Nearly six months since appointing its newest CEO, New York City-based residential brokerage Douglas Elliman began trading on the New York Stock Exchange under the symbol “DOUG.”
One of the largest residential brokerage companies in the New York metropolitan area and the sixth largest in the U.S., Douglas Elliman works primarily in luxury markets – think international finance and tech hubs that are densely populated and offer housing inventory at a more premium pricing point.
In November the brokerage spun off from its parent company Vector Group that cited the new business structure would help attract employees and acquire brokerages in target markets. According to a release, at 11:59 p.m. ET on December 29, 2021, Vector Group distributed all of the outstanding shares of Douglas Elliman common stock to Vector Group’s common stockholders.
Alongside its Stock Exchange debut, the brokerage revealed a new initiative that will see Douglas Elliman source, use and invest in early-stage, disruptive PropTech solutions and companies that can easily integrate into its current tech.
Historically, the brokerage has been in favor of budding technologies, having partnered with home management solution provider Humming Homes as well as advocating for CitySnap – a collaborative project between the Real Estate Board of New York, HomeSnap and the CoStar Group to bring real estate listing databases to New York brokers and agents’ fingertips.
The brokerage does however emphasize it is not a technology company – just an acquirer and user of one, said Scott Durkin, Douglas Elliman’s CEO who replaced Dottie Herman after her 17 year tenure at the firm.
“Today marks an exciting new chapter for Douglas Elliman,” said Howard Lorber, Chairman of Douglas Elliman. “As a standalone company, Douglas Elliman will leverage its differentiated approach, portfolio of innovative technology services and a best-in-class team of employees and agents to capitalize on growth opportunities in the highly attractive U.S. residential real estate market.”
Elliman was the third-largest residential brokerage in New York City by closed sales in 2020, with $3.06 billion, which placed it behind Compass and the Corcoran Group, according to The Real Deal’s annual rankings.
“We are thrilled that Douglas Elliman has reached this milestone – one that would not be possible without the hard work and dedication of our incredible agents and employees,” said Durkin. “As a standalone company, we look forward to building on Douglas Elliman’s leading luxury brand and longstanding tradition of excellence, while continuing to drive long-term value for stockholders.”