Parent trap trips Corcoran
Once called 'Daddy Warbucks,' Realogy now seems a liability February 02, 2009 04:51PM By Candace Taylor
Is Pamela Liebman, CEO of the Corcoran Group, hobbled by her firm's parent company?
The New Year ushered in a wave of misfortune for city real estate brokerages, as a raft of companies announced that they would shed offices or close up shop altogether.
Predictably, small brokerages were hit hardest: Brooklyn Properties closed an office, Domain Properties downsized to a smaller space, and both Upside Residential and Homestead New York announced they would shutter completely.
Meanwhile, medium-sized firms like Warburg Realty and Bellmarc Realty also closed branches. And, as part of that rash of closures, rentals behemoth Citi Habitats shut two branches, and its sister company, the Corcoran Group — one of the two largest and most successful sales firms in the city — announced late last month that it would shutter its Harlem office.
Corcoran was the first of the two big brokerages in the city to close up an office. And like real estate companies throughout the city, the 35-year-old company is weathering a steep drop-off in sales due to the credit crisis and Wall Street layoffs. But unlike its chief rival, Prudential Douglas Elliman, it also faces the challenge of being linked to a parent company that's highly leveraged and drowning in debt.
Corcoran is owned by NRT — the nation's largest residential real estate firm, with brands such as Century 21, ERA, Coldwell Banker and Sotheby's International Realty under its umbrella. NRT, in turn, is a subsidiary of the Parsippany, N.J.-based Realogy Corporation, a real estate and relocation firm which was taken private last year by Apollo Management in a $9 billion leveraged buyout, and which has faltered amid the nationwide housing crisis.
While several of the firms under NRT's umbrella, like Sotheby's, Citi Habitats and Century 21 New York Metro, do operate in the city, none employ as many agents or wield the same dominance over the sales market as Corcoran.
Meanwhile, Apollo's troubles have been widely publicized, as the companies it purchased during an aggressive buying spree at the height of the market struggle under the weight of debt. One of its acquisitions, Linens 'n Things, is now in Chapter 11, and guessing which of Apollo's companies will be next to fail has become something of a parlor game.
Realogy, which was recently downgraded by Standard & Poor's to a CC/Negative rating, one notch above default, and placed on a list of the Global Bond Market's "Weakest Links," is said to be a likely candidate.
How does Realogy's plight impact Corcoran? That's a question the real estate community in New York has been abuzz about, as the mammoth company has closed offices, eliminated staff positions, cut its advertising and marketing budgets, upped the fees paid by brokers and canceled the firm's annual Christmas party. Insiders say Corcoran faces pressure to cut costs and increase profits to help meet debt-service obligations and buoy NRT's flagging subsidiaries.
"[Corcoran] does all sorts of things to create money to help the parent company to pay debt," said a Prudential Douglas Elliman executive who asked not to be named. "It's hard for them to compete when we don't have debt." Like many sources interviewed for this article, the Elliman executive declined to go on the record for fear of damaging professional relationships.
The parent company that once had pockets so deep founder Barbara Corcoran claimed it felt "like having Daddy Warbucks come in" now appears to be a liability.
"It's unfortunate for [Corcoran] that they're part of that company," said a former top Corcoran executive who asked to remain anonymous. "They have a huge company with no money backing them. That's bad."
Parental woes
One of the biggest question marks is what will happen to Corcoran and its sister companies if Realogy fails.
The outcome is nearly impossible to predict, since it rests largely in the hands of Apollo and its lenders — and if Realogy goes into bankruptcy, possibly the courts.
Despite rumors about its future, most visibly on the society blog New York Social Diary — which quickly retracted a story in December that said Corcoran had folded — experts seem to think that the Corcoran Group isn't going anywhere. They say that if it came down to it, the likely outcome of a Realogy collapse would be that Corcoran would be sold and would continue operating.
"I can't imagine for a moment that the company could go out of business," said Barbara Corcoran. "Their sales staff is too powerful."
Paul Purcell, a former president of Elliman and now co-founder of the real estate consultancy Braddock + Purcell, said, "They'd absolutely look for a buyer before they'd liquidate it. In the worst-case scenario, someone would want that brand."
If Apollo allows Realogy to go into bankruptcy, as it did with Linens 'n Things, Realogy would likely be restructured, which may include some of its companies being sold, rather than liquidated, said Donald Wong, the director of corporate ratings at Standard & Poor's.
Since much of Realogy's value is intangible, in market share and brand names, "if you were to liquidate this company, you wouldn't get a lot back."
The CEO of Corcoran, Pamela Liebman, declined to comment for this story.
The other big firms in the city are all privately held. Elliman is owned by CEO Dottie Herman and her partner Howard Lorber. Brown Harris Stevens and Halstead Property fall under the umbrella of Terra Holdings, a privately held real estate services company whose chairmen include heavyweights David Burris, Kent Swig, and Arthur and William Zeckendorf.
So the woes of Corcoran and NRT's other companies are unique in New York because of the debt stemming from their parent company. As Lorber told The Real Deal, "We have no debt."
National ambition
The story of the Corcoran Group began in 1973, when 20-something waitress Barbara Corcoran borrowed $1,000 from her boyfriend and started a real estate brokerage.
By the time the New Jersey native sold the company in 2001 to Henry Silverman's Cendant Corporation (now known as Realogy) for $66 million, Corcoran was perhaps the best-known real estate brand in New York, with some 700 agents. The firm, which generated some $18 billion in sales in 2007, now has nearly 2,000 agents in New York City, Long Island and South Florida, according to the company's Web site. It acquired Citi Habitats in 2004, and has consistently sparred with Elliman for the top slot in the city's real estate market.
In April 2007, just as the nationwide housing downturn was rearing its head, Silverman sold Realogy to Apollo Management for $6.6 billion. With debt of $1.6 billion and other liabilities, the deal was worth nearly $9 billion.
Corcoran, now a best-selling author, columnist and contributor on the "Today Show" and CNBC, said she sold her company to Cendant, in part, because she believed it would keep the company's management intact. "They believed in the management I had put in place," she told The Real Deal. "I knew they'd keep their hands off, and that's exactly what they did."
As a result, the top brass at the company today is largely identical to when Corcoran left. The company is headed by Liebman, who was in her early 20s when Corcoran hired her as a sales agent.
Liebman "had a cool haircut," Corcoran recalled. "She looked the part, she dressed the part and she carried herself with great confidence. I had 10 more senior brokers who were more experienced, and I was thinking, 'How do I get them to let Pam be the boss?'"
Liebman is "a brilliant businesswoman," said one industry veteran and former Corcoran employee who asked to remain anonymous. The source added that the consistency of leadership at Corcoran may be an advantage over Elliman, which has changed hands several times since the death of founder Douglas Elliman in 1972. "There's a better line of continuity at Corcoran," the source said. "There's been a lot of change at Elliman."
Still, Liebman's mettle is now being put to the test, as is that of Herman, who merged Elliman with her powerhouse brokerage Prudential Long Island Realty when she purchased it with Lorber for $71.75 million in 2003.
Home to roost
With the financial meltdown in October, the national housing downturn finally came to roost in New York City.
Manhattan data compiled by the appraisal firm Mitchell, Maxwell & Jackson showed that the volume of contracts signed in September and October plummeted roughly 75 percent from the same period last year. Though brokers say there's been a slight uptick in activity since then, the average number of days on the market in the fourth quarter of 2008 jumped 21 percent from the prior-year quarter, according to Jonathan Miller, president of appraisal firm Miller Samuel and a supplier of data to Elliman. Contract price levels, Miller said, have declined an average of 20 percent since August.
"After October, [New York City real estate] just stopped," said a former Corcoran executive, estimating that revenues at both Corcoran and Elliman may be down some 30 to 40 percent from last year, a figure that may increase to 60 percent by the end of 2009 if the credit crisis continues to ravage the sales market. "There's nothing happening."
Purcell would not speculate on how much any firms' revenue is off, but said firms all over the city are facing "a tremendous cash-flow issue." He explained that a company's profit margins on the average deal are "much less than 10 percent," since commissions, marketing fees and advertising costs cut a wide swath in the proceeds.
Although rentals and low-end sales are showing more activity, the high-end market is particularly stagnant. So in some ways, the city's largest firms — those with the priciest, most-sought-after listings — face some of the greatest challenges.
"I used to envy [large sales firms], and think, 'Wow, how do we do more $3, $4, $5 million sales?'" said one head of a boutique firm that does both sales and rentals. But now the shoe is on the other foot. "I don't know how [they] are going to stay in business if they don't transform that, because [the high-end sales market] is totally dead," the source said, adding, "If we only did sales above $1 million, I don't know what we'd do right now. I'd be in a panic."
In response, some sales firms have started ramping up their rental businesses. Bellmarc and Warburg are beefing up their rental training programs, while Elliman recently announced plans to open a new 15,000-square-foot office specifically devoted to rentals, and hire 50 to 75 new rental agents to staff it.
