Competitive Landscape: Douglas Elliman
To find out insights relating to the luxury realtor Douglas Elliman which should consist of demographics, psychographics and media consumption habits of a Douglas Elliman consumer. It should also throw lights on the top competitors of Douglas Elliman in terms of finding out their market share and marketing strategy. The research should also provide information on the luxury real estate market as a whole in terms of finding out the type of purchases made, frequency of purchases made etc.
Insights on the Luxury Segment
- As far as Douglas Elliman’s own reports on its luxury market sales are concerned, the company registered an average sales price of more than US$ 8.2 MN for its ‘Manhattan Luxury Co-ops and Condos’ segment in 2019, witnessing a year-wise drop of 3.7%.
- At this rate Douglas Elliman closed 1,006 deals in the year 2019. The average price charged per square ft. was $2,913.
Insights on Competitors
- As per the latest available earnings report published on February 28, 2019, Douglas Elliman parent Vector Group reported that the real estate company brought in a net profit of $5.2 million in all of 2018 that was a dramatic fall from 2017, when the company saw a profit of $21.4 million.
- While discussing the drop in profits, Vector Group president and CEO Howard Lorber attributed it to “more competitive” market conditions.
- However, according to Mr. Lorber, the company did $9 billion in sales in New York City during 2018 and managed to outpace its closest competitor Corcoran, owned by the parent company Realogy, by a significant margin. Corcoran did business amounting to $4.5 billion in sales during the same time period.
- According to Craft.co, Douglas Elliman Real Estate's top competitors include Forest City Realty Trust, Pendo Management Group, Friedland Properties and HML Group.
Insights on Media Channels Used
- In terms of media channels used to reach out to the potential customer base, Douglas Elliman has launched AskElliman.com, a web feature that facilitates open communication with consumers allowing them to make use of the wealth of knowledge put out in public by the company from real estate to mortgage financing, to specific neighborhoods, legal etc.
- In terms of audience segments targeted, on a broader level the company caters to a wide range of needs and requirements from sales and rentals, to mortgage, new developments and title insurance.
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