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ThirdHome, the global luxury home exchange club for second-home owners, has officially set its sights on New Zealand, announcing an expansion into regions such as Queenstown, Wanaka, and Waiheke Island.
Wade Shealey, founder, chairman and chief executive of ThirdHome says the decision reflects the lifestyle preferences of ThirdHome’s growing international membership—and the untapped potential of Kiwi property investors.
“One, adventure. That’s one of the things that is number one to them is adventure,” Wade says. “And learning, going places, not just to sit on the beach and lay on the beach every day. Some people like to, but most actually want to experience life, cultures, food, wine, meet new people. And so, New Zealand, all of New Zealand is all about that. For Queenstown being an adrenaline-junkie place, but also gorgeous.”
He believes the country’s unique mix of scenic luxury and dynamic experiences fits neatly within the expectations of ThirdHome members, who increasingly seek immersive travel.
“We found that our members really want to travel places like New Zealand. We’re heavy (in the market) in the U.S. because that’s where I started the company,” he says. “And then we opened an office in Marbella, Spain a few years ago, and really picked up a lot of European properties. And then a year ago, we opened an office in the Gold Coast of Australia, and then focused on getting a lot of Australia properties, and now we’re focused on trying to pick up a lot of New Zealand properties as well.”
As Kiwis continue to invest in high-end holiday homes—many of which sit empty for most of the year—Wade sees ThirdHome as a way to redefine ownership value for a new generation of property owners.
“So, ever since I started the company in 2010, I’ve always said that one day, and it probably won’t be that far off, that people just won’t buy a second home without the concept of a club like ThirdHome. It won’t make sense to people, especially the young people today.”
“Why would I spend $4 or $5 million to do something two or three times a year and it sits there most of the time unused, not doing me any good, where I could use it with a company like ThirdHome or Fourth Home or Fifth Home, whatever else comes along, and travel the world with it.” he says.
Wade believes the shift toward flexibility, value, and global access is inevitable. “I really believe 10 years from now, nobody will buy a second home. Very few people will buy a vacation home without joining a club like ThirdHome,” he says.
“It just makes so much more sense, whether they only use it for themselves, but also like to travel. Whether they use it, they rent it short-term, and still travel with ThirdHome with it.
The model offers striking value for owners willing to share their home with vetted members. “To rent a place, like a three-bedroom Ritz Carlton, you’re going to pay U.S. dollars, anywhere from $30,000 to $40,000 for the week. If you have a luxury second home that you offer up a week in ThirdHome for another number of years, you pay about $900 to stay in a Ritz Carlton, stay in a three-bedroom. I tell people, there’s no better deal, if you want a luxury second home, there’s no better deal in the world than ThirdHome” says Wade.
With over 19,000 properties in its portfolio, ThirdHome operates with a rigorous vetting process to preserve its luxury standards and member trust. Wade says “About half of our properties have come in through what we call partnerships. So we have a partnership, for example, with Ritz-Carlton, where the Ritz-Carlton company sends out to all their owners that own these residences the opportunity to join ThirdHome.”
The other half are privately owned homes that go through thorough review. “When people join, we vet all the members first that come in. So we do a background check on everybody, and we verify the property. We read all the reviews on that house to make sure that they have five-star reviews. Or we talk to the property manager who manages the house to get the accurate information on it. We are a private club.” he says.
As ThirdHome turns its attention to our most sought after regions, Wade is confident Kiwi second-home owners are ready for the future of luxury travel.
