Dottie Herman and the road to riches
Photo Via: https://dottieherman.com
Dottie Herman is an exemplary leader, role model and mentor put together. This richest self-made woman is an excellent icon in America’s real estate industry with a net worth of $270 million. Starting from 1990, she has been accomplishing phenomenal achievements in the brokerage industry of the US. The organizations that were nurtured to growth by her are Prudential Long Island Realty and Douglas Elliman, the famed brokerage house.
While joining the second annual richest self-made woman list of Forbes, she remarked, “You have to be passionate about what to do. Not that I grew up and wanted to be a real estate person. I didn’t. However, an opportunity presents itself, and I think most people don’t take advantage of it or they’re afraid. They are afraid of failing. I was not.”
The tough journey and thumping success.
For Dottie Herman, the trip from a simpleton to a universally acknowledged billionaire was not on a bed of roses. She survived childhood trauma and was left to raise a daughter as a teenager. Dottie made a considerable fortune by selling high profile properties to the elite of New York City mainly focusing on the Hampton and Manhattan areas. Dottie Herman is today the CEO and co-owner of Douglas Elliman. In the year 2015 alone she made a sales of $22 billion bagging $600 million in the process. After a remarkable development over the years, today Douglas Elliman is a substantial real estate firm with over 85 offices across the country and more than 6,000 agents. The firm also in partnership with Knight Frank’s outfit in London to bring in international buyers to buy its properties.
Figures published by REAL Trends’ annual ranking show Douglas Elliman as the fourth largest brokerage firm in the US and the biggest in the New York City. Interestingly, in 2003, Herman and Howard Lorber, her business partner and the CEO of Vector, publicly traded holding company bought Douglas Elliman in a deal worth $72 million. During those days, the firm netted not more than $100 million in sales from the homes it sold with a total worth of $4 billion.
The inspiring story of Dottie Herman
When Dottie was ten years of age, her family confronted a deadly car crash finding her mother dead and father disabled. Herman suffered seizures for the next several years as she was thrown from the car. Dottie never gave up. She persisted and took care of her two younger siblings. Her father survived for two years on disability. Recollecting how she could move upwards, Herman said, “You can either be a victim, or you can take a day or two, cry, and then get back in the game.”
Herman took some time off from the Adelphi University as she mothered a child at 19 years of age. Very soon she resumed her studies and got a University degree in financial planning. Once she got graduated, she joined Merrill Lynch as a real estate broker. When Merrill Lynch wanted to quit the real estate sector, it sold its operations to Prudential in the year 1989. Being motivated by the coworkers, Dottie requested $7 million as a loan from Prudential for sale and purchased Prudential.
What splashes from an interview with Dottie Herman
Now Herman is the CEO of the most successful Douglas Elliman brand. Even after bagging a massive success that most others could not even dream of, Dottie is not willing to stop. In a recent interview, Forbes gathered her views on the following questions.
How do you feel about breaking the rules?
“I do what I feel is the right way to go and ask for forgiveness later.”
Which quote inspired you the most?
“Success is failure turned inside out. If you’re afraid to fail, you’ll never succeed.”
What more do you wish to achieve in the real estate market?
“My goal is to monetize the real estate business. If you’re an agent, you’re an independent contractor. If you’re a stockbroker, you can sell your book. It’s my goal for the industry that brokers can sell their client-based business so that when people get ready to retire, they don’t just get a gold watch.”
What do you intend to do for the other aspiring women?
“To start a women’s nonprofit for those who want to be entrepreneurial. There aren’t enough role models.”
Who inspired you the most in your life?
“My partner Howard Lorber because he believed in me when I was no one.”
How long do you sleep? When does your alarm go off?
“I don’t have a set alarm. I am lucky if I get three hours of sleep. I go to bed at 2:30 a.m. and wake up at 6:15 a.m.”
Can you give a tip for enhancing productivity?
“If you have a vision, follow it.”
What would be the advice you would give 20-year-old Dottie Herman?
“Never let people tell you that you can’t.”
Giving back to the community
Honored with a lot of awards, accolades, and appreciations by many prestigious organizations, Dottie Herman is an active contributor to The Sunrise Fund at Stony Brook University Medical Center, which is raising awareness and funds for pediatric oncology programs. For so long, she has also been supporting the American Heart Association, the Tilles Center for the Performing Arts, the Stony Brook/Southampton Hospital, the Katz Institute for Women’s Health and Katz Women’s Hospital situated at North Shore University Hospital in Manhasset and LIJ Medical Center in New Hyde Park. She is also closely connected with the Northwell Health Walk for the Katz Institute for Women and Cohens Children’s Hospital.