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ouglas Elliman's new CEO and chairman, Michael Liebowitz, is ushering in a fresh era for the company after Howard Lorber's abrupt retirement last month. In his third week on the job, Liebowitz emphasized that it's "a new day at Douglas Elliman," marking a departure from the past with a new generation of leadership.

    The firm kicked off its new chapter by announcing disappointing quarterly results, logging its ninth consecutive loss. The company reported a net loss of $27 million in the third quarter, significantly higher than the previous year's loss of $4.9 million and $1.7 million in the second quarter. A $20 million non-cash charge related to a convertible loan from Kennedy Lewis contributed to the loss.

    Liebowitz outlined his priorities for the company during its earnings call, including diversifying revenue streams and expanding its property management business into Florida. He also announced the creation of an acquisitions unit to identify ancillary business opportunities, such as title, escrow, staging, and insurance brokerage. Liebowitz aims to enhance the agent base by diversifying the business model.

    This marks a shift from the previous regime's focus on cost cuts, which drew criticism for failing to provide a plan to return the firm to profitability. Elliman has continued to reduce expenses, including an $11.9 million annual decrease in its brokerage segment's operating costs. The company reported cash reserves of $151 million at the end of the third quarter.

    Revenues increased to $266 million from $252 million in the same period last year, but adjusted EBITDA losses widened to $1.4 million compared to a loss of $3 million in 2023. Liebowitz expects relief for the industry with the end of the election and Donald Trump's return to the White House, predicting increased activity due to potential rate cuts and reduced regulations.