Broker-Agent Information

Congratulations to our friends at eXp REALTY for achieving yet another important milestone. In addition to doubling the size of their agent count in less than 1 year, they have been able to do it while keeping their employees very happy – not an easy thing to do! What’s the their secret?   Here’s the secret sauce from where I sit. 1. Unique business model that focuses the money where it should be – in the hands of those creating value for the company – the agents 2.  Consistent training and coaching because of centralized management support 3.  Passion – these guys LOVE what they do and they work their butts off to make it happen! Read the rest of the press release to get the juicy details below! ******* eXp Realty Founder Glenn Sanford Named a Glassdoor Top CEO in 2018 Company Earlier Recognized as Glassdoor 2018 Best Place to Work BELLINGHAM, Wash., June 20, 2018 — eXp Realty, the largest residential real estate brokerage by geography in North America and a subsidiary of eXp World Holdings, Inc. (NASDAQ:EXPI), today announced that Founder Glenn Sanford was named a Top CEO in Glassdoor’s Employees’ Choice Awards. Glenn was ranked No. 40 among all small and medium businesses on Glassdoor. Currently on Glassdoor, Glenn has a 97 percent approval score. Among the 770,000 companies reviewed on Glassdoor, the average CEO approval rating is 69 percent. “Glenn has shown extraordinary leadership in a continuously evolving industry, pushing us to expand our thinking and capabilities,” said eXp Realty Chief Operating Officer Mary Frances Coleman. “What’s most inspiring about Glenn is his vision to affect positive change, a commitment he champions in our culture and core values. I want to thank all of our agents, brokers and staff for the work they do every day to build this company and embrace that vision.” The award is based solely on anonymous employee feedback via Glassdoor, where employees rate various factors about their employment experience. As part of these ratings, employees are also asked to rate whether they approve, disapprove or are neutral about the job their CEO is doing. See the complete list of all Top CEOs in 2018: https://www.glassdoor.com/Award/Top-CEOs-at-SMBs-LST_KQ0,16.htm About eXp Realty eXp Realty, LLC, the largest residential real estate brokerage by geography in North America, is a subsidiary of eXp World Holdings, Inc. (NASDAQ:EXPI). eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work […]

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App

Imagine a world where every real estate agent, broker and franchise in the nation promoted their real estate mobile app to consumers. The app is white-label branded to the agent, broker, and franchise offering direct access to every MLS listing without any competitive ads. That is the way it would need to work. Guess what, we have it. You have it. Our industry has it. Today.

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Brokers Welcome

by David Gumpper on May 14, 2018

Brokers Welcome at RESO

When I was a young kid traveling in the car with my family, I would always see these signs “Truckers Welcome”. I didn’t understand why there was this special invitation to truckers. Wouldn’t everyone be welcome?

As I grew older, I quickly realized the sign was to inform truckers there was ample parking space for their large rigs. Truckers had a big use case! As a trucker, if I wanted to visit a diner for a nice sit-down warm meal, I must have space large enough to safely park my rig.

Diners caught on fast to this requirement and realized they could enjoy the revenue by creating a space for them to park. Once the parking problem was solved, they needed a method to entice truckers to use their parking and stop for a meal. Therefore, the signs!

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It’s real estate tech’s best sleeper story of super success. Tech Helpline, created and owned by Florida Realtors, is the real estate industry’s number one tech support service. By a county mile. I will bet you can’t even name who is ranked number two. Or three, or four, or any of their direct competitors for that matter. I can’t, and I am a consultant for them. Where else in real estate tech or proptech can you make that claim?  Where does a real estate related tech firm dominates a category so profoundly? Tech Helpline is currently available to nearly half the Realtors in North America – more than 600,000 in the U.S. and Canada. You can meet some of its staff in person at NAR Midyear, Booth 818. But take a look at the maps below to get a perspective on its massive physical reach.   So why has this story not been told more broadly? Is the story not sexy enough? Tech Helpline has flown mostly under the radar perhaps because the media sees it as too boring. They keep doing the same thing again and again. The same way. While they are doing it better, it’s not because they are improving their technology as much as they are increasing the skills of their people. How do you write about that? It’s easy to write about a tech product that adds an Artificial Intelligence feature as a cutting-edge improvement. That’s sexy. But how do you make the fact that Tech Helpline’s team, including its staff of professional tech analysts, with almost 300 years of combined IT experience, helps agents fix printers that won’t print contracts, smartphones that won’t text clients, and laptops that crashed and won’t start up? That’s pretty boring, right? Counter-argument: Tech Helpline is super-model sexy if you think of it from an agent’s or broker’s point-of-view. A shiny object doesn’t make their car payment or pay down their mortgage. Tech Helpline saves their bacon. Keeps them producing, gets them back to doing what they do best: making sales, closing transactions. Tech Helpline is a godsend for so many agents who are about to close a contract or run to a closing, but a piece of their tech fails. If agents didn’t have Tech Helpline to reach out to and save the day, they would be stuck and so would some of their transactions. Customer service ratings […]

