Back in 2005, none other than Barbara Corcoran, the queen of big firms who built the multibillion-dollar Corcoran Group from a $1,000 (borrowed) investment, declared in a Business Week interview, “I think the future belongs to small brokers.”
She acknowledged that not many people held that view but went on to argue that while the big firms were richer and had more resources, the little ones were more creative and nimbler, having far less bureaucracy and layers of management. “We need to be responsive to a changing market,” Ms. Corcoran said. “And more often than not, the little guy can move. The big guy is still thinking about it.”
Reached last week, Ms. Corcoran, who sold her firm in 2001, stood by her pronouncement. “Definitely,” she said. “On the Internet everyone is equal. The small agent can look as classy as the big agent.” She added, “Ten years ago, if you wanted your property noticed you were far better off with large brokerage firms because they were the big buyers on the print ads. That’s out the window now.”
