Barbara Corcoran became a real estate mogul in a city where most struggle to get a decent enough footing, i.e, NYC. It is no easy feat to establish the most successful real estate firm in the concrete jungle of New York City.
She was the cool boss before it became a trend, and her generous outlook on money gives her an edge that people can’t help but admire.
One of her better-known edgy traits includes not believing in the concept of saving money. With a mindset like that, one would think she would be willing to let go of her dearest of investments, like she has in the past. But even an aggressive seller like Barbara has her favorites.
Check out Barbara's net worth.
The One Investment Barbara Corcoran Refuses to Sell
Most investors spread their money across different industries, but Barbara Corcoran prefers to double down on what she knows best: real estate. She often says it’s the only place she feels most confident putting her money.
She has elucidated on the same in an interview, saying, “One piece of advice people hear all the time, and I just don’t believe it, is: ‘Diversify, don’t put all your eggs in one basket.’ I put all my money in the real estate basket. I spent every dollar I ever made and threw it back into the business.”
Investment strategies aren’t one-size-fits-all, and Barbara’s focus on real estate is just reflective of her niche in it.
Barbara Debunking Real-Estate Related Myths
First-time investors often feel nervous about entering the market. Economic shifts, rising interest rates, and constant headlines about inflation or global issues can make it hard to know when to move.
Barbara’s two cents on the matter are simple. Conditions will never be completely ripe and there will always be factors that make the outlook look shaky.
“We have so much hesitation in the market, and it’s giving us an opportunity for buyers to make a good deal. That’s how I feel about it,” says Barbara.
Slowdowns create opportunity. If everyone else is sitting on the sidelines, listings hang around longer. That can work in your favor with the right pricing and negotiation skills.
She further elucidates on the matter, saying, “Real estate is a slow way to get very rich, but you need to be willing to play the long game. If you cash out the moment the market turns or things get tough, you’ll miss out on the reward of staying the course. I never sell!”
Beginner Blunders in Real Estate And How to Dodge Them
Starting out in real estate can be intimidating. But Barbara Corcoran says most of the common mistakes are easy to avoid if you do a little homework first. Some of her go-to steps for the same include:
- Research property values and rental demand so you understand what’s realistic
- Look into neighborhood trends and demographics to spot growth potential
- Visit open houses to see what’s available and how properties are presented
- Talk to local real estate agents who have firsthand knowledge of the area
- Spend time in the community to get a feel for the lifestyle and culture
- Don’t buy a place you wouldn’t be happy holding onto for at least two years
- Factor in closing costs, which can quickly eat into any small profits from a quick resale
- Properties rarely deliver instant gains, real value comes with time
- Patience usually creates stronger financial rewards.
- Real estate works best when treated as a steady, lasting investment
The Right Buying Time
The right moment is when you’re financially and personally ready, timing your purchase is a farce. What matters is being ready financially and personally, with enough for a down payment, closing costs, and upkeep (we’re not making this up, Barbara says so).
She sees homeownership as a constantly ongoing project. Updating and improving your property can boost its value and make it a place you enjoy.
Her wise words on the matter are: “You have to have a little bit of a love affair with real estate.”
Lessons in Strategy, Patience, and Risk from Barbara Corcoran
Barbara Corcoran is a living example of utilizing luck as just one of the many means to the end of success in business. It comes down to careful planning, patience, and taking smart risks at the right moments. Don’t let modest beginnings be a denominator.
Not to state the obvious, but smart decisions and persistence more often than not lead to lasting financial success. Understanding the market, planning for the long term, and trusting your instincts pay off more than apprehension ever will.
Even if you don’t copy-paste her path for yours, her approach has plenty of valuable lessons to inculcate.
