President & CEO, The Corcoran Group
www.corcoran.com

When you find yourself lacking motivation, here’s a quick fix:

Browse the luxury apartments and homes at www.corcoran.com. The sight of the sky-high ceilings, stylish décor, sweeping lawns, and Mediterranean-style arches just might inspire you to keep moving forward.

Moving forward must come naturally for Pamela Liebman, the president and chief executive officer of The Corcoran Group, who started with the company when there were about 30 employees. Today it’s the largest residential real estate firm in New York City, employing about 2500 agents and racking up sales of about $12 billion annually.

The New York Post selected Pamela as one of the 50 Most Powerful Women in New York in 2003. She’s also a founding board member of the Wipe Out Leukemia Forever Foundation, wife and mother of two daughters.

Hear Pamela tell the rest of her story at at Ladies Who Launch LIVE in New York and read on for some of her secrets to success.

Moving Fast from College Grad to Company Partner

Pamela: “I came to Corcoran (in 1985) right after college at the University of Massachusetts at Amherst. I was the top broker for the downtown (New York City) office – back then there were only 30 people in the whole company. It was a different place. Barbara (Corcoran) asked me to become a manager (in 1987), and I did.

“In 1990, Barbara made me a partner in the company because she thought it would be a good way to assure my loyalty. I expanded the downtown office into two offices from one and grew it from 20 to about 80 people.”

The Path to President and CEO

“In the mid 90s, I saw what was happening with all of the development in the downtown area. Tribeca was becoming an area ripe for developers. That led to my founding with Barbara the Corcoran Marketing Division, which works with building developers to market new properties.

“Barbara was very nervous getting into that business. I promised her she’ll never lose a dime, and I said, ‘I’ll even be your partner.’ The division became a really big success.” (It grew into an entity that produced more than $1 billion in total sales.)

What Made Her CEO Material

“A couple years later, Barbara said to me that she wanted me to be the next president and CEO of Corcoran group. She said I was the best recruiter she ever had, and that I was good at building the business as well as selling it. She (said she) thought I had the personality and temperament that the right suitor would be looking for. When we sold the company in 2001, we had yearly sales of about $2.2 billion that year. Last year we did almost $12 billion.”

Secrets to Her Success

“I always want to think like Avis, and not like Hertz. When you’re Number One, you always want to pretend you’re Number Two, trying to get there. You have to stay innovative, take chances. You need to empower people.

“You have to make people love where they work. You’ve got to give them a great working environment where you reward successes and don’t beat them up for failures – unless of course, they’re multiple. You don’t beat people up for trying and not succeeding. When people ask who I work for, I say, ‘I work for 2200 people. My job is to make sure my brokers and employees are happy and successful.’”

Common Mistakes Leaders and Entrepreneurs Make

“I think that you have to allow people to fail and not to be micro-managed, or they’ll never become leaders, and you really want to grow a culture of leadership. I see certain people spending so much time looking at what competitors are doing that they forget to look in their own backyard.”

Favorite Business Book

‘Execution: The Discipline of Getting Things Done,’ by Larry Bossidy, Ram Charan, and Charles Burck

Favorite Book

‘The Fountainhead,’ by Ayn Rand

Recommended Resource

“The Young Presidents’ Organization  has been great source of advice, networking, learning and fun.”

How She Deals with Stress

“I go to the driving range. I go play golf. I like to go outside and take a walk. For me, it’s about a reality check. I also meditate and do yoga. I just feel like you have to keep things in perspective.

“One thing I learned from the Young Presidents’ Organization is that you have to keep a balance. This is my job. I also have a husband and have two great kids. As I have matured in my career, I have gotten a lot better at (balancing things). Things that would have really upset me 10 years ago… today I’ll look back and ask myself, ‘Did I do everything I could?’ If I did everything that I could, I’m not going to beat myself up. I don’t blame other people for my mistakes. I take responsibility when something goes wrong and I try to make up for it next time.”

More Advice – On Golfing, Being Different, Breaking the Rules

“Learn to play golf. It’s a really good way to network. A lot of business gets done on the golf course – it’s a great way to meet with people in a relaxed, more social environment.

“Don’t be afraid to try things. Don’t be afraid to be different. It makes you stand out.

“Think ahead. To me, one of the most important things in business is to be proactive, not reactive. If you can’t anticipate what’s coming and you make decisions because you’re forced into them, you’re never going to exceed expectations.

“When you’re young… you don’t know what general business practices are, so you start to break the rules. Sometimes a little naivety helps. Don’t play by the rules – make new ones.’