Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

The 100-years-war over real estate commissions

HousingWire plunges down the rabbit hole of residential real estate commissions, uncovering the past, present and future of this wholly unique part of the economy.

How borrower education can make housing more attainable

The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.

Real Estate

@properties plucks Detroit shop as first franchisee

Chicago brokerage says six more franchise announcements on the way

Chicago’s @properties announced its first franchise location Tuesday – the Detroit shop formerly known as Alexander Real Estate.

Alexander, now rebranded as @properties, is a four-year-old firm with 45 agents and $120 million in 2020 sales volume that has so far focused on downtown Detroit.  

Snapping up Alexander is part of a “national expansion plan,” said Chris Lim, president of growth at @Properties, with the Windy City brokerage eying a “half-dozen” franchise announcements in the coming year.

Co-founded by Thad Wong and Michael Golden in 2000, @Properties is the biggest real estate brokerage in Chicago and 10th largest shop in the nation with $10.8 billion in 2019 sales, according to RealTrends.

For years, Wong and Golden strictly focused on the Chicagoland area. But in 2018, a private equity firm, Charlottesville, Virginia-based Quad-C Management, took a stake in the company.


How to Diversify Your Brokerage to Weather Economic Hardship

Diversification is one approach brokerages can adopt to help ensure stability in unavoidable times of uncertainty, work to protect their revenue and – ultimately – financially weatherproof their business.

Presented by: Motto Mortgage

Since then, @Properties bought an undisclosed stake in Charlottesville brokerage Nest Realty as well as Atlanta’s Ansley Real Estate, headed by Bonneau Ansley.

Wong and Golden announced in September that they were shopping for franchise partners, and that they would charge a $35,000 franchise fee, plus a monthly tech fee of $50 per agent, and collect 6 percent of the franchisee’s revenue.

In exchange, @Properties is offering its marketing department, their proprietary technology @platform, and potential financial assistance in a firm’s expansion.

Eric Walstrom, principal broker of the previously named Alexander, said that his brokerage is now positioned to expand into Detroit suburbs like Grosse Pointe, and eventually Ann Arbor.

Given today’s real estate market, Walstrom said, it was inevitable Alexander would join forces with a larger shop.

“With VC and outside money coming into the space, we started looking for opportunities for partnerships,” Walstrom said.

“I literally met with absolutely everybody,” Walstrom added, stating he found @properties’ marketing and technology superior.

Few real estate brokerages in 2021 say their technology is anything less than second to none. Walstrom said @properties sold him because they have a comprehensive in-house platform, which he believed made their technology more adaptable than brokerages that acquire a customer relationship management system.

Leave a comment

Most Popular Articles

Biden’s $15K first-time homebuyer tax credit now a bill

President Joe Biden called for a $15,000 tax credit for first-time homebuyers, and Congress has answered his call with a bill.

Apr 26, 2021 By

Latest Articles

What a dismal jobs report means for the housing market

April’s U.S. jobs report on Friday was dismal at just 266,000 new jobs, but economists say they’re not worried about the housing or mortgage market. HW+ Premium Content

May 07, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please