Nikolas Michalias: Success is not permanent, you pay rent everyday

M.Residence is a real estate company that aims to challenge outdated industry norms by focusing on technology to provide a new real estate agency model. Founder and CEO Nikolas Michalias discusses how the company works and plans to take its innovative platform RentOnline abroad.

Tell us about the philosophy behind your business. How was the idea born to launch it?

Our goal from day one has been to improve and redefine the customer experience and the real estate profession by shaking up the status quo of an outdated industry. The idea to start our business was born from identifying a gap in the market.

Our philosophy is based on self-improvement and questioning every result. We review and redefine our processes on a continuous basis in order to evolve; to be faster, efficient, and effective. We act as our own strictest judges, researching and questioning everything in order to provide the best possible solution.

This unconventional approach is reflected in the way we work, our systems, our workplace, our approach to customers and our overall operation. Our culture is based on continuously evolving and upgrading.

How are you connected to the field you pursued and how easy was it to evolve that idea into the business you've built today?

M.Residence is not your typical real estate company. We have positioned ourselves as disruptors in our industry, challenging traditional norms. The transition from the traditional estate agency model to an innovative ecosystem of technology and know-how required a bold strategy and re-examined the way we think and act in our industry.

I owe this to the support from my mentors and colleagues, which has been instrumental. Constantly evaluating and improving my way of thinking has allowed me to adapt to market changes and develop my business to new levels.

What are the main challenges you faced, also considering the fact that you are a self-made entrepreneur and started at a young age? Would you advise someone to follow your example?

There are no challenges, only goals. We act with foresight and focus on finding the best solution, always ensuring innovation and efficiency. Our goal is to be a pioneer in the market, which is why we have already planned our next steps until 2026. As a member of the global network of Leading Real Estate Companies of the World, we follow global trends and implement ideas that are “ahead of the curve”, always focusing on the needs of our customers.

I would advise one to be prepared to pay the price. Nothing is handed to us. There is always an opportunity and a lesson. Success will never come overnight. On the contrary, it is built daily with persistence and consistency in results. Success is not permanent, you pay rent everyday.

What made your venture a success?

The desire to change real estate in Cyprus has helped us to focus on the needs of our clients and improve their experience. We do not stand still, we are not complacent and we are constantly looking for new challenges. Innovation, customer service and building a strong team were key. Adaptability to market changes and our obsession with Customer Experience (CX), the client's experience, has been and is vital to our success.

What has your experience as a self-made businessman taught you? Have you achieved everything you wanted to achieve?

What does success mean? Influence, money, balance, freedom of choice? What matters more - the journey, the destination or the companionship? It depends on what your definition of success means. It is not the person with the biggest goals who succeeds, but the person with the most intelligent, flexible and adaptive way of thinking. In the market, as in nature, the fittest prevails, not the biggest or the strongest.

Experience has taught me that success requires endurance, flexibility and strategic thinking. You have to give before you take and follow your path faithfully, ignoring the outside noise. Everyone can be your friend, until they become your competitor. Failures are an inevitable part of the journey. Resilience and determination are critical elements. You must stay up-to-date on market trends, new technologies and best practices. Continuous learning and development is essential. As the late Andy Grove, founder of Intel, said, "Only the paranoid survive." Are we being paranoid? Maybe.

There are always new goals, new challenges and new dreams that I want to conquer. My desire to change real estate in Cyprus as my mission since 2017 is what motivates me to keep growing.

What are your goals for the future?

We have already achieved goals that would satisfy us back THEN, not now. NOW, we are looking for new harder challenges.

So my goals for the future are specific and focus on various areas of my business as well as my personal development. They include expanding M.Residence's influence locally and internationally, investing in new technologies to improve productivity and customer experience, creating training and development programs for our partners, and recruiting new talent to contribute to the business’ growth and innovation.

At the same time, it is our goal to expand abroad. Our new platform, RentOnline, may have been born in Cyprus, but it will expand internationally.

What do you consider as your company’s greatest achievement?

M.Residence has achieved many distinctions both in Cyprus and abroad, in a very short period of time. But its greatest achievement is its people: the creation of a solid team that has been together since our first years of operation. They are professionally qualified and I consider our team, our real estate consultants, as one of the best teams in Cyprus and beyond. This is our greatest achievement: our people who can run the company with or without me. Beyond that, we still have many mountain peaks to conquer, and the future will certainly see us become protagonists.

(This article was published in Greek in the September issue of IN Business magazine. To view it click here)