team shares many of the same needs as your favorite professional sports team. Here are five benefits to getting real estate accounting software for your team. 1. Financial System Accounting software gives your team a financial system. NHL General Manager Jim Rutherford needs to track his team's spending in relation to the NHL's salary cap. Since taking the GM position in 2014, Rutherford has kept his finances in check, continues to have a cap friendly team and has won back-to-back Stanley Cups in 2016 and 2017. Like a Cup contending NHL team, your real estate team needs to understand and track its finances. Accounting software gives your real estate team a financial system that helps keep track of your team's productivity, transactions and deals in the pipeline.
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Brokermint Matures into a Top Choice for Small to Mid-sized Brokers
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Providing Best-in-Class to Your Agents
Agents today have more options than ever of which brokerage they can take "their talents" to. The ability to attract, recruit, and retain top talent is more crucial than ever if your brokerage is going to dominate the competition in your market. What measures are you taking to ensure your business is the "it" place to work? If it's been a while since you reviewed your brokerage resources for agents, perhaps it's time to take an internal audit and reassess your value proposition. Questions to consider: Why would agents want to work here? What do I offer agents that the competition does not? How do I help agents be more productive and focused on selling? If these answers are not immediately coming to you, chances are there is something dated with your brokerage process. To get back on track, think two words: open platform.
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Brokermint's Business Intelligence Reports Get Smarter
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How Integrating Quickbooks with Your Back Office Can Save You Thousands
If you've been paying attention to the back office tech space, you've probably noticed a lot of talk about Quickbooks integration, especially by solutions that serve small- and mid-sized brokerages. This market segment has been rolling out integrations with not just Quickbooks, but other popular accounting programs like Xero and Waveapp. Why? Well, once integrated, transaction data can move seamlessly between your back office platform and your accounting software. That means automatically cutting commission checks upon the close of a transaction, and never risking missed payments (mandatory for retaining top talent!). Brokers can also create invoices, sales receipts, and generate checks and 1099s. Integrating back office and financial systems can save even small brokers significant cash. Back office solution Brokermint estimates that brokers that close just 10 transactions per month can save at least $1200 per year with integration.
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Friday Freebie: 2 Back Office Tools Go Head-to-Head!
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3 Tips to Leverage Your Brokerage's Data and Build a Better Team
If you've been working in real estate for some time now, you've heard the term "data-driven" at some point. Arguably one of the most popular buzzwords in the industry for the past couple of years, taking the data-driven approach has also become a critical determining factor of success in the real estate industry. From managing clients and keeping track of leads to researching property and coming up with marketing campaigns, big data is a key part of helping you close deals and boost profits. Needless to say, if you've not started focusing more on data in the workplace, then now's the time to start. Here are some ways that leveraging your brokerage data can help your team get the most out of their performance.  
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Dotloop and NextHome Team Up with Back Office Upstart BrokerSumo
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DocuSign Transaction Rooms and Profit Power: Stop doing double work
Tired of doing double work? Re-entering data into multiple systems is a hassle agents, brokers, and transaction coordinators are all too familiar with. The DocuSign Real Estate team is working to put an end to it with our latest integration with Profit Power! DocuSign Transaction Rooms and Profit Power have come together to provide brokerages with a streamlined solution for managing real estate transactions – from lead to close. Import transaction data captured in Transaction Rooms into Profit Power to reduce data entry, minimize errors, and increase data consistency. It's as easy as 1, 2, 3: Get set up quickly. Reach out to both your DocuSign and Profit Power Account Managers to request the integration be turned on. Then simply link your accounts from within Profit Power one time. No additional cost, no fuss.
