Recently, Lone Wolf Founder Lorne Wallace stepped up to the role of Executive Chairman of the real estate software firm and appointed Patrick Arkeveld to step in as Chief Executive Officer. The transition came at a key time in the evolution of Lone Wolf. The firm has been on an aggressive path of launching new products and acquiring real estate technology companies warranting an additional capital investment by partner firm Vista Equity Partners. WAV Group founder, Victor Lund connected with Mr. Arkeveld to create this article for the RE Technology Follow the Leader Series. Everyone who knows Lone Wolf founder Lorne Wallace understands that his core passion in business comes from his love of the real estate industry coupled with a deep understanding of accounting and operational best practices within a real estate brokerage. Lone Wolf grew from 50 employees to more than 300, causing the founder to seek ways to strengthen Lone Wolf’s bench by engaging specific operational expertise from large software companies. “There are a lot of great software products in the market today. But there is a difference between having a great product and running a great software business. That is why I brought on Patrick Arkeveld,” says Lorne Wallace. Patrick Arkeveld joins Lone Wolf from Constellation Software, the global software conglomeration that operates hundreds of software products across multiple industries. Constellation trades on the Toronto Stock Exchange at a $10 Billion valuation (TSE:CSU). While at Constellation Software, Mr. Arkeveld worked in a wide variety of industries ranging from product groups with $2 Million in sales to groups with in excess of $100 Million in sales. In many ways, Constellation is a huge version of Lone Wolf. Coupled with onboarding Arkeveld, Wallace has engaged the operational excellence of the consulting group within Vista Equity Partners. With Vista’s guidance coupled with Arkeveld’s executional expertise, Wallace believes that his firm is poised for exceptional growth while continuing to enhance their product development and all the while focusing on customer satisfaction. Patrick’s LinkedIn profile is here. In speaking with Arkeveld, we learned instantly that the biggest surprise in joining Lone Wolf had little to do with their products, balance sheet, or P&L. It had everything to do with the culture of the staff and the relationship that the company has fostered with its customers. “Real Estate is a special industry when it comes to the relationships with customers,” said Arkeveld. […]
It is pretty well known that Google is now Alphabet – a re-imagined company that is comprised of a variety of businesses around the focus of organizing the world’s information to make it universally accessible and useful. Building a new brand on top of Google was an uncomfortable decision, but there is much to be learned from it. The Alphabet Companies (full list here) Google – Search Engine, Android, Gmail, and YouTube Calico – Healthcare company aimed at extending life Verily – Smart contact lenses X Labs – Research and Development Deep Mind – Artificial Intelligence Access – high-speed internet Jigsaw – think tank/tech incubator The company really did not change its structure, but the company did restate its structure differently and explained it. The uncomfortable re-imagination worked on Wall Street – as the company overtook Apple as the worlds most valuable company (albeit temporarily as today Google is worth $598.73 billion and Apple is worth $651.5 billion – what’s a $50B swing one way or another?) Real Estate could learn quite a bit from this. At the heart of Google is the vision to never become complacent. Great companies operate uncomfortably. Great companies take moon shots. Examples in Real Estate Brokerage – Pacific Union: Dissatisfied with listing presentation software, they built the Pacific Union DLP – Digital Listing Presentation. It is not only mobile enabled and beautiful, it is elegant and clearly born from the culture of a great brand. It was time consuming to develop. It cost five-times as much as anything they could have licensed. It could have been a disaster. It was an uncomfortable risk. It resulted contributing to one of the most remarkable growth spurts of any brokerage operating at enterprise scale – adding 20%+ growth year after year and becoming the 9th largest brokerage firm in America in the face of very strong competition. MLS – MRIS: For years, MRIS was atop the leaderboard as the largest MLS in the nation. They are among the only MLSs in the nation that do quarterly benchmarking for every department measured against user satisfaction. They measure their satisfaction goal on every calendar for departmental excellence. Internally, they hit on all cylinders. To become uncomfortable, they are working with TREND MLS to make the service offering even bigger, even better. This is not their first effort either. They also manage many of the nation’s largest MLS data sharing cooperatives. […]
