Few brokers have expanded during the market slowdown. Even fewer have done it through acquisition. Anthony Lamacchia, CEO & Broker Owner of

Lamacchia credits part of his success to the principles outlined in Acquiring More Profit, WAV Group’s book that helps brokerage leaders grow strategically through mergers and acquisitions. He didn’t just read the book; he operationalized it, building a repeatable system for finding, negotiating, and integrating brokerages that align with his culture and vision.

Taking place November 20–21, 2025 in Boston, Anthony is sharing exactly how he did it.

At his Growth Through Acquisitions Event, he’ll unpack every stage of the process that fueled Lamacchia Realty’s rapid expansion, including:

• How to identify and approach the right acquisition opportunities
• How to structure and negotiate Letters of Intent and Purchase Agreements
• How to manage culture shifts and onboarding post-acquisition
• How to structure payment terms and navigate financial integration

Attendees will also receive Lamacchia Realty’s Growth Through Acquisition Playbook, complete with templates, legal documents, and lessons learned, and hear directly from past sellers who have been through the process.

For brokerages serious about growth, this is a rare chance to learn from a leader who has proven that strategic acquisition can outpace even the best recruiting models.

You can register for the event by CLICKING HERE.

WAV Group is proud to see the impact Acquiring More Profit continues to make among industry leaders like Anthony. His success proves that thoughtful planning, disciplined negotiation, and cultural alignment can turn a market slowdown into a growth opportunity.

Download PDF Versions of the Book and the Implementation System Together – HERE!

The post Inside the acquisition system fueling one of real estate’s fastest-growing brokerages appeared first on WAV Group Consulting.

This fall, Compass announced plans to merge with Anywhere Real Estate in what may become the largest acquisition in residential brokerage history. The deal could unite over 340,000 agents across more than 120 countries and set a new precedent for how scale, technology, and capital converge in our industry.

At WAV Group, we have long believed that consolidation is not just about size. It is about leverage and the ability to turn scale into sustained profitability. This merger should prompt every brokerage leader to revisit their own growth strategy.

What brokers can learn from Compass and Anywhere

Mergers are never just about numbers. They are about the alignment of culture, systems, and platform. The Compass-Anywhere combination will test whether even the largest players can integrate quickly while maintaining brand strength and agent trust. One thing that we know for sure is that agents will vote with their feet. If the new organization does not support the individual agent or team, they will walk. 

Behind the headlines are lessons every brokerage can apply today:

• Scale must serve strategy. Growth through acquisition only works if it strengthens your market position and operational focus.
• Integration determines success. Culture, technology, and financial systems must connect before the ink dries.
• Profit comes from platform control. The future belongs to brokerages that own their data, brand, and earn consumer relationships, not those that rent them or buy them from a third party. 

From the book: acquiring more profit

In my book Acquiring More Profit, I break down the process of growing a brokerage through mergers and acquisitions. The goal is not just financial growth but long-term strength.

Key concepts include:

• Deal discipline. Identify targets that fit your culture and profit model, not just your geography.
• Valuation frameworks. Measure potential through EBITDA, brand synergy, and agent retention value. Look for complimentary superpowers in leadership.
• Integration sequencing. Align people, platforms, and processes to protect cash flow and reputation.
• Sustainable leverage. Convert each acquisition into cumulative advantage, not just added volume.

Hear the full conversation on Real Estate Insiders

I recently joined the Real Estate Insiders Podcast to discuss the book and the mechanics of profitable M&A in brokerage. You can listen or watch here:

 Real Estate Insiders Podcast – Victor Lund on Acquiring More Profit

In the episode, I talk about:

• how to recognize when acquisition is the right growth move
• why most integrations fail after the deal
• how brokerages can turn market turbulence into strategic opportunity

The next move for brokerage leaders

The Compass-Anywhere deal signals that we have entered a new era. Capital is consolidating, and platforms are competing for digital sovereignty. The question for independent brokerages is not whether to grow, but how to grow profitably, intentionally, and with control over their future.

Mergers and acquisitions are no longer reserved for the largest firms. With clarity of purpose and operational readiness, any brokerage can use acquisition to accelerate its trajectory.

The post Compass and Anywhere signal a new era of brokerage consolidation appeared first on WAV Group Consulting.

