Two of Chicago’s largest independent real estate firms — Baird & Warner and Dream Town — have announced a merging of operations, creating a top residential brokerage in the region based on 2024 home sales, the companies said.
Baird & Warner is ranked No. 13 in the Top Private Independents in the 2025 RealTrends Verified top brokerage rankings. The firm is also ranked No. 1 in Illinois by sales volume and No. 2 by transaction sides. Dream Town is home to Steven Koleno, the top agent by sides and volume in the state, according to the RealTrends Verified The Thousand.
The combined company will include nearly 3,000 real estate agents, loan officers and support staff. It will operate from more than 30 offices across the Chicago area, including eight within the city.
Steve Baird, president and CEO of Baird & Warner, said the decision was guided by the firms’ complementary strengths and shared priorities.
“Throughout our 170-year history, we have sought to make bold moves that sharpen our competitive edge and enhance the value we bring to our agents and their clients,” Baird said in a statement. “We quickly realized our shared values, service offerings and technology would provide significant benefits, and we are excited for Yuval to join our senior leadership team as president of brokerage services. Together, we will form the next generation of independent brokerage.”
Yuval Degani, founder and CEO of Dream Town, will assume the newly created role as president of brokerage services. He said the merger provides a counterpoint to growing consolidation in the real estate industry.
“Every major brokerage in town is now run by Wall Street or a hedge fund,” Degani said. “Steve and I envisioned creating an even more competitive, locally committed and powerful independent alternative for agents, where they can have the best tech and marketing, yet maintain a culture of community and collaboration.”
Company officials said the merger will allow agents to leverage Baird & Warner’s established brand, relocation services, global luxury affiliations, artificial intelligence tools and back-end technology — alongside Dream Town’s marketing platform, proprietary CRM and established urban market presence.
Baird & Warner — founded in 1855 — is the region’s oldest family-owned real estate firm, with 2,000-plus broker associates across 25 offices.
Dream Town — founded in 1998 — is known for its early embrace of digital platforms and online marketing. The firm employs more than 400 brokers.