A number of brokerages and real estate tech companies continue rolling out their Q2 numbers, and we’re keep tabs on the big wins. Next up: Douglas Elliman
Fresh off the news of leadership change, Douglas Elliman rolled out their second quarter earnings report, which saw record gains for the brokerage.
Elliman brought in $392 million in revenue between April-June, nearly triple the $133 million from a year ago. Net income was $43.2 million, up from a net loss of $5 million, as reported by the Real Deal.
The company’s closed sales volume for the quarter was $14.5 billion, up $9.8 billion from the same period in 2020.
Even with these big numbers, Executive Chairman Howard Lorber believes there are more gains to be made.
“I don’t necessarily feel that we’ve increased to the highest point,” Lorber told analysts during the second-quarter earnings call for Elliman’s parent company, Vector Group. “Right now, where it seems that mortgage rates and interest rates are going to be kept at historically low numbers and money is being put into the economy quite heavily, I think we’re in for pretty good times over the next few years.”