Douglas Elliman is a luxury residential real estate brokerage operating primarily across New York, Florida, California, and Texas. The company's roughly 5,800 agents — independent contractors operating under the Douglas Elliman brand — help buyers and sellers transact on high-end homes, with an average transaction value of approximately $1.86M. Douglas Elliman earns commission income when transactions close, so revenue is driven by transaction volume, average home price, and commission rate. The company runs two main business lines: traditional residential brokerage and Development Marketing (DEDM), where Douglas Elliman markets and sells units in newly constructed luxury developments on behalf of developers. DEDM had an active pipeline of approximately $25.5B in gross transaction value as of Q3 2025, heavily weighted toward Florida, and provides multi-year revenue visibility since revenue is recognized at unit closing. Ancillary services — title insurance, escrow, and mortgage origination through Elliman Capital — generate incremental fee revenue per transaction but remain small relative to brokerage commissions. Growth vectors include international expansion via Elliman International (launched in France, Monaco, and St. Barths), domestic market expansion, DEDM pipeline growth, and agent recruitment. In October 2025, Douglas Elliman sold its property management subsidiary for $85M and used the proceeds to retire its convertible debt, leaving the company with approximately $126.5M in cash and no debt as a pure-play luxury brokerage.