Latest / Earn Your Leisure / EYL #282 Barbara Corcoran on Real Estate Market, Biggest Shark Tank Deal, Selling Homes, Wealth & Investing

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EYL #282 Barbara Corcoran on Real Estate Market, Biggest Shark Tank Deal, Selling Homes, Wealth & Investing · Earn Your Leisure

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  Speaker 4: usual headquarters, but I do like this.
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  Speaker 1: She dis here, sure for sure, I think this is
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  Speaker 1: We're not gonna call this pink, but it almost gives
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  Speaker 1: almost like a peachous feeling here.
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  Speaker 2: I think it goes well without complex.
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  Speaker 3: It's very springtime iss yes.
• 3:07
  Speaker 6: All year round, by the way, but everybody looks good
• 3:10
  Speaker 6: against his color. That's why it's his color.
• 3:12
  Speaker 2: Well chosen, well chosen.
• 3:14
  Speaker 4: Barbara Porkin a legend in the game when it comes
• 3:18
  Speaker 4: to real estate. Obviously, people know you who Shark, Tank, entrepreneur,
• 3:22
  Speaker 4: the list goes on and on. So this is going
• 3:25
  Speaker 4: to be an extremely insightful conversation. As I said, you're
• 3:28
  Speaker 4: the third shark, but.
• 3:31
  Speaker 1: The most you're the most important one that we found.
• 3:36
  Speaker 6: That speak loud.
• 3:38
  Speaker 1: Of the words we are speaking to the most important sure,
• 3:41
  Speaker 1: for sure, the biggest shark and probably the best dress.
• 3:46
  Speaker 3: I'll accept that easily, easily.
• 3:49
  Speaker 4: First and foremost, thank you for hosting us at your
• 3:52
  Speaker 4: your location. Thank you so much, appreciate it, Thank you
• 3:54
  Speaker 4: so much. So I want to start, I mean everybody especially.
• 3:58
  Speaker 4: I think people our age know from Shark Tank, of course,
• 4:01
  Speaker 4: but they don't really know your backstory. They might not
• 4:03
  Speaker 4: know you're a real estate mogul, and they definitely probably
• 4:07
  Speaker 4: don't know where you started as far as used to
• 4:08
  Speaker 4: be a waitress, of.
• 4:09
  Speaker 6: Course, but I was a very good waitress. I got
• 4:12
  Speaker 6: the most tips out of all the girls.
• 4:13
  Speaker 4: Oh, Greg, So tell us your story from being a
• 4:17
  Speaker 4: waitress to getting into real estate, to getting on Shark
• 4:20
  Speaker 4: Tank and then becoming just a global brand.
• 4:22
  Speaker 6: I'll give you a very short version of it. I
• 4:24
  Speaker 6: was a waitress in New Jersey at the Fort Lee
• 4:26
  Speaker 6: Diner and met a man that came in and bought
• 4:29
  Speaker 6: a cup of tea from me, and he became my boyfriend.
• 4:32
  Speaker 6: I was twenty three one look at him, I knew
• 4:34
  Speaker 6: I was going to lose my virginity well within the year.
• 4:41
  Speaker 6: He suggested I start a real estate business. He said,
• 4:43
  Speaker 6: I have a great personality, you do well in sales,
• 4:46
  Speaker 6: why don't you start a real estate business? And he
• 4:48
  Speaker 6: loaned me a thousand dollars. That was the magic ticket
• 4:51
  Speaker 6: that got me out of the fort Lee Diner. Figured
• 4:54
  Speaker 6: I had nothing to lose. I had already had twenty
• 4:56
  Speaker 6: two jobs working my way up the ranks. Fee the
• 4:58
  Speaker 6: worst that happens, I go back to Fortley Diner. That
• 5:01
  Speaker 6: was so bad. I enjoyed the job, and I took
• 5:04
  Speaker 6: that thousand dollars and started a business just by myself
• 5:06
  Speaker 6: at first, and then I built it into a huge
• 5:09
  Speaker 6: business over the years. He left me after seven years
• 5:12
  Speaker 6: and marrying my secretary. That was a little break, but
• 5:15
  Speaker 6: that was great too, because I ended that business and
• 5:18
  Speaker 6: started the Quirkroom Group on my own, and I grew
• 5:20
  Speaker 6: that into a multimillion dollar business, of course, and sold
• 5:23
  Speaker 6: it probably twenty years to the day for sixty six million,
• 5:28
  Speaker 6: and I haven't spent most of that money.
• 5:29
  Speaker 1: By the way, sixty six that is your number. I'll
• 5:32
  Speaker 1: come back to that number a little later.
• 5:33
  Speaker 6: It's my lucky number.
• 5:34
  Speaker 2: Oh, I know.
• 5:35
  Speaker 1: That's why I said we got to come back to it,
• 5:36
  Speaker 1: because there's a great story around the number sixty six.
• 5:38
  Speaker 1: But taking that leap of faith with that thousand dollars
• 5:42
  Speaker 1: to create your own business in real estate. How much
• 5:44
  Speaker 1: knowledge base did you have around it? Way did you
• 5:47
  Speaker 1: get the knowledge or did you have mentors as you
• 5:48
  Speaker 1: were creating the business.
• 5:50
  Speaker 6: Well, I had my boyfriend who was a mentor who's
• 5:51
  Speaker 6: ten years older than me, and he was a businessman,
• 5:53
  Speaker 6: so I had a good sense of business. But no,
• 5:55
  Speaker 6: I had no knowledge. You know what the real estate
• 5:58
  Speaker 6: game really is like. If you're in sales, getting along
• 6:00
  Speaker 6: with people, reading people and being accurate, reading between the lines,
• 6:04
  Speaker 6: and hustling away into as many doors as you could.
• 6:07
  Speaker 6: Eventually somebody's going to bite at something and somebody's going
• 6:10
  Speaker 6: to give you commission check. And that's pretty much the
• 6:12
  Speaker 6: way it was. It was the easiest job I ever had,
• 6:15
  Speaker 6: after the twenty one jobs leading up to it. I
• 6:17
  Speaker 6: enjoyed it the most. I felt like I was a
• 6:19
  Speaker 6: Pollyanna running around the city opening doors for people. It
• 6:22
  Speaker 6: didn't even seem like a job. I just talked talk, talk,
• 6:24
  Speaker 6: talk talk, much like I did as a waitress, and
• 6:27
  Speaker 6: people kept coming back, and I built a tremendous trade.
• 6:30
  Speaker 6: It was so much fun. In the heydays of New
• 6:32
  Speaker 6: York when it wasn't worth anything, and values were smashing
• 6:35
  Speaker 6: up through the ceiling, and my commissions were smashing up
• 6:38
  Speaker 6: along with it. So it was very, very exciting.
• 6:41
  Speaker 3: So you build a successful business and you sell your business.
• 6:44
  Speaker 4: This is something that a lot of entrepreneurs don't fully
• 6:48
  Speaker 4: understand as far as the value of selling a business,
• 6:51
  Speaker 4: starting a new business, walking through your mind frame when
• 6:54
  Speaker 4: you were actually selling the business, and did you have
• 6:57
  Speaker 4: any you know, hesitation about letting go of something that
• 7:01
  Speaker 4: you built up.
• 7:02
  Speaker 6: No, it was pretty directed. I think if I had
• 7:05
  Speaker 6: thought a little bit more on it, I would have
• 7:07
  Speaker 6: slowed down a bit. But I remember being in the
• 7:09
  Speaker 6: office one night with my ten percent partner doing our
• 7:12
  Speaker 6: usual charts we did every month because there was no
• 7:15
  Speaker 6: you know what an MLS is, right, There was no MLS,
• 7:18
  Speaker 6: so he had no way of knowing your market share.