When owners try to go it alone, two mistakes happen almost every time. First, they overvalue their firm because they’re too close to it. Second, they often undersell, leaving money on the table because they don’t know how to position the company or connect with the right buyers.

What strong preparation looks like

If you think an exit might be in your future—whether that’s two years away or ten—there are a few disciplines that matter most:

• Keep clean financials. Buyers want to see profitability, growth, and consistency. Sloppy books will lower your valuation.
• Know your worth. Commissioning a professional valuation on a regular basis gives you a realistic view of what your company would command in today’s market.
• Build relationships early. The best deals come together when there’s already trust between buyer and seller. Cultivate connections with peer brokerages long before you consider a confidential conversation about selling.

These steps aren’t just theory. They are spelled out in detail in our book Acquiring More Profit and the companion workbook, which walk you through the process of preparing your brokerage for either side of a transaction.

How WAV Group M&A helps

Our M&A practice is a full-service representation for brokerages of all sizes, working with firms who are ready to grow through acquisition or owners planning for a successful exit. We guide clients through valuations, deal structuring, buyer identification, and negotiations—all with the goal of maximizing the outcome and protecting your legacy.

This week, Victor Lund held a seminar on brokerage M&A at the Florida REALTORS conference. If your organization would like to host a similar conversation, he is happy to speak at brokerage forums and leadership meetings to help firms better understand how to plan for growth or prepare for a successful exit. Fill out the contact form below.

If you’re thinking about buying or selling, don’t wait until the moment you’re ready to act. Start by downloading our book or reach out below to our team of M&A experts to talk through your plans. The best exits are built well before the “For Sale” sign ever goes up.

The post Don’t try to sell your brokerage on your own appeared first on WAV Group Consulting.

Acquisitions aren’t just about expansion. They’re about leverage – getting more from every agent, every lead source, and every dollar spent.

Buying the right brokerage means:

• Instant access to new markets
• A team that’s already trained and producing
• Systems and processes that are already tested and running
• Brand recognition you don’t have to build from scratch

And right now, many broker/owners are quietly looking for their exit. They’re tired. They want to hand things off. And they want to sell to someone who sees the value in what they’ve created. You just need to know how to spot the right opportunity – and how to structure the deal so it works for everyone involved.

Acquiring More Profit is your guide to doing exactly that. The course walks you through how to evaluate a brokerage, structure a smart acquisition, and avoid the mistakes that leave others stuck with bad deals.

Check out the course and learn how to grow the smart way.

The post The smartest brokers are buying right now appeared first on WAV Group Consulting.

The newly unified organization will serve nearly 40,000 members, establishing it as the largest REALTOR® association in North Texas and positioning it among the most influential real estate organizations nationwide.

Strategic Vision Drives Historic Decision

The merger represents more than organizational consolidation—it’s a strategic response to an evolving real estate market that demands stronger advocacy, enhanced technology, and more comprehensive member services.

“We’re not just merging boards; we’re amplifying our voice,” said Johnny Mowad, MetroTex President. “Together, MetroTex and CCAR will form one of the strongest real estate networks in the country.”

The merger process began with unanimous endorsement from both associations’ Boards of Directors before being presented to the full membership for approval. This grassroots approach ensured that practicing REALTORS® had direct input in shaping their professional future.

“Both boards endorsed the merger plan, reflecting our shared vision and foresight to position REALTORS® for long-term success,” explained Jennifer Parker, CCAR President. “The approved plan passed a membership vote, giving REALTORS® direct influence in shaping our future and endorsing a more impactful association.”

Tangible Benefits for Real Estate Professionals

The consolidation delivers immediate and long-term advantages across multiple areas critical to REALTOR® success:

Enhanced Legislative Influence The unified association will wield significantly greater political power at local, state, and national levels. This expanded advocacy capacity translates to stronger protection of homeowner interests and more effective representation of REALTOR® concerns in legislative matters affecting the industry.

Operational Efficiency and Cost Savings By eliminating duplicate services and consolidating operations, the merger reduces per-member costs while simultaneously expanding the scope and quality of available services. Members can expect streamlined MLS platforms, coordinated educational programs, and more efficient administrative processes.

