Home News Coldwell Banker Realty closing five Chicago-area offices

Coldwell Banker Realty closing five Chicago-area offices

by admin
0 comment

Offices in Barrington, Elmhurst, Downers Grove, West Loop and Wheaton will be closed, agents told Cranes over the past few days. I have checked the information.

Our sixth office in Libertyville is moving into a much smaller space. This is another way for brokerage firms to reduce their footprint, rather than closing down.

Corporate-owned Coldwell Banker Realty is a separate company from the Coldwell Banker Real Estate Group. Acquired 10 offices of D’Aprile Properties.

With the property market slowing in late 2022, cutbacks at brokerage firms seemed inevitable. The first thing New York-based brokerage firm Compass did was Announced a 10% reduction in personnel. A Compass spokesperson and Chicago agent have repeatedly told Crain’s that Kat is a manager, not an agent. No other brokerage has announced a rate cut in the Chicago area.

Rabah also said no agents would be lost in the Coldwell office closure. “We have made a strategic decision to consolidate some of our offices with others in our neighborhoods, many within 5 (~) 10 miles of each other,” Raba said in an emailed statement. rice field. Agents in closed offices can move to nearby offices that are still open if they use any of the office space.

One of the reasons brokers have reduced their square footage is typical of many employers in recent years. People don’t go to the office as much as they used to. A Caldwell Bank real estate agent, who asked not to be identified in this story, said, “The only reason I go to the office is to print a large document.

After the landmark housing boom of mid-2020 and early 2022, sales dropped sharply. Year-end data released last week by an Illinois realtor showed that home sales in the greater Chicago area are down about 19% in 2022 from a year earlier.

“We are in a difficult market right now, but this has always been part of our strategic direction,” Rabah said in a statement. According to him, the strategy will be announced in April 2022.

Coldwell Banker Realty’s position among real estate competitors has declined in recent years. It was the annual top volume company for at least nine years in the 2010s. abdicated by @properties—now @properties Christie’s International Real Estate—2019. 2021, Coldwell Banker Realty dropped to 3rd place.

Year-end data for 2022 is not yet available from RealTrends, a Colorado-based industry tracker that provides annual rankings. Coldwell Banker spokeswoman Andrea Gillespie declined to give Crain’s her 2022 sales figures.

Rabah wrote in a statement that the office closure was “not due to a decline in agents. Last year we recruited over 1,000 new agents in our larger Chicagoland.”

You may also like