However, firms that rely heavily on sales revenue may not be able to make up the difference quickly, especially since the proceeds from each rental transaction are much smaller, now that rents and commissions are dropping. "You can't just suddenly shift to being a rental firm," Purcell said.
One X factor is Corcoran's relationship with Citi Habitats. Citi Habitats dominates much of the rental business in Manhattan and has said it's doing more transactions than last year at this time, but it's unclear how its profits impact Corcoran's bottom line, if at all. Corcoran deferred all questions about its rental operation to Citi Habitats, and both companies refused to provide more detail about how their businesses are connected.
In December, Liebman told The Real Deal that Corcoran has reacted to the downturn by "cutting unnecessary expenses," reducing advertising and marketing costs and eliminating back-office positions through attrition and layoffs. "We have eliminated some positions because when you're doing less volume of sales, it's not necessary to have so many people to support the back office," Liebman said at the time.
Elliman has enacted "minimal" cuts, Lorber said. He did not elaborate.
Wagging tongues
If there was one notable thing about the New York Social Diary post on the morning of Dec. 9, it was that it set tongues wagging throughout the industry — even though it was quickly retracted.
Amid the climate of uncertainty and the recent collapse of financial giants like Lehman Brothers and Bear Stearns, there seemed to be a greater willingness to believe that Corcoran could be the real estate industry equivalent.
For Corcoran in particular, one need only look as far as its struggling parent company to understand why any rumor would gain traction, even if most experts say the likely worst scenario would be Corcoran being sold to another company.
Every day seems to bring new headlines about Apollo, headed by buyout specialist Leon Black, and its attempts to restructure the debts of several companies it purchased during the leveraged buyout boom of 2006 and 2007.
Apollo's purchase of Realogy is threatening to turn into a similar mess. Realogy, with struggling subsidiaries in depressed housing markets all over the country, has registered $209 million of losses in the past three quarters. The company announced on Nov. 13 that it is at risk of violating the terms of its bank loan.
In December, Realogy's credit rating was downgraded by Moody's Investors Service to Caa3 from Caa2, meaning it's "likely to go into default in the next 12 months," explained John Rogers, a senior vice president at Moody's. Meanwhile, S&P also dropped Realogy's corporate credit rating to CC/Negative (with D being the lowest), indicating that "Realogy has a very high probability of default," Wong said.
"We think there's a big risk [Realogy] may file for bankruptcy or that they would default on their debt," Wong said.
The downgrades follow an attempted bonds-for-loans debt exchange that failed after Carl Icahn's High River sued, claiming Realogy's attempt to refinance $1.1 billion of debt would hurt its bondholders.
"The current economic crisis, particularly with respect to the housing market, has had a disastrous effect on Realogy's business, operations and prospects," the suit stated. "Due to extreme leverage resulting from the Apollo buyout, Realogy was poorly positioned to withstand any adverse economic developments."
Realogy's total liabilities were $9.875 billion as of its September SEC filing. The lawsuit estimated that Realogy's liabilities exceed its assets by somewhere between $3 and $7.3 billion, depending on the trading prices of its different categories of debt. The suit argued that the attempted debt exchange would only "delay what now appears to be the inevitable failure of Realogy."
Apollo may choose to pump more money into Realogy, but it may also, as in the case of Linens 'n Things, choose to "forgo the initial investment," Rogers said. "If there isn't a good outlook, they're likely to cut their losses."
Still, no one knows what Apollo will do, and surprisingly strong capital raising for Apollo's newest fund, which had been targeting $15 billion, indicates that the company may have more tricks up its sleeve.
And one thing Realogy has going for it that Apollo's other companies do not is that the real estate market, eventually, will rebound, putting its well-known brand names in a good position to profit.
"Corcoran is a market leader in New York City," Realogy said in a statement. "We are very proud of how well-positioned the company is to capitalize on the market when it rebounds — and it will rebound."
Apollo spokesman Steven Anreder declined to comment.
Jewel in the crown
For the past few years, Corcoran has undeniably been one of the brightest spots in NRT's portfolio, especially since the New York market is still stronger than other markets around the country.
"Corcoran was probably their most profitable operating unit in the company, of everything they own," Purcell said.
Corcoran agents are well aware that their company is "the star of Realogy," said Corcoran salesperson Chris Poore.
Still, the company is a drop in the bucket compared to the vastness of Realogy's problems. "The Corcoran Group alone cannot save NRT," said the above mentioned former Corcoran executive.
In fact, Corcoran and Citi Habitats' recent cutbacks likely reflect not just weakness in New York, but pressure from losses in other parts of the company.
Realogy "has companies in Las Vegas and California and other places where the markets are down," the former Corcoran executive continued. "The profits from [Corcoran] go to stem the losses in other locations, instead of reinvesting in profitable regions of the country."
In other words, he said, company bigwigs are "trying to figure out how to put their hands in the dike."
Insiders say the cuts at Corcoran and its sister companies are more severe than at comparable firms, and may have caused some defections.
The yearly marketing fee that Corcoran brokers pay to the company has been increased to roughly $1,800, sources said. In addition to the closure of Corcoran and Citi Habitats offices in New York, there are now only two Corcoran offices in Florida, according to the company's Web site, down from five a few years ago. Some 35 Florida agents from Corcoran have now joined independent Florida brokerage Fite Shavell & Associates.
While every real estate company in New York is cutting expenses, Corcoran may have less say over who is hired and fired because of its corporate leadership. Elliman, for example, "is cutting as well because their profits are off," the former Corcoran executive said. "But they're not making as Draconian cuts because [Herman and Lorber] know all the players."
Hal Gavzie, formerly the senior managing director of rentals for Corcoran, and the leader of the company's entire rental division, was one of a group laid off in November.
Gavzie, who now works at Bond New York, would not comment on the circumstances of his ouster other than to say, "It's pretty obvious across the board in this climate why people are laying people off."
Still, some observers say the move may have been ill-advised on NRT's part.
"I can't imagine that somebody here in New York would let go of their rentals director when it's clear that's the direction the business is going in right now," said a source familiar with the situation, adding that Gavzie does not appear to have been replaced. "If they're making the decision from Texas, maybe they're just looking at a spreadsheet."
Keeping brand name
Cutbacks are not new at Corcoran. When Barbara Corcoran was at the helm of her company, she recalled, she often had to lay off support staff.
"Judicious cutting is just smart business," she said, echoing comments of the real estate CEOs who let staff go in the last month.
But Corcoran was also known for her storied attempts to appease her top earners. During one rough patch, she sold her home and moved into a rent-controlled apartment, "because I had to keep my sales people happy," she said. And she was famous for the massages that brokers received every Monday, even when there were layoffs.
"It was important for morale and you were taking care of your breadwinners," she said of the massages. "More important than the management and the support staff."
But the perks Corcoran gave her top earners are the type of benefits that are no longer in place at the company.
Still, Realogy hopes the cuts will help Corcoran weather the storm and come out leaner on the other side. "The Corcoran Group is one of our most important operating companies with an outstanding group of brokers," the company said in a statement. "The company continues to meet or exceed our expectations. We are very pleased with Corcoran's proactive management of its cost structure, and as a result of the actions it has taken Corcoran is better positioned today than most of its competitors."
Rocky times are undoubtedly ahead. But experts seem to agree that the Corcoran brand is powerful enough that it will continue to exist for the foreseeable future, though it may have a different owner or fewer offices.
Poore, the Corcoran sales agent, put it this way: "Even if Apollo were to go under, Corcoran's going to be fine."
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Comments
Anonymous
apollo mgmt is a mess, they stopped paying interest on their bonds instead they are paying the bond holders more bonds, odds are apollo will default on their bonds soon, and the dominos will fall, all the real estate companies caught in the NRT web will be on the block,,,,,,,,,,, real estate companies for sale in the current market wont be worth much
Comment #1 Posted By: Anonymous 02/02/09
Anonymous
i work at elliman on west 17th street. our administration staff was cut down to 1 person and our manager told us that our business was off 60% and we were in trouble. noone is immune to what is going on right now. the manhattan market will recover very quickly. the open houses are already packed!
Comment #2 Posted By: Anonymous 02/03/09
Anonymous
"the manhattan market will recover very quickly..." The lack of awareness in that statement makes me hope that you're not a real estate agent, ignoring financial headlines- if you are, time to look for another job.
Comment #3 Posted By: Anonymous 02/03/09
Anonymous
these private equity firms (apollo, fortress, Blackrock) are all effectively worthless entities due to their leverage ratios. Corocoran should be returned back to Barbara for $1usd. Wait till Fortress starts unloading all their highly leveraged garbage loans on the NYC market. The NYC market will not recover soon, anyone who thinks so is living a lie.
Comment #4 Posted By: Anonymous 02/03/09
Anonymous
I wouldn't believe a word Paul Percell or Kathy Braddock said... ever.
