Knight Frank has ended its 15-year partnership with US-based real estate brokerage Douglas Elliman, which announced earlier this week that it was launching its own expansion overseas.
Michael Liebowitz, president and CEO of Douglas Elliman, said the company is launching Elliman International. Elliman will continue to work with Knight Frank on a referral basis.
“We mutually agreed we would both move on in a non-exclusive basis,” Liebowitz said. “We want our name to be around the world.”
The two businesses formed a formal partnership in 2009 and marked its 15-year anniversary in September last year. At the time, the businesses counted more than 20,000 agents in 60 countries across six continents.
Elliman also promoted Knight Frank’s annual wealth report, which analyzes ultra-high-end real estate investments around the world and burgeoning markets. In its latest global report, released last year, it identified Dubai as the “standout growth market” with $10m-plus sales increasing dramatically since before the pandemic.
Liebowitz has been planning to expand internationally since he took over as CEO. Last month, he travelled to London to promote the a luxury property scheme in Dubai.
The company’s expansion will begin with immediate activation of core services for existing clients, followed by strategic recruitment of teams and individual agents who will operate under the Elliman banner, with physical office locations in key markets planned.
Elliman International’s initial focus will be on high-demand luxury destinations in Latin America, the Middle East, Europe, Asia Pacific and other emerging wealth centres.
Liebowitz commented: “Elliman International represents the natural progression of our legacy as America’s premier luxury real estate brokerage now becoming global. From my first day as CEO, I recognised the need to establish our own international presence that preserves the high-level of service our clients expect. This isn’t just an expansion – it’s a transformation that positions Douglas Elliman as the truly global brand it is.”
Susan de França, president and CEO of Douglas Elliman development marketing, added: “With the ever-evolving international landscape, our clients and developers increasingly view real estate as a global portfolio, not confined by borders. Unlike many of our competitors, we will not be reliant on partnerships to define us – we are forging ahead with our own global identity that reflects our commitment to and reputation for excellence at every touchpoint.”
In a statement, Knight Frank said: “Knight Frank and Douglas Elliman have agreed mutually to conclude their alliance. Both companies maintain a constructive relationship and look forward to continued success together on a referral basis. Our commitment to North America remains absolute and we are currently evaluating a number of opportunities, which we believe will support our long-term ambitions in the region.”
