@properties Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
@properties is a residential real estate brokerage franchise built on strong technology, marketing, and agent support. Franchisees run local brokerages, recruiting agents and managing listings, sales, and transactions.
FranchiseVerdict summary · 2026
A @properties franchise requires a total initial investment of $64K – $433K, including a $35K franchise fee and an ongoing 3.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: F (Weakest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $64K – $433K
- 44th pct Real Estate
- Avg gross sales
- N/A
- Royalty
- 3.0%
- 4th pct Real Estate
- Units
- 44
- 33rd pct Real Estate
- SBA charge-off
- N/A
Quick verdict · Real Estate · color = vs category peers
Green = favorable by >10% vs Real Estate avg · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $64K – $433K including a $35K franchise fee, 3.0% ongoing royalty.
- RETURNSNo Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- RISKVerdict F (Weakest tier), verdict score 25/100 (higher is better).
- FLAGAuditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- At World Franchising, LLC d/b/a @properties
- Parent company
- At World Properties, LLC
- Ultimate parent
- At World Properties Holdings, LLC (Compass, Inc. acquired control Jan 2025)
- CEO title
- Co-CEO
- Michael Golden / Thaddeus Wong
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Delaware
- HQ
- 806 N. Peoria St., Chicago, IL 60642
- Auditor
- PricewaterhouseCoopers LLP
- Audited financials
- Franchisor revenue
- $1.6M
- vs $2.3M prior year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Overview
About
- CEO
- Michael Golden / Thaddeus Wong
- Headquarters
- IL
- Founded
- 2020
- FDD year
- 2025
- States available
- 5
Can you afford it, and what does the money buy?
Entry cost runs 16% above the typical real estate franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $35K | $35K | |
| Initial Training Expenses | $1K | $10K | |
| Leasehold Improvements | $0 | $150K | |
| Rent and Security Deposit | $3K | $10K | |
| "For Sale" Signage | $1K | $25K | |
| Office Signage | $250 | $5K | |
| Equipment and Furniture | $8K | $50K | |
| Computers and Software | $3K | $10K | |
| Start-up Supplies and Inventory | $5K | $10K | |
| Insurance | $2K | $25K | |
| Professional Fees | $2K | $5K | |
| Utilities | $350 | $3K | |
| Licensing Costs | $500 | $3K | |
| Data Feed Transmission | $250 | $3K | |
| Additional Funds - 3 Months | $5K | $90K | |
| Total initial investment | $64K | $433K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $64K – $433K
- Middle of category vs category
- Liquid capital req'd
- $5K – $90K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Middle of category vs category
- Royalty
- 3.0%
- Gross Revenues · typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 3.0% of gross sales |
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $500 |
| Training fee | $500 |
| Transfer fee | $5K |
| Renewal fee | $1K |
| Total fee load | 6.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
@properties did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one @properties unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
43%
Within the 30–60% "attractive franchise" band
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 6.0% — below the Real Estate average of 9.1%.
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System contracting at -40.0% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Multi-unit rate
Only 1% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Real Estate averages
How @properties Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 44
- Opened
- 0
- Last reporting year
- Closed
- 0
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 33.3%
- Company-owned
- 41
- Corporate units in the system
- % franchised
- 7%
- vs corporate-owned
- Multi-unit owners
- 1.0%
- Net growth (3-yr)
- -40.0%
- Net unit change over 3 years
- 3-yr CAGR
- -40.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 0
- Terminated (3yr)
- 1
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 0
- Franchisor's next-year forecast
- Termination rate
- 2.3%
- Franchisor-initiated terminations
- Ceased ops
- 6.8%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 4 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
The auditor flagged going-concern doubt (Item 21) — the single biggest risk here.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Real estate franchisor with an auditor going-concern note (going_concern_note=true), sharply contracting system (net growth -40%, franchised units collapsed to 3 of 44, 33% turnover), and 10 pending actions including 6 NAR-related antitrust commission class actions. Positive net worth ($3.86M) and audited financials temper the risk. Not an early-stage startup (began 2020), so the going-concern doubt carries weight.
Litigation (Item 3)
Six antitrust putative class action lawsuits filed in late 2023 and early 2024 against Parent, the Company, and Christie's International Real Estate Group related to real estate listing policies alleged to be anticompetitive. Cases pending in federal courts in Georgia, South Carolina, New York (2), Illinois, and Missouri. One case (Umpa) reached final settlement approval in November 2024. Additional non-class action pending: Stuart v. HK Lane Palm Desert involving breach of fiduciary duty and professional negligence claims.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · PricewaterhouseCoopers LLP⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 25 / 100 verdict
- 01MINORgoing_concern_note=true (auditor doubt), not early-stage (franchising since 2020)
- 02MINORSystem contraction: net_growth -40%, only 3 franchised units of 44, turnover 33%
- 03MED10 pending actions incl. 6 NAR antitrust commission class actions
- 04MEDPositive net worth $3.86M; item19_disclosed=false
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Counties, zip codes, or other geographical designations |
| Protected territory | Yes |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Illinois |
| Litigation count | 10 |
View Item 3 litigation summary
Six antitrust putative class action lawsuits filed in late 2023 and early 2024 against Parent, the Company, and Christie's International Real Estate Group related to real estate listing policies alleged to be anticompetitive. Cases pending in federal courts in Georgia, South Carolina, New York (2), Illinois, and Missouri. One case (Umpa) reached final settlement approval in November 2024. Additional non-class action pending: Stuart v. HK Lane Palm Desert involving breach of fiduciary duty and professional negligence claims.
Items 10, 11
Training & Operations
- Classroom training
- 13 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and corporate
- Ongoing training
- Required
- Time to open
- 3 mo
- From signing to launch
- POS system
- @properties System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: @properties System
Item 20 · call current owners
Franchisee Contacts
4 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
@properties · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a @properties franchise?
The total investment to open a @properties franchise ranges from $64K – $433K, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do @properties franchise owners earn?
@properties does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the @properties FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the @properties FDD and qualifies whose outlets they describe.
What is @properties's franchise failure rate?
SBA 7(a) loan charge-off data is not available for @properties (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many @properties franchise locations are there?
As of their most recent FDD filing, @properties has 44 total units in the United States, including 3 franchised units and 41 company-owned units.
Is @properties a good franchise to buy?
FranchiseVerdict rates @properties as a F-grade franchise with a verdict score of 25 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.