Comment #5 Posted By: Anonymous 02/03/09
Anonymous
To comment #5: I am in constant contact with Paul and Kathy as I am an agent at Charles Rutenberg Realty. After 4 years in this business and working at both Bond and Bellmarc I can tell you that these are the smartest, most creative and most well meaning people I have encountered in the industry. And super-available to their agents. Whoever you are you have no idea what you are talking about. And this company is about to blossom unlike the rest. Great place for an agent.
Comment #6 Posted By: Anonymous 02/03/09
Anonymous
The smaller, smarter, more creative companies will emerge stronger in this market. Their overhead is lower, and their ability to move with markets will fare them well. Refreshing to imagine an industry with less "gorilla mass branded" companies (like Prudential - don't they sell insurance- all things to everyone, and Corcoran - poorly managed - with NO leadership) and more boutiques.
Comment #7 Posted By: Anonymous 02/03/09
Anonymous
I went to six open houses this past Sunday and I was the only attendee at each apartment. Granted it was Super Bowl Sunday, but the game didn't begin until the evening. So, I believe New York real estate is dead at the moment, and will be dead for a very long time. Bonuses are crap so far this year, so it might be time for brokers to get real jobs.
Comment #8 Posted By: Anonymous 02/03/09
Anonymous
There will be buyers when we hit 1995 and yes, that's where we headed. This is called a depression and brokers are among the stupidest and most ill-informed creatures who roam the world.
Comment #9 Posted By: Anonymous 02/03/09
Anonymous
I am a broker with Elliman, had 15 & 30 people showing up for 2 open houses. Have 4 contracts signed. Real Estate is essential- FOOD AND SHELTER. I see a very strong market here in Manhattan.
Comment #10 Posted By: Anonymous 02/04/09
Anonymous
I see real estate agents (aka brokers) posting to the blog. One thing we know about brokers is that they will sell their own mother for commission, so this nonsense of "signed contracts" and "Manhattan is doing great" is just smoke and mirrors to generate a false sense of security and have victims buy properties they can't afford. Why should the broker care? As long as he/she gets commission, that's all that matters. Just feed people the John McCain line and hope they fall for it: "the fundamentals of our economy are strong". The point? The Corcoran group is in real trouble, despite what anyone says.
Comment #11 Posted By: Anonymous 02/04/09
Anonymous
a connecticut real estate company is comming to new york city ...and will change the present landscape
Comment #12 Posted By: Anonymous 02/04/09
Anonymous
IN A COUPLE OF YEARS THERE WILL BE NOTHING TO SELL AS THERE IS NO NEW CONSTRUCTION BEING BUILD AND STILL MORE PEOPLE COMING TO NY. DONT READ THIS MAGAZINE BROKER HATERS -ITS FOR BROKERS
Comment #13 Posted By: Anonymous 02/04/09
Anonymous
Wow, more speculation here than the past four years in real estate. Most of you would have told the Dutch that buying this Island for a couple dollars worth of trinkets was a bad idea.
Comment #14 Posted By: Anonymous 02/04/09
Anonymous
Comment #14: The cleverest thing I've read yet.
Comment #15 Posted By: Anonymous 02/04/09
Anonymous
I'm a broker and it is tough but deals are getting done but very slowly! The sellers have to realize that pricing is hovering at 2005 levels and may/will go lower.
Comment #16 Posted By: Anonymous 02/05/09
Anonymous
Is there anybody in the industry who still believes that Barbara got $66M for her company? When her debt hit $30M, her bank quickly unloaded the firm to Cendant for $27M and served Barbara with a bill for the remaining $3M. Where she got those extra bucks to cover the short-fall had plenty to do with the sudden re-shuffling at the top (Does anybody remember what they did to poor Esther?). Donald Trump went on the record stating that Barbara's departure from her own company "was most unpleasant for her". Only Trump had the guts to blow the lid off what is the industry's biggest open secret - that Barbara blew it BIG-TIME. Best selling author? Go to any book-sales tracking site, where it's clearly stated that Barbara's books didn't sell. So why is everyone so gullible?
Comment #17 Posted By: Anonymous 02/05/09
Anonymous
Hey Number 17, Barbara is a genious and mentor who inspired many people to succeed beyond their self expectations....so go easy. Barbara lives a great life and helps lots of people on the way. You obviously don't know her personally.
Comment #18 Posted By: Anonymous 02/05/09
Anonymous
I am a proud Corcoran Broker and for the record, there have been minimal layoffs, Pam Liebman and team are leading us through this time with flying colors and while we are sad that we've lost our Harlem office, those agents have been given desks elsewhere. Morale is high and deals are being done. Buyers are taking advantage of this time as we are all seeing. I have 4 contracts signed since Jan. 1. Negative people will have no place to go in this world.
Comment #19 Posted By: Anonymous 02/05/09
Anonymous
Douglas Elliman's Owners are also taking money from their "pockets" to keep their offices open. Every firm is in trouble and it would be stupid to not have cuts in this stage of the economy. Corcoran, a leader in New York, as well as as major leader on preserving the Good code of ethics respected and observed by all its brokers will stay alive and will keep leading in NYC.
Comment #20 Posted By: Anonymous 02/05/09
Anonymous
what a "coincidence" that this article is on the Real Deal..... BTW, did you all know that Douglas Elliman is one of their biggest advertisers? Will this article become part of a pitch package now?
Comment #21 Posted By: Anonymous 02/05/09
Anonymous
Corcoran and "ethics"- you must be joking.
Comment #22 Posted By: Anonymous 02/05/09
Anonymous
Let me clarify: NYC real estate agents, and ethics...YOU MUST BE JOKING.
Comment #23 Posted By: Anonymous 02/05/09
Anonymous
I'm amazed at the vitrol against real estate agents in this blog. Try working in the art world, or in the advertising industry. You think you know sleeze--try raising money for a start-up. There are sleezy, callous, unethical people in all professions. In my experience as a broker, I have run into some of the hardest working people I have ever known and I've been in a number of professions. I've also known my share of unethical brokers. And I've had to 'fire' real estate clients who were so rude and unethical that I wouldn't work with them. Anybody who singles real estate agents out for questionalble business practices or callousness, doesn't know a lot about the world or they'd know that people are the same all over it, in all professions. Some are great, some are not. The writers here clearly don't know much or they'd know that too.
Comment #24 Posted By: Anonymous 02/05/09
Anonymous
Kudoos to the intelligence of #26.
Comment #25 Posted By: Anonymous 02/05/09
Anonymous
Corcoran agents would be wise to share Pam's company-wide e-mail of December 8th with a bankruptcy attorney. Had she herself done so, she might not have written "There is nothing to worry about".
Comment #26 Posted By: Anonymous 02/06/09
Anonymous
As an S.O.C (Survivor of Corcoran), I sadly concur with #7 above: Indeed, "poorly managed" and "no leadership" identifies The Corcoran Group to a "T". The office I worked in was run by an ex-airline stewardess and a former kindergarten teacher - who treated brokers as though we were clients of their former professions. Clueless, narcissistic & bullying, they reigned unsupervised, playing up to Barbara to stay employed, while treating independent contractors as though we were servants. Now, to be fair, the bones of the company were excellent. And, had skillful, intelligent managers been hired to run the place, it could have been the premiere Manhattan firm. That the company lasted this long is a tribute to some truly fine brokers who work there, rather than to the people who run it -- So, the firm endured despite itself.
Comment #27 Posted By: Anonymous 02/06/09
Anonymous
dear S.O.C.: are you finished?
Comment #28 Posted By: Anonymous 02/06/09
Anonymous
The Corcoran agents would have had their time better spent if Barbara had forced education/ethics training instead of massages- she was in a position to get the company current, and in line with consumer expectations, but paid for massages instead? NY has some truly horrific "leaders."
Comment #29 Posted By: Anonymous 02/07/09
Anonymous
#28 #27 is finished but hi Im #29 and as a S.O.C. I have to agree with #27. (sorry). A few additionals here. Pam Liebman has been trying to buy the Corcoran Group for herself. Please pass this on to NRT, Appollo Reaology Mr. Zyff the CEO. She is an unrelentless bitch and has a bunch og gayology managers to such her toes and condemn the agents. We are witnessing the dimise of these folks now and good riddence. If reaology lets Pamela Liebman buy the company off them on the cheap then they truly are the biggest assholes. Just look at whose left in some of their offices. They are losing the best brokers by the droves and Pamela Liebman wouldnt have it any other way. Oh and Tresa Hall, go back to the airlines your time is definitely up. Ultimately Barbaa Corcoran should buy the company back she could now get it on the cheap and sell it again! That would be the best selling book of all. Beware of the current upper brass at Corcoran now. NRT stop thinking you can manage this formerly golden company from some God forsken location. You don't know NYC real estate but beware your management staff does and will run it down further. I could name a few managers here but since their hearts are probably beating out of their chests right now they are just hanging on for life and I cant bring myself to it.
