D
ouglas Elliman's new CEO Michael Liebowitz is focusing on revitalizing the brokerage by retaining top talent, expanding its lines of business, and reducing office space. In his first major public appearance since taking over three weeks ago, Liebowitz spoke at TRD's South Florida Real Estate Forum, where he outlined his vision for the company.

    Liebowitz acknowledged that Elliman has faced recent challenges, including the departure of longtime Chairman and CEO Howard Lorber and allegations of a toxic work culture. However, he emphasized that he is committed to changing the company's culture, prioritizing "character, integrity, and making money."

    To drive growth, Liebowitz plans to expand Elliman's property management business and explore strategic acquisitions in areas such as insurance and staging services. He aims to make these investments around the agent, with a focus on increasing revenue for brokers.

    Despite reporting a net loss of $27 million in the third quarter, Liebowitz vowed not to cut the company's budget but rather to "get more out of the money we're spending." He also announced plans to reduce office space and combine offices.

    Liebowitz downplayed his predecessor's controversies, stating that he was unaware of an investigation into Elliman's work culture. He also expressed a positive relationship with former CEO Howard Lorber and claimed support from activist investor Brad Tirpak.