Expanded Professional Development The larger organization will support more robust training programs, workshops, and certification opportunities. Enhanced staffing and resources will enable the association to offer programming across multiple locations, making professional development more accessible to members throughout the region.

Technology and Innovation Consolidated resources will enable smarter investments in cutting-edge tools and technologies that help REALTORS® serve clients more effectively and stay competitive in a rapidly evolving marketplace.

Leadership and Transition Planning

Justin Landon, current MetroTex CEO, will lead the merged association, bringing extensive experience in association management and strategic planning to the role.

“We’re approaching this transition with focus and care to ensure a smooth experience for every member,” Landon emphasized. “We are committed to being a national leader among REALTOR® associations. Our DFW REALTORS® deserve no less.”

Mary Leidy, CCAR CEO, highlighted the transformative potential of the consolidation: “This merger is more than a milestone, it’s a launchpad for new benefits and possibilities. Together, we’re shaping a stronger, smarter future for REALTORS® and the communities we serve.”

Looking Forward: Implementation and Impact

The newly formed board of directors and combined staff are immediately beginning work on a comprehensive transition plan designed to ensure seamless integration while maintaining uninterrupted service to members.

Key focus areas for the unified association include:

• Developing fresh leadership structures that leverage the strengths of both organizations
• Expanding community initiatives that benefit the broader Dallas-Fort Worth region
• Establishing new service standards that elevate the REALTOR® profession
• Creating innovative programs that address emerging market challenges

Industry Implications

This merger reflects broader trends in the real estate industry, where associations are consolidating to achieve greater efficiency and influence. For the Dallas-Fort Worth market specifically, the unified association creates a more cohesive voice for the region’s real estate professionals while establishing a model that other markets may follow.

Strategic Control of Regional MLS A significant outcome of this consolidation is that the merged association now holds majority control over the North Texas Regional Information Systems (NTREIS), the area’s primary MLS platform. This control positions the unified association to drive technological innovation, set data standards, and influence the direction of MLS services across the region. The ability to shape MLS policy and development will directly benefit members through improved tools, enhanced data access, and more responsive platform evolution.

The timing is particularly strategic, as the real estate industry faces ongoing challenges including regulatory changes, technology disruption, and evolving consumer expectations. A stronger, more unified association is better positioned to help members navigate these challenges while advocating for policies that support healthy real estate markets.

The successful completion of this merger demonstrates the power of collaborative leadership and member engagement in driving positive change for the real estate profession. As the unified association begins operations, it sets a new standard for how REALTOR® organizations can evolve to meet the demands of a dynamic marketplace while better serving both their members and the communities they represent.

Additional updates on the transition process and new member benefits will be communicated directly to association members via email and through official association channels.

The post Historic Merger Creates North Texas Real Estate Powerhouse: MetroTex and CCAR Unite to Form 40,000-Member Association appeared first on WAV Group Consulting.

Will your agents carry the torch? Will your systems still run smoothly? Will your name still mean something after you’re gone?

Too many brokers wait too long to think about these questions. They assume the day will come when everything just “works out.”

But legacy doesn’t happen by accident. It happens by design.

And one of the most overlooked parts of that design is your operational foundation. Your value isn’t just in sales numbers – it’s in the systems you’ve refined over years. The recruiting playbook. The onboarding checklists. The workflows your team follows. These things may feel routine now, but they are powerful assets in the hands of the right buyer.

Documenting those processes protects your legacy. It gives your future successor the ability to replicate your results, preserve your culture, and grow from the foundation you’ve already laid. Without that documentation, even a thriving business can unravel fast.

If you’re starting to think about what comes next – whether your timeline is 12 months or five years out – it’s time to put a real plan in place.

Acquiring More Profit is an online course designed to help broker/owners like you build an exit strategy that honors everything you’ve built. From increasing your brokerage’s value to structuring the right deal, the course is a step-by-step roadmap to the successful finish you deserve.

You only get one shot to write the final chapter. Make it count.

Check out the course now and start protecting the legacy you’ve worked a lifetime to build.

The post What will your legacy be? appeared first on WAV Group Consulting.

Most people think of a Multiple Listing Service (MLS) as a utility – a shared resource that supports cooperation among brokerages and delivers access to the market. But for the companies and REALTOR® associations that own MLSs, these organizations represent something more: an equity investment.