Comment #30 Posted By: Anonymous 02/07/09
Anonymous
Hey #27, why stop with the airline stewardess and the kindergarten teacher? How about other illustrious Corcoran managers, such as the former hotel concierge, the ex-Broadway hoofer, and the doctor's office receptionist? As #30 says, they all sucked up to Barbara & Pam, earning themselves cushy jobs and throwing their imperious weight around, behaving abusively towards brokers, and turning teflon whenever a crisis occurs (and in this tight, vicious market, they occur frequently). I'm a different kind of S.O.C. (Still at Corcoran) - too close to retirement to bother change firms. But, believe me, even Saturday Night Live couldn't dream up what goes on around here...
Comment #31 Posted By: Anonymous 02/07/09
Anonymous
Per No. 18. Come on, Barbara - you're not supposed to be writing on this blog. And it sounds like No. 17 knows you only too well. There's only 2 kinds of people who know you - those who you hoodwinked, and those who you didn't.
Comment #32 Posted By: Anonymous 02/07/09
Anonymous
I did what #26 suggested. Oh...my...God....
Comment #33 Posted By: Anonymous 02/07/09
Anonymous
Of the 2 managers I had at Corcoran, the Liza Minelli look-alike totally took the cake. Yelling was her administrative tool of choice. She felt entitled to yell at anyone, at anytime. But everything went fine for me until I had some enhancement surgery done. Who knows why, but it earned me a prominent place in her buzz-saw, so I left.
Comment #34 Posted By: Anonymous 02/07/09
Anonymous
#28. #27, #30, #31 and #34 are finished but I'm #35 and also S.O.C.(Survivor of Corcoran), I have to agree with #27, #30, #31 and #34. If the Apollo guy's reads this I want you to know that Pam Liebman the so called "C.E.O" (should stands for "Coward Egotistic Ostridge") and her so called Eastside, Downtown managers are the worst people in the planet. I wouldn't even hire them to work in a food stand on Canal St. they treat brokers which is the only asset of the company like shit!! that's why ALL of the top brokers left for other companies and will never come back! If someone in Apollo reads this, I want you to know that Pam Liebman never told you that all of the top brokers left (Carrie Chiang still there but her split is 80% - 90% you are not making money of her). the only reason no one notices it till now is thanks to the success of the new development Corcoran Sunshine, which is over, dead. Pam had neglected the Brokerage side of Corcoran since she backstabbed Barbara Corcoran. See # 36
Comment #35 Posted By: Anonymous 02/08/09
Anonymous
Continued from #35.... Pam Liebman maybe came once a year to meet with us brokers and not because she wanted to but because she had to as half of the east-side office was leaving the company for Eliman (the competitor). if any one buys the company I want you to know that you must change the management imm. the only reason Corcoran was shining is duo to the fact that the real estate market was booming. I also want you to know that Corcoran is not loved or desired by brokers anymore and you only see new faces duo to bad management and insecure managers. I have more to say but I'm tired ..... ill leave it to the thousand of S.O.C.(Survivor of Corcoran),
Comment #36 Posted By: Anonymous 02/08/09
Anonymous
No.17 makes sense. Barbara always told us she would never sell her company (and with her ego so wrapped up in it, we who know her could understand why she'd never sell, at ANY price). But, opening offices on every corner & putting her face on every billboard in town got truly expensive, and she made no secret that she was borrowing money to do so. ("The bank likes us" was something she pointed out at our annual meetings). Barbara also never failed to mention the loyalty of her partner Esther Kaplan, telling us repeatedly how Esther emptied her 401K to keep the Corcoran Group afloat in the early 90's. Then, suddenly in 2001, Esther was out, Pam was in, and the company sold. So, Barbara learned 2 bitter lessons: (1) When you borrow from a bank, read the fine print, and (2) When one of your ambitious managers tells you "I'll cover your shortfall if you make me CEO, but don't worry, I'll keep you on as Chairman" DON'T BELIEVE HER!
Comment #37 Posted By: Anonymous 02/08/09
Anonymous
The Corcoran Group.....darn.....that's the end.
Comment #38 Posted By: Anonymous 02/08/09
Anonymous
OMG corcoran is over!! I wanted to use them for my apt but after reading this....no no no
Comment #39 Posted By: Anonymous 02/08/09
Anonymous
How sad. I watched a recent news show (whoever she guests on occasionally) and she stated that the market would be back by spring. She's also stated that commission should be HIGHER in a harder market. I'm not sure that there ever was a good boss at Corcoran- determined, yes, lucky, yes but smart? Not by the sounds of her proceeds on the sale of Corcoran, and her "real estate expert" advice in a bad market... I wonder if it occurred to her that the very sellers who should "pay more" were watching, as well as buyers who might call a Corcoran agent (except, probably bothered by that "charge more" mentality in a market where sellers are taking a bath as it is, with the higher commission in the price of the house). I thought that she made a killing on the Corcoran deal, so was able to spend big bucks on self promotion. I guess little is as it appears.
Comment #40 Posted By: Anonymous 02/08/09
Anonymous
A smart person wouldn't have lost her company. At this point, Barbara Corcoran's only hope of survival as a media personality is if the very media she's courting doesn't start digging for the truth, which so far they haven't (congrats Barbara!). So, if she's dumb, the press is even dumber. The success of her entire career has been dependent on the gullibility of the public and her brokers. She fooled some, but not all.
Comment #41 Posted By: Anonymous 02/08/09
Anonymous
are we all reading the same article? it says corcoran is the best company in the city, its never going down, they have the best agents.... the parent is in trouble, so what? let them go broke. there is a Howard Lorber sitting out there waiting and would buy the best brand in NYC real estate (Corcoran) in a second! And to the author, hal gavzie's position was created a few years back so its not like Corcoran cant survive without a rental director. and finally to #40. seller's should pay more commission when the market is slow. brokers have to work twice as hard/long to get sales completed. commissions came down when the market was hot, why not the reverse?
Comment #42 Posted By: Anonymous 02/08/09
Anonymous
#42: if a company believes (and advertises) that, they deserve to go out of business. Many still believe that Corcoran and Barbara are connected- would your company take out an ad that reads: WE CHARGE MORE IN A TOUGH MARKET BECAUSE WE DESERVE MORE IN A TOUGH MARKET (uhh...most thought that you made too much in an order-taking market). What companies decide to do is up to them; if a company is seeking to generate business, whining about their income while sellers lose their homes (but are expected to "pay more") is stupidity on the part of the real estate company (or in this case, "expert"). But don't worry- the market will be "back by spring", so this tough market will surely be gone in two and a half months, according to the "expert."
Comment #43 Posted By: Anonymous 02/09/09
Anonymous
wow, someone sent me this article for kicks and i read through the comments. the comments make the comments to postings on the former blog socialiterank.com look nice. real estate people are bitchier and more petty than fashionistas. who knew...
Comment #44 Posted By: Anonymous 02/09/09
Anonymous
I was going to list my Manhattan townhouse with Corcoran this Spring but after reading this I decided not to. Thank you.
Comment #45 Posted By: Anonymous 02/09/09
Anonymous
its quite obvious that people are morbidly opposed to brokers. Its quite possible that the size of their own checks makes them feel that much more inadequate. I'm an investor and I have nothing against real estate agents. but for all of you that do, its quite obvious that you dont know how to do your own homework and you're just bitching and moaning because you're too dumb to do it.
Comment #46 Posted By: Anonymous 02/09/09
Anonymous
I have to agree with #46. I am broker and it amazes me how uninformed other brokers are about the market. With the current state of the economy why are some of these brokerage house listing property as if we are still in 2006. Only the smart will survive.
Comment #47 Posted By: Anonymous 02/09/09
Anonymous
Whatever happened to Esther Kaplan does anybody know?
Comment #48 Posted By: Anonymous 02/10/09
Anonymous
#48, I think Esther is just fine. She is one of the most delightful and honest people whom I ever had the opportunity to meet. The reason I went to Corcoran in the first place was Esther (and yes, I'm an S.O.C. as well).
Comment #49 Posted By: Anonymous 02/10/09
Anonymous
#43: #42 back again. just because you dont think it would be a successful branding campaign, does that mean i am wrong or Barbara (totally unaffiliated) is wrong? do you think bankruptcy attorneys should work for free just because their clients are destitute? I would rather be a seller and whine about the commission than whine that their broker failed to sell their house! my corcoran broker and corcoran.com took care of my apartment and i am grateful.
Comment #50 Posted By: Anonymous 02/10/09
Anonymous
#42, a bankruptcy lawyer would be a fool to advertise: "HEY! YOU NEED ME! SO I DESERVE MORE MONEY!". If real estate agents have to generate income outside of an order taking market, as most sellers and buyers do in their own jobs on a daily basis, why would it be OK to promote a raise at the check-writers expense? Talk about throwing the dirt on. I guess it's a matter of where you stand.
Comment #51 Posted By: Anonymous 02/10/09
Anonymous
Imagine Pam Liebman replaced Esther Kaplan? That was the first clue this ship was going down.