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How Brokers Can Encourage Agent Tech Adoption
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Friday Freebie: Take back office tool BrokerSumo for a 2-week test drive
Dotloop users just got a shiny, new financial tool to play with: BrokerSumo. It's a back office and commission management solution, and today they announced a brand new integration with popular transaction management platform, Dotloop. So if you're a Dotloop (or other!) user looking for an easy way to manage revenue, agent billing and disbursements, consider taking BrokerSumo for a spin. Just auto-populate your listing data, and you'll be on the road to tracking not just your transactions, but each transaction's value, too. Try BrokerSumo Free for 14 Days BrokerSumo is a lean platform aimed at small to mid-sized brokers who want a simple but savvy back office tool—without the bloat (or the price tag) of the big systems used by large firms. What BrokerSumo does offer brokers is plenty: the ability to track and predict revenue, manage commission plans and agent billing, direct deposit, handle escrow, track the ROI of your marketing dollar, generate 1099s, and spin out a wealth of reports. Agents get a portal where they can see their transaction pipeline, track their income, manage their own vendors, and more. And brokers can easily onboard new agents by sending them an electronic onboarding package. Reports abound, too. BrokerSumo is fueled by financial data, and the system can analyze all those numbers to produce reports on things like vendors, your pipeline and its value, agent value, office and agent commissions, and beyond. BrokerSumo is free to try for 14 days, no credit card required. Take it for a spin today and tell us what you think!
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What Do Running a City and Running a Brokerage Have in Common?
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The Tech Ecosystem of a Thriving Real Estate Brokerage
There is no secret to success. There is no missing ingredient. The key to running a business, and running it well, is in the business' commitment to fundamentals. With the fundamentals in place, the business owner is free to determine what success means to them and able pursue that idea with fervor. Okay, that's great, but what are the fundamentals? Eliminate all the fluff. Throw out the shiny pennies. Strip your business down to the essentials. What are the essential external and internal functions necessary for your brokerage to operate in the real estate industry? Generally speaking, all brokerages need to 1) make money from clients 2) manage money from the clients and 3) distribute money to their staff and outside vendors. Each function is comprised of multiple other functions, such as lead generation, transaction management, agent billing, commission splits, payroll and so on and so on. With all this in motion, it's admittedly difficult to keep track of everything. So we've gone ahead and grouped all of these functions into components and put all of these components into a real estate 'ecosystem.' On the right, you can see a preview of what this ecosystem looks like.
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Does Your Accounting and Commission System Help You to Retain Agents and Recruit New Agents?
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3 Components of Transaction Compliance and How to Manage Them
What happens if your brokerage is sued because one of your agents allegedly fails to materially disclose something relevant to a transaction? If your transaction management software offers compliance features, you needn't worry. Compliance capabilities let brokers manage agents workflow and set required tasks, create a document approval process, and reference activity logs. Let's dig in to learn more about how each of these features work. 1. Managing Agent Workflow Checklists are the broker's first line of defense in making sure an agent not only completes all paperwork correctly, but that they also complete tasks related to the success of a listing—like ordering photographs and installing the yard sign—in a timely manner. "The first result of using transaction checklists is that it helps your agents to stay organized and save time," says Andrew Chishchevoy, founder of Brokermint, a back office solution with built-in checklists and other compliance features. "The end result is compliance; checklists ensure that you have all your documents in place. Basically, brokers and admins can sleep well at night and make sure they have all the needed files and know that if something happens, they're safe. Whether they have 15 agents or 150, checklists ensure that everything is structured, safe and secure." Most transaction management solutions have checklist capabilities built in. Your solution may have pre-made checklists included that you can customize, or you may have to build checklists from scratch. For agents, they look like a chronological task list that lists what tasks/documents are coming up, due now, or overdue. Here's what a checklist looks like in Brokermint:
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Product Review: BrokerSumo Delivers Comprehensive Back Office Solution
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Top 3 Tools to Integrate Into Your Back Office
When it comes to real estate software, there's no one-size-fits-all solution. Small brokers have different technology needs than large brokers, and franchises have different requirements than independent firms. Rather than relying on one system to handle everything you need, today's brokers look to solutions that can integrate with others to share data. MLS listing data is typically the backbone of all integrations--given the right set-up, this information can flow into your transaction management systems and eliminate the need for repetitive data entry. MLS data can also be used to automatically generate marketing materials for every new listing. There is an almost endless amount of integrations available to brokers across multiple solutions. Today, however, we're going to narrow our focus to integrations with what we consider the backbone of your real estate firm--your back office solution. The 'Trifecta' of Back Office Integrations This article came out of a conversation we had with Andrew Chishchevoy, co-founder of back office solution Brokermint. Although Brokermint integrates with multiple solutions, there are three that they consider the "trifecta" of back office integrations. 1. MLS Integration - This is the core integration of any back office or transaction management system. When MLS data freely flows into the solution you use, you can save time and payroll by eliminating redundant data entry, and ensure that all listing/transaction data is accurate. For example, once a listing is entered into the MLS, a transaction is immediately created in Brokermint and agents and administrators can start uploading documents immediately. Depending on the back office solution you use, agents are assigned to a new transaction immediately, based on the listing data from the MLS. If your back office solution has a commission management component, a default commission structure may be added to the transaction, as well.
