Real estate mogul Barbara Corcoran has amassed years of experience in property buying and selling – and now, the multi-millionaire has revealed the biggest mistake she sees from people looking to purchase a home.
The 74-year-old, who started her career with the launch of her own real estate office in her early 20s and has since built up an estimated net worth of $100 million, took to TikTok to share some candid advice with potential home buyers.
She began the 15-second clip by posing a question, ‘You want to know the biggest mistake people make in buying a house?’
Standing in her foyer as if about to head out the door, Barbara then paused for dramatic effect, before revealing the mistake.
Real-estate mogul Barbara Corcoran took to TikTok to share a major ‘don’t’ when it comes to buying a home
After sharing the advice, Barbara theatrically strode out her front door
‘They don’t go back for another look!’ she exclaimed.
‘That’s when you discover the noisy neighbor, the barking dog, the party house right across the street,’ she continued.
‘Go back for another look,’ she emphasized, before theatrically walking out her front door.
She reiterated in the caption to those ‘in the market’ as homebuyers: ‘Don’t forget to do this!’
Fans of the Shark Tank panelist flocked to the comments to heap praise on her wisdom.
‘You are SOOOOO RIGHT,’ exclaimed one.
‘Totally agree. And I always told clients after the first visit drive back around at night on the weekends when people are not at work,’ concurred a fellow real estate professional.
‘A daytime look and a nighttime look,’ echoed someone else, while another agreed: ‘Even when I rent, I go morning, afternoon and at night. Weekday and weekends.’
‘I try to go on a rainy day (for water problems) or after working hours to get a feel for the neighborhood,’ someone else offered.
Barbara’s net worth is estimated to be in the range of $100 million
Viewers flocked to the comments to heap praise on Barbara’s tidbit of wisdom
‘Also drive around on the weekends to see what the neighborhoods like,’ a supporter added.
‘Several trips around the neighborhood. Different days and times of the week. Barbara is such a Queen,’ another gushed.
One commenter had apparently learned their lesson the hard way, writing, ‘Tell me about it! We made that mistake.’
Another chimed in, ‘Renting apts in nyc too!’ – to which the reality-show persona responded, ‘Just as important!’
Barbara made her estimated $100 million fortune as the founder of The Corcoran Group, which she sold to NRT Inc. for around $65 million in 2001.
This isn’t the only bit of sage advice the entrepreneur has dished out recently.
During an appearance last month on on the CNBC show Make It, she claimed to have ‘never saved a dime in [her] whole life.’
Her reasoning, as she explained, was that it takes spending money to make money.
‘I think the carefree attitude of believing that money makes money if you are willing to share it and spend it really works,’ she said.
‘Or, at least, it has certainly worked for me.’
The mogul has built up an impressive portfolio of personal property over the years – including a $1 million mobile home in a Los Angeles trailer park which she showed off in a recent TikTok
From the outside, the property looks like any other mobile home with its cream siding, blue shutters, and wood steps leading to the front door
The mogul has also built up an impressive portfolio of personal property over the years – including a $15 million penthouse in New York City and a $1 million mobile home in a Los Angeles trailer park, which she happily showed off in a recent TikTok.
Last month Barbara gave TikTok star Caleb Simpson, 31, a tour of her double-wide in Pacific Palisades for his viral video series exploring interesting living spaces in New York City and around the world.
‘Who would have thought Barbara Corcoran would have her own trailer?’ he asked at the start of the video.
‘It’s called a double-wide,’ she corrected him.
From the outside, the property looks like any other mobile home with its cream siding, blue shutters, and wood steps leading to the front door.
But the inside is an impeccably decorated tranquil oasis featuring floor-to-ceiling glass doors and a terrace overlooking the ocean.
‘Here’s my Taj Mahal,’ Corcoran said after opening the Dutch door to her home away from home. ‘Everything’s little.’
The businesswoman told Simpson that she spent $800,000 on the home itself and then put another $150,000 into it.
‘So you’re in a million-dollar home,’ she noted.