It is always welcome news whenever fresh capital comes into the real estate industry. It’s the fuel for innovation. Lone Wolf joins the list of private companies like DocuSign and others that are getting the support from investment capital. WAV Group partners Marilyn Wilson and Victor Lund had a phone interview with Lone Wolf CEO, Lorne Wallace to talk about the strategy of bringing on an investor. “We are in an unusual time in our company’s growth,” says Wallace. Through growing core products like Broker Wolf and strategic acquisitions, Lone Wolf has grown revenue to over $25 Million in sales. “Having a minority partner like Vista Equity Partners brings two important capabilities to the company: the capital for future acquisitions; and, the consulting expertise Vista has developed in growing other enterprise software companies” Lone Wolf in entering a new phase of company growth that has expectations for doubling the size of the company at a fast but well managed rate. Vista was selected from a pool of investors that have been in pursuit of investments in real estate technology. Wallace focused on finding a partner that would ask the right questions that would lead to the success of all of their product lines. Vista has deep experience on measuring customer support, churn, and compensation levels. Recently, Lone Wolf purchased Millennium, an MLS software developer with 11,000 seats across 30 small boards. “The MLS software completes our horizontal technology footprint,” says Wallace. With this new product, Lone Wolf supports the delivery of solutions to every vertical in real estate – MLS, Association, Franchise, Broker, and agent. Future plans Lone Wolf is highly focused on connecting all of the systems that operate the real estate industry – MLS to Franchise to Broker to Agent. Last year, they hired Rob Overman as their CTO to pursue this mission. Now, with Vista Equity partners, Lone Wolf will be able to approach acquisitions of firms with between $5 million and $20 million in revenue.
CAMBRIDGE, ONTARIO (NOVEMBER 7, 2014) – Lone Wolf Real Estate Technologies, the industry leader in real estate solutions and services, announces a new integration with Instanet Solutions Authentisign Signit eSignature module. The Authentisign integration allows Lone Wolf clients to electronically sign the Transaction Record Sheet for each real estate transaction. It is a complementary service that streamlines the transaction management process and enhances the efficiency of brokerage operations. “This partnership showcases the true value of integrated solutions for a real estate brokerage and is an integral component in reducing manual processes for our clients,” says Chris Avery, Vice President of Sales & Marketing at Lone Wolf. “Our goal has always been to offer one point of data entry through solutions that integrate and streamline brokerage operations. With the Complete Enterprise Solution and this new partnership, we’re providing more time for our clients to focus on growing their business and servicing their customers.” Brokers, agents and administrators are often required to go through multiple steps when processing a real estate transaction. This includes manual processes such as printing, signing, scanning/faxing and uploading documents. With Lone Wolf’s Complete Enterprise Solution and the new Instanet Authentisign integration, brokerage processes and transaction data flows seamlessly, significantly reducing the time and manual processes required to complete a real estate transaction. “Instanet Solutions has always been a leader in providing solutions to optimize the workflow in real estate. The integration of the Authentisign Signit API into Lone Wolf’s Transaction Record Sheet is a perfect example of how brokerages can reduce operational costs, save time and become more efficient through the use of Instanet Solutions technology,” said Martin Scrocchi, President and CEO of Instanet Solutions. In recent months, Lone Wolf has focused on expanding their partnerships in the forms and eSignature space for their transaction management solution, loadingDOCS. loadingDOCS, and its partnerships, cover the five steps of going paperless for a real estate brokerage including creation, execution, submission, review/approval, and storage of transaction documents. ### About Lone Wolf Real Estate Technologies Lone Wolf Real Estate Technologies Inc. is the North American leader in real estate solutions and services with almost 10,000 offices utilizing their fully integrated product lines. Lone Wolf’s Complete Enterprise Solutions is comprised of its core products and services – brokerWOLF back office management solution, WOLFconnect front office management solutions, globalWOLF website solution, loadingDOCS paperless office solution, mobileWOLF mobile solution, WOLFmedia ad revenue generation service, […]