Douglas Elliman’s losses mount. And the worst is yet to come

Douglas Elliman is preparing for an unforgiving market ahead. During an earnings call for the brokerage’s parent company, Elliman chairman Howard Lorber said the firm cut staff by 25 percent, reduced all salaries by 15 percent and is seeking to consolidate offices and negotiate “rent reductions, deferrals or holidays” with landlords nationwide. And that’s despite not yet feeling the full effects of the “severe decline” in sales activity. At the end of last year, the

source https://therealdeal.com/2020/05/08/douglas-ellimans-losses-mount-and-the-worst-is-yet-to-come/