Chicago 2021 Market Forecast

2021 Chicago Market Forecast

2020 was an unusual year, to say the least. In the real estate industry, this past year really reinforced the importance of being able to adapt and pivot to new challenges, in order to keep business moving forward.

As we wind down the year, now is the time to look ahead — and start setting down goals and plans for 2021 and beyond. 

Whether you’re an experienced agent doing some yearly business planning, or you’re considering whether or not now is a good time to start pursuing a Chicago real estate career, it’s important to know what’s going on in the market, and what we might expect to happen throughout 2021. 

Like any marketplace, Chicago’s housing market is driven by two primary forces — supply and demand. Let’s take a look at where we expect those factors to be as we head into 2021:

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The Top 5 Things for New Brokers to Focus on When Starting a Real Estate Career

The Top 5 Things for New Brokers to Focus on When Starting a Real Estate Career

There are as many ways to build a real estate business as there are brokers — but in my experience, people achieve the greatest success when they invest time into executing a well-thought-out business plan that emphasizes their expertise and talents. 

Here at the Baird & Warner Lincoln Park office, one of the first things we do with all new agents is sit-down with them  to strategize how they want to build their business.  In our office, our management team spends as much time as necessary with new brokers to help make sure their business plans and goals are ambitious yet achievable. Our management team also schedules regular check-ins throughout the year to help new agents closely monitor their progress toward their goals. 

What goes into a real estate business plan? Simply put, this is the outline for what your business is going to look like, including your goals for the next year — perhaps even on a quarterly basis. 

As a new-to-the-business broker, there are going to be five main things to consider when putting your plan together: 

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Lincoln Park Agent Spotlight: Millie Rosenbloom

Millie Rosenbloom Agent Spotlight

Millie Rosenbloom has had a long and celebrated career in Chicago real estate — and her unique perspective on the industry started at a young age. 

Growing up, Millie says, her mom and dad used to buy properties to fix up and sell. She moved a lot during grade school, while gaining a lifelong understanding and appreciation for architecture, building homes, and the many kinds of work involved in real estate along the way. 

Once she decided to start down this career path, Millie initially had something of a turbulent beginning.

“When I first started, I interviewed with Habitat. And they did not hire me because I didn’t have any experience. So I found a small little firm and went to work there, and six months later they closed their doors, unfortunately,” she says. “So I wound up going back to Habitat.”

This time, Millie interviewed and got hired. She then spent 15 years working her way up the ladder, eventually becoming part owner of the company. Over this span, she grew the brokerage division from 15 agents to 120, before selling it to Baird & Warner in December of 2007. 

“And I’ve been here ever since!” Millie says.

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What Goes Into a Day in the Life of a Chicago Real Estate Broker?

What Goes Into a Day in the Life of a Chicago Real Estate Broker?

One of the best things about a career in real estate is that no two days are exactly alike. With that being said, the most successful real estate brokers have a very intentional approach to each and every day — and put a structure in place that allows them to make the most of each day, while still allowing for flexibility. 

A “Typical” Day In Chicago Real Estate

An active real estate broker is a true entrepreneur — which means wearing many different hats. On any given day, brokers at Baird & Warner – Lincoln Park might spend time on any number of activities. Generally, the most important pieces of a broker’s day center around two core areas:

  • Generating and facilitating new relationships
  • Servicing existing business opportunities
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Lincoln Park Agent Spotlight: John Lyons

John Lyons, Baurd & Warner Lincoln Park

John Lyons is known as one of Chicago’s most trusted real estate agents. As a broker, he is passionate about always continuing to learn and find new ways to improve his business and provide a better experience for his clients. And for John, the support he gets from Baird & Warner Lincoln Park helps him to do all that and more.  

John got started in real estate after losing a corporate sales job, which forced him to think differently about his career options.

“That failure made me realize what I didn’t like, and pushed me towards entrepreneurship,” John says. “I was just burnt out and tired, and I realized I didn’t want to work for anybody anymore, particularly a middle manager.” 

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How New Agents Can Become True Market Experts

How to Learn More About the Market as a New Real Estate Agent

As a real estate broker, one of the core parts of your day-to-day responsibilities is helping buyers and sellers navigate the real estate market. In a city like Chicago, that can be more easily said than done. 

