Corcoran talks about how she thinks the Fed unwinding is going to affect real estate:
They’ve been low so long that people think it’s their right to have cheap money. The minute those rates go up, we’re going to have another boomlet in the real estate market, because people love a deadline.
Corcoran shares four lessons she learned building a business with Entrepreneur:
- Bootstrap: This helps learn to manage finances, and keeps the business in the founder’s control
- Show selling power: She looks for founders with confidence, high energy, street smarts and business knowledge
- Achieving work-life balance is difficult: But being really engaged with the people one cares about is something all business owners can strive for by taking small steps, like putting down the phone
- Recover from hard knocks: The best entrepreneurs are the ones who can take a blow and come back stronger
Corcoran talks with LinkedIn executive editor Daniel Roth about seeing the Corcoran Group grow now that she is no longer a part of it, the future of the brokerage business, why Shark Tank is a hit, and how she hires people:
Who did I look for in a partner? Someone who was opposite…And the bigger the business gets, the more it’s gotta look like a giant crayon box with a million different colors. That’s what gives the business its substance. Most people like to hire pals that they get along with that are similar to themselves. Always the wrong call.
Corcoran says the three essential qualities for an entrepreneur are sales skills, the ability to motivate, manipulate and convince people, and being able to take a hit:
If you by nature can take a hit and are stupid enough to pop back up and say ‘Hit me again, hit me again,’ you’re perfect for an entrepreneur
Corcoran joins a Google+ hangout to talk about the Shark Tank cover issue. Corcoran responds to a female reader’s question about how to become a better negotiator:
Think like a man…You know what a guy does? He just says what he thinks, for the most part. He just puts it right out there.
Corcoran answers the question How do you deal with rejection?
Show me someone who can take a hit, and I’ll show you an entrepreneur
Corcoran and Greiner sit down and talk about the female sharks are catching up on Shark Tank, and about high stakes, and the tell-tale signs of a solid investment. Corcoran:
We bring a different perspective. Most of the men have trophy wives, they don’t shop, we bring a different view to the product…Our collective IQ is three times more than the men combined.
Corcoran talks about advice from her mother that inspired the book title, If You Don’t Have Big Breasts Put Ribbons On Your Pigtails, and says it worked in attracting attention from customers when she was a waitress. The business lesson:
Corcoran offers tips for selling your house in a down market. Why it doesn’t make sense to wait:
Everybody’s thinking that way
Corcoran talks about two key moments in her business career. She realized there was more money in selling than renting:
One was when I accidentally sold an apartment rather than renting it. I was just planning to rent the apartment when the young engineer said that he wanted to buy, that’s what got me in the sales business. It wasn’t a big plan.
She later made enough profit to buy her parents cars:
The other wonderful thing that happened was one year I actually had $80,000 in profits. Probably had maybe 500 salespeople and I thought to myself, ‘I’ve got enough money to buy my mother and my father a new car.’ So, I bought him a Lincoln Continental — hey, what the heck, my dad dreamt about it his whole life — and I replaced my mother’s old rickety, old blue whatever-the-heck-it-was. And so, the idea that you could buy each of your parents a new car in one week and have it delivered was mindboggling, and I ended up going, ‘Whoa, maybe my business is actually a business.’
Corcoran talks about her books, handling rejection, and her advice for entrepreneurs. On how she handles being turned down:
I’ve gotten pretty good at it. It doesn’t mean that I don’t feel the insult. …I just make a habit of making sure that I don’t lay low too long. In other words, I feel sorry for myself. I go, ‘Ouch, that hurt. That bastard,’ or whatever. Then, I just tell myself, ‘I’ve got about three minutes to feel sorry for myself, and let me move on to something else.’
On what’s wrong with most elevator pitches:
I will be the first one to tell someone what’s wrong, even though they’re not asking. Maybe I shouldn’t. But most people are appreciative. Entrepreneurs can’t communicate very clearly what it is they do. … It’s like, I’ll meet so many great entrepreneurs, and I’ve already liked them from the first hello. I liked the handshake, and I go, ‘So what do you do?’ and then for the next minute, I hear what they’re doing. It should be more like 10 seconds, because I’m already snoring out somewhere. I can’t stay with it that long. Already, they’re sliding down the scale of what I think of them, right? Clarity of communication, ‘I sell soap.’ Versus, we’re in the cleanliness business, blah-blah-blah. ‘I sell soap.’ Okay, I got you.
Fields interviews Corcoran about starting a business, being the only woman on Shark Tank, building a real estate empire, and Shark Tales. On creating demand with marketing:
I learned that everybody wants what everybody wants, and nobody wants what nobody wants
Corcoran talks about women’s intuition in business, how being able to handle rejection is key to business, and being fabulous at failing:
Nobody likes being a loser and then you have to claw, figure out, and whip your way into a position of strength, the truth is if you’re great at being a loser, you’re going to be a winner in life…What women will do is take a leap of faith and listen to their intuition even when it doesn’t match up with logic, and that is powerful in business
Corcoran talks about building her real estate practice, applying life lessons to business, and being called a winner:
If you get labeled a winner, people come along for the ride. Might as well enjoy it and they should too.
She owns 12 buildings in Manhattan, Brooklyn and the Bronx, a beach house on Fire Island, a schoolhouse in Duchess County, and a Manhattan co-op.