"In my own naivety" — When Shark Tank’s Barbara Corcoran unknowingly created a market-changing real estate report

During her TEDxNYIT talk on November 12, 2014, Barbara Corcoran, a real estate entrepreneur and investor on Shark Tank, reflected on the creation of the Corcoran Report, a simple one-page document summarizing real estate sales.

Without access to public real estate data in New York City at the time, the Shark Tank investor filled a market gap by publishing an average sale price based on limited data. Barbara said this decision had a significant impact on her career—

"In my own naivety I didn't realize then that that was not a valid average but I published it and I appeared on the front page of New York Times."

---

How Shark Tank Barbara Corcoran’s early mistake transformed the real estate industry

The market before the Corcoran Report

In the mid-1980s, the real estate industry in New York City lacked accessible market data. Unlike other regions with Multiple Listing Services, New York did not have a centralized database for property sales. Corcoran described the situation by stating,

"There was no internet and there was no public information on real estate in New York City because there was no multiple listing service which the rest of the country enjoyed."

This lack of transparency left buyers, sellers, and even real estate professionals without a clear understanding of market trends. Recognizing the gap, Corcoran compiled her data. She gathered sales from her transactions, calculated an average, and published it as the Corcoran Report.

Despite its small dataset, the report was regarded as a valuable resource. Its publication in The New York Times further cemented her reputation.

---

How the report shaped Corcoran’s business growth

The Corcoran Report enhanced Corcoran’s credibility and positioned her as a market expert. At that time, major brokerage firms like Douglas Elliman and Brown Harris Stevens ruled the industry, but Corcoran saw an opportunity to differentiate herself. She explained,

"These big brokerages were amazing, but what I realized [was] they all looked and sounded alike and nobody really gave a damn what the differences were."

To build her brand, Corcoran expanded beyond the report. She took advantage of media exposure and created a strong personal brand by featuring her image in advertisements. The Shark Tank investor recalled,

"I decided to put my face on everything that I could possibly advertise—little tiny faces in the New York Times classified, big billboards when I eventually grew and could afford it."

This strategy allowed her firm to stand out in a competitive market, driving its growth.

---

Market shifts and Corcoran’s adaptation

By the late 1980s, economic conditions changed as the stock market crash and increasing interest rates affected real estate sales. The Shark Tank investor explained,

"I never thought a big city like ours could fall, but the stock market crashed, interest rates went to 18%, and people stopped buying—just stopped."

With sales declining, Barbara Corcoran had to innovate. To stimulate movement in the market, she proposed a new pricing strategy. She stated,

"I convinced them that we should price all the one-bedroom, studios, and two-bedrooms alike—high floors, low floors, apartments with views and no views—let’s price them alike and have a one-day, one-price sale."

This approach created urgency among buyers, resulting in a successful event in which all available apartments sold within an hour.

---

Catch Shark Tank every Friday at 8 pm ET on ABC, with episodes available for streaming on Hulu.