Local real estate firms Baird & Warner and Dream Town to merge
Two of the Chicago region's largest independent real estate firms announced Thursday that they will merge operations, forming what company leaders say will be the second largest brokerage in Chicagoland, based on 2024 sales volume.
The acquisition of Dream Town by Baird & Warner will result in a combined organization with nearly 3,000 agents, loan officers and other staff and a total of 30 offices throughout the city and suburbs.
Dream Town CEO Yuval Degani said combining forces will ensure agents have access to the best technology, including AI, and allow them to stay independent and locally owned.
'Every major brokerage in town is now run by Wall Street or a hedge fund,' Degani said. The combination of Dream Town and Baird & Warner will create 'an even more competitive, locally committed and powerful independent alternative for agents.'
The combined firm will operate under the Baird & Warner brand, and Degani will join company leadership as president of brokerage services. Dream Town agents will also have access to Baird & Warner's other businesses, including Key Mortgage and Baird & Warner Title Services.
'Throughout our 170-year history, we have sought to make bold moves that sharpen our competitive edge and enhance the value we bring to our agents and their clients,' Baird & Warner CEO Steve Baird said.
The constant demand from real estate brokers for more advanced technology has helped lead many other firms, including local and national brands, to combine their efforts. New York-based Compass in January acquired Chicago-based @properties Christie's International Real Estate for $444 million. @properties had acquired Christie's International Real Estate, a global network in about 50 countries, in 2021.
Recent litigation has also greatly changed how buyers acquire new homes. The Chicago-based National Association of Realtors and real estate brokerages nationwide agreed in 2024 to settle massive class-action antitrust lawsuits filed by home sellers who argued they were forced to pay inflated commissions to real estate brokers. The NAR agreed to pay out $418 million, and make commissions more transparent, requiring potential homebuyers to sign written agreements stating how their agents will be paid.
'Being small is almost impossible today because of technology and because of the needs of the agent — whether it be technology or marketing or training and coaching,' @properties co-founder Mike Golden told the Tribune in March. 'You're going to continue to see more consolidation, especially with the stuff that's happened with the litigation in our industry.'
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