725 Barbara Corcoran — How She Turned $1,000 into a $5B+ Empire: PR Stunts, Sales Techniques, Critical Early Wins, Fighting Trump, and Becoming a Real Estate Mogul

This is a OPEN AI summary of the Tim Ferriss Podcast #725- visit www.TinyTim.blog for more AI summaries, or www.Tim.blog for the official Tim Ferriss Podcasts

Barbara Corcoran, a successful businesswoman, shares how she planned a fake funeral as a surprise for her 70th birthday. She reveals that her love for shock value and PR stunts comes from her father, who always found ways to make life fun for their large family. This event was a memorable and enjoyable experience for Barbara and her guests.

Barbara Corcoran, a successful entrepreneur, believes in bringing fun and joy into people's lives through storytelling. She credits her skill in storytelling to her Irish heritage and used it to create captivating stories for her real estate business. One of her early successes was selling a penthouse with a unique story of cows grazing on the roof, which led to other successful listings. She also discovered a safe in a rundown mansion and used it as a marketing tool to sell the property.

Barbara Corcoran shares her early success in the real estate industry, including selling a property with no contents due to the suspense built around it. She also discusses her competitive nature and how her mother's encouragement of her creativity and ability to entertain helped shape her confidence and success. She shares an example of a game she created as a child that entertained the neighborhood kids for years.

Barbara Corcoran discusses her upbringing and the various jobs she had before starting her successful real estate company. She emphasizes the importance of learning from every job and finding one's strengths and weaknesses. She also credits her mom and early work experiences for building her confidence and hustle. She mentions the power of the press and her ability to sell and do PR. Additionally, she talks about the importance of not playing the victim and being resilient in the face of challenges.

Barbara Corcoran, a successful entrepreneur, discusses the importance of resilience and overcoming failure in her life. She attributes her ability to bounce back to her experience as a dyslexic child and being constantly put down in school. She also learned from her successful salespeople that the key to success is not just connections or work ethic, but the ability to get back up after being knocked down. She shares the story of how she met her business partner, Ramon Simone, who convinced her to move to New York City and start a business together.

Barbara Corcoran shares a story of how a man helped her start her business, but later left her for her secretary. Despite feeling heartbroken and betrayed, she quickly bounced back and started her own successful company called The Corcoran Group. She reflects on not blaming the man for his actions and the lessons she learned from the experience.

Barbara Corcoran fell in love with Ray and they had three children together. She was hurt when Ray rejected her, but didn't blame him. She found success in real estate thanks to a lucky encounter with a relocation company and the support of her landlord, John H. Campagna.

Barbara Corcoran shares her experience with an eviction notice for prostitution, and how she convinced her landlord that she was not a prostitute. She then talks about her success in the real estate industry, including her founding of the Corcoran Group and her strategies for recruiting successful agents.

Barbara Corcoran reflects on her success in the real estate industry, including her experience as a woman in a male-dominated field. She credits her competitive nature and strong organizational skills, which she learned from her mother, for her achievements. She also shares her admiration for the interviewer's preparation and approach.

The speaker's mother was very organized and taught her children to be the same way. As a dyslexic, the speaker found ways to organize visually and implemented similar systems in her real estate company. She was innovative and constantly tried new ideas, such as sharing listings, despite opposition from competitors.

Barbara Corcoran discusses her experiences in real estate, including a successful idea she had to sell apartments in a difficult market. She was inspired by a puppy sale and used a similar strategy to sell 88 apartments for the same price, resulting in a successful sale and a profit of $1.225 million in one day. Despite facing criticism from competitors, she stands by her decision to try something different and would do it again if given the chance.

Barbara Corcoran used a clever sales tactic to quickly sell apartments, and with the money she opened two offices. She also hired Esther Kaplan, a petite and soft-spoken woman who impressed her with her organized and efficient purse, to help with her business and eventually gave her 10% of the company.

Barbara Corcoran talks about how she was lucky to have found her right-hand woman who had the opposite strengths and skills as her. She taught her everything about sales, including how to assess customers, qualify them, and hustle. She also shared tips on how to dress, get free cab rides, and sequence apartment showings. Thoughtfulness and knowing how to close were also key elements in successful sales.

Barbara Corcoran, a successful salesperson, shares her best close technique for any business. She advises showing a range of prices to customers and asking them to promise not to buy anything on the same day. She also emphasizes the importance of follow-up with customers and regularly sending postcards and gifts to stay in touch. This strategy has helped her maintain a low churn rate and keep her brand at the forefront of customers' minds.

Barbara Corcoran and Tim Ferriss discuss the importance of consistency in exercise and how it has helped Corcoran both physically and mentally. She also shares her experience standing up to Donald Trump, who she describes as a bully, and how she is not afraid to fight back when someone insults her.

The speaker discusses her experience with her father's abusive behavior and how it has influenced her reaction to being insulted. She also talks about a legal battle with Donald Trump over unpaid commissions and emphasizes the importance of standing up for oneself and getting the right help. The speaker shares a personal anecdote about receiving a commission check from Trump and thanking him sarcastically with a bouquet of flowers.

Barbara Corcoran shares a story of how she got back at someone who rejected her flowers by sending him flowers every month for several years. Tim Ferriss discusses his tendency to fight and how he has learned to choose his battles wisely. They both agree that engaging in constant lawsuits is a waste of time and energy. In a change of topic, it is mentioned that Barbara Corcoran's story was featured on a UK website called Express.co.uk.

Barbara Corcoran, a Shark Tank businesswoman, shares the story of how she acquired her mobile trailer in Los Angeles. She purchased it from a woman who had a life estate and fell in love with the trailer park and her neighbors. Despite overpaying for the trailer, she has made it into a beautiful and valuable property.

The speaker describes their wonderful neighbors who take care of their trailer and are genuine and happy people. They explain their strategy of overpaying for real estate and share a story of how it helped them finish a construction project quickly. They also mention advice they would give to their younger self, including hiring happy employees and avoiding complainers.

Barbara Corcoran started a business channel on Patreon called "Barbara In Your Pocket" to provide entrepreneurs with advice and support. She wanted to create a community of entrepreneurs who could help each other and receive honest advice from her. The channel has been successful and she finds the most satisfaction in seeing entrepreneurs succeed thanks to her guidance.

Barbara Corcoran and Tim Ferriss discuss what message they would put on a billboard to impact millions of people. Barbara's answer is that people are more capable than they think and she even jokingly proposes marriage to Tim. They end the conversation with compliments and well wishes.

https://tim.blog/2024/03/06/barbara-corcoran/