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Commission Management from A to Z
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A Solution for Login Paralysis
Login paralysis is a disease that afflicts us all. We have hundreds of usernames and passwords to remember, each with different configuration of letters and numbers. For today's real estate professional, it's overwhelming. As a result, agents shut down and give up on applications that could very well generate enormous success in their business. Technology firms have long known about login paralysis. To resolve the problem, they have developed ways that an agent can sign on once, and be dynamically signed into all of the software solutions that they may access. One login grants full access. It's called single sign on. One of the companies that has provided single sign on services to the Multiple Listing Service is Clareity. Originally imagined as a security solution to thwart illegal MLS password sharing, the firm has evolved into an identity management solution for MLS users. Once an agent logs into their MLS, the Clareity dashboard authorizes the agent to access any number of MLS applications without needing to go through another password submission process. Sometimes these are called "smart links." Just this month, Clareity dropped "security" from their name—the company had been called Clareity Security since its founding in 2004—to better recognize their broader product line, and they have expanded their customer vertical beyond MLSs. Now Clareity will be delivering their world-class single sign on solutions to franchises and brokers.
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A Simple Solution to Improving Agent Software Adoption
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Tips to: Protect Your Broker’s License
When it comes right down to it, the broker is responsible for the trust account. It is amazing to imagine how many brokers run a business with so much money changing hands, agents coming and going, and yet, they fail to spend 30 minutes a month checking over their trust account. The Pay Me List Holding trust money is an immense responsibility and one, if not done properly, that can literally force an office to close their doors. It is important each month to track the coming and going of trust funds, but ultimately know who owns every dollar in your trust account. Think of it this way: if you were to close your doors today and had to refund all trust money, would you know which buyer and transaction the money belongs to? If the buyers were lined up outside your door would you have enough at the end? Would you have too much? Your monthly bank reconciliation should not only show you your banking information, outstanding checks and deposits, but also a list of money you are holding – the pay me list. This list should be for all current pending transactions.
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Which Back Office Reports Are Most Valuable to Brokers?
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3 Foolproof Tactics to Recruit Top Agents
As a real estate broker, selling houses is not your only goal. Recruiting top agents is another important task that's on your mind. Recruiting top performing agents will benefit your brokerage. We all know that if they do well, you do well. Agents have a lot of options when it comes to choosing the brokerage they want to work with; it's almost like being a kid in a candy store. But if you want to attract top talent, you need to show them how you can positively affect their career. Showcase how choosing you will be the best decision they make! At the end of the day, agents are entrepreneurs. They work for themselves and they will see only profit. Show how you can help them be the best at their job. Show them how you can add value. Here are three foolproof tactics to recruit top agents: 1. Record Keeping Let's face it—an agent is not an accountant. Your agents can get out there and be the best only when they know you can handle their transactions efficiently and be transparent about it.
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Friday Freebie: Try Real Estate's Easiest-to-Use Back Office Solution for 30 Days
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Tired of manually managing transactions? (10/26)
Wednesday, October 26, 2016 at 11:00 AM PDT Our weekly 15-minute webinar covers all the basic functions of the Brokermint system, starting with document upload, task management to more advanced functions like e-signature, pdf split-merge and Google Calendar. How to use Checklists that provide consistency for all users. Create Custom Fields – it's your business – make it personal. Set automatic Reminders for the items that matter most. Tasks – allow the system to prompt you for the necessary items needed to complete a file. No thinking, just doing! Register now!
