It’s no secret that the real estate market has been on fire. As the playing field remains dynamic (read: bidding wars and record-time sales), so has The Corcoran Group, which launched the Corcoran Affiliate Network in early 2020. This major move has allowed the brand to achieve a global reach and, in turn, remain at the helm of the luxury market. Here, we check in with Corcoran President and CEO Pamela Liebman on the expansion, what’s hot right now, and her advice for both buyers and sellers on how to land a dream deal.
46 Ledgerock Lane, Hyde Park, N.Y. $45,000,000 Agents: Jason Karadus, Laurel Kerr and Karolina Czekaj, Corcoran Country Living
What prompted Corcoran to expand across the country, and, now, globally? When it comes to Corcoran, with our deep experience in high-end, competitive East Coast markets, it felt like a natural move to expand. I’m really proud of all that we’ve been able to do in the last year. Since we launched our affiliate network in February 2020, Corcoran is now comprised of over 5,500 agents in more than 120 offices. And while our affiliates are attracted to our brand, it’s also because we’re helping them grow in their respective regions.
What do you look for in a new affiliate? When looking to enter a new market, as with anything, it all comes down to working with the right people. We are very intentional when seeking out new affiliates and also ensure that we have the right team members in place to service these new markets. We look to enter these partnerships with companies that meet our high standards of business success, and we then entrust them to represent and grow our brand in their local market. There’s cohesive collaboration and communication across the board, which keeps our brand message consistent throughout the entire network.
109 E. 79th St., #PH20, New York City $35,000,000 Agent: Cathy Franklin
What sets Corcoran apart from other real estate brands? Corcoran’s ‘Live Who You Are’ brand philosophy is really what sets us apart. As we continue to grow, it’s important that our brand speaks to a wider audience to ensure we’re creating an emotional connection in every market we serve. ‘Live Who You Are’ has proven to give us the right foundation to grow because this idea has been beautifully translated in each new market that we enter. While we are not a one-size-fits-all brand, finding a place where you can live who you are is important to everyone, regardless of the city, town or island that you call home. As we present this idea to new affiliates, they immediately understand what we stand for because they can relate to it. It’s not specific to Manhattan [or] Palm Beach; it’s borderless. Our authenticity and relatability resonates, and it’s what enabled the brand to travel so well.
1717 Enclave Court, Las Vegas $24,500,000 Agent: Kristen Routh-Silberman, Corcoran Global Living
What does 2022 look like in regard to further expansion? 2022 is already shaping up to be another exciting year, and our team is getting ready to welcome some very exciting markets to the Corcoran family. We are well positioned to scale our growth throughout the remainder of the year, adding to the strength of our overall network, which ultimately helps us attract the very best of the agent community. I’m proud to say that the more we’ve grown, the stronger we’ve gotten.
2817 N. Ocean Blvd., Gulf Stream, Fla. $28,500,000 Agents: Candace and Phil Friis
What overall luxury home market trends are you seeing? The luxury real estate market is experiencing one of the greatest markets ever; there is a lot of buying happening. Many of the same factors that are powering the Manhattan market—still-low interest rates and pent-up demand—are at play all around the U.S. Ultimately, buyers are focused on larger spaces, which continues to drive the market share of large residences to record highs. With more people working from home, we’re seeing a lot of interest in dual home offices, plus larger kitchens and more space to entertain. And while private outdoor space has always been a hot commodity for a city buyer, that trend has only intensified.
What advice do you have for buyers and sellers in this market?
Make a “need” list. In a market moving this quickly, you may need to be flexible. But before you can be flexible, you need to know the nonnegotiables in your home search.
Stay alert. Taking a leisurely approach to your home search is not going to work in a seller’s market. Keep a constant eye on new listings and set up tours as quickly as possible. Be ready to make a quick decision.
Highlight a “move-in ready” house. Buyers aren’t looking for a project, and right now, renovations are challenging. With people waiting months on materials and labor, if your home is move-in ready, that’s a big selling point.
Not every listing needs to be staged. If it’s an older house on the water in an unbelievable setting, leave it as is. When you’re listing a property like that, you’re really selling the land rather than the house itself.