Comment #52 Posted By: Anonymous 02/11/09
Anonymous
This article is bottom line stating that it's hard times out there for these companies in real estate ..let's not forget about all the other industries that are suffering too. This is one of many. And we aren't shocked by this. We know and have read what is happening in our economy & financial - banking industries. So there is not major NEW news here. And brokers...I love them. The good ones work very hard. Think of all the times they take people out to find something and then they hear " oh, sorry - i found something else on my own - through a friend - by a mgmt company". Don't forget these agents work on commission. To disrespect what they do - is rude. Or maybe you are someone who had a really bad experience. I'd love to see a buyer buying on their own doing their own board package.
Comment #53 Posted By: Anonymous 02/11/09
Anonymous
Elizabeth Stribling said it best when she coined the phrase "The right broker makes all the difference". (Take note - she didn't say "the right company"). Ultimately, it's the individual broker (with his ingenuity) that makes or breaks a deal, not the brokerage firm. As another S.O.C., I observed as the the meglomania-driven Corcoran Group quintupled in size. With so many desks to fill, living & breathing became the primary requirements necessary to become a broker there, as their management was convinced that their "brand" would compensate for any absence of individual expertise. Such short-sightedness led them to the brink of disaster, with a severe brain-drain caused by the exodus of their best brokers to competing firms. Think of it in terms of the Yankees: The team stays the same size because there's only so many good players. If you augment the ranks, the quality goes down. Taking somebody off the street, putting a Yankee uniform on him, and sending him out to play ball isn't going to make him a Yankee. And so it is with Corcoran, where they proved that "bigger" doesn't make "better".
Comment #54 Posted By: Anonymous 02/12/09
Anonymous
Hey how come nobody talks about good news...like how KELLER WILLIAMS REALTY the 4th LARGEST REAL ESTATE FRANCHISE in NORTH AMERICA has ZERO DEBT and PROFITSHARED OVER 30 MILLION DOLLARS BACK TO IT'S AGENTS IN A DOWN MARKET??? YOU PEOPLE NEVER REPORT THE GOOD NEWS!!!!
Comment #55 Posted By: Anonymous 02/13/09
Anonymous
BY THE WAY IF ANY OF YOU WANT TO SAVE YOUR REAL ESTATE CAREERS PLEASE READ THE BOOK SHIFT BY GARY KELLER. IT JUST MAY SAVE YOURSELVES FROM NOT LEADING WITH REVENUE. THAT GOES FOR ALL OF YOU...LEAD WITH REVENUE NOT DEBT!!!
Comment #56 Posted By: Anonymous 02/13/09
Anonymous
IT'S MUTINY ON THE HIGH SEAS!!!
Comment #57 Posted By: Anonymous 02/15/09
Anonymous
I think the Real Deal should continue to expose the Corcoran Group Pam Liebman and it's highly unprofessional management staff. Look at all the industry players who are SOC's and not small potatoe brokers either both in Manhattan and Brooklyn who basically left or were "fired". They are down to highly unprofessional agents as they are the only ones left whom are foolish enough to think by being Corcoran they are going to do well. Please sellers, pull your listings. And Bruce Ziff please understand you can't run a Manhattan brokerage of this magnitude from your one horsed town. Certainly, Pamela Liebman would love for you to think you can so she can buy the brand Corcoran from you for cheap. Remember Mr. Ziff you don't qualify for a government bailout. Oh and management underneath Pamela they are basically people who like a pay check and really don't have any particular talent to be doing would they are doing. As so many other industry players quoted here, they forgot the real talent is the sales team. Ooooops!
Comment #58 Posted By: Anonymous 02/15/09
Anonymous
As a Corcoran agent for the last 10 years I do not know what you people are talking about. My manager at Corcoran is a wonderful intelligent real estate professional who is always available to help and support her agents. It sounds to me that these comments are mostly from jealous comopetitors trying to sabotage Corcoran's superior sales and marketing abilities. I would never stoop so low as to write a negative comment about Corcoran's competition. Some of you people need to "get a life" and take responsibility for yourself and stop the "blame game". Pam and Tresa...please do not listen to these negative comments. We love and support you.
Comment #59 Posted By: Anonymous 02/15/09
Anonymous
#59 is a total suck up. Keep thinking they care about you!
Comment #60 Posted By: Anonymous 02/15/09
Anonymous
#59 WHEN YOU SAY we love you pam and TRESA ARE YOU ACTUALLY TALKING FOR ALL OF US IF YOU ARE PLEASE DON'T. cURRENT corcoran BROKER WHO IS VERY DISENCHANTED.
Comment #61 Posted By: Anonymous 02/15/09
Anonymous
Yeah, #59, when I was at Corcoran, I also bought into their myth of "superior sales & marketing". But after 6 years of their brain-washing, I finally wondered "why are brokers at competing firms doing more business than I am?" AND, when I changed firms (and tripled my income) I realized why: Corcoran's bells & whistles are just smoke & mirrors for clueless, wanna-be brokers who use them as a crutch.
Comment #62 Posted By: Anonymous 02/15/09
Anonymous
...or ass kissers like #59. Give it up honey they don't give a hoot about ya. Sellers PULL your listing.
Comment #63 Posted By: Anonymous 02/15/09
Anonymous
Let's not damn the entire barrel for some bad apples. The fact is: Corcoran has a recognizable brand and enough good brokers who don't need to rely on their weak management team for any support. Sadly, a good number of Corcoran's managers wouldn't qualify for similar positions at competing firms.
Comment #64 Posted By: Anonymous 02/15/09
Anonymous
Hey 59, it's fine to love your bosses, but don't forget, you're an independent contractor, so THEY're supposed to support YOU. And, "Superior"? Huh? If Corcoran were superior, all brokers would break down their doors to work there, and sellers wouldn't be hiring your competition. Sorry to burst your bubble, but there's a variety of terrific Manhattan firms offering plenty of great exclusives and new developments. Contrary to what your bosses told you, Corcoran hasn't cornered the market by a longshot. God knows they tried, but if you read all of the above, you'll have some idea why they never succeeded.
Comment #65 Posted By: Anonymous 02/15/09
Anonymous
Thanks for putting this into perspective bloggers.
Comment #66 Posted By: Anonymous 02/16/09
Anonymous
Reminds me of the Titanic - A GREAT ship, with a highly professional & skilled staff! BUT, the management idiots steered it full speed ahead into an iceberg. A horrible tragedy, but it sure made for a great movie! So, let's get Kate Winslet & Leo DiCaprio for "Corcoran, The Movie"!!! Kate can be Barbara - but who could portray Pam?
Comment #67 Posted By: Anonymous 02/16/09
Anonymous
My Corcoran experience was a mixed bag. but having never worked anyplace else, I believed it to be top-drawer. However, my personal referral base leads me into a lot of co-exclusives, and whenever I had a co-exclusive with a certain firm, they got the direct calls first. Damn, that made me mad! How could it be, when Corcoran tells me they have the best website in the biz?! Finally, I got fed up (with a lot of things...)and switched to that firm. Sure enough, whenever I have a co-exclusive with Corcoran, the direct calls come to me first. Our website is plenty good - and keeps me ahead of the curve. As to which site is more attractive is for the consumer to decide - but I'll take "quick" over "pretty" anyday. Keep your brand, just give me the bucks!
Comment #68 Posted By: Anonymous 02/16/09
Anonymous
well i'm an agent and Coldwell Banker works for me! i'm at an affiliate. i'm of the mindset that i sparingly use my broker to get deals done. i will say he's good at negotiating with other brokers - hands down. however - all this cockamaimy stuff about the importance of managers etc - this business is all about how hard i work. period. i'm sure there are offices out there where i might get more "support" - but at the end of the day - i use the coldwell banker name to my advantage and move on. the rest is all me - educating myself, learning the best spots to advertise, the best methods of advertising and promotion, etc. i use some tools of coldwell banker and i think a big brand is better than a no name. but at the end of the day - it's all me. i'm a work horse and i'm running my biz efficiently which is to say, my revenues exceed my expenses - so I AM PROFITABLE. if corcoran isn't or coldwell isn't - that's not my problem
Comment #69 Posted By: Anonymous 02/16/09
Anonymous
Coldwell Banker is owned by NRT as is corcoran.
Comment #70 Posted By: Anonymous 02/16/09
Anonymous
Did Jared Seligmen get fired or did he quit? Just trying to figure out if the Pamster is still trying to shake down the firm so she can buy it off of NRT/Ziff on the cheap? Anyone know the scoop?
Comment #71 Posted By: Anonymous 02/17/09
Anonymous
He was fired according to some people. Another top gun out. What is their strategy?
Comment #72 Posted By: Anonymous 02/18/09
Anonymous
He must have said the word "Tuesday" with the wrong inflection. You never know what might set-off Corcoran's hostile prima-donna managers. My last manager there went into a tirade because I complained that her daily microwave-popcorn made the office smell like a movie theater. My colleagues stood aghast while she shieiked at me - What a performance!
