Top Douglas Elliman agents Oren and Tal Alexander are leaving the brokerage to launch their own firm, Official, with white-label firm Side.
The move was first reported by The Real Deal.
The Alexander brothers run the luxury-focused Alexander Team, which has outposts in New York, South Florida, the Hamptons and Aspen. After a decade with Douglas Elliman, the team’s move was made official on Tuesday, after its webpage was removed from the Douglas Elliman website.
The brothers will be hanging their license with Side, and their new firm, Official, will be backed by Side’s technology.
In 2021, the Alexander Team reported that it closed more than $1.8 billion in sales in 2021, accounting for 3.5% of Elliman’s sales volume of $51.2 billion.
“There’s no brokerage that just speaks to the high-end market,” Oren Alexander told The Real Deal. “We have the ability to truly corner the ultra and super-prime markets.”
San Francisco-based Side was founded by Guy Gal, who had the goal of enticing top agents around the country who run their own companies to become “partners.” In the arrangement, Side handles back end support and acts as the broker. According to Gal, Side takes a 10% cut of commissions and will retain the brand, if a partner chooses to leave within their first two years.
Side recently laid off roughly 40 employees in positions across the board, according to sources within the company, after Gal admitted the brokerage was growing too quickly.
According to The Real Deal, nearly all of the Alexander Team’s agents in New York and Miami, will be joining them at Official.
The Alexanders also plan to expand to the West Coast.
You can read the article on Real Trends here