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MLS Terms of Use Changes and Copyright FAQ

by Victor Lund on March 27, 2018

This post is the result of a collaborative effort amongst the Council of Multiple Listing Services, The Realty Alliance, The National Association of REALTORS®, and Larson Skinner PLLC. 

Many MLSs have been making changes to the way they file copyright applications and their MLS terms of use. Those changes have raised some questions from participants and subscribers. This FAQ is intended to answer some of those questions and emphasize that the MLSs are not forcing participants or subscribers to give up ownership of listing content.

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Keller Williams Betting $1 Billion on Voice

by Victor Lund on March 20, 2018

Keller Williams had another great family reunion, their annual convention in Anaheim drew more than 17,000. Perhaps the most remarkable information conveyed is that they have hit a lot of their ambitious targets for growth, and are now re-targeting to leverage data and technology as their next conquest. According to Teresa Metcalf, their big bet is on the underlying framework and Platform – and the AI component is on top of that.

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Brand Refresh Creates Big Opportunities

by Victor Lund on March 5, 2018

I will always vividly remember riding to a meeting with a large broker in Marin County, California back in 2002ish. We were discussing the brutal competition among brokers in Marin County. At the time, Keller Williams did not have much of a presence in San Francisco or Marin. I was wondering why Keller Williams had failed to grow as they have in other markets. Moreover, Century 21 was conspicuously missing from the market altogether. Coldwell Banker was huge, along with Pacific Union. A bunch of independent brands like Frank Howard Allen and Melissa Bradley Real Estate were performing well in upper Marin. Decker Bullock held their own with the large firms in Southern Marin.

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It seems like every week we’re hearing about a new announcement from a large brokerage or franchise telling us they are spending millions on technology and re-positioning their brand story around their technology suite.

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New Thinking Can Create a MUCH Stronger Board

by Marilyn Wilson on February 28, 2018

You’re sitting in your board room thinking through a tough decision that needs to be made.  Many of the board members are passionate, engaged real estate professionals who have lived in the local area for their entire careers. 

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Upstream Fixes Many Problems, Not Just One

by Victor Lund on February 27, 2018

Upstream Logo

As a leading consulting firm, WAV Group operates deeply inside the complex technology stacks of MLSs, Brokerages, Franchises, REALTOR® Associations, and technology firms. From this experience, we recognize the pain that these groups face because of the lack of connection between the systems and applications that agents and consumers need. Upstream aims to deliver a better data management foundation for the data that brokers are entrusted for safe handling.