• 7:20
  Speaker 6: So I used to carefully put every listing of every
• 7:23
  Speaker 6: competitor on a chart. And then one day, after doing
• 7:26
  Speaker 6: that for about twelve years, I looked at my partner
• 7:29
  Speaker 6: I said, am I reading this right? We number one
• 7:32
  Speaker 6: across the board more market penetration anywhere else, more sales,
• 7:37
  Speaker 6: And she said, yeah, that's what it is. We're number one,
• 7:40
  Speaker 6: and I said, okay, let's sell the business. Perfect given
• 7:44
  Speaker 6: that some thought. But that's as quick as it happened.
• 7:47
  Speaker 6: I had it sold within a month. We closed. I
• 7:50
  Speaker 6: signed the contract the Friday night before nine to eleven.
• 7:52
  Speaker 6: Another stroke of luck. Wow, and we closed the week
• 7:56
  Speaker 6: of nine to eleven. I mean, there's nobody closing businesses.
• 7:58
  Speaker 6: But my deal was done. I got it done.
• 8:01
  Speaker 2: Yeah.
• 8:01
  Speaker 1: Well, one of the things you said when you close
• 8:03
  Speaker 1: the deal is that you haven't spent most of that
• 8:05
  Speaker 1: money yet. So that speaks to financial discipline. Is that
• 8:07
  Speaker 1: something that you had from the twenty two jobs and
• 8:10
  Speaker 1: up to it? Is that something that as you're building
• 8:13
  Speaker 1: a business, all right, I have to figure this out?
• 8:14
  Speaker 2: Well? Or maybe you didn't have financial I.
• 8:17
  Speaker 6: Never had financial discipline. There was a buck coming in
• 8:20
  Speaker 6: six months out, I had it spent before it even
• 8:22
  Speaker 6: hit my door. I always spent in advance of my budget.
• 8:26
  Speaker 6: I just wanted to see how far I could go.
• 8:27
  Speaker 6: But when I sold my business and got the sixty
• 8:31
  Speaker 6: six million, I was scared. I figured I don't have
• 8:34
  Speaker 6: my golden goose lane and the eggs anymore. All my
• 8:36
  Speaker 6: staff was gone. I had no way to produce money
• 8:39
  Speaker 6: and I thought to myself, heck, I've been a hold
• 8:42
  Speaker 6: onto this money. So I kept it in my checking
• 8:44
  Speaker 6: account without interest. Wow, well, probably four years, which is
• 8:48
  Speaker 6: probably irresponsible if you think about it. Before I invested,
• 8:51
  Speaker 6: because what I knew how to do was make money.
• 8:54
  Speaker 6: I knew how to make a business. I knew how
• 8:56
  Speaker 6: to get market share, I knew how to get marketing done,
• 8:59
  Speaker 6: get the limelight all the time. But the last thing
• 9:01
  Speaker 6: I knew about was how to make money was money.
• 9:04
  Speaker 6: So the fear alone kept it in my checking account.
• 9:08
  Speaker 3: So you kept it? You kept sixty six million checking
• 9:10
  Speaker 3: account for four years.
• 9:12
  Speaker 6: What don't suggest that's a good thing.
• 9:14
  Speaker 2: No, no, no, no, we're not. We're not.
• 9:16
  Speaker 6: Well, maybe I could use your advice, although it'll be
• 9:18
  Speaker 6: late right now.
• 9:20
  Speaker 4: When you started to deploy the capital, what's the first
• 9:24
  Speaker 4: investments that you made.
• 9:25
  Speaker 6: I bought myself a beach house. I bought myself a port.
• 9:30
  Speaker 6: I did all the kind of crazy things that people
• 9:32
  Speaker 6: did who never had a pot to pee in, So
• 9:34
  Speaker 6: I just, you know, I was able to be fancy
• 9:39
  Speaker 6: for a minute. I bought my three or four siblings,
• 9:42
  Speaker 6: so we had ten in our family who didn't own homes.
• 9:44
  Speaker 6: I bought all them homes. I was like a football star,
• 9:46
  Speaker 6: almost like it whoa barbon struck it rich? You know,
• 9:50
  Speaker 6: everybody had a ten thousand dollars problem.
• 9:52
  Speaker 3: I got that, you get a car, you get a car.
• 9:54
  Speaker 6: No, I didn't buy any cars houses for everybody to
• 9:57
  Speaker 6: sure everybody up. And that's kind of what I did.
• 9:59
  Speaker 6: I kind of I made everybody happy with the money,
• 10:02
  Speaker 6: and I still had tons of money left over.
• 10:03
  Speaker 2: It was look at that.
• 10:06
  Speaker 4: So when you sold your business, was there already a
• 10:10
  Speaker 4: plan in place for the second part of your life
• 10:12
  Speaker 4: or did you just want to sell a business and
• 10:14
  Speaker 4: then just figure it out after it was already done.
• 10:16
  Speaker 6: I had a great plan. I always wanted to be
• 10:18
  Speaker 6: a great Italian cook. So I took Italian cooking lessons
• 10:22
  Speaker 6: and the second lesson on a Thursday, and I thought,
• 10:25
  Speaker 6: this isn't going to work. And so then I sat
• 10:30
  Speaker 6: down and I made a list, which I would suggest
• 10:32
  Speaker 6: to a lot of people waiting. You don't know what
• 10:33
  Speaker 6: you want to be when you grow up, so to speak,
• 10:35
  Speaker 6: even though I was already grown up. I made a
• 10:37
  Speaker 6: list of what I did well and what I didn't
• 10:39
  Speaker 6: do well. And the list of what I didn't do
• 10:41
  Speaker 6: well was a lot longer. But on my miniature list
• 10:44
  Speaker 6: of what I did well, I was good at generating publicity.
• 10:47
  Speaker 6: I was good at hiring people, and I was good
• 10:50
  Speaker 6: at creating hope lah making things look big. And I
• 10:55
  Speaker 6: loved an audience, so I went into the TV business.
• 10:58
  Speaker 6: What other business would they be?
• 11:00
  Speaker 3: No business of any other.
• 11:02
  Speaker 1: So I mean that speaks to a lot because you
• 11:04
  Speaker 1: said there's no mls. You love creating hoopla, right, you
• 11:08
  Speaker 1: love having an audience. So in this time, this is
• 11:11
  Speaker 1: before social.
• 11:12
  Speaker 2: Media, Like, yes, the Internet, we had social media, but.
• 11:14
  Speaker 1: I forget about it. I mean you be out here.
• 11:16
  Speaker 1: I mean you're out of here now. But this before
• 11:18
  Speaker 1: social media. This is like right in the era of
• 11:21
  Speaker 1: the internet. So like, how are you creating the bus
• 11:23
  Speaker 1: to become the number one in the region?
• 11:25
  Speaker 2: Like what was the steps? Like was there a ten
• 11:28
  Speaker 2: list thing that we had to do? Make sure?
• 11:30
  Speaker 6: No steps? Honestly, it was hustle more than anything else.
• 11:32
  Speaker 6: I had a great imagination. I would come up with
• 11:35
  Speaker 6: ridiculous gimmicks, like teaching dogs how to shake hands in
• 11:38
  Speaker 6: central parks because the boards of the city said they
• 11:40
  Speaker 6: want to interview dogs. Whether they did or not, I
• 11:42
  Speaker 6: don't know. Pretending that in the Guggenheim mansion that was
• 11:46
  Speaker 6: a lot safe that nobody ever seen in before. I
• 11:49
  Speaker 6: had seen it before. There's nothing in there but creating
• 11:52
  Speaker 6: it for this day show to come and open it
• 11:54
  Speaker 6: up and from the cameras. Okay, I just did ridiculous things.
• 11:58
  Speaker 6: Put cows on the roof of a building so the
• 12:01
  Speaker 6: press would write about it, anything I could think of.
