Barbara Corcoran Shark Tank Investor Visits With Her Sister Jeanine Corcoran
Barbara Corcoran Shark Tank Investor Joins Her SisterJeanine Corcoran On The 16th Episode Of The DiscoverHarmony Florida Podcast
Jeanine Corcoran is the owner and broker of Corcoran Connect andthe host of Discover Harmony Florida. Her sister Barbara Corcoran is a real estatemogul and star of Shark Tank. The two sisters discuss the realestate market in Harmony, Florida, and across the nation.
Jeanine started off by welcoming her sister Barbara Corcoranfrom Shark Tank to the podcast. Barbara replied and said it is apleasure to be here and how she has looked forward to being onJeanine’s her baby sister’s podcast.
Jeanine asked Barbara about the lack of inventory in the realestate market. Jeanine said that in the Harmony, FL real estatemarket there is less than a month’s worth of inventory and itseems to be national. She asked Barbara what her opinion on thatwas?
Barbara answered that she has been in real estate for almost 50years, and this is by far the craziest most bonkers market she hasever seen. She said prices are up 19% in the last 12 months andnobody thought it would extend that far. People have become fearfulthinking that the market is going to bust. She said that there isno bust on the horizon.
Barbara said that home prices shooting up to the prices thatthey are is mind-boggling to her with Austin, TX going up 40% in ayear and Jacksonville, FL going up 31% not bad for a year.
Barbara Corcoran Recalls The Manhattan New York RealEstate Boon In The 1970s
She did remember one market that was stronger, believe it ornot, and it was a market that only lasted one year. It was a crazymarket in Manhattan, NY when she was first in business in the1970s. The city was coming out of bankruptcy, crime was up, andeverything was wrong with it. It ended up bouncing back in oneyear.
Barbara remembers calculating numbers when she realized thatprices had gone up 66% in one year. She remembers calling hermother and telling her that prices had gone up 66% and do you knowwhat she said to me, “you should take your 6% commission andleave 3% on the table and ask your buyers if you can have 3% of thedeal.” Barbara thought it was a stupid idea but if she hadlistened to her, she would have been rich by the age of 30.
The market continued to go up and go up and never stopped. Thatwas a miracle market. Barbara has never seen such as the market weare in now sustained for 2 years and still going. She added that itwill continue to get more expensive over the next year. Jeanineadded that all the real estate experts with Barbara Corcoran beingone of them are saying the same thing, that the hot real estatemarket is going to continue for the foreseeable future.
Jeanine Corcoran Asked Her Sister Will There Be A RealEstate Market Crash?
Jeanine asked the number one question that they receive all thetime, will our real estate market crash again, what do you say tothat? Barbara replied that she says the same thing to buyers allover the country. That it is a totally different market now becauseof the roots that it is built on. There is a dramatic differencebetween who is buying real estate now and who was buying it in2008.
Barbara continued that in 2008 we had the subprime market andthere was reckless lending with no parameters where anyone couldget a loan. We had investors flipping like crazy, it was that kindof a real estate market. There was also crazy inflation. Those areterrible things like bad roots of a tree to base a market on andrising prices.
However today Barbara said is different. We have real buyersthat are supporting our market. This is what gives megreat confidence. They have loans of course but the banksaren’t lending them more than they can afford. So, what youhave now is a totally different foundation of the market.
Couple this with what is a whole new appreciation ofwhat’s important in life. Barbara added that people have hadtime to think during Covid and they have realized one of the mostimportant things is where you live, and the second thing is theirjob.
How Does A Real Estate Agent Get MoreListings?
People have re-evaluated these two things and they have comeaway feeling that these things are more important than ever. Peoplehave done what they think they should have done and one of thosethings is to buy a house.
Jeanine asked Barbara Corcoran Shark Tank investor what is theone piece of advice she could give to real estate agents to getmore listings? Barbara replied that your ability to capture alisting whether it’s a firm or a real estate agent is asummation of a lot of things you’ve done well along the way.You have confidence, and credibility, you talk about otherspectacular sales, and you can win the seller over because of yourreal estate experience. You must become very good at what youdo.
It is not a magic wand Barbara said, it is something that youhave to earn by great work. The one thing that is common among allmarkets is you have to hustle. You don’t get anywhere in lifeunless you’re a hustler. Barbara said she knows hustler isprobably the wrong word but it’s a person that has theambition to go for it.
Jeanine added the trait of hunger and Barbara replied thathunger is everything and it is more important than need. The otherthing that Barbara learned years ago is after conducting a focusgroup is that people like to associate and do business with peoplelike themselves, everyone has their own audience.
Is There A Secret Sauce To Land More Real EstateListings?
Once Barbara realized this, she gave up trying to find thesecret sauce on how to land a listing. She learned that she betterdo a better job of matchmaking when people asked me for anagent.
Jeanine then asked Barbara if she could recommend a specificstrategy that can help a real estate agent help their buyer get thewinning bid in a multiple offer scenario? Barbara replied, yes, youcan counsel real estate agents on what it takes to win anythingwhich involves always putting in your best effort.
Barbara believes every great agent knows how to close a bid.Closing the bid to win is getting the absolute highest bid with nocontingencies. It is important to teach the buyers to put theirbest foot forward. The question Barbara used to ask and taught herreal estate agents to ask the buyer is “at what price wouldyou be regretful that somebody else got it”.
Jeanine said that she asks the same question to whichBarbara said, see that genius runs in the family. Barbara continuedthat question gives the buyer pause for thought and ultimatelyhelps them feel more comfortable raising their bid. This is a fairthing to do because you don’t want people regretful, and theyare only going to have to pay more for the next house. It is notlike the market is going to go down.
Does Barbara Corcoran Regret Not Investing In AnyParticular Deal While On Shark Tank?
Then of course positioning your bid whether you have all cash ornot as all cash is a misnomer. Most people think you have thecash in your pocket, all it really means is I won’t becontingent on financing.
Jeanine then turned to focus on a Barbara Corcoran SharkTank investor question. She asked Barbara if there was any dealthat got away while you were on Shark Tank that you wish you hadinvested in? Barbara answered that everyone loves to ask thatquestion and her answer is honestly, no. She said she has the greatability to move to the next deal.
Jeanine also asked Barbara what is Mr. Wonderful like in reallife? Barbara stated that he is a pushover. She continued that whenhis wife coms onto the set, his knees visibly shake just having herin the room. He is a tough guy on the set but if you want torenegotiate the deal after the fact, he has no problem with it. Mr.Wonderful is not as tough as he looks.
We hope you enjoyed Jeanine Corcoran interviewing her sisterBarbara Corcoran Shark Tank investor. One of our goals at DiscoverHarmony Florida is keeping you up to date with the local realestate market and there is no better guest to do that with thanBarbara Corcoran. Attribution link to the video source.