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WAV GROUP has gotten acquainted with myPlanit and it’s CEO Adrienne Meisels. Adrienne is a fantastic person who is super smart and developing a very creative application that lets agents look at a map to see the places they have gone (like listing appointments, open houses, etc) and visualize their journey on a timeline. It’s a lot more than that, but you can appreciate how this example would benefit an agent. Adrienne uses the term The Internet of You. myPlanit does the work for you by privately and securely tracking the things that you do, for you. Inman News gave myPlanit the first ever 5 star review. That is a big kudo. If you are thinking about app development, you may want to look at the functionality of myPlanit. If you are looking for an app to broaden your mobile strategy for agent retention and recruiting, you may want to look at myPlanit. Here is the release. myPlanit Receives First Ever 5-Star Product Rating from Inman myPlanit’s newly launched real estate app receives major accolades FOR IMMEDIATE RELEASE. New York, NY, (February 8, 2018): myPlanit, the patented personal data platform that delivers the Internet of You, receives the first ever 5-star product rating from Inman News. The mobile app automatically interconnects and contextualizes data scattered across calendars, contacts, places, videos and photos into a single map- and time-based user experience. Launching in February, myPlanit for Real Estate already has brokerages and other real estate companies lining up to license the app. Northwood Realty Services, and its 1,000 sales associates in Pennsylvania and Ohio, is the first brokerage to be launching the app. myPlanit’s launch strategy will focus on the top 100 brokerages in real estate, representing 45% of the total addressable U.S. real estate market, or about 500,000 real estate agents. In some progressive markets, myPlanit will also introduce its product to MLSs and real estate associations that have more than 5,000 agent subscribers. “myPlanit is a high-concept, visually-enthralling product designed around how the brain processes memories,” describes Craig Rowe, Inman’s technology columnist, who has been writing about real estate and software for 15 years. “It’s an original and practical business app wrapped in a user experience other developers should be emulating on their whiteboards. myPlanit can replace multiple software tools, which means adoption could render other products useless.” “We are honored and thrilled to be the very first recipient […]

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HUNT Real Estate Buys Large Boston Brokerage

by Victor Lund on February 7, 2018

Another member of The Realty Alliance is kicking up activity on the acquisition trail. As Real Trends CEO Steve Murray has spotted, large firms are getting larger. HUNT Real Estate, the second largest ERA franchise in the world has expanded from the Upstate New York market into the Boston, MA market by acquiring ERA Key Realty. WAV Group congratulates the Hunt family and the Taylor family for opening another major demographic market area. I would expect that HUNT Mortgage and other affiliated companies in commercial, property management, insurance, and title will get added to the Boston market area. HUNT will now be integrating their company into MLSPIN, one of the largest and most successful broker owned MLSs in America. HUNT is already an owner in MLSs spanning Upstate New York. This is off topic, but I am more than a little surprised that in this era of consolidation of MLSs, doesn’t anyone see the natural consolidation of the broker owned MLSs in the northeast? MLSPIN (custom system), Upstate New York (Matrix), Pittsburg (Matrix). Between NRT, Howard Hanna, HUNT, BHHS, Northwood, etc. Here is the full press release:   ERA Key Realty Services merges with HUNT Real Estate ERA Combination creates family of real estate brokerage companies boasting a strong foothold in Upstate New York and New England Buffalo, NY and Northbridge, MA (February 7, 2018) – HUNT Real Estate ERA, the second largest brokerage firm in the ERA® network, today announced it has joined forces with ERA Key Realty Services, which also ranks in ERA’s top ten. This merger significantly expands the reach of the combined companies, increasing options for homebuyers and sellers, especially in the Northeast. HUNT Real Estate ERA brings to the merger its expertise and deep connections in four fast growth real estate markets in Upstate New York – Buffalo, Syracuse, Rochester and Albany, as well as Phoenix, Arizona. ERA Key Realty Services brings markets in Massachusetts – north and west of Boston, as well as Connecticut, New Hampshire and Rhode Island. The combined company will have more than 50 offices and nearly 1600 experienced affiliated agents. The offices will continue to do business under their existing trade names and local management will remain in place. To support the continued growth and achieve the full potential of this merger, this combined organization will continue to leverage the suite of digital tools and best-in-class infrastructure provided by the […]