• 12:03
  Speaker 6: I thought, it's going to get attention. And you know
• 12:05
  Speaker 6: what's funny about real estate. If you can get attention,
• 12:08
  Speaker 6: you can sell. If you get attention, get overpaid. If
• 12:11
  Speaker 6: you can get attention, you get the attention. It got
• 12:14
  Speaker 6: to a point after a while that if any of
• 12:16
  Speaker 6: my competitors, which are much larger than me for many years,
• 12:19
  Speaker 6: if they had a sale to someone with notoriety, the
• 12:22
  Speaker 6: whole press was circling around and want to know about
• 12:24
  Speaker 6: the deal. They refused to talk to the press because
• 12:27
  Speaker 6: they had signed a non disclosure. The press always called me.
• 12:31
  Speaker 6: I said, I'll tell you about it. Everybody thought I
• 12:33
  Speaker 6: sold everything. You know, it was just creating press. And
• 12:37
  Speaker 6: also you had billboards in the city. I bought billboards
• 12:40
  Speaker 6: on a fracture of a dollar for every billboard leftover billboards.
• 12:44
  Speaker 6: I said, let me just use it for two months
• 12:46
  Speaker 6: so you find somebody real, and then they wouldn't find
• 12:48
  Speaker 6: anybody for two years, and my face would be on
• 12:50
  Speaker 6: the billboard. You know. I created the Internet. I was
• 12:53
  Speaker 6: the first company on the Internet in the United States
• 12:56
  Speaker 6: because it was a haphazard accident that I happened to
• 12:59
  Speaker 6: stumble into.
• 13:00
  Speaker 3: You were the first company on Internet.
• 13:01
  Speaker 6: Yes, I was because my husband was a Navy captain
• 13:05
  Speaker 6: and was playing war games in South Korea and he
• 13:07
  Speaker 6: came home and he said, the government's got this new
• 13:10
  Speaker 6: thing called the Internet. And I had a failed project
• 13:13
  Speaker 6: that I hadn't succeeded in videos, apartments and videos. I
• 13:16
  Speaker 6: threw it on the Internet and it exploded. I mean
• 13:20
  Speaker 6: we were on the Internet almost three years before my
• 13:22
  Speaker 6: competitors were, and I registered all my competitors URLs, which
• 13:26
  Speaker 6: you were allowed to do that, so they had to
• 13:27
  Speaker 6: call and ask me for them. I love that part
• 13:30
  Speaker 6: the best. Ye Now, you had many You always have
• 13:32
  Speaker 6: a means of creating, making yourself look bigger and better
• 13:36
  Speaker 6: than you are, if you have the courage to not
• 13:39
  Speaker 6: mind sticking yourself out there, maybe getting caught, you know,
• 13:43
  Speaker 6: but people love a story. If you give people a story,
• 13:46
  Speaker 6: they like to repeat it and repeat it. Stories gets
• 13:48
  Speaker 6: you a lot of business.
• 13:50
  Speaker 3: No, that's good information. I want to ask you.
• 13:52
  Speaker 4: I want to talk about shark Teak Before that, I
• 13:54
  Speaker 4: just want to ask some real estate questions, because we're
• 13:56
  Speaker 4: in New York City and you made your name in
• 13:59
  Speaker 4: New York City.
• 14:00
  Speaker 6: In New York, I don't know if I do it
• 14:01
  Speaker 6: anywhere else.
• 14:02
  Speaker 4: New York's a tough market though, and commercial real estate
• 14:05
  Speaker 4: right now that a lot of people are saying that
• 14:08
  Speaker 4: we're going to have a commercial real estate crash, what
• 14:11
  Speaker 4: is your thoughts on the current state of real estate
• 14:13
  Speaker 4: in America, specifically New York City and commercial real estate and.
• 14:16
  Speaker 6: Commercial real estate. We've already had the crash. Nobody wants
• 14:19
  Speaker 6: to label it a crash. Every big guy who owns banks, institutions,
• 14:23
  Speaker 6: individuals who own some of these huge, prestigious commercial buildings
• 14:27
  Speaker 6: are half empty. They don't admit it. They're not making
• 14:30
  Speaker 6: any money. The banks have to deal with it. The
• 14:32
  Speaker 6: banks don't want to foreclose on it because they don't
• 14:34
  Speaker 6: know what to do with the damn things. It's a
• 14:36
  Speaker 6: real problem the commercial The commercial market is probably the
• 14:40
  Speaker 6: worst part of the residential market right now, all brought
• 14:43
  Speaker 6: to you by COVID and working at home. People don't
• 14:46
  Speaker 6: want to go to the inner city and work so
• 14:47
  Speaker 6: much unless they are forced to. Now there's so much
• 14:50
  Speaker 6: space available, so much space that people are collecting rent
• 14:54
  Speaker 6: on that large corporations aren't even using. That's going to
• 14:56
  Speaker 6: come out in the wash.
• 14:57
  Speaker 4: What do you think, What do you think will happen
• 14:59
  Speaker 4: that be converted to residential housing or.
• 15:02
  Speaker 6: It's hard to do. It depends upon the city.
• 15:04
  Speaker 5: You know.
• 15:04
  Speaker 6: The federal government has a phenomenal program that provides all
• 15:08
  Speaker 6: the financing to convert the buildings to residential And there's
• 15:11
  Speaker 6: a trend in the United States that the tallest buildings
• 15:14
  Speaker 6: now are rental buildings, residential rental buildings. The tallest buildings
• 15:18
  Speaker 6: used to be commercial. It used to be condos, fancy condos.
• 15:21
  Speaker 6: That's totally changed. But it's a difficult thing because what
• 15:26
  Speaker 6: you have in New York is you have huge floor
• 15:28
  Speaker 6: plates with not enough windows, and legally you have to
• 15:31
  Speaker 6: have a window in every room to qualify as a room.
• 15:33
  Speaker 6: So you have broad full city blocks windows on four sides,
• 15:38
  Speaker 6: but all the interim can't be usable space. So it
• 15:41
  Speaker 6: is a problem I don't think anybody's got a solution
• 15:43
  Speaker 6: to it yet.
• 15:44
  Speaker 2: Can we go back to the number sixty six? Favorite?
• 15:48
  Speaker 1: Your favorite number because it's stating with me and it
• 15:50
  Speaker 1: talks about instincts. Right, So when you said that you
• 15:52
  Speaker 1: want to sell a business sixty six million, Now, when
• 15:56
  Speaker 1: you came to your residential home, I know the for
• 16:00
  Speaker 1: was about twenty, but you said, I can't tell unless's
• 16:03
  Speaker 1: sixty six. Talk about that story and how this number
• 16:06
  Speaker 1: came about, and just having the instinct to go with
• 16:09
  Speaker 1: what is your feeling.
• 16:10
  Speaker 6: What I think it proves more than anything else is
• 16:12
  Speaker 6: there is no real value you could set on a business.
• 16:14
  Speaker 6: It's a shooting match, you know, whatever will guy says something,
• 16:17
  Speaker 6: somebody says the rest. I knew nothing about valuing business.
• 16:20
  Speaker 6: I was shocked I was making money in my business.
• 16:23
  Speaker 6: I had only been making millions of dollars the less
• 16:25
  Speaker 6: two years before that. I was second heir. But when
• 16:28
  Speaker 6: I decided I want to sell the business, I said
• 16:31
  Speaker 6: I'll take sixty six. They left in my face and
• 16:33
  Speaker 6: they gave me the RF of twenty two and I
• 16:35
  Speaker 6: start with sixty six. It wasn't until they closed on
• 16:38
  Speaker 6: the business like two months later. They finally said to
• 16:41
  Speaker 6: be the attorney. Please tell us how did you arrive
• 16:44
  Speaker 6: at sixty six? I said, it's my lucky number. So
• 16:47
  Speaker 6: that's the science that went into valuating the business. How
• 16:50
  Speaker 6: ridiculous that is on Shark Time today, we all sit
• 16:53
  Speaker 6: around saying it's all valuation blah blah blah. First of all,
• 16:57
  Speaker 6: I don't know what the guys are talking about. And secondly,
• 16:59
  Speaker 6: I don't believe it's like do I like the guy?
• 17:01
  Speaker 6: Do I want to grab the woman? Are they good entrepreneurs? Yeah?