And like any equity investment, it’s time owners started evaluating their stake through a financial lens.

Across the country, there’s wide variation in how MLSs are owned and governed. Some are wholly owned by a single REALTOR® association. Others are consortiums, jointly owned by a coalition of associations. About two dozen are shareholder-owned corporations, and a small but growing number are privately held. Governance structures are equally diverse – from broker-controlled boards to association-appointed representatives to fully independent governance.

But in every case, there’s one unifying truth: shareholders hold equity. And that equity has value.

Most MLS shareholders don’t know what their equity is worth

Until recently, MLS owners – whether associations or private shareholders – rarely had a basis to understand the market value of their equity. That’s beginning to change. WAV Group has been conducting valuations of MLSs across the country, providing boards and shareholders with clearer insight into their investment.

Knowing the equity value of an MLS is more than an accounting exercise. It informs decisions around dividend policies, capital reserves, strategic investments, and governance priorities. It also sheds light on a question few MLSs have historically addressed: what kind of return should shareholders reasonably expect?

Dividend performance is uneven – and often opaque

In some markets, MLSs operate with substantial cash reserves but distribute no dividends. Others provide modest or below-market payouts. And a select few issue healthy, well-documented returns to shareholders.

The disparity is striking – and it’s rarely tied to performance alone. In many cases, outdated governance models or lack of financial transparency prevents MLSs from treating shareholder equity with the same discipline found in other sectors.

As a shareholder – whether you’re a REALTOR® association or a private entity – you have every right to expect an annual valuation of your shares. That should be accompanied by standard reporting: a balance sheet, profit and loss statement, and forecast budget. You should also expect clarity on dividend strategy and equity growth expectations, especially if your ownership stake is a meaningful asset to your organization.

Ownership without valuation is a missed opportunity

If your organization owns shares in an MLS, consider how you manage other investments. Would you continue to hold equity in a company without knowing its current value or having a say in its dividend performance? Would your board accept that level of opacity from a private sector partner?

The same financial standards that apply to other business interests should apply here too.

Let’s talk about unlocking shareholder value

WAV Group is now offering comprehensive MLS valuations to help organizations understand the real value of their stake. These assessments provide shareholders with the financial clarity they need to make informed decisions – about governance, investment, and growth.

If you’re a REALTOR® association, brokerage, or shareholder in an MLS, we invite you to start a conversation. Understanding your equity is the first step to maximizing it.

Reach out below to get in touch with Victor Lund, Marilyn Wilson, or George Slusser at WAV Group to schedule a confidential consultation about an MLS valuation.

The post Why MLS ownership should be evaluated like any other equity investment appeared first on WAV Group Consulting.

How did your firm perform financially in 2024? As your books closed, most would look immediately to the bottom line for how much profit or cash flow was generated. It is always good to have positive cash flow, but is that the best way to track progress as a firm owner? Success can be tracked by many different Key Performance Indicators (KPIs) or measures including; profit, number of agents, market share, sales volume, or even money in the bank. When consulting with firms we recommend using KPIs critical to the health of your business. The one measurement that there is no substitute for and that overarches all others is your firm’s value.

There are many reasons for determining the firm’s value: 

1. Benchmarking your growth and initiatives 
2. Accountability for ownership and management
3. Business & succession planning
4. Accurate Personal Net Worth statements (for all sorts of borrowing)
5. Annual Bank loan requirements (most large loans require this)
6. Potential addition of a minority partner (s) or an investor 
7. Insurance purposes- (i.e. key man insurance)
8. Estate planning

We believe the most important reason is using the value as the critical benchmark and reference point. Taking liberty altering an old adage, “If you do not know what the value of your firm was, or is now, how can you know where you are going, or how you are going to get there?” Knowing the value of your firm is the key component of creating your Succession Plan and exit strategy which are must haves for a well-run real estate business. 

For many, your company may be your largest single asset. Although profit generated is obviously important, growth in value of your company is the single most important indicator of success. Without consistent valuations, how can you determine if your business plan was effective? A valuation will show if your time was spent wisely, if new initiatives worked, or if investments made were beneficial, or even accretive. 