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I just love to see great companies in our industry get recognized BEYOND the real estate industry for their hard work and dedication to building a strong corporate culture.  eXp REALTY’s growth over the past year has been unprecedented, They have grown from 1000 agents to over 5000 agents in less than 18 months.   Revenue growth, according to their Q3 earnings report was up. Revenue increased 203% to a record $48.1 million from $15.8 million in the third quarter of 2016. This represents 22% growth quarter-over-quarter, from $39.6 million in the second quarter of 2017. Gross margin grew 96% year-over-year for the same quarter to $4.81 million; $12.1 million year-to-date compared to $5.3 million for the same nine-month period in 2016.  They are not yet profitable but they are moving in the right direction.  Q3 Net loss was $7.8 million, or $(0.15) per diluted share, compared to net loss of $14.6 million, or $(0.29) per diluted share in the third quarter of 2016. Congrats to the team that is working hard there to create a strong culture, albeit a virtual one while finding new and exciting twist on the traditional real estate brokerage!  We can all be inspired by this success story!      Here’s the full story below: BELLINGHAM, WASH. — Dec. 5, 2017 — eXp Realty, LLC, the largest residential real estate brokerage by geography in North America and a subsidiary of eXp World Holdings, Inc. (OTCQB: EXPI), was named as a best place to work in Glassdoor’s 2018 Employees’ Choice Awards. The company was ranked No. 12 among all small and medium businesses on Glassdoor. The award is based solely on anonymous employee feedback via Glassdoor, where employees were asked to rate their company based on culture and values, work/life balance, senior management, compensation and benefits, and career opportunities. Currently on Glassdoor, eXp Realty has an overall 4.9 out of five stars. eXp’s Glassdoor profile reveals that culture and values, senior management, and compensation and benefits are among the top ranked characteristics among employees, with a noteworthy five out of five stars. Additional highlights on eXp Realty’s current Glassdoor profile include: 100 percent of employees approved of the CEO, Glenn Sanford. 99 percent of employees said the company has a positive business outlook. 99 percent of employees would recommend working at eXp Realty to a friend. “At eXp Realty, we work incredibly hard to maintain an innovative, transparent and collaborative culture that aligns […]

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NAR Mobile App

My theory about conventions is this: if you plan your schedule well, your convention will go well. If you don’t, it won’t. It’s as simple as that. With Second City, our next destination, good planning could make or break how you measure the success of your NAR experience in the Windy City. Each year before I head out to the largest annual gathering of real estate agents and brokers, an estimated 20,000+ from across our nation, I like to look for some of the golden nuggets tucked away in the schedule and on the Expo floor. I cull through the info that NAR and others send out, as well as share some of the information WAV Group has. Full disclosure: this often includes insider stuff we get from our very own clients. The goal of all this stuff is simply to make your NAR ventures more interesting, and, well, easier to plan. NAR Chicago Officially called the REALTORS® Conference & Expo, November 3rd to 6th, it’s largely held at the McCormick Place, 20 minutes on a good traffic day south of the 27 official NAR hotels that are dotted around Michigan Avenue and the Chicago River. Meetings also are sprinkled among these hotels so the logistics are going to be, well, interesting. A listing of all the official hotels with their locations and addresses are here. Bus Routes The 27 NAR official hotels are served by 7 Bus Routes, all color coded and listed online in this handy-dandy PDF here, and in the App. The buses start early and run at least every 30 minutes, and at peak times, they run every 10-15 minutes. The link on the NAR Website for the Shuttle bus frequency is here, as well as the locations at the hotel where the exact pickup/drop-off will be. NAR Smartphone App Touted as “the fastest, easiest way to navigate the Conference & Expo from your mobile device,” I would have to add it’s probably the only way to navigate the Expo from a mobile device unless Google Maps has added it. Good news is all the sessions, meeting schedules and booth numbers for the exhibitors you need to meet with or visit are in the app. One feature that can save you time is you can select the “Star” image next to the event in the top right corner and it will save it to a personalized […]

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WAVes of Change Award

We love to see consolidation success stories. It can be SO difficult to bring neighboring associations together.   We had the pleasure of interviewing Dionna Hall to describe the merger in South Florida that resulted in created the 3rd largest real estate Association in America with 30,000 members.   We were so impressed with this effort that we awarded the organization with our first ever WAVES of Change Award! Here’s how will this consolidation help brokers and agents in South Florida. Front end of choice Members of the newly formed organization will have a choice of TWO MLS systems giving them more flexibility and ways to serve their clients. One set of rules and regulations Brokers will now benefit from one set of rules and regulations making it easier to train all agents to submit and update their listings correctly. One data feed for IDX on brokers; expanded listing exposure South Florida listings will have a ton more exposure now because 30,000 agents will now be able to promote their listings to a lot more prospects.  More influential political mass With advocacy, there is strength in numbers.  South Florida’s advocacy efforts will now benefit from a much larger political force. Smaller regional boards for local representation Interestingly the organization is creating smaller regional boards to screen local candidates and provide input into the overall operation. Check out this exciting video with Dionna to learn all about how they achieved this great program! 

