MIAMI-When Vanessa Grout came to South Florida last year, she had clear goals. The newly-minted president and CEO of Douglas Elliman Florida set out to restructure and expand the firm with a focus on agent recruitment and development.
She succeeded. Grout has grown revenue more than 400% during her short tenure. She’s also established positioning for the company by acquiring three key office locations in Miami, including prestigious headquarters in the iconic Herzog de Meuron building at 1111 Lincoln Road. Under her leadership, Douglas Elliman Florida is widening its footprint to include new brokerage offices that will serve buyers and sellers of luxury and investment properties in the tri-county area.
GlobeSt.com caught up with Grout to talk about how she built synergy between the New York and Florida brokerages, her acquisition strategy, and other plans she has executed in the Miami area.
LeClaire: How have you built synergy between the New York and Florida brokerages at Douglas Elliman?
Grout: The New York brokerage of Douglas Elliman is established and trusted. Our expansion into Florida was certain, as a logical and connected market to New York. To achieve success, the importance of building a real synergy between the New York and Florida brokerages was clear from the onset. We first implemented brand consistency and equivalent high-level service standards. We encourage cross-marketing and consistently sponsor social events where agents interact to facilitate deals. The synergy creates seamlessness between the New York and Florida brokerages ultimately benefiting our clients.
LeClaire: Since you came on board in 2010, you’ve grown the firm by absorbing smaller organizations across the region. How did you decide which firms to acquire, and are you still in acquisition mode?
Grout: We are generally approached by firms requesting to join our platform. We have a lot to offer and many smart operators are noticing. It is extremely difficult for a brokerage now to move ahead of the curve without major reinvestment into areas of technology and advertisement. Some companies would rather not retain the risk.
LeClaire: You’ve attracted industry veterans from other firms. Most recently, Thania Vernon left her position as vice president of Sales and Marketing at Fortune to join the firm. Specifically how have you managed to attract this talent?
Grout: Industry veterans appreciate our vision and methodical approach. We are creating something great without the ego.
LeClaire: You are extremely active in the community, from children’s causes to historic preservation to environmental initiatives. You are also a member of the Miami Beach Chamber of Commerce, Urban Land Institute, CREW and RAMB. How has this community activism helped you and the firm?
Grout: It is a privilege to work with these organizations. Community activism has united us with those within and outside of our industry. The insight gained from these experiences keeps our business moving in the right direction.
LeClaire: Your firm is keen on creating comprehensive residential real estate reports. What was the risk-reward scenario in this and how is it panning out?
Grout: Our Elliman market report, created by trusted industry source Miller Samuel, has been intensely successful. This is real data produced by an unbiased source. The information is published quarterly whether positive or negative yielding Elliman as a source of true information.
LeClaire: What’s next?
Grout: Consistent improvement and growth.
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