• 17:04
  Speaker 6: That's good for me, and I'll pay the sprinch money.
• 17:07
  Speaker 4: So I want to have another question about real estate
• 17:09
  Speaker 4: because this is an important question.
• 17:11
  Speaker 6: Very serious man. I think I'm going to give you
• 17:14
  Speaker 6: my money to manage.
• 17:15
  Speaker 2: For sure.
• 17:15
  Speaker 6: It seemed like the type of guy who would do
• 17:17
  Speaker 6: good show.
• 17:19
  Speaker 2: Was a great reader.
• 17:20
  Speaker 4: How do you feel about the residential real estate mar
• 17:22
  Speaker 4: because that's another issue. Rents at all time high, inventory
• 17:26
  Speaker 4: is very low. Salaries have not gone up, so a
• 17:29
  Speaker 4: lot of people are struggling to actually find somewhere to
• 17:31
  Speaker 4: live and they're getting squeezed out. You have hedge funds
• 17:34
  Speaker 4: that's buying residential homes a record breaking numbers. So this
• 17:37
  Speaker 4: is another major issue that we're in and there's no
• 17:42
  Speaker 4: real solution for that either. So what's your thoughts on
• 17:45
  Speaker 4: the American residential market.
• 17:48
  Speaker 6: It is really a shame because what we are really
• 17:50
  Speaker 6: experience is we don't have enough inventory. Especially the lower
• 17:53
  Speaker 6: the price the rental apartment, the less inventory we have,
• 17:56
  Speaker 6: and those people have the least amount of money to
• 17:58
  Speaker 6: spend on that rent. All right, that's a terrible state.
• 18:01
  Speaker 6: Nobody's building new housing except for the middle class of
• 18:04
  Speaker 6: the rich, and that's really true. Croscination. Rents have come down,
• 18:09
  Speaker 6: and people get excited about rents coming down by two
• 18:11
  Speaker 6: or three percent, but who are they coming down for.
• 18:14
  Speaker 6: They're coming down for the luxury market, not for the
• 18:16
  Speaker 6: people who are desperate to get their hands on an apartment. Okay,
• 18:20
  Speaker 6: so it's really I think I have a feeling myself
• 18:23
  Speaker 6: that I think that's the obligation of the federal government
• 18:26
  Speaker 6: to put a lot of money in there, make sure
• 18:28
  Speaker 6: the inventory is high. And even if they were to
• 18:30
  Speaker 6: step up to the plate right now, it'd probably take
• 18:32
  Speaker 6: four or five years to even level things out. And
• 18:36
  Speaker 6: that's not even speaking to a first time buyer wanting
• 18:39
  Speaker 6: to have the American dream of buying their first home.
• 18:41
  Speaker 6: Forget about that they lose five bits to get one.
• 18:45
  Speaker 6: They can't the financing. The financing is high. It's a
• 18:49
  Speaker 6: really dire state. Again, if you have enough money to
• 18:51
  Speaker 6: go in old cash, pay what you want. Oh that's cool.
• 18:54
  Speaker 6: You know you got to overbid everybody. But for the
• 18:56
  Speaker 6: great majority of it is it just doesn't work that way,
• 18:59
  Speaker 6: and it's a very upsetting. I think we probably have
• 19:01
  Speaker 6: the choppiest market I have seen my days as real
• 19:04
  Speaker 6: estate ation.
• 19:06
  Speaker 1: You've been hit in the space for a long time,
• 19:08
  Speaker 1: A veteran, a legend. Talk about some of you had
• 19:11
  Speaker 1: some of the highlights, but talk about some of the
• 19:13
  Speaker 1: challenges that you face, right being a woman in the space,
• 19:16
  Speaker 1: being unorthodox about the way you're going about promoting. Talk
• 19:19
  Speaker 1: about some of the challenge that you faced from traditional media,
• 19:21
  Speaker 1: from the industry in itself.
• 19:24
  Speaker 6: Honestly, the things that I saw as a young woman
• 19:27
  Speaker 6: as a challenge in hindsight were my assets. I just
• 19:31
  Speaker 6: wasn't looking at it straight. You know, so much of
• 19:33
  Speaker 6: life is how you look at things. I saw myself
• 19:35
  Speaker 6: as the only woman in an all male game. I
• 19:37
  Speaker 6: saw myself as a port kid from New Jersey who
• 19:40
  Speaker 6: didn't have anything to work with, and I was competing
• 19:43
  Speaker 6: against the rich old boy network, the big guys whose
• 19:48
  Speaker 6: sons and grandsons inherited the money from the dad. They
• 19:51
  Speaker 6: owned the buildings, they own the market, They control the market.
• 19:54
  Speaker 6: And I saw that as almost insurmountable until I decided
• 19:58
  Speaker 6: I was going to be the queen of New York
• 19:59
  Speaker 6: real state. Until I had that dream, and I could
• 20:01
  Speaker 6: see it in a living color, and I know it
• 20:03
  Speaker 6: sounds weird, but I could taste it. You'd think you
• 20:07
  Speaker 6: could taste a dream. It sounds crazy, but I could
• 20:09
  Speaker 6: taste the red suit I had on. I could taste
• 20:12
  Speaker 6: some heels I was wearing. I could taste all that.
• 20:15
  Speaker 6: And once I made up my mind I was going
• 20:17
  Speaker 6: to be the queen of New York real estate. I
• 20:18
  Speaker 6: started noticing other things. Once I allowed that dream. I
• 20:21
  Speaker 6: noticed that the guys were asleep at the wheel. They
• 20:24
  Speaker 6: were doing things the same old, same old. I noticed
• 20:26
  Speaker 6: that in bad times they never took risks because they
• 20:28
  Speaker 6: protected their money. I noticed I never did anything out
• 20:32
  Speaker 6: of the box, ordinary, anything creative, because what they had
• 20:35
  Speaker 6: done in the last thirty forty sixty years was working
• 20:38
  Speaker 6: fine for the family, and they didn't change anything, And
• 20:40
  Speaker 6: the best thing I noticed. I used to feel insulted
• 20:44
  Speaker 6: by walking into a room, say at the Real Estate
• 20:46
  Speaker 6: Board of New York and industry event, and nobody even
• 20:49
  Speaker 6: saying hi to me, or turning their back, or just
• 20:51
  Speaker 6: giving me a perfunctory oh yes, like dismissal that pisteme.
• 20:56
  Speaker 6: I can't say pissy again again. I can't say I
• 21:01
  Speaker 6: definitely do that for me. I'm feeling my mother upstairs saying,
• 21:05
  Speaker 6: don't do it. But that was the most insulting of all.
• 21:10
  Speaker 6: But you know what it did for me. It made
• 21:12
  Speaker 6: me say I'm gonna get even I'm gonna get you.
• 21:14
  Speaker 6: I'm going to come back and bite you in the
• 21:15
  Speaker 6: as you wait and see. And you know the advantage
• 21:18
  Speaker 6: you have when nobody's taking you seriously nor watching you.
• 21:22
  Speaker 6: You can do what you want. You don't play around.
• 21:24
  Speaker 6: You have no Downsay what was I going to What
• 21:26
  Speaker 6: was I going to lose by trying everything? I was
• 21:28
  Speaker 6: gonna get my old job back, big deal. You know,
• 21:30
  Speaker 6: I was happy as a waitress. I can get my
• 21:32
  Speaker 6: whole job back and do something else. But I realize
• 21:35
  Speaker 6: all the things that seemed to confine me as a
• 21:37
  Speaker 6: young woman when I looked at the horizon making things
• 21:40
  Speaker 6: seem impossible. We're really just the way I was looking
• 21:43
  Speaker 6: at it until I looked at the flip side of it,
• 21:46
  Speaker 6: you know. And it doesn't mean if you look at
• 21:48
  Speaker 6: things differently it all works out, But it's the beginning
• 21:50
  Speaker 6: of everything working out because you start to see the opportunity,
• 21:54
  Speaker 6: and those opportunities far more important than the hard times.