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How Great Agents Challenge Discount Brokers

by Victor Lund on October 23, 2017

Last week, WAV Group founding partner Marilyn Wilson and I had the privilege to speak to a packed room of nearly 1000 real estate agents and brokers at the Real Estate New Technology conference in Paris (R.E.N.T.). If you visit the website using Google Chrome – you can translate it (http://www.realnewtech.com). The show had about 4000 attendees and more than 200 vendors. It was very well done and I encourage you to set time in your calendar to attend next year if your budget permits. I really appreciate the invitation extended by the event’s owner and producer, Herve Parent. The experience and the hospitality was outstanding and it is always good to see my friend Eric Calosci. It was also nice to see the familiar faces from Centris in Montreal. CEO Eric Charbonneau along with a small contingent had a booth displaying their implementation of Matrix and Instanet. Everyone was soundly impressed at the amount of technology his organization delivers to real estate agents. Real estate in Europe is very hard. There is no MLS, and many of the listings are not exclusive. Its like an entire ecosystem of pocket listings. Funny thing is, they do not seem to mind. American and Canadian brokers provide a steady amount of pressure on our MLSs and REALTOR® Associations to improve. From time to time, perhaps they should be thankful of the many things that are done well. One gentleman described the American model as “opaque, poor value, unreliable, and largely inaccessible to the consumer outside of “normal working hours.” “A proposition based upon a bygone age of fragmented, secreted data and buyers registered in silos, hidden from view except those agents that they know.” “Their proposition is clunky to an extreme, and filled with more layers than a New York deli sandwich.” And even called me out for not knowing that Purplebricks launched in California. A lot of this happened after I spoke. I was challenged to talk about 5 trends that have changed real estate and 5 trends that will. Part of my talk was to contrast discount brokerage with 100% commission brokerage. A quick definition of discount brokerage – Discount brokerage is a full service real estate firm that cuts the commission rate. For example, 1% fee to the agent or a fixed fee per transaction. There are many discount brokerages in America and some do a damn good job […]

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MLSs have a great opportunity to significantly improve the relevance and marketing power of their organization by finding ways to better serve the needs of their brokers and real estate consumers. I had the honor of interviewing David Charron, Chief Strategy Office of Bright MLS about the highly successful merger between Trend MLS, MRIS and several other MLSs in the Mid-Atlantic region of the United States. They have come together to create one of the largest MLSs in North America. Hear directly from David what it took to accomplish this broker-centric feat!  Check out the video below where David will give you specific ideas about how you too can accomplish consolidation in your local market. Learn from one of the best and brightest(pun intended) about how to create a more relevant organization positioned to help REALTORS®  succeed in even big ways. After you watch the video be sure to subscribe to WAV Group’s newly relaunched Youtube Channel too! Enjoy!  

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Never has so much information been available to consumers on the residential real estate economy, especially on market trends important to buyers and sellers.  Buyers and sellers are self-educating themselves about market conditions long before they hire a real estate agent. This wealth of information can be confusing and even contradictory, proving once again that there’s a big difference between information and knowledge.  Perhaps that’s why consumers want agents who are as smart—or smarter—than they are about market trends.  “Knowledge of the real estate market” consistently ranks higher than people skills, technology skills and even negotiation skills among the qualities that buyers consider to be very important when shopping for an agent.[1] Yet, communicating market smarts is not easy.  The most popular tactic the market report, a periodic summary of market conditions based on MLS data.  Original market reports require skills and time that few real estate professionals possess.  Several vendors help to fill the gap with computer-generated reports that brokerages can purchase and add their logo and email to prospects.  These are rich with graphics and data but thin on analysis.  While they are better than nothing, they often have a cookie-cutter feel.  Unfortunately, mass-produced reports usually lack substantive input from the sponsoring broker, and thus fail to convince prospects of the brokerage’s expertise. A good branded report: Tells readers in plain English what is happening right now in the local marketplace and what to expect in the weeks to come. Is truly branded. It contains unique analysis of market trends and includes commentary from one or more agency executives.  It is named “the XYZ brokerage report” and branded with the agency’s logo.  It reports sides closed by the brokerage as well as the larger marketplace.  It invites feedback, with a phone number and email address. Contains data so fresh and well-presented that it will make news in local traditional and social media outlets. It drills down into the Zip codes and communities where the brokerage has offices; and Builds credibility and SEO by coming out on a regular schedule, preferably monthly. It’s easier to justify the expense of a branded report by using it in many ways, including: Issuing a news release with each report to local and regional traditional news media and local real estate blogs; Pushing out an emailing to customers, clients and prospects; Posting an article on the brokerage’s blog; Reaching referrals by posting in […]

