Corcoran announced Tuesday it’s entering the Chicago market with its third franchise Corcoran Urban Real Estate, formerly a 25-agent indie, operating in neighborhoods including Gold Coast, New Eastside, Streeterville, Loop, South Loop and West Loop.
The franchise will be led by Matt Farrell, a former Chicago Realtor of the Year and Michael Emery, a former president of the 12,000-Realtor large Chicago Association of Realtors.
“Our affiliation with Corcoran affords us the opportunity to bring to the Chicago market new tools and resources that benefit agents and clients alike. Corcoran’s commitment to client-first real estate, and their boutique lineage in New York has strong synergy with how we have always operated,” Farrell said, in a statement. “We are excited to expand our shared values and resources in Chicago.”
Corcoran initially announced its intention to begin franchising in early 2019 and launched its first franchise in the Bay Area and Tahoe, in January 2020, with the affiliation of Zephyr Real Estate, a major indie. It then launched in Florida with Corcoran Premier Realty last month.
“As Corcoran expands its presence across the U.S. and around the world, we look for opportunities for growth and development and for firms like Corcoran Urban Real Estate that align with Corcoran core values and believe in the primacy of the client,” Corcoran CEO Pam Liebman said in a statement. “With the combined forces of the Corcoran brand, backed by Realogy, and the expertise of Corcoran Urban Real Estate’s leaders and top-performing agents, Chicago offers a very promising and exciting future ahead.”
Corcoran will have stiff competition in a competitive Chicagoland market, headlined by @properties, Baird & Warner, Coldwell Banker, Berkshire Hathaway HomeServices KoenigRubloff, Jameson Sotheby’s International Realty and a growing Compass presence.