The Gloor Realty moniker, a venerable name in Oak Park and River Forest real estate for seven decades, will disappear as the family owned company was sold Nov. 16 to Coldwell Banker Residential Brokerage. The firm will continue to operate from its long-time Oak Park Avenue offices. And Rich Gloor, Jr., the third-generation operator of the business, will continue on as managing broker.
The acquisition is one of five office acquisitions by Coldwell since July in the city of Chicago and surrounding suburbs. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation's largest residential real estate brokerage.
It is the end of an era for the family-owned business. Gloor Realty was owned by three generations of Gloor men. Since 2006, the firm has been managed by Richard C. Gloor, when he took the reins from his father, Rich A. Gloor. Rich C. Gloor's grandfather founded the realty firm in Oak Park in 1946. From 2007 to 2013, spurred by the real estate recession, Oak Park's Gloor office affiliated with Better Homes and Garden Realty but ended that relationship when the market began to recover.
Rich Gloor says the decision to sell yesterday came down to timing. "We get approached a lot. Oak Park is such a great market, and companies want to be here. I get calls all of the time. In the last year, there's been a lot of interest in us as an independent firm."
Fran Broude, president of Coldwell Banker Residential Brokerage said in an email about the acquisition, "Oak Park, and its surrounding suburbs, offer an endless amount of real estate opportunity. Through this acquisition, we will be able to more quickly and efficiently serve our current and prospective customers."
She added, "Coldwell Banker Residential Brokerage was looking to align with a company that offered true expertise of the local market, and a long-standing history of success. Gloor Realty was the perfect fit; with over 70 years of unprecedented real estate experience in the community, they were an integral piece of the identity that defines Oak Park."
Noting that consumers are demanding more in the way of marketing and technology and that those are difficult and expensive to produce in a small office, Gloor felt it was time to partner with the right company. "Size wins it now."
For him, Coldwell Banker checked all of the boxes. Beyond their reputation in the field, he said, "I connected with Coldwell Banker right away. My two bosses there both started as Realtors and went into management, so they get it. For me, the big thing was maintaining our culture. We are a family company, and we like to take care of our own. It's a good place to work, and it was vital to me to maintain that."
The office will remain in its current location of 114 N. Oak Park Ave., which Gloor calls the best location in town with a parking garage behind it and within walking distance to the train.
Current staff and agents are staying on, and Gloor says that for them, the situation is a win-win because it increases the firm's exposure outside of Oak Park. "We're going to pick up more market share. People in Oak Park know us and love us, but most people who buy in the community are moving here from somewhere else. If you're moving from Cleveland or Chicago, you know the Coldwell name, and know it stands for an ethical, good company. You'll still be working with our great agents, they're just easier to find now."
Broude agreed the acquisition will benefit brokers and customers. "Customers can expect both local and global exposure, in addition to a comprehensive suite of marketing tools and technology that will ultimately help them buy and/or sell their homes."
For Gloor, the hard part was saying goodbye to the family name on the front of the building. He reports discussing the decision to sell at great length with his father, who understood that changing times called for a different approach to the family business. He jokes, "Answering the phone 'Rich Gloor, Coldwell Banker,' seems weird, but it's something I'll get used to. At the end of the day, we were able to do this on our terms. We're keeping our office, keeping our staff, keeping our agents, and keeping me. It's an exciting time. We're us, but with a little more muscle."
Answer Book 2017
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