As head of a real estate empire that has sales of more than $18 billion annually, Pamela Liebman is one of the most powerful women in real estate today. In this economy, that means both running an empire – overseeing Corcoran's fifty-five managers and 2700 employees, providing strategic direction for the company, wooing clients and, a playing one fairly new role. Liebman, 46, is working as a sort of life coach for brokers. Who's Who's Jennifer Gould Keil caught up with the busy exec to discuss the current state of the real estate market and her glass ceiling-shattering rise to the highest heights of New York's real estate world.
What's it like to run a real estate empire in such a tough economic climate?I love a challenge. Markets like this create new stars, better and stronger than before. I need to be responsible to the company and to my brokers to make the right decisions. I've been through tough cycles before. This one is putting me back in touch with the brokers. In a shifting environment, I'm being more of a coach and a cheerleader now for my brokers. Even though we're seeing definite dips in the market, it doesn't mean people can't excel.
You say you're acting as coach and cheerleader to your brokers. What exactly are you telling them?To stay positive, know their client base and be well armed with accurate pricing and inventory, to give both buyers and sellers a reality check. Knowledge is key. If brokers have more downtime, they should study and cultivate more clients, not moan and groan about the state of the market, but instead try to pick up the market share from brokers who aren't as adaptable.
What inspired you to get into the real estate business?I loved the creativity it afforded and the flexibility. In the beginning, you could run your own business. My mom says on a visit to Florida, I kept looking up at all the big buildings when I was four years old. I asked what they were and kept repeating "condominiums," so I guess you could say it was in my blood.
You were born in Staten Island , you now live in Warren , NJ, with your husband and two children. How do you balance career and family?I always have breakfast with my family and use the drive in to read the papers and make phone calls. I try never to be in the office on Fridays, though I'm always in touch and caught up on my emails thanks to my Blackberry. I also try to leave the office at 6:30, unless there are events or dinners I have to go to.
Can you comment on the state of the New York real estate market?New York has held up, but after soaring for so many years, we're now starting to feel the pain. The impact of the economy is hitting New York. Nervous buyers are taking a step backwards. They are tentative about buying and being more aggressive due to the relative roller coaster ride on Wall Street. There is a decrease in sales and pressure for prices to go down more.
What are your predictions for the future of the market?New York is the last place hit by trying economic climates and the first to recover. It will be positive in the long term, but in 2009 we expect to see some definite dips from the highs of the past few years.
Do you have a favorite way to connect with clients?If it's my suggestion – lunch at Barney's, which is in my office building. Otherwise the Four Seasons or Michael's. I also golf with my clients. It helps us get to know each other and build something deeper than a day-to-day business relationship, so it's not just sitting across from someone at a table.
Why are Americans so obsessed with real estate?Architecture and design are deeply human, personal concerns and in that sense real estate has always been sexy. That's why tourists line up at Versailles to look at the royal bedrooms and why people buy celebrity home maps on the streets of Beverly Hills. To view real estate is to peek into someone's life; it plays into people's voyeurism. There is a lot of sensational new property being created right now, much of it by the world's most well-known architects and designers, and everyone keeps upping the ante aesthetically and conceptually. I'm always intrigued to see what they come up with next.
Does being a mom help you succeed in business?It helps with time management and makes you more patient. You might have a bad day at the office, but then you come home and your little one smiles at you and it makes all the difference. It helps me be more well-rounded and brings out the softer side.
On breaking the glass ceiling – what's it like for women in real estate these days?Most of my clients are men and my colleague-base is female. I feel comfortable with both and don't alter my behavior for either. It is what it is. The industry has grown up a lot in the 20-plus years I have been in it. Years ago, women who worked in real estate did so primarily as agents for residential properties. These women were often well-heeled, and used their social connections to facilitate their business. Others just liked the flexibility the real estate industry offered. Moreover, you didn't have a lot of women working in positions of power in commercial real estate or in real estate development. Now, women are leading companies in all aspects of the industry.
Pamela Liebman is President & Chief Executive Officer