Reviewing your bottom line is important but financial statements rarely reflect the true earnings of the company. Finding your firm’s value is not as easy as looking at your profit and multiplying it by the mysterious “market multiple”. In the hundreds of valuations we have performed, each one required different (but similar) adjustments to normalize the earnings. Most real estate firms are run as life-style companies and are wisely operated to reduce taxes.  

Valuations review the financials as if a third-party owned and managed the company, not yourselves. As examples, an adjustment might be made to increase the expenses if the owner has not taken compensation for managing the company, or profit is increased, if the owner has distributed excess compensation over the market comparison. There are literally dozens of potential adjustments we make regularly. 

Valuations can be performed internally. We recommend getting at least your first one done professionally to better understand the process. Professional valuations are not a large expense but will yield returns many times over.  Strive to start your year with a solid foundation.

Our M&A Team at WAV Group consists of experts who have assisted in closing transactions with purchase prices totaling over $1.4 Billion and performed hundreds of valuations on firms of all sizes. 

Click here to request a confidential consultation.

The post Determining Your Company’s Value: Understanding Business Valuations appeared first on WAV Group Consulting.

Howard Hanna Real Estate Services (HHRES), the largest independently-owned real estate brokerage in the nation, has significantly expanded its reach and capabilities through three strategic mergers in the past 60 days. These partnerships solidify Howard Hanna’s commitment to growth and innovation in the real estate industry.

Big Hill Realty Joins Howard Hanna

On October 29, 2024, HHRES announced the merger with Big Hill Realty, a well-respected real estate firm in Dayton, Ohio. This merger brought together decades of industry knowledge and a shared commitment to client service. Big Hill Realty’s team of agents gained access to Howard Hanna’s innovative suite of products, services, and technology, further enhancing their ability to serve clients in the Dayton market.

The Alliance Group Realty Becomes Part of Howard Hanna | Allen Tate

On October 30, 2024, Howard Hanna | Allen Tate, a Howard Hanna company, acquired The Alliance Group Realty, a prominent real estate firm with offices in Hilton Head Island and Bluffton, South Carolina. This strategic move marked Howard Hanna | Allen Tate’s entry into the South Carolina Low Country region. The Alliance Group Realty, with its team of over 70 agents and employees, brought a strong local presence and a reputation for excellence to the Howard Hanna family.

Home Experts Realty Merges with Howard Hanna

Most recently, on January 15, 2025, HHRES announced the merger with Home Experts Realty, an Ohio-based firm with nearly 400 agents. Home Experts Realty, founded in 2011, had a strong reputation for exceptional service and a collaborative, diverse culture. This partnership strengthened Howard Hanna’s presence in Ohio and united two companies with similar values and a focus on agent support and client satisfaction.

Continued Growth and Innovation

These three mergers represent a significant expansion for Howard Hanna, adding over 600 agents to its network and expanding its reach into new markets. By combining the expertise and resources of these successful real estate firms, Howard Hanna is well-positioned for continued growth and innovation in the real estate industry.

About Howard Hanna: The Hanna Family of Companies proudly provide real estate, title, insurance and mortgage services to clients across 13 states. As the largest family-owned and -operated real estate brokerage in the United States, this full-service real estate company has more than 500 offices and 15,000 sales associates and staff, including many of the industry’s top-producing real estate, title, mortgage and insurance agents. For more information, visit www.HowardHanna.com.

The post Congratulations to Howard Hanna on Three Strategic Mergers appeared first on WAV Group Consulting.

The workshop, moderated by WAV Group CEO Victor Lund, featured industry experts Brad Patt – BHHS Fox and Roach, George Slusser – WAV Group M&A, and David Gumpper – WAV Group Technologies, who shared insights on how brokerages can leverage buyer agreements to significantly increase their enterprise value.

Key Takeaways:

• Homebuyers as Assets: Brad Patt discussed how BHHS Fox and Roach pioneered the concept of treating homebuyers as assets in 2016, utilizing tools like Percy.ai to match buyers with properties and score their intent. Today, they are expanding that focus by creating best practices around buyer agency agreements.
• Buyer Agreements and Brokerage Valuation: George Slusser emphasized the importance of tracking buyer agreements correctly to maximize a brokerage’s valuation. Much like listing agreements become an asset of the brokerage, so do buyer agreements – but only if you can track them correctly.
• Tracking Buyer Agreements: David Gumpper outlined best practices for integrating buyer agency agreements in Transaction Management, CRM, and accounting systems for better tracking and management.

