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.
BrokerSumo developed a product that allows smaller brokers and teams to manage commissions and integrate with Quickbooks. Brokers and teams can purchase the application for hundreds of dollars for a lighter system than the resources required for a Profit Power or Lone Wolf solution. I think that the largest BrokerSumo broker has about 1500 agents.
In terms of total addressable market – we think that BrokerSumo is poised for outstanding growth in 2018 with the support of the well capitalized Inside Real Estate team. BrokerSumo founder Jeremy Shoenig and a small team have developed a great application and successfully brought it to market. Now they will have the marketing and sales power of one of the largest web services companies in the industry to power the expansion. There are about 85,000 brokerages in America. The top 500 are firms with more than 250 agents. WAV Group estimates that the bottom 20,000 are single broker offices. We believe that there are about 60,000 firms that have between 5 and 250 agents, and that is where BrokerSumo delivers the most value. The system supports every imaginable commission plan and invites commissions plans to be structured discretely for individual agents within the firm. Agents are provided with access to all of their commission history and can view the expected future commissions on deals in the pipeline – features that even the big boys have had challenges with delivering – especially on mobile.
Aside from developing great technology, Inside Real Estate is backed by the venture capital firm, 42.Ventures – who operates in coordination with Private Equity Funds. The firm operates out of Silicon Slopes – referring to the Salt Lake City technology center that is attracting so many companies on the door step to Wasatch Range of mountains and the famed Park City community. The BrokerSumo team will be operating out of both California and Salt Lake City – they are hiring team members to expand.
Please enjoy this release from WAV Group Communications. If you would like more information, please give us a call.
INSIDE REAL ESTATE ACQUIRES BROKERSUMO
Inside Real Estate Adds Commission Management to Their Leading Enterprise Solutions
SALT LAKE CITY, Utah., December 14, 2017 Inside Real Estate announced today the acquisition of BrokerSumo, a Commission Management cloud software provider to real estate brokers. BrokerSumo’s product allows customers to easily manage commission calculations, agent onboarding and billing, transaction payments and all forms of internal and external reporting. It seamlessly integrates with transaction systems such as Dotloop as well as modern cloud-based accounting packages including Quickbooks. Commissions management is the most critical and industry specific financial function for brokers.
BrokerSumo has grown rapidly from its inception just two years ago and already has hundreds of brokers and thousands of agents using its product. The success of its product comes from a combination of offering the functionality needed by brokers of all sizes and types of commission plans, providing a clean, modern user interface that agents readily adopt and delivering it all at a cost less than half that of other solutions on the market.
The product extends Inside Real Estates’ kvCORE platform directly into the financial and accounting systems. Customers will not only be able to automate their entire marketing and sales lifecycle through kvCORE, but now they will be able to track, coordinate and measure transactions through all the financial end points. “This gives us an important component of back-office functionality we needed to deliver the complete business platform we have created with kvCORE”, said Ned Stringham, CEO of Inside Real Estate. “BrokerSumo’s simple design, powerful features, integration with Quickbooks and low cost have really been shaking up the historically dominant player in accounting. When compared with BrokerSumo however, competitive solutions look expensive, inflexible and ready to be tossed out. We are thrilled to add the BrokerSumo product and team to Inside Real Estate.”
The BrokerSumo team immediately realized the synergies between the two products and the benefits the combination would offer to brokers. “When I saw the new kvCORE platform and heard their vision and strategy, I knew we needed to be part of it,” said Jeremy Shoenig, Founder and CEO of BrokerSumo. “As part of Inside Real Estate, our customers will benefit greatly through more rapid expansion of our product, better support and company stability. kvCORE is a powerful platform and a perfect fit for our technology.’
The acquisition was completed December 14, 2017. No terms were disclosed for the transaction. More details of the acquisition can be found at: http://insiderealestate.com/press/inside-real-estate-acquires-broker-sumo
Learn more about kvCORE here: http://s.insiderealestate.com/get-kvcore-or-brokersumo/
About Inside Real Estate
Inside Real Estate is among the most successful and fastest growing real estate software companies and serves tens of thousands of agents, teams, and brokers throughout the U.S. and Canada. The company’s kvCORE Platform is the only solution on which brokers, teams, and agents can run their entire business using a single software platform. The platform’s components include a Lead Engine, Website & IDX tools, SmartCRM, Listing CRM and Transaction Integrations—all powered by Marketing Autopilot with behavioral automation, Business Analytics to understand and grow your business, and a scalable cloud infrastructure. Learn more at: http://insiderealestate.com
BrokerSumo provides real estate brokers with the best modern, cloud-based solution for commission calculation and tracking, broker commission approvals, automated agent billing and payouts, 2-way Quickbooks Sync, 3rd party transaction integrations, agent roster management portal and other broker back-office tools. BrokerSumo is now part of the Inside Real Estate product family, and integrated with Inside Real Estate’s kvCORE Platform. Learn more at: http://brokersumo.com.
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WAV Group Communications