Thad Wong on portal wars, a national MLS, AI and real estate’s existential moment

On this episode of RealTrending, Tracey Velt sit down with Thad Wong, founder and co-CEO of @properties Christie's International Real Estate, but under the Compass International Holdings umbrella, for a candid, wide-ranging conversation on the portal wars, national MLS, AI, brokerage scale and the future of data in real estate. Thad lays out why he believes a broker-agnostic national MLS is the industry's biggest missed opportunity—and how selling realtor.com derailed that vision. He pulls no punches on Zillow’s strategy to replace the MLS, arguing that its free access to broker data and lack of fiduciary duty pose the largest existential threat he's seen in nearly 30 years. We also dive into the Compass–@properties–Christie’s integration, how they’re blending tech stacks to create what Thad calls one of the strongest agent platforms in the country, and why agent adoption of technology is the make-or-break factor for brokerage margins. Finally, Thad explains how AI will amplify—not replace—high-EQ agents, enabling personalized service at scale and deeply tailored client communication instead of generic, one-size-fits-all marketing. Here’s a glimpse of what you’ll learn: Why a broker‑agnostic national MLS could transform transparency, scale, and consumer experience in U.S. real estate. How Zillow’s strategy may position it to replace the MLS and control key parts of the transaction. How portal economics work—and why free data for portals but high fixed costs for brokerages squeeze margins. What Compass, @properties, and Christie’s are doing to build a unified tech platform that agents actually adopt. How AI can power hyper‑personalized client communication, and why high‑EQ agents will win in an AI-driven world. Related to this episode: Tracey Velt's LinkedIn Thad Wong's LinkedIn @properties Christie's International Want more from Tracey? Don’t forget to subscribe to Real Estate Daily. The RealTrending podcast features conversations with the brightest minds in real estate. Every Monday, brokerage leaders, top agents, team leaders, and industry experts join us to share their secrets to success, trends, and the lessons they’ve learned. Hosted by Tracey Velt and produced by the HousingWire Content Studio.