- Barbara Corcoran sold her real estate firm for $66 million, and now she’s sharing her secrets any aspiring business person can use to become successful.
Barbara Corcoran is known for her no-nonsense attitude on Shark Tank. But as a self-made real estate millionaire, she worked day and night to reach her dreams. In a new interview on the social media account The School of Hard Knocks, Corcoran shared her secrets to reaching the top.
“You’ve got to learn to listen,” Corcoran said—adding that it’s important to develop an ear for knowing what people want—even if they don’t explicitly state it: “Because buyers are liars, and it’s your job to figure out the truth of the deal.”
This strategy worked well for Corcoran, who began her business with just a $1,000 loan and turned it into a multi-million dollar real estate empire. The most money she ever made in one day—or year—came when she sold her firm, The Corcoran Group, for $66 million.
She told the Earn Your Leisure podcast last year she was “scared” after she sold her business—so much so that she kept the money in her checking account for four years before investing. She admits that the decision was probably an irresponsible one.
Using time to your advantage, especially in real estate, is also a technique Corcoran swears by, telling The School of Hard Knocks’ Gen Z host: “Everybody always wants what they can’t get their hands on.”
For those looking to buy in the real estate market, now may be better than ever. Mortgage rates have slowly declined over the past year, and Corcoran warned homebuyers that buying now may be smarter than waiting for lower rates since she could foresee housing prices jumping between 10% and 15%.
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Corcoran herself is on the market for new property after she was among the many celebrities who lost homes in the recent LA fires. She told The New York Times that losing her double-wide mobile home in Pacific Palisades was devastating—even more so than nearly going bankrupt three times.
She admits that becoming a millionaire, best-selling author, and TV star was nothing short of difficult; in fact, she says “doubt” may as well have been part of her middle name.
“I was doubted by the old boy network. The rich guys owned all the businesses in town, but that was to my advantage,” Corcoran says. “They didn’t want me in the old boys club, but I got it in the old boys club.”
Throughout her career, she said, she didn’t let others’ disbelief put her down.
“You have to stand up for yourself,” Corcoran told The School of Hard Knocks. “The minute you have doubt, you should use it for motivation to push ahead, because it actually does give you motivation, if you look at it the right way.”