The Corcoran Group
The Corcoran Group
- Introduction
- Type of business
The Corcoran Group is a luxury real estate corporation that started by Barbara Corcoran in New York.This corporation is a residential brokerage firm that has several locations.
- Products or services
They offer thousands of luxury properties for sale and rent that are both nationally and internationally. Some of these properties include; homes, condos, and townhouses. Their price ranges from $1,249 to $90,000,000 for apartments in New York City.
- Brief history
- Founding
Barbara Ann Corcoran is an American businesswoman, investor, speaker, consultant, syndicated columnist, author, and television personality. At just 23 years old, she founded a residential real estate company in a small office in Manhattan with a $1,000 loan from her then boyfriend. Corcoran pledges “to promote a fun, fulfilling and respectful environment, one that is open to change and innovation, providing personal growth opportunities for all.”
- Significant milestones – major events
Major events for The Corcoran Group starts off in 1973 when Barbara Corcoran launched this real estate business. In 1978, Corcoran sets out again after splitting with partner.1981: The Corcoran Report begins covering New York City real estate trends.In 1991, Corcoran hosted a “one day sale” and put over 100 apartments and investment buildings on sale. Each of these properties were sold within the span of 24 hours. In 1995 the Corcoran website is launched; rental unit is acquired.1998: Brooklyn Landmark Realty is acquired.2000: Corcoran opens Harlem office, shares listings with two other New York City brokers.2001: NRT Inc. buys Corcoran for a reported $70 million.2003: Corcoran earns a reputation as a record-breaker with a $45 million condominium sale, the biggest ever in New York City
- Current top executive team
The current top executive team consists of five people who are located in different regions.Pamela Liebman is the president and chief executive officer. She started with Corcoran in 1984 at the age of 23 years-old. Within months Pamela was able to upgrade to the sales manager. In 2000, Pamela became the President and Chief Executive officer. She is one of the most notable person for The Corcoran Group. According to her LinkedIn account, “Pamela has been named one of the Top 50 Most Powerful Women in New York by Crain’s New York Business for the past seven years and is recognized internationally as a leading real estate expert.” Next on the executive team is Gary Malin, Chief operating officer, and Kelly Mack, President. They are both the corporate executives. Gary Malin has over 20 years of experience in real estate and directs Corcoran’s senior sales executive. He is vigorously involved in the operations for the New York City location of Corcoran. Kelly Mackis the president of Corcoran Sunshine marketing group
Michael SorrentinoREGIONAL SENIOR VICE PRESIDENT, MANHATTAN AND BROOKLYN
Ernest Cervi, REGIONAL SENIOR VICE PRESIDENT, EAST ENDandJohn Hackett SENIOR MANAGING DIRECTOR, SOUTH FLORIDA.
- Business Overview
Industry reputation
The Corcoran group is the largest real estate company.They are based in New York City and are widely known. Corcoran has achieved sales of over $21 billion annually and is the leading brokerage firm in each of the markets it serves: New York, the Hamptons and South Florida.
- Key location(s) – the US and global
The areas that The Corcoran Group serves includes but is not limited to; New York, Hawaii, North West Florida, Phoenix, Denver, Chicago, Central Florida, Lake Tahoe, Southern California, Northern California, Hudson Valley, Westchester County, South Florida, The Hamptons, and New York City.
Manhattan, Brooklyn, the East End of Long Island, and Palm Beach and Delray Beach, Florida.
- Number of employees
The current number of employees is about 5,000. There are about 2,200 agents alone.
- Major customers /clients
Major customers / clients: Professionals (of all ages), students, families, businesses, and investment partners.
- Main competitors
The main competitors include; Halstead Real Estate, Houlihan Lawrence, Baird and Warner, Douglas Elliman Real Estate, Brown Harris Stevens, and Real Living Real Estate, LLC.
Compass is Corcoran’s number one competitor. Compass continuously poaches brokers and agents out of Corcoran. Douglas Elliman is second on the list of competitors.
- Financial standing chart – Q2’ 2020 or Q3 ’2020
In the second quarter of 2020, Corcoran closed 1,605 sales and signed 694 contracts. These closings had been the lowest amount since the early 1990s. Sales volume totaled to a whooping $3.045 billion. The average sales price was about 1.9 million dollars, about 500,000 less than the previous year.