Comment #73 Posted By: Anonymous 02/18/09
Anonymous
Stop hating!! Everyone has gotten used to living the qoute "good life".. So let's just get used to it that we brokers now really have to put our efforts into it and work our way out of the blues. It has been done before and it will be done again so you enjoy the ride We all have to make sacfrices sometime. Yes things are serious and we may have to shrink our liabilities but the challange is stimulating and I beleive we can succeed its just a matter of time.
Comment #74 Posted By: Anonymous 02/18/09
Anonymous
What is #75 smokin? By the way I think I know who the manager was on the other one. They really think they are especiale dont they. THe problem is that they are all unemployable so while they are "managing" the Pamster's offices hopefully they will all be outsourced soon! In the interim stay tuned for more scandoulous Corcoran news. Sellers pull your listings!
Comment #75 Posted By: Anonymous 02/18/09
Anonymous
The pop corn eating manager is a Brooklyn one right?
Comment #76 Posted By: Anonymous 02/18/09
Anonymous
All I can say is'use what ya got'. Gosh i miss the days when Baba Wawa used to dress up like a clown or run around the rainbow room naked. Or make films about her throwing her used suits in the garbage with the name Dottie herman written on it. Pam give it up your a wash. You couldn't pull it off if you tried. But by no means do I think you would ever get to own the company and if you do you will fail.
Comment #77 Posted By: Anonymous 02/18/09
Anonymous
This is getting too funny.
Comment #78 Posted By: Anonymous 02/18/09
Anonymous
Because they don't pay their managers well, Corcoran can't attract the quality managers to be found at competing firms. Pam could have raised the level of the management team when she came in, but instead she kept Barbara's dead-wood in place because they were no threat to her.
Comment #79 Posted By: Anonymous 02/18/09
Anonymous
That makes a lot of sense. Pam seems like a highly insecure person. The little that I knew of her it was as if she had something to hide. Maybe her age, or what she did to Barbara Corcoran. Im so glad this is going to drive a message to people like her stay in Joisey! Her other managers should start considering other employment. They are basically under the trickle down spell of management which right now cannot be doing any good. Its like a long ship going down.
Comment #80 Posted By: Anonymous 02/19/09
Anonymous
can someone fire Pam and her management already!!!
Comment #81 Posted By: Anonymous 02/19/09
Dottie
Pam would you like to work as a dishwasher in Elliman?
Comment #82 Posted By: Dottie 02/19/09
Anonymous
The best we can do is get a very large petition going. I am sure judging from this blog that we can achieve that. Then we need to send it out to Parsippany New Jersey where NRT is headquarted. We can also send a copy to Apollo Management. This is clearly an indication of consumer/broker/public sentiment. Like the article states the brand and the company will survive and they should but these people Pam and the entire management team at Corcoran must resign.
Comment #83 Posted By: Anonymous 02/19/09
Anonymous
Pam, my nanny was let go do you do laundry?
Comment #84 Posted By: Anonymous 02/19/09
Anonymous
If The Corcoran Group had spent some money on competent managers to guide their sales force (rather than on narcissistic publicity), perhaps they wouldn't have ended up in the courts for a variety of accusations (including racial steering), nor would they be so frequently called on the carpet at the REBNY Ethics committee. Being cheap has its price.
Comment #85 Posted By: Anonymous 02/19/09
Anonymous
does anyone has the email for apollo's, NRT's and Realogy's management? we would love to send them this page.
Comment #86 Posted By: Anonymous 02/19/09
Anonymous
I wish TheRealDeal made an article about Corcoran's Management....then we would see the Comments
Comment #87 Posted By: Anonymous 02/19/09
Anonymous
When I "served time" at Corcoran, I found their managers to be a tight click of amateurs & petty tyrants. We used to call them "F.O.B.'s" (Friends of Barbara) because that seemed to be their only reason for being there. The common trait they all shared was a room-temperature I.Q.
Comment #88 Posted By: Anonymous 02/20/09
Anonymous
Pam (and Barbara) are the personification of the old Chinese proverb "A fish rots from the head."
Comment #89 Posted By: Anonymous 02/20/09
Anonymous
More dirt!!!! Please!
Comment #90 Posted By: Anonymous 02/20/09
Anonymous
If you google "realogy" you can get all the necessary emails to send this thread. NRT and realogy have web addresses and the key names are Bruce Ziff who Pam answers to. They should have an "about us" or "contact us" page on their web site.
Comment #91 Posted By: Anonymous 02/20/09
Anonymous
Would the Real Deal consider comment #87's suggestion? It would make great reading and wouldn't the blog just blow up with tons of hits. Please please consider it.. we beg you!
Comment #92 Posted By: Anonymous 02/20/09
Anonymous
Hey #76, FYI #34 & #73 are referring to the same manager. I recall both those incidents (and countless others) before I finally bailed out. Her administrative skills were pathetic, so she used terror to make herself feel "in control". A true Jekyll & Hyde, she sweet-talked Tresa & Pam to their faces, so they didn't bother noticing she was driving their best brokers out to competing firms. Their attitude was "Who cares if she's losing star brokers as long as she's so darling to us?" (Whenever brokers leave her office, she plays victim, defending herself to management by damning these "traitors" who went over to "the enemy"). Thus, they've allowed her to destroy that office for 14 years now. With such observant "leaders" it's no wonder Corcoran is going under.
Comment #93 Posted By: Anonymous 02/21/09
Anonymous
#93 I concur with you. The whole model corcoran operates under is throwing as much shit against the wall and whatever sticks brings in a profit. I urge sellers not heed this type of protocal. This market requires much more skill and unfortunately being that the managers are so incompetent and Pamela, well, let's not go there anymore, if you leave or dont like it you are the bad guy. Puleaze.
Comment #94 Posted By: Anonymous 02/21/09
Anonymous
I wish TheRealDeal made an article about the true reason why the big brokers left Corcoran and how Corcoran's Management did nothing but to trash them as much as they can. Hooo Pam, dont you get it? branding is not the biggest asset of a real estate company, it's the BROKERS. look at the corcoran brand now, one or two more articls like that and the brand is gone! in times like that you need the top brokes on your side, but ooppsss you push them away. where is Sid, dennis mangone, wilbur gonzalez, Wendy Maitland, Alfred Renna.....and more and more?
Comment #95 Posted By: Anonymous 02/22/09
Anonymous
I wish TheRealDeal made an article about the true reason why the big brokers left Corcoran and how Corcoran's Management did nothing but to trash them as much as they can. Hooo Pam, dont you get it? branding is not the biggest asset of a real estate company, it's the BROKERS. look at the corcoran brand now, one or two more articls like that and the brand is gone! in times like that you need the top brokes on your side, but ooppsss you push them away. where are Sid, dennis mangone, wilbur gonzalez, Wendy Maitland, Alfred Renna.....and more and more and more?
Comment #96 Posted By: Anonymous 02/22/09
Anonymous
What amazes me as a seller is how can a company utterly remain successful when there is so much animosity here (clearly) about Pam Liebman and the management staff by their sales team or apparently exiting sales team. I think it is high time that consumers get a better inside story on what exactly is going on here. What was the message behind the branding campaign? Has it been effective? Why is there so much unhappiness in this company. Is it really the successful company that it once was? Who is working there now? Are they experienced enough to 1.work in this market? 2. Work cooperatively with the other companies considering how much intense anger has been posted in this blog? Is anyone forwarding this to NRT? Can the Real Deal do more to expose just what exactly has happened to the Corcoran Group under Pamela Liebman and a group of incompetent managers? If someone buys the Corcoran Group as a result of its yet further plague of ownership now, would that be with the condition that Pamela stay on? If so what difference would it make? Shouldnt their managers step down and taste the real economy. I know they are poorly paid now but from what this blog has indicated it appears they are nonetheless overpaid already for these times.
Comment #97 Posted By: Anonymous 02/22/09
Anonymous
Corcoran's managers may be poorly paid, but their still WAY over paid considering their abilities.
Comment #98 Posted By: Anonymous 02/22/09
Anonymous
Yeah #96, that's right: Stay there & they bash you, but when you leave Corcoran they trash you. When you get successful, they get jealous. It's so sick.
Comment #99 Posted By: Anonymous 02/22/09
Anonymous
It is so ridiculous. Close em up.
Comment #100 Posted By: Anonymous 02/22/09
Anonymous
I love a place where the managers get jealous of their agents who have their breasts done. They are useless. Top down management?
Comment #101 Posted By: Anonymous 02/22/09
Anonymous
But the Corcoran managers are so perfect fantasmic individuals. Flight attendants, Pre-K teachers, ex convicts, closet cases, open cases, conceirges, afterall why ever should they be jealous of hard working individuals who don't suck up and have to maneuver this market. Gee???
Comment #102 Posted By: Anonymous 02/22/09
Anonymous
I was at Corcoran's West Side office. The manager there missed her true calling. She should have been a prison warden.
