In weak real estate markets weaker brokers are often acquired by stronger ones, who view a depressed market as an opportunity to expand and gain market share. Here’s the first of what are likely to be a number of similar news releases this year:
Coldwell Banker Residential Brokerage in Chicago today announced it has acquired the assets of Keller Williams Gold Coast in the Lincoln Park, Gold Coast, Lincoln Square and the West Loop neighborhoods of Chicago. The 200 sales associates of Keller Williams Gold Coast’s four offices now will operate under the banner of Coldwell Banker Residential Brokerage.
“This is a great opportunity to expand our presence in Chicago — and what better way than by joining these talented and knowledgeable sales teams,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. “We are excited about adding this highly reputable group of real estate professionals to our company, expanding our city team and growing our already significant market share.”
“I am very confident that Coldwell Banker Residential Brokerage will be a wonderful new home for our agents as we collectively look to the future,” said William O’Kane, a previous owner of the four Keller Williams offices. “Coldwell Banker’s commitment to providing agents with the most advanced tools, technology, training, and their strong national brand presence combined with our local expertise makes this team the best in the area.”
“Our new agents will be able to immediately utilize our comprehensive marketing programs including our enhanced online branding strategy, strong local web site and single property web site program. All of these tools, and many more, help our agents grow their business and provide outstanding, professional service to their clients,” said Broude. “Of course, all of our agents also benefit from Coldwell Banker’s national and international network and the additional exposure this brings to their business.”
Disclosure: We produce print advertising for Coldwell Banker, one of our clients.