Michael Kennelly came to residential real estate sales in the late 80s after his earlier career as a network design project manager in the telecommunications industry. He had worked for Allnet Communications in Chicago, Midwest Communications of Detroit, and Republic Telecom in Minnesota. Allnet and Midwest were national telecommunication resellers and Republic was a regional carrier looking to expand.
He started real estate sales at Baird & Warner because BW had a fine reputation, and offered a good training program. He lived in Lincoln Park, but an opportunity arose to work in the Barrington area. He was familiar with Barrington, so he commuted from Lincoln Park.
After gaining experience he looked to work closer to home. He transferred his sales license to Draper and Kramer’s LaSalle Street office under Jan Foody around 1990. Draper and Kramer closed their residential division in the late 1990s. He chose to join the REMAX Exclusive Properties operation on Wells Street in Old Town as REMAX Exclusive Properties had the highest sales volume per agent in Chicago at the time. It was a small office which produced good sales volume.
While at REMAX, he joined with two partners. They specialized in finding residential development opportunities for mid-sized developers. They would then sell the new construction or conversion condominiums. They managed marketing, graphics, advertising, and staffing as part of an all-inclusive fee package. They built a healthy business finding new areas to gentrify. Although they engaged in most lakefront Chicago neighborhoods including Museum Park, Logan Square, and Lakeview, their major focus became the redevelopment of Sheridan Park and Rogers Park on Chicago’s north side.
Their growing partnership developed some issues with the REMAX Exclusive management. They offered to buy the office but could not come to terms. His partners and he left to form their own real estate company, Cardinal Group, Inc. in 1998. He became the president and managing broker. They added 20 sales agents and continued their business model. He managed the day-to-day brokerage responsibilities of management, accounting, and personnel, as well as continuing to work sales. He was often called upon to close deals with new development prospects.
Cardinal Group was approached in 1999 to join the Keller Williams franchise, which was opening offices in the Chicago market. The concept was intriguing as salespeople were offered the opportunity to share in office profits. The partners proposed becoming partners in a franchise with the territory owner. The managing broker thought they should do the franchise on their own, but he was outvoted. They opened a 6000sf loft office as Keller Williams River North, found at Erie and Orleans in River North. They grew to approximately 70 agents. Again, the managing broker became responsible for office oversight and their resale program. His partners focused on advertising, developer relationships and sales, and agent recruitment. (This is where he met Craig Hogan.) Their collaboration from 1998 to 2002 resulted in over 400 unit sales with a total volume of over $110,000,000.
He and his partners unfortunately continued to have differences of opinion with the partnership. Draper and Kramer approached him in 2003 to reopen their residential brokerage. He dissolved his relationship with KW and joined DK.
Home Types:
House, Condo, Townhouse, Co-op
Years of Experience:
20