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The Value of Your Value Proposition
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Transaction Checklists: The Magic Pill for Compliance
"Plan your work and work your plan," is a phrase we hear around the RE Technology offices a lot. It's a sage reminder that setting up processes and following set tasks is the most effective way to handle large projects. It's advice that can greatly simplify real estate transactions for agents, too, and keep brokers in compliance. Having a predetermined set of steps that agents can follow for each of their listings can greatly speed up a transaction's timeline by preventing missed documents and deadlines. This can also boost a brokerage's bottom line. If a transaction closes in 60 days instead of 90, that's 30 extra days of capital in your bank account. One way that real estate professionals are planning their work and working their plan is via transaction checklists. You may have seen similar checklists for marketing listings in your CRM, but transaction checklists are focused specifically on the steps and documents needed to keep transactions on deadline and compliant. "With transaction checklists, brokers and administrators can sleep well at night and make sure they have all the needed files, so if something happens, they know they're safe," says Andrew Chishchevoy, founder of Brokermint, a back office and transaction management solution that offers built-in checklists. "That's exactly what brokers say when they talk to us. 'I'm really worried about my business, I have 15 agents, and I want to make sure everything is structured, safe and secure.'" So what exactly should brokers include in the transaction checklists they build for their firms? Brokermint offered us insight into the items they include in their customizable checklists. Here's an overview.
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A Tool for Visualizing Your Transaction Pipeline
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What DocuSign's New 'Lead to Close Strategy' Means for Brokers
DocuSign revealed a new 'lead to close' strategy for real estate at last month's Inman Connect conference in San Francisco. But what does that actually mean? Here's a breakdown. What is a 'lead to close' strategy? "Lead to close" is a succinct summation of DocuSign's new mission: to make real estate transactions 100 percent digital, from lead generation through recording of the deed. The heart of this strategy is integration with other major tools that brokers use. For example, one of DocuSign's newest partnerships is with Realtors Property Resource (RPR). Thanks to the integration, DocuSign users no longer need to enter property data into the program. That information is automatically pre-populated into DocuSign Transaction Rooms from RPR's database. Another new integration is with Lantrax's back office and accounting solution, Profit Power. All data about a property sale is pushed from DocuSign into Profit Power. By connecting transaction data to financial performance, this integration gives brokers greater insight into their business performance. DocuSign launched a similar integration with brokerWOLF, Lone Wolf's back office solution, last November.
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Product Review: Brokermint Offers Complete Back Office Management to Small and Mid-Sized Firms
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Tired of manually managing transactions? (8/31)
Wednesday, August 31, 2016 at 11:00 AM PDT Our weekly 15-minute webinar covers all the basic functions of the Brokermint system, starting with document upload, task management to more advanced functions like e-signature, pdf split-merge and Google Calendar. How to use Checklists that provide consistency for all users. Create Custom Fields – it's your business – make it personal. Set automatic Reminders for the items that matter most. Tasks – allow the system to prompt you for the necessary items needed to complete a file. No thinking, just doing! Register now!
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How Efficient Are Your Office Staff?
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QuickBooks integration for your real estate back office (8/17)
Wednesday, August 17, 2016 at 11:00 AM PDT This webinar is for both existing and new QuickBooks users who want to automate data entry, integrate with back office, setup recurring billing, etc. Why QuickBooks is a perfect fit for thousands of real estate businesses How to automate data entry and connect your back office to QuickBooks Bonus: Invaluable Best Practices. Recurring billing, direct deposits and much more Register now!