The workshop highlighted the untapped potential of buyer agreements in boosting a brokerage’s bottom line. By effectively managing and tracking these agreements, brokerages can position themselves for greater success in the competitive real estate market.

Want to learn how to unlock the hidden value in your brokerage? 

Watch the full video of the workshop below.

For further guidance on developing a homebuyer management plan or exploring brokerage valuation and mergers, contact our M&A experts.

Don’t miss out on this valuable opportunity to maximize your brokerage’s potential.

Stay tuned for a follow-up case study from WAV Group on best practices in buyer agreement management.

Not a WAV Group subscriber? 

Sign up for our newsletter to stay informed on the latest industry insights and trends.

The post Brokerages: Are You Leaving Money on the Table? appeared first on WAV Group Consulting.

Join us along with BHHS Fox and Roach regional manager, Brad Patt as we discuss the impact of buyers under contract.

As a result of the Sitzer-Burnett settlement, the real estate industry has adopted buyer agency contracts that are akin to the listing agreement. Historically, listing agreements held more weight in the value to the brokerage than a buyer contract. Is that changing?

Victor Lund will be moderating the group discussion, joined by George Slusser who will discuss the buyer contract impact to brokerage valuations; David Gumpper who will provide some technical insights on best practices for tracking these contracts; and Brad Patt who will share the real situation that is happening in the agent-consumer relationship. Fox and Roach is one of the brokerages who first adopted pathways to leveraging buyer data more than a decade ago. This new environment takes this to an entirely new level. 

There will be no slide deck, nor any products discussed at this event – it’s just an opportunity to join our chat, get our thoughts, and ask questions. 

We hope that you will be inspired to create some new processes in your brokerage to realize and maximize the value of buyers under contract in your business.

Workshop Details: Date: November 19, 2024
Time: 12 PM PST / 3 PM EST

Don’t miss out! [Register here]

The post Broker Invite: What is the value of buyers under contract? appeared first on WAV Group Consulting.

The fastest growing firms seeking growth are deploying two primary avenues: merging with congruent brokerages and expanding into adjacent businesses. Each path offers unique opportunities and challenges; understanding them is crucial for strategic development.

Image generated by OpenAI’s DALL-E based on a custom prompt.

Merging with Congruent Brokerages

A congruent brokerage operates similarly in terms of culture, market focus, and operational practices. Merging with such entities can lead to immediate benefits, such as:

• Market Share Expansion: Combining forces can enhance market presence, providing a competitive edge.
• Resource Optimization: Shared resources, from technology to personnel, can lead to cost efficiencies and improved service offerings.
• Cultural Alignment: Similar operational philosophies facilitate smoother integrations, minimizing disruptions.

However, it’s essential to conduct a thorough due-diligence to ensure alignment in goals and values, as mismatches can lead to integration challenges.

Expanding into Adjacent Businesses

Diversifying into related sectors such as mortgage, title, insurance, wholesale to investors, and home repair services offers another growth trajectory, listed below:

• Revenue Diversification: Entering these sectors creates multiple income streams, reducing reliance on traditional brokerage commissions.
• Enhanced Client Services: Providing a suite of services under one roof can improve client satisfaction and loyalty.
• Market Differentiation: Offering comprehensive solutions sets a brokerage apart from competitors.

This approach requires careful planning, as each sector has its own regulatory and operational complexities. Building or acquiring expertise in these areas is crucial for success.

Strategic Considerations

Choosing between these paths outlined above depends on a brokerage’s current position, market conditions, and long-term objectives. Some may find that a hybrid approach (combining both strategies) offers the most robust growth potential.

At WAV Group, we guide brokerages through these decisions, leveraging our extensive experience in mergers and acquisitions to tailor strategies that align with each client’s unique goals. Our comprehensive approach ensures that growth initiatives are not only ambitious but also sustainable and aligned with the evolving real estate landscape.For more insights into successful brokerage growth strategies, consider exploring our resources on mergers and acquisitions.

The post Growing Your Brokerage Without Recruiting appeared first on WAV Group Consulting.