An American Dream With Dottie Herman: The Richest Self-Made Woman In Real Estate

In the world of American real-estate, if there is anyone who is known for their exceptional knowledge of business, building authentic relationships and single-handedly creating the biggest real-estate empire in the country, it would be Dottie Herman, the CEO of Douglas Elliman which known to be the largest real-estate firm in the country.

Her journey as an entrepreneur is not just inspiring to many but also stands testament to the idea of believing in your dreams and truly going after what you are passionate about in life. Her story is a great example to young entrepreneurs who dare to dream big and are relentlessly fierce in the face of challenges.

Today, after being part of the real-estate industry for over two decades, she has garnered an iconic status that has put her on the global map as a pioneer in the market. With a net worth of $270 million, Dottie Herman leads her company on the forefront with a never back down attitude and refuses to settle for anything but the best, which has resulted in the company becoming the fourth best brokerage-firm in the US.

Along with her partner and co-owner, Howard Lorber, Dottie has made Douglas Elliman a globally renowned brand with over 85 offices across the US alone that employs more than 6000 real-estate agents.

The firm also holds a strong partnership with Knight Frank in London to connect international buyers to invest in properties.

Learning Experiences And Early Days

Coming from a humble background, Dottie’s journey towards becoming who is she is today was not a bed of roses. As a young teenager Dottie was faced with taking up big responsibilities when her family met with a car crash, leaving her father disabled while her mother passed away.

She was left to take care of her two younger siblings and had to take up a lot of grown responsibilities very early on in life. Though she did not let these extreme experiences stop her from achieving everything she had dreamed of.

“You can either be a victim, or you can take a day or two, cry, and then get back in the game.” Herman says while recollecting memories from her childhood.

Through these challenges, she learned to become independent, take risks and know the difference between risks and reward.

She persisted and ensured that her family was well taken care of before joining Adelphi University where she studied to get a degree in Financial Planning. Her journey at university was not as simple either since she had to take some time off from her course as she mothered a child at the age of 19.

Nevertheless, she went on to complete her degree and soon after found herself working as a real-estate broker at Merill Lynch. Here, her boss George Rathmann was the first one to recognize her potential as a developer and described her as a ‘diamond in the rough’.

A few years later, Merill Lynch was sold to Prudential. After a lot of motivation and immense support from her co-workers, Dottie appealed for a $7 million loan and went on to purchase Prudential.

Mentors And Douglas Elliman

After garnering years of experience in the real-estate market in New York, Herman wanted to make big moves. While some said that her intentions and plans were too ambitious to be true, she always believed in herself and her abilities, a quality that can be credited to some of the most important mentors of her life.

While her boss at Merill Lynch, George Rathmann noticed her remarkable skills and always appreciated her for it, there were a few other people who motivated her to become the strong successful entrepreneur that she is today.

One of them being, American strategist and civil rights activist, Diane Nash, who like George recognized a special potential in Herman that nobody else saw. She truly motivated and inspired Dottie to be the best version of herself.

Finally, one of the most important person she credits for her success is her partner and co-founder at Douglas Elliman, Howard Lorber, who believed in her potential passionately and invested in her business.

She has always been a big spokesperson for creating and building meaningful relationships. Especially in the real estate business, it is all about relationships and how you channelize them. She believes in truly getting to know the people and agents she works with to get a diverse and well-rounded perspective for decisions to be taken on an agency level.

It does not have to be just in the real-estate business. As a hands-on professional, it is important to create a personalized environment so that people can be upfront about their honest opinions, leading to fruitful interactions and an authentic workspace.

Real-Estate, Technology And Advice

Being part of the real-estate business means having to deal with challenges on a daily basis. Brokers could have been working on a deal for months together and the deal might fall apart. Most agents then go on a downward spiral and are quick to get demotivated.

Like in any other industry, it is important to keep moving after a downfall. Since every experience is here to teach us something, finding the lesson, embracing it and getting yourself back in the game is sometimes the best thing you can do.

In terms of technology, Dottie believes that while leading with technology is an inevitable future, there is nothing that can replace the human element in real-estate. How information is delivered and perceived is very essential when it comes to using technology as part of your business.

For entrepreneurs who are looking to make their mark in the industry, Dottie believes in being passionate about whatever you are doing and giving it your absolute best. If you are hiring people, be sure to hire the best. If that does not fit into your budget, ensure to train those people who you see immense ambition and potential in.

Lastly, when it comes to making career choices, she follows three main principles. It is important to never let any obstacle keep you from achieving your dreams. There is always a way around it. The idea of being authentic at all times and to be truly passionate about whatever you decide to pursue in life.  

Today, apart from being a hands-on CEO, Dottie continues to give back to the community by being an active contributor to multiple associations like the Tilles Centre For Performing Arts, The Sunrise Fund, LIJ Medical Center and many others. She is also a strong supporter of organizations pertaining to woman and children’s well-being.