Industry Real estate Website Homepage | Founder Rich Killian Founded Skokie (2000) | |
 | ||
Profiles | ||
Prospect equities real estate intro video
Prospect Equities is a Chicago-based real estate brokerage and franchise company.
Contents
Prospect equities real estate exclusive luxury marketing
History
Prospect Equities was founded in 2000 by Rich Killian as a one-person real estate brokerage in the Chicago, Illinois area. The company began hiring additional employees that year in 2002. By 2006 the company had more than 600 agents working for it. In 2007 the company opened its leasing division in reaction to the collapse of the housing bubble. In 2009 the company added a short-sale division and the REO division. By 2010 the company had expanded to six offices and that year received licenses to sell franchises in 37 US States. It is the first real estate franchise system based in the state of Illinois. It awarded its first franchise in 2011 in Skokie, Illinois. Eight franchises were opened in Illinois within the first year and by June 2011 the leasing division employed more than 70 agents. During the recession of 2008 and 2009, the company grew at an increasing rate, seeing its highest year in revenues in 2011 and again in 2012.
Franchise system
Prospect Equities charges a flat fee per transaction, which allows the agent to retain a larger portion of their commission in comparison to brokerages that take a percentage of the sale price. The same flat fee is charged for leases as it is for sales.