@properties Announces Plans to Franchise

Chicago-based residential brokerage @properties is gearing up to expand into markets across the country with a new franchise model.

According to The Real Deal, @properties currently employs 3,000 agents at 34 offices in states across the Midwest. The brokerage did $10.8 billion in sales, earning it the No. 10 spot on REAL Trend’s list of top brokerage firms.

“Our goal is to become the fastest-growing brand in the country,” co-CEO Thad Wong told The Real Deal. “We won’t bite off more than we can chew, but we have a big mouth.”

To lead the brand’s new franchise efforts, @properties has hired Chis Lim as president, head of growth. Lim previously founded tech-focused real estate firm Climb Real Estate, which was acquired by Realogy in 2016. 

The brokerage is aiming to launch its first franchise locations in California, Hawaii, Illinois, Indiana, Minnesota, New York and Washington. According to its franchise disclosure agreement, the total start up costs for an @properties franchise will range from $95,000 to $295,000, including office buildout, marketing, training and insurance. The initial franchise fee is $35,000.

“There’s a lot of franchises with existing brands that are looking for something different,” Wong said. “We feel we can offer a new value proposition to franchisees, so they can experience the same organic growth and retention we’ve developed in Chicagoland.”

@properties has been upping its expansion efforts since 2018 when it received funding from a Virginia-based private equity firm, Quad-C.

To read the full story, visit therealdeal.com.