Comment #103 Posted By: Anonymous 02/22/09
Anonymous
It is absolutely amazing how many people have been writing in about this. Corcoran are you listening?? I think the Real Deal should do a company rating system amongst industry brokers since it is clear that we are the force behind any success. We should be able to have a forum to rate our own satisfaction. This will filter to the public, consumers and clients. Maybe we should do this if the Real Deal is in an ambiguous position to do so. We can do it here. Since the story broke about Ms. Liebman here. If we dare, lets include a manager rating system too so we can have an open forum with one another as the chess board continues to change as a result of the changing market.
Comment #104 Posted By: Anonymous 02/23/09
Anonymous
Indeed it's high time there was some accountability on the part of managers at Manhattan's top real estate firms. Too often, talented hard-working brokers are attracted by brands like Corcoran, only to discover that they've been lured into a trap: They suddenly find their career is at the sole mercy of a mediocre, petty tyrant who threatens to fire them if they don't "cooperate" (read between the lines...). This situation is rampant at Corcoran!
Comment #105 Posted By: Anonymous 02/23/09
Anonymous
What made Corcoran successfull was Barbara Corcoran. Barbara was a true inspiration, not necessarily the saviest business woman but she always had enthusiasm for the business thus helping brokers to believe in themselves. Everything went downhill after she left and I believe she may have been not just bought out but sold out.
Comment #106 Posted By: Anonymous 02/23/09
Anonymous
forced out rather ...
Comment #107 Posted By: Anonymous 02/23/09
Anonymous
Interesting idea Comment #107. If we did a managers rating, or an open forum as you suggest, I fear there would be repercussions on those who speak up. Pam doesn't run a democracy and would not like the idea of an open forum. Trust me, I know her well.
Comment #108 Posted By: Anonymous 02/23/09
Anonymous
No, #109, what made Corcoran a success was the brokers who worked there, not Barbara. The recurring problems that persist started under her watch. As stated above, a fish rots from the head.
Comment #109 Posted By: Anonymous 02/23/09
Anonymous
Thanks for your reply #111. I guess if the forum can be anonymous as it is here with respect to ratings it would be a helpful tool for brokers who apparently have plenty of choices where to work these days I suppose. So , if Pam runs a tough show who cares as she would not be privy to who writes in. Afterall this would be a service for professionals like us who just want to not make the wrong decision of brokerage.
Comment #110 Posted By: Anonymous 02/23/09
Anonymous
Check out more Barbara-Pam wisdom on this site - See the February 20th article & blog on Barbara...
Comment #111 Posted By: Anonymous 02/23/09
Anonymous
I call on everyone to just send them an email with a link to this page. Apollo Investment Corporation 9 West 57th Street New York, NY 10019 Phone: (212) 515-3450 E-Mail: investorrelations@apolloic.com
Comment #112 Posted By: Anonymous 02/23/09
Anonymous
I dont think anyone has the balls to do that
Comment #113 Posted By: Anonymous 02/23/09
Anonymous
i just did.
Comment #114 Posted By: Anonymous 02/24/09
Anonymous
When I left Corcoran, 2 of the firms that offered to hire me told me that my Corcoran manager had trashed me to them, but fortunately they had the wisdom & professionalism to see straight through her agenda. I interviewed with 4 major firms, and discovered a high level of managerial intelligence, professionalism & integrity that Corcoran just doesn't have -- and never will -- as long as they keep their current management team in place.
Comment #115 Posted By: Anonymous 02/24/09
Anonymous
When I left Corcoran I felt this amazing burden lifted off me. It was scary at first and then I suddenly realized it was the right thing. Maybe in other markets it was great but now its about skill and ability not hype. Some people who are there who actually are good brokers (although that number is dwindling) feel that they wont make it anywhere else. The truth is you do! The atmosphere where one works is critical to success. With 123 comments here to the contrary..you do the math.
Comment #116 Posted By: Anonymous 02/24/09
Anonymous
#123 i totaly agree with what you wrote. Only a person like Pam can take a company like Corcoran and destroy it to the ground. I wonder where she's hiding now? all of the years she was never to by found when needed, now im sure she left the stste, lol. you know what i think, i think base on her insecure personality she's somewhere blowing up, thinking how she can hurt TheRealDeal.com.....we all know how vindictive she can be. Most of those who feel the need to be vindictive are insecure and have a low self-esteem. They try to 'look' better in the eyes of the onlookers.
Comment #117 Posted By: Anonymous 02/24/09
Anonymous
Did anybody attend the REBNY Deal of the Year Award event last October? The top prizes went to 3 former Corcoran brokers. Take that, Pam!
Comment #118 Posted By: Anonymous 02/24/09
Anonymous
Why do we tolerate her?
Comment #119 Posted By: Anonymous 02/25/09
Anonymous
Apollo Investment Corporation 9 West 57th Street New York, NY 10019 Phone: (212) 515-3450 E-Mail: investorrelations@apolloic.com NRT LLC 1 Campus Drive Parsippany, NJ 07054 Phone: (973) 407-2000 Fax: (973) 407-7999 Public Relations Email: pr@nrtllc.com Corporate Alliances Email: preferredservices@nrtllc.com
Comment #120 Posted By: Anonymous 02/26/09
Anonymous
Everyone please continue to write in see above. If you are hesitant to email you can also print out the thread and mail to the above addresses or fax. As industry professionals it is our obligation to end this reign of complete incompetence and ignorance.
Comment #121 Posted By: Anonymous 02/26/09
Anonymous
And arrogance!
Comment #122 Posted By: Anonymous 02/26/09
Anonymous
Sadly, it runs deeper than that. Corcoran's uber-fuhrers have bought into their own myth. Very few of them are in positions of "authority" because they earned or deserve it. Rather, they either "bought" it (i.e. Pam), or else "sucked up" (too many names to mention) to get their positions. All Apollo needs to do is administer IQ tests to Corcoran's managers, and they'll quickly recognize the dead-wood.
Comment #123 Posted By: Anonymous 02/26/09
Anonymous
Pam feels totally secure, having enhanced her security by surrounding herself with such heavy-weights as Scott Durkin, Tresa Hall, Elaine Dean, Janet Lowry, etc. With such "genius" staff members, no wonder she's created such a mess! Trickle-down stupidity - it works every time.
Comment #124 Posted By: Anonymous 02/26/09
Anonymous
It is truly unbelievable how jealous people are towards Corocran. I would guess most of these posts are from Elliman and BHs, the 2 firms most envious of Corcoran. As an outsider, it is extremely funny to read. I interviewed a few firms recently to list my apt. While the Corcoran broker spoke to me about the market and how to sell, the brokers from the aforementioned firms spent most of the time convincing me not to list with Corcoran, the competitor they clearly feared the most. After doing my homework, I did choose to list with Corcoran and I am very happy with my broker and the firm. My guess is that Pam and her mangers are busy selling apartments while the other less successful types post on this blog. By the way it was a broker from another firm who suggested I read this article. Ethics indeed
Comment #125 Posted By: Anonymous 02/26/09
blew my corc
to number 97 - at times its hard to leave a brokerage because after building your business over many years it CAN be hard for your customers to find you if you bail. many believe they work "for themselves" so hang on until the market gets weak and set up shop elsewhere...or in the case of corcoran - just cant take it anymore. To 103 - I worked for the same warden - Janet Lowry on the westside. I lasted only a few months after learning in meetings - "say and do anything to get a listing." I do not play that game. I would not lie for them so was not wanted. I hear she's still there but hurting - I am told her face is falling off as she can no longer afford botox or collagen. She is definitely pure evil. It was also clear she had "many friends" and was hard to get into her circle. I had to ask permission to enter her office. When she was done with you you knew it.
Comment #126 Posted By: blew my corc 02/27/09
Anonymous
#129 This is a blog for the industry. Agents who need to exchange where and whom to work for. Not to disrespect your post but I am a Survivor of Corcoran. I am consistently a top producer and although I am glad 'you' were satisfied under no circumstances am I willing to consider your comments relevant. How dare you speak for those of us who have had similar experiences here. Many of us loved Barbara Corcoran and would have been pleased to continue to build the firm up in the way that we did. It is somewhat petty and inconsiderate of you after seeing the amount of emotion and passion that has been recorded here. Pamela Liebman is indeed a disgusting individual who teaches her staff to make us feel the way she did. Particularly when the money doesn't flow. Maybe you one day something like this will happen to you or someone YOU respect and YOU will see how that feels. Of course I can be entirely taking you too seriously because you probably are a Corcoran broker. Everyone here please consider #129 irrelevant for the purposes of this blog.
Comment #127 Posted By: Anonymous 02/27/09
Anonymous
Thank you to #131. I am not a BHS or Elliman broker and frankly I can't stand the Corcoran Group. Not the people whom I am friends with or respect but those at the top who truly have made life there a disaster. Maybe # 129 has one good experience. The truth is most people don't. #129 is like Sarah Palin who enjoys sticking out like a sore thumb. Good luck.
Comment #128 Posted By: Anonymous 02/27/09
Anonymous
guess they'll finally realize that they have to stop providing all their offices with such tasty beverages. heard they have a nice lock on some office refrigerators as well. classic.