- Outlook through 2020, early 2021
According to Barbara Corcoran, “the housing market is exploding well beyond what’s being reported, and I think that’s going to come out in the next couple of months.”
III. Culture
- Diversity
Barbara Corcoran believes that women perform better than men in business. She spoke about how women work in ways that they are “less concerned about power, position, and they are less territorial.” Having a strong team is the secret foundation for any business to efficiently operate. Barbara Corcoran refers to her diverse employees as a “giant crayon box” where there is a flavor for everyone.
“The heart of that strength is the diversity of our sales force. The Corcoran Group is headquartered in New York, which welcomes people from all over the world. We celebrate diversity – it adds strength to the organization, enabling us to better read our customers and add value to our transactions.”
- Community outreach and programs
“The Corcoran Group has its own in-house charity, Corcoran Cares, which supports dozens of charitable and philanthropic organizations. It has become a significant way for Corcoran employees and agents to give back to communities where they themselves work and live.”
Several agents shared their volunteering experiences on the Corcoran press page. Some of these agents helped with non-profit organizations while others do volunteering at their child’s school. These agents have an extensive outreach in order to aid their community in any way possible.
- Social media presence
In August, The Corcoran Group began adding automatic Facebook ads for every listing posted. In this exclusive partnership with Swedish firm AdFenix, the design was made possible with the help of artificial intelligence. These Facebook ads were aimed at people who were interested in buying a home. Their intensive marketing plan has been very successful across all platforms.
- Employment
- Entry-level positions or internships. Degrees/majors required. Skills sought.
The Corcoran Group has endless job positions open since they are the largest real estate firm in New York City. Real estate agents only qualification is a real estate license which is preferred instead of required. This seems to be an open company that relies more on experience rather than a degree. The qualifications for a leasing director in New York include and active New York real estate license along with computer literacy. Under the job requirements for some jobs say, “may consider candidates without a degree given applicable work experience.” This indicates how true experience is just as important as a degree.
- Workplace requirements (working remotely, office arrangements, mandatory medical screening, travel restrictions)
Due to the Coronavirus pandemic, hundreds of Corcoran employees were advised to work from home with full speed. Several important items were needed with this safety measure including printers and high-speed Wi-Fi. Barbara Corcoran told her employees “you need to have a workspace,” while enforcing all workers to send her a photo of their work environment to ensure a safe place. Many real estate agents and brokers had to learn how to effectively capture photographs in order to sell their product through video. In May 12, 2020 Corcoran, Global Living released GoGlobal 360 3D tours which is a tool to make viewing properties “easier and more realistic than ever.” These virtual tours allow you to walk through homes and see in every room. There have been many virtual tours rather than in-person tours due to COVID-19 restrictions.
- Benefits – Standard and Unique
Corcoran offers a wide variety of cost-effective employee benefits. For health and welfare, The Corcoran Group offers help in medical, dental, and vision options. They also have flexible spending accounts for any extra medical bills. Other benefits include; a variety of retirement saving plans, confidential counseling, financial aid for adoptions continuing education,and adoption assistance, employee deals on products and services, and paid time off for volunteering and sick days.
- Conclusion – Support your conclusion with specific examples from your research.
- What attracts you to the organization?
The real estate business has always been interesting to me. Growing up, my father has a real estate business in New York where he was a broker. I would listen to him make calls and set up meetings. The Corcoran group is the top brokerage firm in New York for real estate. They make outstanding numbers each quarter.
The founder, Barbara Corcoran, proves that you can do anything that you put you are truly interested in. The way she started The Corcoran group is very impressive and motivates me.
- Why you would or would not recommend working for this organization?
The Corcoran group is a very impressive company based on this report. They continually raise the bars for real estate worldwide. I would recommend this organizations since they are diverse, smooth-going, and easy to join.
https://www8.gsb.columbia.edu/video/videos/barbara-corcoran-diversity-leadership
https://matthewshadbolt.com/inside-social-media-with-rick-mulready-the-corcoran-group
http://www.leadersmag.com/issues/2015.3_Jul/Corcoran/LEADERS-Scott-Segler-The-Corcoran-Group.html
