On this week’s episode of RealTrending, we welcome two of the biggest names in the industry. Thad Wong and Mike Golden, co-CEOs. Christie’s International Real Estate and founder @property. Thad and Mike have been in business together for 27 years and are an extraordinary duo.
In conversation, the two talk about their business arrangements and how they’ve managed to get along well after nearly 30 years. We also provide insights from Christie’s recent luxury real estate report, including the rise of the luxury market in university cities, Gen Z purchasing trends, and long-term strategies for adapting to an evolving market.
A summary of the learning content is as follows.
- University cities are becoming hotspots for luxury real estate due to the presence of an educated population, vibrant culture, and better quality of life
- Gen Z buyers prioritize eco-friendly features and low-maintenance living, and Christie’s is tailoring its products and marketing to these preferences.
- Malta and Nicaragua are attractive emerging markets for luxury real estate investment due to factors such as foreign ownership visa programs and affordability.
- Adapting to industry trends and staying ahead requires being agile, taking risks, and focusing on client needs and preferences
Here are some of today’s interviews. The transcript below has been lightly edited for length and clarity.
Tracy Belt: The two of you have been business partners for a very long time. I understand that you divide your responsibilities to some extent and overcome it, but could you talk a little more about how you decide what risks to take and when? How do you agree on everything? If not, how do you deal with it?
Mike Golden: It’s not like a mechanical process where you sit down and make specific decisions. We are very agile as a company and strive to constantly evolve, respond to what’s going on, and be proactive.
When we acquired the Christie’s network, we wanted to consider where it stands and what it stands for and make sure we were respecting its tradition and history. , but at the same time we want to make sure that it can evolve to stay relevant. Consumers change. It’s really a balance and it’s not just the two of us and him. We have a great team. I think we’re always trying to make decisions that are best for the company as a whole over the long term.
Thad Wong: The only thing I’d like to add is that the risks have changed, right? We grew quickly, but we didn’t take any risks. We were never unprofitable. Vacations may not have been as lavish, but the company was making a good profit. But what I can say now is that the risk is centered around discretion. And I think we have better discretion when it comes to franchise partners, franchise sales and affiliate growth than many franchise salespeople and teams who have never set up a brokerage company.
The RealTrending Podcast features some of the brightest minds in real estate. Each week, brokerage leaders, top agents, team leaders, and industry experts share their secrets to success, trends, and lessons learned to navigate this ever-changing industry. Hosted by Tracy Belt, produced by Elissa Branch.