• 21:58
  Speaker 6: Everyone who builds a business has to have challenges and
• 22:01
  Speaker 6: get over obstacles and loses a good faith and has
• 22:05
  Speaker 6: lousy self talk to tell themselves and no good whatever
• 22:08
  Speaker 6: they all go through. I went through all of that.
• 22:10
  Speaker 6: But the whole time I went through all of that,
• 22:12
  Speaker 6: I could see that dream I knew I was going
• 22:14
  Speaker 6: to be wearing. I was like the Pope, with everybody
• 22:17
  Speaker 6: kissing my ring and waiting in line. I had this
• 22:20
  Speaker 6: whole video thing going on my head, and I think,
• 22:24
  Speaker 6: I think for me, that really gave me the compass
• 22:27
  Speaker 6: to keep going because I really thought I could accomplish it.
• 22:31
  Speaker 6: But I didn't know i'd be paid sixty six million.
• 22:33
  Speaker 6: I just wanted to be a big shot.
• 22:36
  Speaker 4: So shark Tank, Yeah, what's your introduction to shark Tank?
• 22:40
  Speaker 4: How did you hear about it, and how does the
• 22:42
  Speaker 4: relationship with Shark Tank's start.
• 22:43
  Speaker 6: I got a call one day. I was doing some
• 22:45
  Speaker 6: gigs on real estate on the Today Show, like once
• 22:47
  Speaker 6: a month or something like that, and I got a
• 22:49
  Speaker 6: call from a producer named Mark Burnett, who I had
• 22:52
  Speaker 6: no idea was a big producer or his assistant. I
• 22:55
  Speaker 6: don't mean to overplay that. His assistant called me asking
• 22:58
  Speaker 6: me if i'd be interested in the show described. I said, sure,
• 23:01
  Speaker 6: signed the contract with them. Four days is it to write?
• 23:03
  Speaker 6: Aut sent it back, and then two days before I
• 23:06
  Speaker 6: was headed to Shark Tang and told all my friends,
• 23:08
  Speaker 6: I'm going to Hollywood. Wow, Hollywood. I bought new outfits,
• 23:12
  Speaker 6: I bought new luggage. I get to the whole nine yards.
• 23:14
  Speaker 6: You know. I got a call saying they changed your mind.
• 23:17
  Speaker 6: They invited another woman. I couldn't believe it. I couldn't
• 23:20
  Speaker 6: believe but I did what I did do always very
• 23:24
  Speaker 6: well in my old career. I didn't take it laying down.
• 23:27
  Speaker 6: I sat down again. I'm going to use the word
• 23:29
  Speaker 6: piss sat down, wrote the email to Mark Bournett. You're
• 23:32
  Speaker 6: making mistake. I cansider your mistake. My lucky charm blah
• 23:36
  Speaker 6: blah blah. I've had all the best things happened in
• 23:38
  Speaker 6: my life on the heels of rejections. And I cited
• 23:41
  Speaker 6: Sister Stella Marie telling me I'd be stupid, the Old
• 23:43
  Speaker 6: Boy Network telling me I'd never compete with them in
• 23:46
  Speaker 6: the Old Boy Network, defeating Donald Trump when he said
• 23:48
  Speaker 6: I never see a penny of the four million dollar commission,
• 23:51
  Speaker 6: and I just cited the high points, and then I said,
• 23:54
  Speaker 6: I suggest you invite both women out to LA and
• 23:57
  Speaker 6: we compete for the seat. And that's exactly what you did.
• 24:00
  Speaker 6: Thank god, I wrote that email. I've been on Shark
• 24:03
  Speaker 6: Tank what fifteen. Imagine if I didn't have all those
• 24:07
  Speaker 6: delicious entrepreneurs I got to work with. I mean, I'm
• 24:10
  Speaker 6: sure I'd find another way to make a living because
• 24:12
  Speaker 6: of a worker, but I wouldn't have had as satisfying
• 24:14
  Speaker 6: career as I've had.
• 24:15
  Speaker 4: Well, that's a valuable point because a lot of times
• 24:17
  Speaker 4: people would have just taken it the rejection and moved.
• 24:21
  Speaker 6: On, move on. It seems prudent when you think, move on,
• 24:25
  Speaker 6: get over it. Yeah, but what is important. The piece
• 24:30
  Speaker 6: there that I have learned working with my entrepreneurs is
• 24:33
  Speaker 6: the space between people move on a great entrepreneur. I've
• 24:36
  Speaker 6: seen it again and again with every single person who
• 24:39
  Speaker 6: has made a lot of money and really been successful.
• 24:41
  Speaker 6: They take less time feeling sorry for themselves. They take
• 24:44
  Speaker 6: the hit, but they don't wallow in it, you know,
• 24:46
  Speaker 6: they just get back up and say hit me again,
• 24:48
  Speaker 6: almost like they have a low IQ like that kind
• 24:52
  Speaker 6: of a thing, you know. But those are the winners.
• 24:54
  Speaker 6: Those are the people who just keep coming back, keep
• 24:56
  Speaker 6: coming back at you. And that's far more important than
• 24:59
  Speaker 6: telligen or knowledge or anything else. I think it's a
• 25:03
  Speaker 6: drive to come back when you've been hit. I haven't
• 25:07
  Speaker 6: really thought of anything more important than that in my
• 25:09
  Speaker 6: whole life and watching my entrepreneurs, that is the number
• 25:12
  Speaker 6: one trait, without it, without a doubt in my mind.
• 25:14
  Speaker 1: So in fifteen years, as these people are walking with
• 25:17
  Speaker 1: their businesses, the first thing you're looking for is do
• 25:20
  Speaker 1: they have the drive? What are some of the characteristics
• 25:21
  Speaker 1: that you're looking at the present I have a test.
• 25:25
  Speaker 6: I mean to present. The presenting is great, but you know,
• 25:27
  Speaker 6: there's a lot of pressure on the show to ask
• 25:29
  Speaker 6: a lot of questions rapid fire, really fast. Very often.
• 25:32
  Speaker 6: It's a hard thing to really get to know the
• 25:34
  Speaker 6: person I'm trying to dig for bad backgrounds, fathers that
• 25:39
  Speaker 6: were drunks, mothers that dan in the hell. I know
• 25:42
  Speaker 6: that sounds stupid, but if they came through adversity, I
• 25:46
  Speaker 6: mean it. If somebody's a rich kid and got the
• 25:49
  Speaker 6: first round family hate family and friends, family and friends,
• 25:53
  Speaker 6: you don't need me. Just go to your family and friends,
• 25:55
  Speaker 6: you know. But the most important thing happens to me.
• 25:59
  Speaker 6: I invite potentially everybody i'm sign a contract with. Three
• 26:03
  Speaker 6: months after I sign, I invite them to New York
• 26:05
  Speaker 6: to discuss with me what are the biggest issues. And
• 26:08
  Speaker 6: they come very well prepared. But I watch, and you
• 26:12
  Speaker 6: know what, the people who take careful notes and ask
• 26:14
  Speaker 6: me all the questions how they're going to succeed, and
• 26:16
  Speaker 6: ask me this and that. I know I got a loser.
• 26:20
  Speaker 6: When somebody's sitting there and politely listening and they're just
• 26:22
  Speaker 6: going to go out on their own and do exactly
• 26:24
  Speaker 6: as I please. I got myself a winner, because that
• 26:26
  Speaker 6: is the nature of a great entrepreneur. The head's strong,
• 26:29
  Speaker 6: they're driven, you know, they don't they didn't get into
• 26:32
  Speaker 6: the business to have a boss tell them what to do.
