Douglas Elliman Real Estate announced today that it has promoted its president and chief operating officer, Scott Durkin, to chief executive officer. Dottie Herman has been appointed vice-chair.
“Douglas Elliman has proven to be my most rewarding professional experience to date,” said Durkin. “I look forward to expanding upon the legacy of our brand built by my friend and mentor Dottie Herman as the market leader in luxury real estate. I also welcome the opportunity to further advance our technology-focused initiatives that allow our agents to work faster and more efficiently on behalf of their customers and clients.”
Durkin joined Douglas Elliman in 2015 as executive vice president of acquisitions and growth. He was promoted to chief operating officer in October 2016 and named president in 2017. With his new title, Durkin will continue to lead the brokerage, its operations, technology initiatives, and strategic growth efforts across the United States. During the 12 months ended June 30, 2021, Douglas Elliman closed nearly $43 billion in sales.
By noon on Thursday, Elliman stock was up 8.5% since the opening bell based on record revenues and profits. Executive chairman Howard Lorber forecast more to come.
“I don’t necessarily feel that we’ve increased to the highest point,” he told analysts during the second-quarter earnings call for Elliman’s parent company, Vector Group. “Scott is a talented, solution-driven and results-oriented leader, as demonstrated by his truly incredible performance helming the brokerage during the extremely challenging COVID-19 pandemic. He has established himself as a highly valued and respected executive and I am very proud to make this announcement.”
Herman has been consistently ranked in Crain’s New York Business 50 Most Powerful Women in New York and Inman News Top 100 Most Influential Real Estate Leaders. In 2015, she was inducted into the Long Island Business News Hall of Fame and listed in the Top 50 Women Entrepreneurs in America by Inc. Magazine among the Inc. 5000 list where Douglas Elliman was named as one of the fastest-growing private companies in America.
In 2016, Herman was named on Forbes 2016 List of America’s Self-Made Women as well as in 2017. She was also honored in 2017 at the United Nations Women’s Entrepreneurship Day where she was awarded the prestigious Business Pioneer Award.
In her role as vice-chair, Herman will serve in an advisory capacity to Lorber and Durkin, as well as continue to mentor Douglas Elliman executives and agents across the country.
“Dottie and I could not have imagined that the venture we embarked on in 2003 would grow into one of the largest and most important residential brokerage firms in the United States” said Lorber. “Her vision for and dedication to Douglas Elliman has proven invaluable and I am grateful for her service.”
Herman added, “I could not be more proud of the company that Howard and I created and am excited for its future.”