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Resi Rundown: Resi bosses take fat pay cuts
Elliman’s Howard Lorber, Compass’ Robert Reffkin and others have felt the pinch
A fat 2021 was followed by a lean 2022, at least in terms of C-suite compensation — or is it C-minus-suite? — at residential brokerages.
According to filings reviewed by The Real Deal, total executive compensation at the big public brokerages dropped considerably in 2022, with salaries cut and other financial sweeteners gutted.
In this edition of Resi Rundown, Hiten Samtani looks at some of those affected by a tough market last year, including Anywhere CEO Ryan Schneider and Elliman Chairman Howard Lorber, who took home nearly 40 percent and 50 less, respectively, than they did in 2021. Compass chief Robert Reffkin was paid $400,000 last year, compared with $730,000 in 2021, not to mention the tens of millions of dollars in stock options he also received that year.
Large public brokerages also cut expenses by letting go of C-suite executives and replacing them with lower-level employees at a lower cost. That includes Anywhere axing Coldwell Banker CEO Ryan Gorman last year and promoting Sue Yannacone, whose compensation package is about half of Gorman’s.
If deals don’t get done, brokers don’t get paid. Will that continue to find its way up the ladder?
— Ted Glanzer