Douglas Elliman doesn’t want private listings to be the norm

While some brokerages are leaning into the use of private listing networks, luxury firm Douglas Elliman said it does not want private listing networks to become the norm.

“At Douglas Elliman, we have a long- standing commitment to offering clients greater choice and flexibility while continuing to promote equal access to listings and uphold a transparent, fair housing market,” Michael Liebowitz, the CEO of Douglas Elliman, said during his firm’s Q2 2025 earnings call with investors and analysts on Friday. “The decision to list property privately must originate from the seller. Our brokerage does not push, incentivize or default to private listings.”

Liebowitz acknowledged that as a luxury-focused firm, private listings often make sense for many of their sellers, but he said Douglas Elliman’s approach to private listings differs as they are just one option sellers have.

“We offer private listings as one option among many, empowering clients to make informed decisions based on their unique needs rather than applying a one-size-fits-all model,” he said. 

Liebowitz added that he and his firm believe that broad exposure of a listing is the “most reliable way to maximize value drive competition,” and for the listing agent to fulfill their fiduciary duty. 

“Any Douglas Elliman private listing platform will require sellers to review and sign acknowledging the potential risk of reduced exposure,” he added. “The platform will also include strong guardrails to ensure compliance with other listing platforms such as broker oversight, audit logs and technical controls. We believe this transparent client-first approach sets us apart from our competitors and builds long-term trust and value.” 

In addition to the strong stance on private listing networks, Douglas Elliman executives also discussed their firm’s financial performance during the call. Compared to a year ago, Q2 2025 was quite weak, with Douglas Elliman recording $271.4 million in revenue, down from $285.8 million a year ago, and a net loss of $22.7 million, up from a net loss of $1.7 million a year ago. 

This loss in revenue came as commissions and other brokerage income was down to $258.02 million compared to $272.31 million a year ago. In addition, income from ancillary services was down to $2.885 million, compared to $3.744 million in Q2 2024. 

Despite the slow quarter, which company CFO J. Bryant Kirkland attributed to economic pressures and industry headwinds experienced in May and early June, the first half of 2025 has proven to be much better for Douglas Elliman than the first half of 2024. Year over year, revenue is up to $524.8 million compared to $486.0 million a year ago. The company said this is the strongest first half of the year revenue performance since 2022. Additionally, the total net loss of $28.7 million recorded in the first half of 2025 is better than the net loss of $43.1 million recorded during the first six months of 2024. 

As the company looks ahead, Liebowitz said things are looking promising. 

“We delivered significant improvement towards restoring our profitability with notable reductions in operating losses when compared to the first half of 2024,” he said. 

As of late July, on a year-to-date basis, sales were up 38% annually. Additionally, Douglas Elliman agents have been involved in 204 home sales worth $100 million or more during the first half of 2025, up 32% year over year. 

Liebowitz also said that Douglas Elliman is focused on its two main growth initiatives, Elliman International, which launched in June, and Elliman Capital, which launched in July. Although the Elliman Capital mortgage platform is currently only available in Florida, Liebowitz said the company hopes to expand it to all states the brokerage operates in.

“Elliman Capital will provide our clients with access to an extensive and creative range of financing products,” Liebowitz said. “This new platform fosters convenience and oversight throughout the entire real estate transaction process, enabling our agents to provide seamless support from initial property search through closing.”