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Going concern - www.camagazine.com August issue

www.camagazine.com

Lorne Wallace, CA
Founder and President
Lone Wolf Real Estate Technologies

Company profile: Based in Cambridge, Ont., Lone Wolf Real Estate Technologies offers cradle to grave management systems for real estate brokerages, from presenting listings and open houses on websites to tracking deals and generating financial statements. The company's software is installed in almost 3,200 real estate offices throughout North America, including Remax and Royal LePage. The private company employs 50 staff at its Cambridge headquarters, 13 at its Tulsa, Okla., site, and about 18 more in Canada and the US.

Hot factor: The company got its start in 1989, when Lorne Wallace developed the custom accounting software needed to run a client's real estate office. With the collapse of the real estate market in 1990, he and the client decided to partner up and go into the real estate software business full time. By 2002, the company's gross annual sales were $1 million, which grew over the next five years to $7 million in 2007.

Cool projects: In 2008, Lone Wolf signed an agreement to include listings on Trulia.com, the fastest-growing US residential real estate search engine. Each month more than three million people visit the site looking for information on homes for sale using custom search criteria. As more than 80% of today's home buyers use the Internet to conduct their initial research, the agreement helps Lone Wolf's customers tap into this huge trend.

In his own words: "We're a big fish in a small pond - all we do is real estate. Our biggest competitor is a generic accounting package and it doesn't even know we exist. But we can beat it because our programs are totally focused on our industry. A lot of people are frustrated with generic accounting packages because they have to change the way they do business to accommodate the software. So we did it the other way around."

Rosie Lombardi

 
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