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Aculist Turns Data Into Smart Business Decisions
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Boston Logic Launches a Small Broker Game Changer
Boston Logic is a new WAV Group Communications client. They called upon WAV Group to help with the public relations on their new product launch called Ace. For those of you who are familiar with Boston Logic, they offer brokerage software for websites, customer relationship management, lead management, marketing and other such tools. They are among a small handful of solutions that meet the needs of large firms – think 500 or more agents and lots of offices and MLSs. At the enterprise level, these systems are complex and intended to be operated by the broker's team of experts in technology system administration and online marketing. The system is advanced by its very nature, and provides brokerages who use their services with a competitive advantage. Ace is out of the box thinking for a real estate technology platform developer. Rather than dumb down their system, Ace bundles their technology with an expert to run it. Brokerage firm and small teams do not need to employ a systems administrator. The software comes bundled with one. Adding in a technology Ace allows smaller firms to enjoy the benefits of world class enterprise technology without hiring, training, and managing the human resource that is necessary to get the most out of the solution. The Ace integrates into the brokerage or large team and caries the ball on the technology management to keep the business' online assets positioned to return value. It's more than tech support. The Ace drives the technology every day to help the firm win.
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Lone Wolf: Tools for the Data Driven Brokerage
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Utilizing the Lone Wolf Business Directory (6/23)
Thursday, June 23, 2016 at 11:00 AM PDT Learn more about utilizing the Business Directory which stores your preferred vendors within your WOLFconnect! We will review: What is the Business Directory? Setting up the Business Directory Utilizing the Business Directory Our adWOLF Program Register now!
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Who Is Driving Your Bus?
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brokerWOLF Tips and Tricks (5/25)
Wednesday, May 25, 2016 at 12:00 PM PDT This webinar will provide users with tips and tricks on how to save time in the brokerWOLF system and streamline efficiency! Register now!
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Back Office Solutions for Brokers
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Does Your System Look Good?
WAV Group has been doing a lot of MLS and broker business solution RFPs recently—like 20 of them in the last three months. We used to do vendor selections the old fashioned way. We would develop a feature checklist and ask vendors to fill it out. Then we would look at the answers to discern what the answer means. Seeing a “Yes, we have it” will often mean that they can sort of do it, or that they do it but differently, or that they do it exactly the way it is expected. We still have the 400-point checklist, but we try not to use it anymore unless the customer insists. Out pivot is to having a customer (MLS or broker) write down their story. The story is related to their company size, their culture, their competitors, and the features of operating their business that are most important in servicing customers, creating agent productivity, and being competitive. Impressions mean more than anything else in vendor selections. When you spend hours every day looking at technology solutions, you quickly learn that most of them are the same in terms of functionality. Sure, some companies have differentiators, but they are typically short term. But simply stated, most solutions offered to MLSs and brokerages today are ugly. There has been a lot of advancement in front-end consumer facing applications. These are beautiful, responsive, user friendly, and delightful. Then the agent logs in and all of that is lost. The back office solution is ugly, unresponsive, cluttered, confusing, poorly organized, and gross. Log-in on a mobile device and the experience is horrid.
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3 Alternative Sources of Revenue for Brokerages
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[INFOGRAPHIC] 5 Signs You’re Ready for a Paperless Office
The concept of a paperless office has been around for a long time, but you still haven't made the transition. Maybe you're not fully aware of the benefits or you're questioning if you're really ready. Wondering if it's time for you to go paperless? Check out the infographic below for the 5 signs you're ready for a paperless office.
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Lean, Mean Brokerage Machine: Technology Empowers Firm to Operate with Zero Debt
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Keeping Up with Technology – Where Does Your Business Stand?
The National Association of REALTORS® Real Estate in a Digital Age report states that 46 percent of all real estate firms consider keeping up with technology in the next two years a big challenge. The continuous change to existing technology and the development of new technologies make it tough to stay ahead of the game. So how do you? Consider your prospects and clients. Target your technology according to who comes to you for real estate support, advice and assistance in finding a home. Statistics from the report found that the use of online information such as website listings and photos were more effective when marketing to Millennials and Generation Xers. Whereas baby boomers found virtual tours on your listings and in-person meetings more effective to meet their needs. The availability of new technology also means the transaction process has changed. The recent partnerships with companies like BackAgent, DocuSign and Dotloop® have shown leading technology company Lone Wolf Real Estate Technologies guiding this change. Lone Wolf's Transaction Management Integration Program is facilitating the various ways agents submit transaction documents. The program serves the diverse needs of the office and connects the industry for more streamlined and efficient operations.
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