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Why broker poaching isn’t coming to a halt
Why Douglas Elliman’s win in a lawsuit against William Raveis does nothing to discourage brokerages from luring talent away from other firms
From the Westchester market report: Douglas Elliman won a $5 million battle against rival William Raveis Real Estate in June, but it’s unlikely that this court victory will end the long-running war between the two firms — or the skirmishes over agent-poaching that continue to erupt throughout the industry, experts told The Real Deal.
On June 20, a jury upheld Elliman’s claim that Raveis and a former Elliman manager conspired to poach top agents from its office in Armonk. The jury awarded Elliman $5 million in damages.
Elliman had sued Raveis and former manager Lisa Theiss in 2015 for allegedly conspiring to “decimate” its branch by secretly recruiting the firm’s top agents, according to court papers. The suit alleged that Theiss poached 10 agents, including four “top producers,” from her former firm and lured them to Raveis’ newly opened office across the street.