Product Management Services by WAV Group

Where Agents and Brokers Earn Their Commissions
Recently, our daughter Alexandra Lund graduated from Syracuse University with two diplomas – one in Entrepreneurship from the Whitman Business School, and another in Advertising from the Newhouse School. She also received the Cuse Award for outstanding performance and leadership in NCAA Athletics. The dance team had never placed in the top 25 teams in the nation before Alexandra arrived. Her freshman year was a blow-out because of COVID – no national competition. Nonetheless, they still practiced every day. During Alex's sophomore, junior, and senior years, they placed in the top 10 every year. One of her coaches that has worked with her since the age of 9 always taught her: You earn championships in your preparation. You pick up the award at the competition. Isn't the same thing true for real estate professionals? Yesterday, my good friend and business colleague, Mark Mclaughlin, reminded me that in many ways, it's the effort and preparation that drives great brokerage companies and agents to succeed. In his article titled the 3 Rs – results, rules, and records, he writes: Those individuals and companies that focus on perfecting the expression of their value proposition will gain market share. At WAV Group, we define effort and preparation as the sinewy tissue that holds the relationship between the agent and the client together. It's a patchwork of influences that cause agent development – which includes showing up to office meetings, coaching, training, technology adoption, marketing for new relationships, and an incredible effort to stay in touch with people you know. All of this is the preparation that leads to well-earned success, the commission is merely the award. Sure, the antitrust litigation and settlement will change the way real estate commissions are awarded starting in August. Companies and agents who do not put in the work to prepare themselves for change will not be on the podium accepting awards. If firms do not have strong brands and an office full of agents who have deep, well-earned trusted relationships with their clients – they will fail. The days of licking quick and easy transactions off of the grass are fading, if not gone forever. A note to agents: Beware of commission programs from brokerages that are too good to be true. If your firm does not have the income to invest in the brand, the management team, compliance, training, and technology – you will not get the support that you need to succeed. The extra dollars you may earn in the short term are not worth it. Seek out firms with significant listing market share and great support. Top performance and growth across our industry is correlated to market share in your market. Partner with one of the Top 5 firms and you will be fine. The awards will come your way. A note to brokers: If you are not a top 5 firm in market share, become one. Merge with like-minded firms in your area until you get there. Cutting support and technology to save your bottom line will lead to the failure of your agents to get the support they need to compete in a changing market. Grow or die. If you don't know how, click here to buy our book, Acquiring More Profit, for $120, and read it. It's a detailed playbook on mergers. Just follow the steps. To view the original article, visit the WAV Group

WAV Group Releases 2024 Brokerage Technology Roadmap, Part 4: Training and Support
If you have been following WAV Group's Brokerage Technology Roadmap series, you have now assembled all the necessary pieces to build an impressive tech stack for your business. However, the effectiveness of these technology solutions relies heavily on how well they are communicated and adopted by users. In this final installment of the Brokerage Technology Roadmap, we outline strategies to optimize product communication and training, ultimately aiming to enhance user engagement and productivity. One of the primary challenges faced by firms is ensuring that users are well-informed about product updates and enhancements. Include in your communication plan clear and concise "Release Notifications" to highlight the benefits of upgrades. Incorporate both written explanations and short videos to ensure maximum understanding and engagement with users. Additionally, enrolling all users in communication newsletters and tracking open rates are recommended best practices to ensure widespread awareness. We detail several more key components of the communications strategy in the full report. Once you have your communications and training program implemented, you need to continue to measure adoption and usage. By tracking metrics such as user adoption rates and feature usage, firms can identify potential issues and opportunities for improvement. This data-driven approach allows for informed decision-making regarding software licensing, training initiatives, and vendor collaborations. The report offers valuable insights into optimizing product communication, training programs, and measuring product engagement within enterprise real estate firms. By implementing these high-level strategies, you can enhance user experience, drive adoption of software solutions, and ultimately increase agent productivity. Download the full report now with promo code "roadmap" for a limited time. Check out the entire series: 2024 Brokerage Technology Roadmap – Part 1: Brokerage Website 2024 Brokerage Technology Roadmap – Part 2: Company Intranet 2024 Brokerage Technology Roadmap – Part 3: Data Management To view the original article, visit the WAV Group

[Podcast] Guide to Better Mergers and Acquisitions with Victor Lund
Ready to gain insider knowledge on mergers and acquisitions? Join us on this episode of Real Estate Insiders Unfiltered as James and Keith are joined by Victor Lund, author of Acquiring More Profit and CEO at WAV Group and RE Technology, and advisor to the Broker Public Portal. Learn the strategies behind successful M&A deals from one of the industry's top experts as he guides you through collaboration, culture, proper evaluations, and more. Don't miss out on this essential information! For the definitive and in-depth guide to mergers and acquisitions, check out Victor's book: Acquiring More Profit. Listen to this podcast on: Apple Spotify YouTube Other Visit the episode homepage for show notes and more