• 26:34
  Speaker 6: And if somebody is putting me in the position of
• 26:36
  Speaker 6: kind of being the new boss. It's like not a
• 26:39
  Speaker 6: good sign. I don't know if you've walked my office,
• 26:41
  Speaker 6: but I have all my entrepreneurs and frames that I
• 26:44
  Speaker 6: do deals with, and the minute I see them acting
• 26:47
  Speaker 6: that way, taking notes or blaming something that went wrong
• 26:51
  Speaker 6: on somebody else, I turn the picture around. I know
• 26:54
  Speaker 6: they're not going to succeed. The minute you have someone
• 26:57
  Speaker 6: who feels sorry for themselves, they don't succeed. That's been
• 26:59
  Speaker 6: my rule along. I'm open minded to change it, but
• 27:02
  Speaker 6: I've never seen an exception of that. Feeling sorry for
• 27:04
  Speaker 6: yourself makes you a victim. If you're a victim, you
• 27:07
  Speaker 6: give your power away. If you give your power away,
• 27:09
  Speaker 6: you don't see opportunity. If you don't see opportunity, you
• 27:11
  Speaker 6: don't get ahead. It's like boom follow. It's just like a.
• 27:14
  Speaker 4: Trainline domino effect. Yeah, so we spoke with Damon.
• 27:18
  Speaker 3: He talked about Bomba socks. I think that was his biggest.
• 27:21
  Speaker 2: Very proud, very proud.
• 27:22
  Speaker 6: I love those Bomba socks. I hate seeing Damon, So no,
• 27:28
  Speaker 6: I'm annoyed I didn't get that deal.
• 27:29
  Speaker 4: What's the deal that you remember your top deal or
• 27:33
  Speaker 4: one of the deals that you know is a highlight
• 27:36
  Speaker 4: for you.
• 27:36
  Speaker 6: Well, the most profitable deal is that is definitely comfy.
• 27:40
  Speaker 6: I mean good old comfy, good old comfy. I mean
• 27:43
  Speaker 6: it's not my kind of deal. I like service businesses
• 27:45
  Speaker 6: where I could build build an empire, or build a
• 27:48
  Speaker 6: franchise or build something on a service back. That's my
• 27:52
  Speaker 6: sweet spot. So it was so abnormal I should do
• 27:55
  Speaker 6: bore them actually to actually buy that because of an
• 27:58
  Speaker 6: oversized sweatshirts. The guy had experience, They didn't know how
• 28:01
  Speaker 6: much it would cause, theydn't know what they would sell
• 28:03
  Speaker 6: it for, and in two years, I can't even remember
• 28:05
  Speaker 6: the number. It seems so absurd, like I'm making it up.
• 28:07
  Speaker 6: I'm probably making up, but let's just say I should
• 28:10
  Speaker 6: probably check with somebody. I think I think I had
• 28:12
  Speaker 6: forty seven million dollars in sales in two years over
• 28:15
  Speaker 6: this stupid oversized sweatshirt. Whoever saw that train coming. When
• 28:19
  Speaker 6: I said to them, I'll take a thirty of business
• 28:21
  Speaker 6: on the sharks here are at all interested in this,
• 28:24
  Speaker 6: I'll take a third for ten twenty thousand dollars, they
• 28:27
  Speaker 6: grabbed it. And that was my single, my best deal,
• 28:31
  Speaker 6: my best deal of today, money making if that's what
• 28:34
  Speaker 6: you'd be money making, which is a little different than satisfaction.
• 28:37
  Speaker 1: Yeah, So what that leads the question is, so what's
• 28:40
  Speaker 1: the most satisfying Because as you were speaking, I looked
• 28:42
  Speaker 1: at I'm looking at the list, and I've watched the show,
• 28:44
  Speaker 1: so I know you're more into the service space. I've
• 28:46
  Speaker 1: actually visited some of the you know, your investments, the
• 28:49
  Speaker 1: cousin Main's lapses, which is incredible here in the city.
• 28:53
  Speaker 1: So what has been the most satisfying one for you?
• 28:56
  Speaker 6: Exactly that? Because that one I love it. The guys
• 28:59
  Speaker 6: have found phenomenal. I'm not sure you know that. Damon
• 29:01
  Speaker 6: always comes out for them when do a promotion. Damon
• 29:04
  Speaker 6: loves these guys. He always comes out and performs to them.
• 29:07
  Speaker 6: He's a sweetheart. But these guys, one is one type
• 29:10
  Speaker 6: of person out the others the opposite. They've got hoods,
• 29:13
  Speaker 6: but of the moon. They're great salespeople. They're good looking
• 29:16
  Speaker 6: and if you think that doesn't count, it counts. They
• 29:19
  Speaker 6: charm the pancil off anybody they need, okay, and they
• 29:21
  Speaker 6: even charm me. They call me up to tell me
• 29:23
  Speaker 6: how pretty I am. Do you know how good that
• 29:25
  Speaker 6: feels the money. I love those guys, but they both
• 29:29
  Speaker 6: got married too bad, so I have kids and all
• 29:33
  Speaker 6: that stuff.
• 29:37
  Speaker 4: So for the entrepreneurs everybody watching Shark Tank, right, what
• 29:41
  Speaker 4: advice could you give somebody else looking to seek money
• 29:44
  Speaker 4: from a venture capitalist or angel investors, somebody like yourself, Like,
• 29:47
  Speaker 4: what are some things that they need to have prepared
• 29:51
  Speaker 4: before they start pitching their business for capital?
• 29:54
  Speaker 6: Two things they need they need to show sales, an
• 29:56
  Speaker 6: attraction of sales going up to the roof. That's important.
• 30:00
  Speaker 6: They also need to tell the investor, which many people
• 30:02
  Speaker 6: on Shark Tank don't tell us, how are you going
• 30:05
  Speaker 6: to make money? Hey, let me tell you how you're
• 30:07
  Speaker 6: going to make money? Because any guy sitting there with
• 30:09
  Speaker 6: money in his pocket to invest has that question right
• 30:12
  Speaker 6: in his forehead. How am I going to make money?
• 30:14
  Speaker 6: They're measuring everything by that basis, How am I going
• 30:17
  Speaker 6: to make money? So I would say you have to
• 30:19
  Speaker 6: have appreciating sales and you have to answer straight down
• 30:23
  Speaker 6: the middle how you're going to make money and how
• 30:24
  Speaker 6: much money youre going to make, which is hard to do.
• 30:27
  Speaker 6: You know. Most people don't do that. They project out
• 30:30
  Speaker 6: based on industry averages and how big the market is.
• 30:33
  Speaker 6: And let me tell you, every investor, not just on
• 30:35
  Speaker 6: shark Tank, but every investor writes it right off. But
• 30:38
  Speaker 6: more important than any of that is try to bootstrapping business.
• 30:41
  Speaker 6: I'm just a believer in bootstrapping. When you're spending your
• 30:44
  Speaker 6: own money that you slaved around for to try to
• 30:47
  Speaker 6: make that buck and did everything in your mind to
• 30:49
  Speaker 6: try to grab that buck, you spend it very carefully.
• 30:53
  Speaker 6: You get about three dollars out of a dollar. You know,
• 30:55
  Speaker 6: you're just careful with how you spend your money. When
• 30:57
  Speaker 6: you've got family and friends or investors behind you, you
• 31:00
  Speaker 6: just don't spend your money the same way. It's different.
• 31:03
  Speaker 6: I don't know it shouldn't be different, but it's different
• 31:06
  Speaker 6: when you've earned the money and you're spending your own bucks.
• 31:09
  Speaker 6: So I think bootstrapping businesses are a great way to
• 31:12
  Speaker 6: get started rather than going out of funding right away.
• 31:15
  Speaker 6: Of course, if you're a technology business that takes tremendous
• 31:18
  Speaker 6: cash to get it started, that's one thing, but those
• 31:21
  Speaker 6: are not the majority of businesses in the United States.
• 31:24
  Speaker 6: The majority of mom palm, main street type businesses. So
• 31:26
  Speaker 6: bootstrapping you learn everything with earners.
• 31:29
  Speaker 1: What's up you ever wander what's around the next corner.