As a city, Chicago is dynamic and ever-changing. No matter how much time you’ve spent here, there’s always something more to see and learn. As the writer Dominic Pacyga once put it: “there seems to be a different Chicago around every street corner, behind every bar, and within every apartment, two-flat, cottage, or bungalow.” 

So, as a new-to-the-business broker, how can you learn more about all of the wonderful aspects that make our area unique — and develop the skills and understanding you need to provide a top-tier experience to your clients? 

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How Office-Level Support Can Take Your Real Estate Business to the Next Level

Office-Level Support Staff and Management

Here at Baird & Warner – Lincoln Park, our brokers are some of the most productive in the city — and we know how important a strong support team is for keeping the flow of business moving. 

Consistently praised by our brokers as some of the best in the business, our office-level support staff includes multiple full-time administrators who are available to assist with listing management, marketing production, closing logistics, and much more. And with a full-time management staff of three, brokers in the Lincoln Park office have unrivaled support, guidance, coaching and mentorship at every stage of their careers.

Let’s take a deeper look at how our office-level support helps our agents to make the most of new opportunities, focus on their business strategies, and gain a competitive edge in the market: 

Operational Support: Freeing You Up to Focus On What Matters Most

Attentive, driven, and professional, our operational support staff provides our agents with the specialized support they need to run a full-time business. Having a dedicated support staff in our office frees up time for our brokers to focus on the lead-generating activities that are central to growing their businesses. Depending on your business plan and strategy, this might include cultivating leads online or in-person; preparing market research and putting it into practice; negotiating deals; attending listing and buyer presentations; learning and growing in ongoing training sessions or classes; or taking part in local networking events to grow your sphere. 

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The Benefits and Opportunities of a Chicago Real Estate Career

Reasons to Start Your Chicago Real Estate Career

Considering launching a new career in real estate? Whether you’re starting with real estate as a first career or transitioning from another field, you should know that you’re entering an industry that is fast-paced and ever-evolving. 

Real estate is a field that can empower you to build up your community, and make a real difference in the lives of countless people. It can be rewarding, exciting, and dynamic — while offering high-earning potential and lots of opportunities to continue learning and growing. 

Debating whether or not to pursue a career in Chicago real estate? On the fence about exploring this field, or getting started with pre-licensing training? One great place to start finding answers may be to think about your why. Why commit to this career — and why now?

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Real Estate Training for New Agents: Three Tiers to Success

Real Estate Training for New Agents

Looking for training and coaching opportunities as you launch your Chicago real estate career to new heights? At Baird & Warner Lincoln Park, we have a training program and office culture that is designed to help boost your confidence and productivity from day one.

Whether coming to us with experience or brand new to the business, every new broker who joins our office is offered access to three important levels of training, including:

  • Corporate training
  • Office-level training, and 
  • Individual coaching and mentorship

These three distinct training opportunities work together to provide you with all the tools necessary for success, empower you to feel confident venturing into your new career, and help accelerate your success curve with a business plan tailored to your specific goals.

Curious about what our corporate, office-level, and one-on-one training can do for your real estate career? Let’s explore each of these three levels of training in a bit more depth: 

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How Our Support and Training Help Our Experienced Brokers Thrive In Any Market

Baird & Warner Lincoln Park Offers Support and Training Help Our Experienced Brokers Thrive In Any Market

The COVID-19 pandemic has had far-reaching effects on our Chicago community, and the economic impact may continue to be felt for months, if not years to come. This is an unusual and unpredictable time, to say the least — including in the world of real estate. 

We’ve faced some significant challenges in the last 10 years from a real estate perspective, whether it was the financial crisis back in 2009 or the pandemic that we are facing right now. 

In these challenging moments, it’s important to take stock, and think about where you are, and where you’d like to go

Do you have the tools and resources you need to rise to this moment? 

Are you getting the support and training it takes to thrive in any market?

Recently, I’ve been having a lot of conversations with experienced brokers from across Chicago. Market-wide, companies are pulling back on the support and resources that they are offering to the brokers and their offices. This means delegating more to the brokers, while limiting the staff at the office level. 

In moments like this, I believe that support that we offer on the office-level is an important resource to help brokers stay ahead of the curve, pivot quickly to new challenges, and offer a better experience for their clients. 

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