After selling her 29% stake in New York City-based Douglas Elliman in 2018, Dottie Herman will step down as CEO and long-time Douglas Elliman leader Scott Durkin will take over.
Durkin was identified as a replacement to Herman in 2015 and has been groomed to step in when Herman was ready to move out of leadership. Hand selected by Elliman Executive Chairman Howard Lorber and Herman, Durkin joined Douglas Elliman as executive vice president of acquisitions and growth. He was promoted to Chief Operating Officer in October 2016 and named President in 2017.
Durkin will continue to lead the brokerage, its operations, technology initiatives, and strategic growth efforts across the United States. Douglas Elliman is ranked No. 6 by closed sales volume and No. 18 by transaction sides in the 2021 RT500 rankings.
“I look forward to expanding upon the legacy of our brand built by my mentor Dottie Herman as the market leader in luxury real estate,” says Durkin. “I also welcome the opportunity to further advance our technology-focused initiatives.”
Durkin began his real estate career as an agent with the Corcoran Group in 1991, eventually working directly alongside Barbara Corcoran. He was directly involved in the sale of the company to NRT and the acquisition of brokerages in the Hamptons, Palm Beach and New York.
In 2018, Herman sold her shares for $10 million up front and $30 million to be paid in 12 quarterly payments, according to an SEC filing. Howard Lorber, the president and CEO of Vector Group and chairman of Douglas Elliman, acquired the company in December 2013 with Herman.
Herman was one of only three women running a top 20 brokerage firm, according to RealTrends 500. In the entire rankings, about one-quarter of the RealTrends 500 have a female at the helm. In her role as Vice-Chair, Herman will serve in an advisory capacity to and will mentor Douglas Elliman executives and agents across the country.