Industry Insiders
Pamela Liebman, president and C.E.O. of the Corcoran Group
What lessons have you learned from the events of the past year?
Two things: be prepared and embrace change. In early 2008 we began to see signs in the market that things were changing, and we took steps to prepare ourselves. We had to make some difficult choices, but, in the long run, it was the right thing to do. Those preemptive moves left us in a position to cope with the changes and emerge even stronger.
One of the most difficult things for any organization to contend with is change on a grand scale, and that is precisely what the events of the last year have meant for real estate. Not only has the market shifted, but the industry is changing rapidly becoming more transparent, technological, and service-oriented. I told my agents in January that their challenge in 2009 would be to "embrace the changes that lie ahead, make them work for you. Don't be afraid." And that's exactly what they did.
What is your plan for moving forward?
To continue to exemplify quality and leadership in real estate brokerage. To grow our company strategically. To provide the best tools for our agents and clients that will enable them to work together effortlessly and productively. To position us optimally for the future while maintaining the unique character of Corcoran that our clients, agents and staff have come to love.
What is the mood and what are the expectations of your clients (sellers)?
Many sellers are willing to price their properties appropriately. They understand that today's market is not what it was two years ago and are accepting the new pricing reality. As a result, buyers have come back into the market. Sellers who continue to yearn for the past and don't adjust to the new reality will not be successful in this market. One of the biggest changes for sellers, especially developers, is the decrease in speculative purchases.
What is the mood and what are the expectations of your clients (buyers)?
Buyers have a new sense of confidence and are anxious to pursue new opportunities. They are knowledgeable about the market and expect to achieve good value and security for the long term. They have shifted their thinking but have not shifted away from
What were the drivers behind the creation of Corcoran Sunshine?
The Corcoran Group operated a new development marketing division, Corcoran Group Marketing, which I founded in 1995. The concept was to provide developers bringing new properties to market a brokerage partner to assist them with conceptualizing, marketing, publicizing and ultimately selling the new residences. We brought the Sunshine Group, the premier marketing organization of luxury residential condominiums, into Corcoran and combined the creative talents and strategic marketing strength of the two renowned brands into a single entity. Working with top developers, architects, and designers on the most exciting residential buildings conceived for this city since the early twentieth century, Corcoran Sunshine's exhilarating growth and success commanded a large share of new development business and led the industry in new development sales.
Is this the new direction of residential real estate brokerage?
Corcoran Sunshine serves new development, which is one segment of the overall real estate market. While important, this division is a specialty operation insofar as it exists to usher new buildings and conversions on to the market.
What will the next chapter of innovation in the industry look like?
The real estate brokerage business will become increasingly service-oriented and technology-based. Already there is more information available for consumers online than ever before. That means we must provide information and services in new and increasingly immediate ways. Corcoran has always been the industry leader in this regard and that will continue. We will launch exciting innovations that will expand clients' ability to be as well-informed and up-to-date as possible.
What are your thoughts on, or plans for expansion?
We are always open to enhancing our business through strategic acquisitions. We have creative ideas on how to reach a larger audience. Right now there are no plans to go into new markets but to continue with enhancements and advancements to our core business as it exists today. We will never pass up the right opportunity, but it has to be in line with our current strategy.
What is unique about the relationship Corcoran has with its clients?
It's the philosophy of our approach to real estate sales. We do things differently. We know that buying or selling a home is an emotional journey, sometimes the most difficult and, perhaps, most exciting of a person's life. Our sense of who we are is very connected to where we live, and an agent needs to listen to the client to discover not only the details of what they want or need, but the dreams and desires that underlie it. We work to make dreams come true.
Any other thoughts on
I feel very lucky in what I do. While many things have changed,