• 31:32
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• 32:42
  Speaker 6: Today your own money, you learn the pain, you'll learn
• 32:45
  Speaker 6: the joy, you learn it all. It's stiffer with your
• 32:48
  Speaker 6: own money for sure.
• 32:49
  Speaker 3: Yeah.
• 32:50
  Speaker 1: Talk about the branding process because I'm thinking as people
• 32:53
  Speaker 1: come into it, they have to pitch and it happens.
• 32:55
  Speaker 1: And like you said, most of them are mom and
• 32:57
  Speaker 1: pop shops. Getting your name out there, get the message
• 33:00
  Speaker 1: out there is difficult. As you take on investors. What
• 33:04
  Speaker 1: are some of the strategic tips that you're telling them.
• 33:06
  Speaker 1: All Right, here's how we're going to market this now
• 33:07
  Speaker 1: to make this a global.
• 33:09
  Speaker 6: Most the most important thing is to pick the right
• 33:11
  Speaker 6: platform social media. When I was building my business, you
• 33:14
  Speaker 6: had the newspapers, the major newspapers I used. You had billboards,
• 33:18
  Speaker 6: you had gimmicks, whatever. Today it's changed. Today it's all
• 33:21
  Speaker 6: about social media. Do you know in the last two years,
• 33:24
  Speaker 6: I haven't invested in a single business that isn't powerful
• 33:26
  Speaker 6: social media. They might have a little company, but the
• 33:29
  Speaker 6: following is huge. That's a good plus. It's like having
• 33:32
  Speaker 6: an empty box you could fill up, you know, but no.
• 33:35
  Speaker 6: Social media is where it's at I have great social
• 33:38
  Speaker 6: media in the house here that help people, but people
• 33:40
  Speaker 6: really you really need someone on your team, ideally the
• 33:44
  Speaker 6: principal who's going to push out the social media. But
• 33:46
  Speaker 6: it's the best way to build a brand. That's all
• 33:48
  Speaker 6: accounts anymore.
• 33:50
  Speaker 3: Yeah, we know it too.
• 33:51
  Speaker 2: About that too.
• 33:54
  Speaker 4: You spoke about Donald Trump previously. You had a running
• 33:58
  Speaker 4: with Trump and doing your days.
• 34:00
  Speaker 6: He was extremely useful to me when I was building
• 34:03
  Speaker 6: my business because we used to flip the reporters back
• 34:05
  Speaker 6: and forth. He would say, what's called the market. He says,
• 34:09
  Speaker 6: if you don't believe me, call Barbara Corcoran and I
• 34:11
  Speaker 6: reporters will call me and I'd back them up because
• 34:14
  Speaker 6: he told the truth that in those days. But if
• 34:18
  Speaker 6: I got the call, I said, you don't believe me.
• 34:20
  Speaker 6: You know who a good guy to talk to would
• 34:22
  Speaker 6: be a big developer, Donald Trump. I flipped the call
• 34:24
  Speaker 6: to him, so we had some pot to go going
• 34:27
  Speaker 6: until he owed me four million dollars. It was four
• 34:30
  Speaker 6: million or two four million dollars, and then thing has changed.
• 34:34
  Speaker 6: It turns into a litigation lawsuit. But thank god the
• 34:37
  Speaker 6: year he didn't want to pay me my four million
• 34:39
  Speaker 6: dollars which I was entitled to, which was for me.
• 34:43
  Speaker 6: I mean we probably had a thousand salespeople. See, you'd
• 34:45
  Speaker 6: say it was a big company, but still four million
• 34:48
  Speaker 6: is four million. That was a big payday everything I
• 34:51
  Speaker 6: had worked for. And when he didn't want to pay
• 34:53
  Speaker 6: that four million dollars, thank god, I had a good
• 34:56
  Speaker 6: year and had in my pocket five hundred thousand dollars
• 34:59
  Speaker 6: to pay him an attorney and I bought the biggest, meanest
• 35:03
  Speaker 6: Martus attorney in New York to fight that man, and
• 35:05
  Speaker 6: I won the lawsuit. Now, if I if I had
• 35:08
  Speaker 6: gone back a year and the same thing happened, I
• 35:09
  Speaker 6: wouldn't have had the money. I would have just had
• 35:11
  Speaker 6: to grovel like all the other creditors and just give
• 35:16
  Speaker 6: up the ship. But I collected the money, and with
• 35:18
  Speaker 6: it I was able to expand the business again and again.
• 35:20
  Speaker 6: But he didn't. He wasn't my friend. After he's a
• 35:25
  Speaker 6: little fair with her.
• 35:27
  Speaker 1: I could sense the competitiveness in you, even when you
• 35:30
  Speaker 1: tell the story.
• 35:30
  Speaker 2: No way, yeah, no, we sensed it.
• 35:32
  Speaker 1: So I'm even when you walked in and we were like,
• 35:34
  Speaker 1: you know, we've had some other sharks, not you know,
• 35:37
  Speaker 1: not as pretty. No, no, no, no, not as pretty and
• 35:40
  Speaker 1: definitely not as well dressed.
• 35:42
  Speaker 6: There you go, you're catching on.
• 35:44
  Speaker 2: Now, well I'm addressed to this thing. How was that
• 35:47
  Speaker 2: in the seas right?
• 35:48
  Speaker 1: Because obviously we know it's a show, but there is
• 35:50
  Speaker 1: real business that's happening. So about that competitive nature of
• 35:54
  Speaker 1: I want the deal or damn I missed this deal,
• 35:56
  Speaker 1: or I'm glad I took.
• 35:56
  Speaker 2: It from you.
• 35:57
  Speaker 6: Yeah, well, it gets in your way with anything else.
• 36:00
  Speaker 6: You know, if somebody wants it. Usually if one person
• 36:02
  Speaker 6: wants a deal, it's a good deal, and a lot
• 36:04
  Speaker 6: of people are after it, right, So now you've got
• 36:06
  Speaker 6: to compete. It turns into a game of salesmanship because
• 36:09
  Speaker 6: the money is one thing, but that's not really what
• 36:11
  Speaker 6: makes the deals. The partnership makes the deals. Do they
• 36:14
  Speaker 6: like you better than Damon? Do they like Damon better
• 36:16
  Speaker 6: than the Mark? Who do they relate more to? And
• 36:19
  Speaker 6: that's what it comes down to. So I'm a great salesman.
• 36:23
  Speaker 6: I've sold my whole life. I just push my wonderful virtues.
• 36:27
  Speaker 6: I'm your perfect partner, perfect All my entrepreneurs are going
• 36:33
  Speaker 6: to be your best friends. You're bored, We go on
• 36:36
  Speaker 6: fun retreats. I sell them on everything. Throw out the
• 36:39
  Speaker 6: kitchens they got them, and then I find that their
• 36:42
  Speaker 6: eyes lighted something and I drill it home.
• 36:43
  Speaker 2: You know, yeah, they want the retreat.
• 36:46
  Speaker 6: They do love the retreat, says some people. I've closed
• 36:49
  Speaker 6: on businesses simply because they wanted to be included in
• 36:52
  Speaker 6: my pack of retreat people. I'm thinking, Okay, that wouldn't
• 36:55
  Speaker 6: be floating me by, but it's floating them.
• 36:58
  Speaker 3: So how do you reinvent yourself?
• 37:00
  Speaker 4: Because you're a great marketer, great storyteller, promoter, and you
• 37:06
  Speaker 4: have different phases right, and a lot of times people
• 37:09
  Speaker 4: get stuck in one phase and they kind of become
• 37:12
  Speaker 4: a has been. How have you been able to reinvent
• 37:16
  Speaker 4: yourself and stay relevant throughout all of these different errors.
• 37:19
  Speaker 6: My secret, I don't know if it's the right one,
• 37:21
  Speaker 6: is I try anything. I try anything. I don't think
• 37:24
  Speaker 6: you wait until you see your out of style or
• 37:27
  Speaker 6: the methodology you use and how you're selling is not
• 37:31
  Speaker 6: as good as it used to be. I think it's
• 37:33
  Speaker 6: about collaborating with people that work with you, given them
• 37:37
  Speaker 6: the freedom to come up with stupid ideas, and then
• 37:41
  Speaker 6: everybody's excited and says, let's do this, let's do that.
