Douglas Elliman released its financial results for the third quarter Tuesday morning, reporting 5% year-over-year revenue growth for the first nine months of the year, to $787.6 million.
“While others in the industry are pursuing consolidation and platform integration, we remain committed to deepening our leadership in the luxury segment—a category that is synonymous with our brand,” said Douglas Elliman President and CEO Michael Liebowitz.
Back in September, Elliman was under scrutiny—being investigated for potential insider trading related to a rumored takeover bid by Anywhere, a deal that never materialized but sent Elliman’s stock price soaring.
According to the Reuters report, the Financial Industry Regulatory Authority (FINRA) was in “the early stages” of a probe and requested Elliman provide information about stock trades and who knew about the potential takeover offer.
Q3 earnings
Just a few weeks ago, Elliman released Elli AI, an AI-assistant app for Elliman agents.
“By putting advanced technology in the hands of our agents, we are freeing them from repetitive tasks, equipping them with real-time market intelligence and enabling them to focus on what matters most—building relationships and delivering exceptional outcomes for clients,” said Liebowitz.
Earlier this year, Elliman launched internationally, in France and Monaco.
Another recent milestone was the sale of Douglas Elliman Property Management, which Liebowitz added will likely result in an after-tax gain of approximately $75 million during the fourth quarter.
“This transaction sharpens our focus as a pure-play, luxury residential brokerage and eliminates operational complexity,” Liebowitz said. “With cash balances of approximately $126.5 million as of (Halloween) and no debt, we are strategically positioned to capitalize on market opportunities in our revolving industry.”
Liebowitz added that Elliman is now uniquely positioned, both financially and strategically, to further geographic expansion, technological advancement and strategic acquisitions.
Another recent launch, Elliman Capital, an in-house mortgage platform, launched earlier this year.
“Our clients benefit from competitive rates, a diverse range of loan products and a seamless integration that comes from working with a single, trusted source,” Liebowitz added.
Adjusted net income for Q3 was $156,000, compared to adjusted net loss of $2.7 million in Q3 2024.
