CHICAGO — As competition intensifies in Chicago’s real estate market, Stephen Baird, CEO of Baird & Warner, believes the true winners won’t be the biggest firms — but the most locally committed and owner-driven brokerages.
In a candid interview with Real Estate News, Baird discussed his long-view perspective, noting how over the decades, national names like RE/MAX, Coldwell Banker, and Berkshire Hathaway entered the Chicago market with force — only to quietly fade.
“What ends up happening is those companies get market share and then it just slowly leaks away,” Baird said.
Legacy of Local Control: Baird & Warner’s 170-Year Playbook
Founded nearly two centuries ago, Baird & Warner is the oldest family-owned brokerage in the country. It has survived economic swings, housing crises, and fierce local competition — and yet still ranks among Chicago’s top three brokerages.
According to the T3 Real Estate Almanac, it’s now the 37th-largest brokerage in the U.S. by sales volume.
Baird credits that longevity to stability, leadership continuity, and owner-driven accountability — especially when comparing that to corporate giants that, he argues, lack long-term local skin in the game.
Taking Aim at Compass and the @properties Deal
Earlier this year, real estate giant Compass acquired @properties Christie’s International Real Estate, instantly controlling as much as 20–30% of the Chicago market, according to Baird’s estimates. While some celebrated the move as a power consolidation, Baird remains skeptical of its staying power.
He points out that after mergers, companies often lose what made them successful in the first place: their founders’ active leadership.
“They built a great company, but now they’ve sold out,” Baird said of @properties co-founders Mike Golden and Thad Wong.
A spokesperson from @properties disputed that in a statement to Real Estate News, saying the founders remain “actively leading” the brokerage and its affiliate networks.
The Fight Over Private Listings
Much of the current industry debate centers around exclusive pre-MLS listings. Compass, in collaboration with @properties, is pushing a “private-to-prominent” model, promoting listings privately before going public to sites like MLS or Zillow.
Baird dismisses this as a marketing ploy. Echoing views shared by other independent brokerages, he says the narrative of “consumer choice” around private listings is “BS” — noting that Chicago’s MRED MLS already allows pre-marketing under existing rules.
“[Big brokerages] treat everyone the same and can’t deliver the kind of service we can,” Baird said.
Service Over Size: Why Local Still Matters
Despite the rapid changes, Baird insists market share has never been his goal — only service, consistency, and trust.
“This business is a local business,” he said. “When your name’s on the door… you’re a lot more focused. Those people are the most competitive.”
His prediction? Large acquisitions may make headlines, but owner-driven firms will quietly outlast the noise — by building long-term relationships that can’t be replaced by scale.
Do you trust big real estate brands or prefer smaller, owner-led brokerages?
Have you had a better experience with local firms in Chicago?
Tell us what you think in the comments on ChicagoSuburbanFamily.com.
