In 1973, Barbara Corcoran created what was eventually to become New York City’s top real estate brokerage company. Her entrepreneurial mind, common sense approach to building a business, creativity and tenacity set her apart from the field. She sold the company seven years ago and started applying her creativity and knowledge into other endeavors. She has written two books and is widely considered a pre-eminent expert in the real estate and business world. I had the pleasure of speaking with her about the company she created and eventually sold and the general market.

THE INTERVIEW

Shaun: What was the most challenging part of starting your real estate brokerage company?

Barbara: Coming up with the cash, absolutely, because I was working as a waitress at the time and I lived off of what I earned in tips. Coming up with the cash to start any business was a major obstacle. But fortunately, my (what was soon to be boyfriend), came into the diner. I met him and he gave me the cash to start a brokerage firm. A thousand dollars.

Shaun: That’s a great story.

Barbara: That was a stroke of good luck.

Shaun: So you never became a real estate agent? You started your own company immediately and you never went to work for a firm?

Barbara: I started my brokerage firm in New Jersey immediately because my boyfriend had a friend who was an attorney, and as an attorney he was able to license me. So I just went and took the test. In those days, you have to appreciate 35 years ago, there were no barrier entries at all. If you could walk and talk you could pass the test. And I could do both, so I sailed through it.

Shaun: Is it any different now?

Barbara: Of course. It’s a pain in the neck now. In New Jersey, in New York, any state. Top of the list of course is California where fifteen years after I went to California five times to attend the courses I failed my brokers license five times in a row. I never got to move to California because I already had the Corcoran Group. I wanted to just move to California to just start all over again, but I couldn’t because I couldn’t pass the damn exam. In answer to your question; “Is it more difficult today?” It’s more difficult in terms of education, because you have to take courses and pass the exam, which is a pain in the neck. (more…)