A Corcoran spokesperson tells Inman that “three emails containing inaccurate and misleading Corcoran information were distributed within Corcoran.”

A Corcoran employee’s email was allegedly hacked Friday, resulting in the companywide distribution of internal company information.

The breach was first reported by The Real Deal, which reported that agent splits and commissions were among the data shared to the entire company. A Corcoran spokesperson told Inman that no consumer data was shared.

“During the afternoon of Friday, September 13, 2019, we determined a Corcoran employee’s email account was compromised and three emails containing inaccurate and misleading Corcoran information were distributed within Corcoran in a deliberate attempt to distract employees and agents, disrupt business and cause damage to Corcoran,” a spokesperson for Corcoran told Inman in a statement.

“Based on our preliminary analysis, we believe the incident is isolated to a single email account and no customer data was involved,” the statement continued. “We will be investigating the incident as criminal activity and will prosecute the offenders to the fullest extent of the law.”

Inman asked the company spokesperson if Corcoran contests that all of the information was inaccurate or if just part of it was inaccurate. Corcoran declined to comment further, citing a pending investigation.

An industry source told Inman the leaking of information would disadvantageous situation for Corcoran.

“The data is proprietary and clearly creates a disadvantageous situation for [The Corcoran Group] if colleagues and competitors can see what all the agent deals are,” the source said. “The big question is who would do such a thing? An angry former employee who retained some access and has extremely strong computer skills? A competitor looking for a leg up?”

The source also said the leak highlights the current hyper-competitive state of the industry.

“More than anything the breach just clarifies the heightened need for cybersecurity and the depressing fact that the fundamental decency which was a hallmark of our industry heretofore has been reduced to tatters in this hyper-competitive environment,” the source added.

Realogy, the parent company of Corcoran, has consciously worked on alleviating some of the upward pressure on commission splits, by standardizing commissions across all markets in which it operates. In the second quarter of 2019, the company reported a “continued moderation in commission split pressure, up only 21 basis points year-over-year.”

In the second quarter of 2019, Realogy reported a $955 million cost in agent commission and agent-related expenses, down from $1 billion year-over-year.

A rise in commission splits is also one of the issues at the center of the lawsuit Realogy filed against competitor Compass, earlier this year. In the lawsuit, Realogy points to what it says are compensation packages to competitor’s employees and agents that are so inflated that Compass is sure to operate at a loss.

Realogy, in the complaint, also alleges that it believes once Compass achieves sufficiently dominant market share it will raise commission splits and fees in favor of the company, as well as restrain trade by collusive actions.

Compass recently fired back in an explosive motion to dismiss, alleging that Realogy explored a sale to Compass, which Realogy has since denied.

Email Patrick Kearns

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription