Company Thrives with Experienced Agents and Boutique Services

Taking advantage of a slower market, they have upgraded and overhauled both the company and the individual Web sites.

By Mary Nack
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Typical of so many real estate professionals, Carol Prieto was first bitten by the real estate bug shortly after purchasing her first home. It only seemed logical to begin at the same office where the REALTOR® who represented her worked. Ironically, that agent left just three short months after Prieto started to open a new office with four other partners.

That office was Prairie Shore Properties, a boutique firm in Evanston, IL, in Chicago’s tony north shore suburbs. It has since expanded with more than 70 agents and two additional offices – one in Wilmette and one on the north side of Chicago. Begun in 1992 by five women, Prairie Shore Properties retains a commitment to the individual service typical of a boutique office.

Prieto was not able to follow her friend to her new office because Prairie Shore only hires experienced agents. Agents pay for their own marketing and receive all benefits derived thereof. There is no floor time and no “newbie” agents learning their craft at the expense of an experienced agent’s clientele. A Prairie Shore Property agent averages 17 years in the business and is about 50 years old.

In 2000, after a few years in the real estate business, Prieto left the company where her career started to become managing broker of Prairie Shore Properties. Then in 2008, when one of the founding partners retired, Prieto was invited to become a partner in the business, and she now holds an equity interest.

Prairie Shore Properties is big enough to provide the service of a larger company, yet small enough to retain its boutique feel. Because of its agent profile, Prieto acts less as a manager and more as a mentor. She is a selling manager, something that allows her to stay in touch with the pulse of the market.

Because Prairie Shore typically hires experienced agents well established in their careers, Prieto does not focus on new agent training the way many managers must. However, she will occasionally hire a new agent who she views as being particularly talented.

That agent goes through an apprenticeship period during which she is teamed up with a mentor. The apprentice shadows the mentor, and the mentor accompanies the apprentice on her appointments. As compensation, the mentor receives part of the commissions earned by the apprentice.

Prairie Shore’s excellent reputation in the real estate community aids Prieto’s recruiting duties. Interestingly, when she interviews an agent who does not fit the Prairie Shore profile, the agent often eliminates herself without Prieto having to say as much.

Prieto dubs herself an “education junkie.” She has always been committed to training and education, and this is how she became involved in Women’s Council. While still a new agent, she was invited by a colleague and became heavily involved in her local chapter. She credits that involvement with fast-tracking her career.

Most recently, Prieto served as the 2008 Secretary of the North Shore Chapter. While supportive of the Council’s mission and her chapter’s goals, her level of involvement is now more “advisor” than “worker.”

What is Prieto doing to survive the downturn in the real estate market? Personally, she is focusing on the basics – something that was easy to get away from when the market was hot. Her recommendation for any agent struggling in this economy is to choose a guru, learn the systems of that person and work them faithfully. Start each day with a plan of action and follow that plan. Without a plan, it becomes too easy to simply waste the day.

And what is Prairie Shore Properties doing to get through a slower market? To keep agents focused on the basics, the company holds “Jump Start” training. As Prieto explains it, an agent with 5 years or less experience is not likely to have the skill set or habits to successfully navigate this market. At the time they came into the business, it was not necessary to cultivate those habits to be successful.

The company builds agent morale by having company dinners once a month. The dinners build closer ties between the agents and encourage an “esprit de corps.” They have also been experimenting with “electronic floor time.”

In this slower market, the company has pared expenses by cutting print advertising and improving their Internet presence. Taking advantage of a slower market, they have upgraded and overhauled both the company and the individual Web sites.

Prieto is a wife, a mother of two grown children and a grandmother. Since retiring, her husband has assumed the role of personal assistant. He does all her “behind the scenes” work. She credits him with keeping her organized. Because their duties are clearly delineated, they work well together.

Carol Prieto can be reached at 847-733-2805 or CarolPrieto@PrairieShore.com.

Mary Nack, CRB, CRS, GRI, PMN, is a real estate agent and broker with 30 years' experience. She is a founding member of Women's Council's Chicago Chapter, which she joined in 1986. She currently specializes in working with investors in purchasing foreclosed properties. Nack has recently begun a new business to train real estate professionals in social media tools to market themselves effectively. For a free CD with three tips for generating leads on Facebook, click here.