Pamela Liebman has ascended to the top spot at The Corcoran Group real estate company. As president and chief executive officer of Corcoran, Liebman helms one of the marquee brands under the umbrella of real estate giant Anywhere.
Liebman took an unconventional route to the apex of New York real estate. She joined Corcoran as an agent in 1985 armed with an undergraduate degree from the University of Massachusetts Amherst, as well as the European Business School in London. Liebman’s prodigious business instincts swiftly propelled her ascent up the ranks.
By 1990, the rising star had already secured a role as a partner at the firm. Her vision and talent for empowering other agents portended greater things to come. In 2000, leadership placed a historic bet by naming Liebman as Corcoran’s president and CEO.
It paid off handsomely. Under Liebman’s leadership, Corcoran expanded its dominance throughout New York’s diverse boroughs and cemented its reputation as one of Manhattan’s elite brokerages.
Industry observers credit Liebman’s uncommon balance of commercial prowess and interpersonal skills. She is lauded for cultivating top agents while retaining her humble roots. Although known for avoiding the spotlight, Liebman has garnered recognition from outlets like Crain’s. She has been dubbed one of New York’s 50 Most Powerful Women for seven straight years.
With signs emerging of a shifting market, all eyes turn to Liebman and her proven ability to gracefully navigate uncertainty. Her trademark strategic foresight and vision position Corcoran well for any headwinds ahead. Those familiar with her lengthy record of triumphs know better than to underestimate Liebman.
Congratulations on leading Corcoran through its 50th anniversary! You must be so proud of everything that has been accomplished. How does it feel?
It’s incredible to look back on the past half-century and see how much both Corcoran and the real estate industry have evolved. Everything we’ve accomplished over these 50 years – every first that Corcoran has brought to the industry through our tremendous agents and world-class staff – it makes me incredibly proud. I work alongside the best of the best, and I’m reminded of that every day. They say that time flies when you’re having fun, and that’s certainly been true for me.
You were on the Netflix series, “Buy My House” which was kind of like “Shark Tank” but with contestants pitching homes. What was that like? Did you enjoy it? Would you do it again if it has another season?
The show gave viewers an interesting and entertaining glimpse into the unique stories and unrealistic expectations that people have when looking to sell their homes. Whether their passion project or, in their eyes, the greatest investment since Manhattan sold for $24, I was certainly entertained. There won’t be another season of the show, but I was thrilled when this opportunity presented itself. I welcome any strategic opportunity to increase awareness of the Corcoran brand on a national stage. I had a great time filming with the other tycoons and we’re all still in touch – they’re a smart, fun group and we tackled tough negotiations with a lot of heart.
You’ve had a Herculean rise at Corcoran. Can you tell us about it — how it began, why you joined Corcoran? Do you have a fun story with Barbara Corcoran?
I’ve had the great fortune of being a part of Corcoran since 1985 when I joined as an agent right after college. I always knew that I wanted to do something where I was able to negotiate regularly. Like I said on Netflix, at the end of the day, I’m really just a deal junkie. In college, I had a couple of internships working on Wall Street, but it just wasn’t for me. So, I looked to real estate. A funny story is that when Barbara hired me the firm was very small, only 30 people, she said I want to hire you, but you don’t seem like the type that’s going to stick around long, but here I am. I’ve actually spent more time at Corcoran than Barbara did, which is sort of crazy.
There have been so many firsts that began with Corcoran. Is it true that you installed its first new development marketing department and that market reports started at Corcoran?
All true. In 1981, The Corcoran Report – the first real estate market report – began covering New York City real estate trends. And when I was a Corcoran agent in 1990, I created the Corcoran Marketing Group, a division dedicated to the planning, design, marketing, and sales of residential new development projects. In 2005, that division joined forces with the Sunshine Marketing Group to become the Corcoran Sunshine Marketing Group, still the premier industry leader in new luxury residential development.
You also implemented Agent Studio. Can you explain what that is? It must be amazing for onboarding new agents and those moving to Corcoran. It also must have been pivotal during the pandemic.
We launched Agent Studio in 2017, a center dedicated solely to the development of Corcoran agents. This first-of-its-kind, state-of-the-art concept allowed our team to provide agents with the tools they need to grow their businesses. It includes classes, expert panels, workshops, and one-on-one meetings with our in-house Mindset and Marketing Coach. Everything we do has a layer of business development on top of it, we don’t just give our agents the tools and resources and say “good luck,” we help them understand how to strategically implement these tactics into their businesses. In March 2020, in response to COVID-19, Agent Studio immediately shifted to a fully virtual platform to ensure agents were equipped with the tools and the knowledge needed to rule the recovery. Immediately after the COVID lockdown, Agent Studio pivoted to virtual classes due to overwhelming demand from our agents.
In 2020 you oversaw the implementation of Corcoran’s Affiliate Network. How many markets are involved now?
The Corcoran Affiliate Network was born from a strategic vision that swiftly grew to ten markets worldwide within the first year. Recognized by our parent company, Anywhere Real Estate’s fastest-growing brand, Corcoran marked its one-year anniversary with the launch of our first global franchise in the British Virgin Islands. In just over three years, the Corcoran now brand stretches across more than 170 offices – coast-to-coast in the United States, across six Caribbean islands, and in Italy as of March 2023, marking our first European affiliate.
It’s so exciting that Corcoran has branched into the European market with Italy. Are there any plans to expand further?
Oh, we have a lot of plans and we’ll be announcing some exciting launches coming in the next couple of months.
Your encouragement and first-hand involvement with agents in the Hamptons has been widely talked about. Do you spend time here often?
Absolutely. I own a home in Bridgehampton and I try to get out here as much as possible. That said, my progression through in this business has truly shaped who I am, which is a broker at heart. Starting my career as an agent, I’ve never taken that hat off. This is also what drives my passion for developing our agents and encouraging their growth – they are the backbone of our company and the more we invest in their success and expertise – the stronger we are. I truly believe that this is the key to building a successful brokerage.
It was such a massive growth period for East End real estate during a horrifying time. Are you comparing today’s numbers to the pandemic numbers when you work on market reports or are you going back to 2019 to gauge where we are?
After 2+ years of frenetic buying and selling due to the pandemic, sales trends are stabilizing. Given that 2020 to 2022 was such an unprecedented moment in time, when looking at the market we reference both year-over-year stats and we also look back to 2019. It just gives us a more comprehensive picture of where we are.
As we see inventory finally come back on the market, are you feeling positive with the Hamptons market or are higher interest rates continuing the lukewarm vibe we’ve been experiencing recently?
Right now, the Hamptons market is going through a transitional phase, with factors like limited inventory and mortgage rates influencing the current landscape. Despite a 6 percent quarterly increase in available homes across the East End, the second quarter of 2023 marked the seventh consecutive quarter with fewer than 2,000 listings. The Hamptons has so much to offer year-round, so while the current market is facing some challenges, there will always be potential for investors and homebuyers with an eye on the East End.
What advice would you give sellers and buyers these days?
It’s vital to find a broker you like to guide you through the process. Everyone is hoping more inventory will come to the market so, remember to be patient. For buyers, be prepared to move quickly and have all of your financials in order. For sellers, I strongly suggest bringing a property to market that’s priced to sell.
What do you do on the East End when you have downtime? Is there ever downtime?
I always make time for a round of golf at Atlantic.
