To expand its presence overseas, Prudential Douglas Elliman has established a new partnership with Knight Frank Residential, a United Kingdom-based global real estate agency and consultancy.
Under the relationship, Prudential Douglas Elliman and Knight Frank Residential will share and promote some exclusive listings among their respective client pools. As a result, both firms aim to refer business to each other and, in turn, earn commissions off more closed deals.
Prudential Douglas Elliman expects Knight Frank Residential property listings from Europe and other parts of the globe to appear on its website in the coming weeks. Brokerages across the city are striking similar strategic partnerships to boost business. Just last week, 5-month-old Town Residential partnered with property manager Cooper Square Realty to capture more clients.
“There is a high percentage of international buyers who like to invest in New York real estate,” said Dottie Herman, chief executive of Prudential Douglas Elliman, adding that the exclusive partnership was a year in the making. “They feel it’s a good investment.”
Only the top 5% of Prudential Douglas Elliman’s properties will be advertised by Knight Frank Residential—most often limited to the $3 million-plus properties in New York City, the Hamptons, Long Island and Westchester, the brokerage said.
While the partnership is new, the Manhattan brokerage is already close to benefitting from the referral arrangement. Knight Frank referred to Prudential Douglas Elliman a client who wanted to sell a 10-room co-op on Park Avenue. The New York firm started marketing the property in March for $11.8 million, and Ms. Herman said the listing is very close to going into contract.
Prudential Douglas Elliman is the city’s largest residential brokerage, based on number of agents. It currently has roughly 2,000 agents in the city. Knight Frank Residential, part of privately owned global property consultant Knight Frank, has established similar exclusive partnerships with other brokerages in the United States.
“We selected Prudential Douglas Elliman because they can provide our clients with access to the best properties in New York,” said Patrick Ramsay, managing partner of Knight Frank Residential, in a statement. “Our companies share similar values and business practices to ensure the highest level of service for our clients.”