Comment #129 Posted By: Anonymous 02/27/09
Anonymous
Hi 129 -- Elliman & BHS jealous of Corcoran? What are you smoking?! FYI, the BHS West Side office is largely populated with brokers who fled Corcoran's 2 West Side offices, and ALL the Elliman offices have Corcoran brokers, as does Halstead and other companies. Corcoran has become a feeder for the industry - a great place to come from!
Comment #130 Posted By: Anonymous 02/27/09
Anonymous
Good question!!! 1) Does any one knows the true story of why Alfred Renna left to Elliman? someone told me that Paula Busch was supposed to go to elliman at the same time but didnt? 2)why did Susan Renfrew left(she was an amazing manager)?
Comment #131 Posted By: Anonymous 02/27/09
Anonymous
I think Alfred Renna & Susan Renfrew were fired
Comment #132 Posted By: Anonymous 02/27/09
Anonymous
Who knows the Susan Renfrew story, but she was followed by the outstanding Elizabeth Henry who is a great asset to Corcoran. If they could bring in other managers of her capabilities, the ship might finally turn around.
Comment #133 Posted By: Anonymous 02/27/09
Anonymous
Send tips to tips@therealdeal.com
Comment #134 Posted By: Anonymous 02/27/09
Anonymous
Salutos to the Real Deal for uncovering news that so many of us industry professionals just cannot discuss. How refreshing to see the amount of responses here. Sure, some people are mean and rude. What I got here more than anything however is that many, many professionals hard working brokers got hurt by Corcoran. Even if the comments on the blog overtook the article no one should ever treat another individual with such disrespect as Pam Liebman and ALL Corcoran Managers treat their brokers. We have a choice where WE want to work. WE don't get salaried. WE are the force in NY real estate. WE are not Corcoran!
Comment #135 Posted By: Anonymous 02/27/09
Anonymous
Many thanks to The Real Deal for providing brokers with this public forum to expose the corruption and indignities suffered by so many of us at the Corcoran Group. Having to pull out & start our careers all over again at other firms was painful, but ultimately the best thing that could have happened to us. Nobody realizes just how bad prison really is until they taste freedom, and to discover such high levels of professionalism & integrity at other firms has been a true revelation after having endured Corcoran's culture of fear, abuse & brain-washing. How they could have been so manipulative & cruel to us (when WE were the ones making them the money!!) simply demonstrates what monsters they are. 99% of the postings above are clearly non-supportive of Corcoran (despite all the Corcoran brokers who have read it) so the barn door has indeed been opened, and there's no closing it now.
Comment #136 Posted By: Anonymous 02/28/09
Anonymous
#137 When I read your post this morning it was both alarming and relvealing. Alarming because it was if you took the words directly out of my mouth. I have confided in some of my friends still at Corcoran and I bet even they must be thinking I wrote your post. Although I wish to remain anonymous I am truly amazed. I could have written that same comment word for word. Anyway, I am now no longer frightened as I was because if another person can be so exact to my experience than it truly is no longer fearful for me to be public about it. Thank you. As for Corcoran managers and Pam I hope they pay dearly for this as I am sure they will. If not, than APOLLO and NRT deserve to go down the toilet with them.
Comment #137 Posted By: Anonymous 02/28/09
Anonymous
CORCORN = LINEN AND THINGS! Good riddence. Didn't need Linens dont need PAM!
Comment #138 Posted By: Anonymous 02/28/09
Anonymous
The Corcoran Group should consider a new Publc Relations team after this expose! I would suggest an internal relations team as well but there is only so much bandaging one can do after Pam Liebman and all of their managers are still in tact. APOLLO AND NRT are you actually aware of this? Even if you don't care anymore consider those that you owe money to. This team is going down. With or without your endorsement. Pam Liebman tore y'all up.
Comment #139 Posted By: Anonymous 02/28/09
Anonymous
As an investor in NRT I am calling my portfolio manager and advising ALL of my contacts to get out. Further companies, beware about being acquired by such careless zombies. You can't do MANHATTAN real estate from Texas or Parsippany. Unless, you hire Pam Liebman and her current management team.
Comment #140 Posted By: Anonymous 02/28/09
Anonymous
No. 43, you are SO WRONG! Read No. 17 above for the true story. Barbara didn't make a penny, and in fact it COST her a FORTUNE to sell the company. And, she didn't even sell it - the bank sold the company out from under her.
Comment #141 Posted By: Anonymous 02/28/09
Anonymous
Reading the above brought back lots of horrible memories - of being an honest, hard working & top-producing broker, with my precious career being placed totally in the hands of Corcoran's trailer-trash managers. I was too naive to know any better, and wow did they ever know it. How nice to see that they are finally getting the "publicity" they deserve.
Comment #142 Posted By: Anonymous 02/28/09
Anonymous
To 144 is your information factual or here-say?
Comment #143 Posted By: Anonymous 02/28/09
Anonymous
# 44 If your information is correct about Barbara not making a penny than I feel very sorry for her. She was basically a very nice, pleasant person to work for. Animation aside, she was generous, creative and made work fun. I cannot say the same for the current team and even if NRT made them have to be that way I still think they are the most dispised and hated people to ever have to be with. Amateurs is the word that comes to mind. They are incapable of guiding people through hard times. They put all the pressure on us when we are the only reason they are at work. What cowards and liars. Just being time for their retirement cashing checks for themselves when so many people either got fired, laid off and abused.
Comment #144 Posted By: Anonymous 02/28/09
Anonymous
Please continue forwarding all of the above to APPOLLO and NRT, Inc. The addresses, email and fax numbers are all contained in the thread on this blog. If you are uncomfortable just send anonymously or fax from an unknown fax or email. It is our responsibility as professionals to see this as the opportunity we have earned to expose the foolish and unproductive management system that is in place. The one or two people who emailed to the contrary are in brainwash territory and don't really understand that we are mad as hell NOT JEALOUS! Only stupid people can remain at Corcoran and not get it. S T U P I D P E O P L E!
Comment #145 Posted By: Anonymous 02/28/09
Anonymous
To 147: That info is from the horse's mouth, and is known to many high-placed industry professionals. Barbara stupidly went into drowning debt, and lost everything. The only question remaining is how she got the bucks to pay for the elaborate cover-up. To this day, NOBODY has ever seen that fictitious $66M check - least of all Barbara. A few months after the "sale" Barbara showed up at a REBNY function. One highly respected industry leader yelled out "Hey Barbara, be careful how you spend that $66M". She replied "Do you believe everything you read?" He answered "No, Barbara - not when your name is on it."
Comment #146 Posted By: Anonymous 02/28/09
Anonymous
Hey No. 144 - Are you perhaps suggesting that Barbara's $66M sale IS NOT hearsay? And that losing her company isn't truth? Barbara's very survival depends on dopes like you - who believe her lies & spin that appear in the press. Wake up, honey - Barbara's been taking fools like you to the cleaners for years now...
Comment #147 Posted By: Anonymous 02/28/09
Anonymous
You're talking to 147, not 144
Comment #148 Posted By: Anonymous 02/28/09
Anonymous
Whatever the case may be I love the chain on Pamela Liebmans legs. Hope she never gets to remove it.
Comment #149 Posted By: Anonymous 02/28/09
Anonymous
Are there any good companies in NYC? They're all repulsive at the management level. Hopefully, when Dottie is up next, they'll use a different cartoonist.
Comment #150 Posted By: Anonymous 02/28/09
Anonymous
yes, this is a great forum. I have been sending this link to my clients while pitching to sellers. Thanks to the independent media and its contributors.
Comment #151 Posted By: Anonymous 02/28/09
Anonymous
This has been devastating for Corcoran.
Comment #152 Posted By: Anonymous 03/01/09
Anonymous
To 155 - Not true. Check out Halstead: Many of their managers previously owned & ran their own firms, or were successful executives of other firms. They all have a broad range of real estate expertise, and are appointed to top positions on REBNY's key committees. Together they represent a level which sets a standard for our industry, and competing firms should learn from their example.
Comment #153 Posted By: Anonymous 03/01/09
Anonymous
Halstead hires proven leaders to enhance their well-run firm. The Corcoran Group hires toadies, lickspittles & suck-ups to make Barbara & Pam feel secure.
Comment #154 Posted By: Anonymous 03/01/09
Anonymous
to 155 et al. Sorry to break it to you ALL but from someone who is highly educated and from the software industry, as well as many other jobs/professions - Real Estate is the most simple job I have ever done. The challenge is networking and getting clients - other than that its nothing more than a dating service. It's odd everyone puts down managers at firms etc. and then some say how smart others are - its really a simple business. Do not pat those on the back that simply show up and collect a paycheck while the brokers work on straigt commission. Managers that run the firms are mere babysitters distributing messages from top management/owners. I go to meetings and the brokers say and bring up the dumbest and most simple things imaginable. I do not go to meeting anymore as they are a waste of valuable time.
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Afton
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Comment #156 Posted By: Afton 04/05/09