Michael Golden and Thaddeus Wong were top producers at a small brokerage firm when they took a leap of faith and founded their own company, the real estate firm @properties, after being dissatisfied with the service and support they received from their sponsoring broker.
The new company first started selling new construction, but expanded into existing home sales within the first few years. Over the next 12 years, Golden and Wong lead the four-person enterprise to become the largest real estate brokerage firm in Chicago and one of the 35 largest in the country — with much of the growth occurring during the recent housing market crisis.
The pair took a big financial risk to start @properties, being owed $1.5 million in commissions, which never were paid, by the previous firm. Foregoing a salary at first, Golden and Wong kept a tight budget and reinvested back into @properties. Their first payday finally came after two years when their initial client transitioned to, and completed, a high-rise development.
With that success in hand, and a strategy to expand despite the market crisis, Golden and Wong over the last five years has opened six new offices and more than doubled the number of Realtors from December 2006 to today.
The adoption of a conservative mentality through the expansion of the business has been a key factor to the company’s success. For instance, while many other real estate brokerage firms have extravagant offices, @properties has much simpler facilities. The company has invested the monies that could have been used for a more lavish office into employee resources.
Golden and Wong have studied opportunities for expansion, but want to grow strategically. They have and will continue to consider acquisitions but do not see an immediate need to acquire other firms, especially when they have been consistently drawing agents from other firms to work for @properties.
How to reach: @properties, www.atproperties.com