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Harsh Competition Among Chicago Area Brokers

by Chicago Agent

A newly released study showcases the increased competition among the largest local residential brokers. Coldwell Banker NRT, Baird & Warner Inc., Coldwell Banker Honig-Bell, Prudential Rubloff, @properties and Koeing & Strey were the top-ranking Chicago area firms in 2010, according to REAL Trends Inc.

Coldwell Banker NRT and Baird & Warner Inc. remain at the top of the bunch, boasting a higher sales volume and number of transactions than their peers. Baird & Warner’s sales volume remains steady despite a 4.6 percent increase in transactions, according to Crain’s.

Additionally, Baird & Warner reported a year-over-year decline in the average size of its deals, with a decrease of 4 percent in 2010.

In comparison with former statistics, @properties jumped to third place, showing an increase in sales volume over former third place brokerage firm, Prudential Rubloff.

Prudential Rubloff’s sales fell nearly 7 percent, to $1.9 billion from 2009 to 2010, according to data from REAL Trends Inc. This decrease places them at fifth in sales volume for 2010.

“There’s no question that there was pressure on pricing,” said President and Chairman of Prudential Rubloff, Michael Pierson.

With 5,500 deals, a 30 percent increase from previous numbers, made by Prudential Rubloff in 2010, Pierson believes first-time buyers were solely responsible for the amount of deals.

Sales volume for @properties displayed a 16 percent increase in sales volume in 2010, over their former fifth place local ranking in 2009.

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