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Redfin Offers Method To Modernize IDX

by Victor Lund on September 19, 2017

“Let’s modernize IDX by linking to the listing broker!” IDX or Internet Data Exchange is a thesis that was developed by the collaboration between Brokers and MLSs that outlines a set of display rules for listings on broker websites. The idea behind IDX is that of cooperation among brokers. Fundamentally, the IDX policy states that a broker allows all other brokers participating in an MLS to display their listings on any broker (and usually Agent) website. Over the years, the IDX policy has evolved. And today, Redfin CEO, Glenn Kelman suggests a radical new change. Kelman would like the IDX policy to require that every display of IDX listings provide a link to the listing broker’s website. As the screenshot illustrates, the National Association of REALTORS® MLS Policy on IDX requires the Broker to be identified as shown here. Displaying the listing agent is a local election and sometimes required. In the illustration below, everything is static. The big idea is to add a requirement to include a hyperlink to the broker/agent website (canonical source of information). Kelman goes further in the development of his concept to suggest that the broker name and link be prominently displayed above the fold (top of the page before you scroll). WAV Group joins Redfin in the belief that this would massively increase the traffic to listing brokers’ websites form search engines. Having hundreds of real estate websites link to the listing brokerage for each listing should completely re-orient search rankings. Search Engines are always looking for the most authoritative source of information – including real estate information. Kelman has strong beliefs and enormous respect for the listing firm. “The listing broker is the one who pays for, reviews and uploads all the photos. The listing broker updates and validates all the data about the property, and writes the marketing description. The home-buying consumer should be able to find her way to the full listing on the listing broker’s site, where she may also be able to see virtual tours, three-dimensional scans, and additional marketing materials about the listing, not to mention details on how to ask a question about the home or even arrange a tour with another agent at the listing brokerage if that’s what she prefers.” WAV Group’s research and analytics team finds that Redfin is, by a factor of two or three, the most popular brokerage website today. The leading […]

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Moxi Cloud

MoxiWorks is a brokerage application development company that was founded by Seattle’s leading brokerage company, Windermere Real Estate. The software was originally developed for Windermere’s brokerage company until the company expanded the offering to include brokerages around the nation. Today, Moxi Works is a separate company that serves a brokerage base that is representative of more than 90,000 agent users.  Some of their leading brokerage partners include Windermere, Long and Foster, Howard Hanna, Pacific Union, Seven Gables and many others. Faced with the challenge of integrating their own applications into a broker’s suite of agent tools and data sharing across each solution – Moxi Works developed a unique platform called Moxi Cloud.  “Imagine a plug-and-play power strip for brokerage systems and solutions and that is basically what we have created”, stated MoxiWorks CEO, York Baur. Using a standardized API, Moxi Cloud enables brokerage firms to integrate varied applications and provides data sharing across an entire organization. In many ways, the company’s thesis resembles a portion of what UpstreamRE is developing. Today, companies like Imprev, Quantum Digital, Buyside, LanTrax Profitpower, Offrs, RealScout, Zillow, Spacio, Totomic, DocuSign, DotLoop, SkySlope, testimonial tree, Google G-Suite, and Microsoft 360 are all fully integrated with the Moxi Cloud.  In total there are more than 35 different companies that are fully integrated with the Moxi Cloud platform. In an announcement made by Moxi Works last week, Intuit’s Quickbooks – the leading provider of accounting software to agents and small or mid-sized brokers, has joined the family of companies on Moxi Cloud. Intuit has a product called QuickBooks Self-Employed that is perfectly tuned to help agents separate their personal expenses from their business expenses and identify Schedule C deductions. According to Intuit, 77% of all real estate agents do not feel confident about managing their finances. Now with Moxi Cloud, brokers who offer the service to their agents have a great new tool for recruiting and retaining agents with a service that really matters. Quickbooks reports that agents using the system find an average of $4,340 in tax savings per year, a worthy investment for a product that sells for $12 per month. Here is the full press release if you want to learn more. http://moxiworks.com/blogs/intuit-quickbooks-platform-partner

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