• 37:44
  Speaker 6: Four to five things I try since I went out
• 37:48
  Speaker 6: of my real estate brokerage business a corking group, four
• 37:50
  Speaker 6: to five things I fail miserably. But I bet you
• 37:53
  Speaker 6: can't tell me one that I failed at right, Nobody can.
• 37:56
  Speaker 6: You just have to try all the time. That's how
• 37:58
  Speaker 6: you discover new angles, news things, new ways of delivery,
• 38:01
  Speaker 6: new kinds of people, new kinds of departments, new kinds
• 38:03
  Speaker 6: of products. You just try everything. A lot of people
• 38:07
  Speaker 6: are very conservative about wanting to have the right answer.
• 38:10
  Speaker 6: Let's do this, this is a big one. That's what's
• 38:12
  Speaker 6: the wrong in corporate America. They have to get a
• 38:14
  Speaker 6: committee to really all agree with everything. What's great about
• 38:17
  Speaker 6: being a small entrepreneur is you're scrappy. You can try anything.
• 38:21
  Speaker 6: You could think of something on a Monday and get
• 38:23
  Speaker 6: it on the street by Thursday. You know, if you're
• 38:25
  Speaker 6: with a big corporation, you got to get this guy's approval.
• 38:27
  Speaker 6: The attorneys have to review, the accounts have to review,
• 38:29
  Speaker 6: and by the time you have it on Monday, it
• 38:31
  Speaker 6: comes out maybe four months later. That's why I've always
• 38:34
  Speaker 6: my whole life been paying very careful attention to a
• 38:37
  Speaker 6: little guy. I'm not afraid of the big guy. And
• 38:39
  Speaker 6: I don't think big guys should be afraid of the
• 38:41
  Speaker 6: other big guys. I think they have to look behind
• 38:43
  Speaker 6: them and see who's coming up my ass. You know
• 38:45
  Speaker 6: who's going to take over my market because the little
• 38:47
  Speaker 6: guy always is more creative and tries more stuff because
• 38:50
  Speaker 6: they have less to lose. It makes sense, right, just
• 38:52
  Speaker 6: have less to lose. So I don't think there's a
• 38:54
  Speaker 6: point where you reinvent your business or reinvent yourself. I
• 38:57
  Speaker 6: think what you're always doing is shuffling your cards, trying
• 38:59
  Speaker 6: to see a little this, little of that, and get
• 39:02
  Speaker 6: a better formula that might work a little bit better.
• 39:04
  Speaker 6: And then most things don't work. But as long as
• 39:06
  Speaker 6: you get one on five, you've got an R and
• 39:08
  Speaker 6: D department, and you're pushing ahead of your competition because
• 39:11
  Speaker 6: you've at least tried five when they tried nothing.
• 39:13
  Speaker 1: You know, try five when they tried nothing. I mean,
• 39:16
  Speaker 1: you've played the cards very nicely. I want to at
• 39:18
  Speaker 1: this level. You sold the Coppon group, right, but now
• 39:24
  Speaker 1: you have the TV personality. You're helping entrepreneurs. Which one
• 39:27
  Speaker 1: has been more fulfilling, right, building your own brand or
• 39:30
  Speaker 1: helping other people now build their brand and help fulfill
• 39:33
  Speaker 1: their dreams.
• 39:34
  Speaker 6: Honestly, it's the same business. What I did is I
• 39:38
  Speaker 6: identified raw talent and no sales experience, usually moms coming
• 39:42
  Speaker 6: back to the work force for the first time. How
• 39:45
  Speaker 6: do you evaluate is such a word as evaluate or evaluate.
• 39:49
  Speaker 2: We'll use it whatever.
• 39:52
  Speaker 6: How do you really size it up? There? I just
• 39:54
  Speaker 6: avoid it.
• 39:55
  Speaker 2: It is it is.
• 39:56
  Speaker 6: How do you really size up who's going to be
• 39:58
  Speaker 6: good at sales? Who's not going to be good at sale?
• 40:00
  Speaker 6: And when you're running a sales business, which I was,
• 40:02
  Speaker 6: people always say, well, it's look on commission bases. You know,
• 40:05
  Speaker 6: you're just paying commissions on sales. It's not the truth.
• 40:08
  Speaker 6: You're driving a ship that costs a lot of money.
• 40:12
  Speaker 6: You got to have people really produce for you. The
• 40:16
  Speaker 6: salespeople that were exceptional making two three million dollars a
• 40:19
  Speaker 6: year when I was running the business, when the average
• 40:22
  Speaker 6: income was like forty thousand. How do you explain that?
• 40:25
  Speaker 6: How do you explain the same leads, the same customers,
• 40:30
  Speaker 6: everything the same. How do you explain the difference between
• 40:32
  Speaker 6: those two groups. I found the difference between those two
• 40:34
  Speaker 6: groups of people was they didn't feel sorry for themselves.
• 40:37
  Speaker 6: Believe it as simple as that. They get smashed, they
• 40:40
  Speaker 6: get back up, almost like a jack in the box,
• 40:43
  Speaker 6: you know, hit me again, hit me again, and on
• 40:46
  Speaker 6: short time, it's the same thing. I'm picking the same people.
• 40:49
  Speaker 6: I'm picking people who are surveyors, people who are going
• 40:52
  Speaker 6: to get back up. That's all it is. Really, there's
• 40:54
  Speaker 6: not much difference. But did I answer your question? I
• 40:57
  Speaker 6: think I avoided it.
• 40:58
  Speaker 1: Didn't mean to saying which one has been question?
• 41:01
  Speaker 2: Yeah, as you were building your brand, it's.
• 41:02
  Speaker 6: More satisfying, equally satisfied.
• 41:04
  Speaker 2: Equally satisfied.
• 41:05
  Speaker 4: Yeah, So I want I want to talk about sales,
• 41:07
  Speaker 4: because that's where you come from. I have a sales basket,
• 41:10
  Speaker 4: whall I started as well. I personally think that any
• 41:12
  Speaker 4: entrepreneur should sell a product at some point in time
• 41:15
  Speaker 4: because it teaches you so many different things psychologically how
• 41:19
  Speaker 4: to actually interact with people.
• 41:21
  Speaker 3: Yeah, what are some.
• 41:22
  Speaker 4: Some sales tips or things that you used in your
• 41:26
  Speaker 4: career or that you learned from, you know, selling real
• 41:29
  Speaker 4: estate that actually you still carry to this day.
• 41:32
  Speaker 6: On sales, I think the first thing is if you
• 41:34
  Speaker 6: hire the right person with the personality traits that make
• 41:37
  Speaker 6: for good Salespeople like competition, not manufactured, but honest, real
• 41:43
  Speaker 6: life competition. Somebody really competitive, like sickly competitive. You got
• 41:47
  Speaker 6: ten times a chance on closing a deal and making
• 41:50
  Speaker 6: a lot of money if you pick people who are
• 41:53
  Speaker 6: very good at reading between the lines, not people who say, hey,
• 41:56
  Speaker 6: a nice SUITO and I see have nice classes, but
• 41:58
  Speaker 6: they also say, look at your zippers a little torn.
• 42:00
  Speaker 6: That guy's probably on hard times. It's not by the
• 42:02
  Speaker 6: way it looks. Issues are a lot, you know, you
• 42:06
  Speaker 6: start putting all the little pieces together and then sizing
• 42:09
  Speaker 6: up the person is very important. Very important sales is
• 42:12
  Speaker 6: when a customer tells you they really want to have
• 42:14
  Speaker 6: black and white, they really want to have green and red.
• 42:17
  Speaker 6: You just don't believe the customer and customers are liars
• 42:20
  Speaker 6: buyers liars. I mean they don't mean to be, but
• 42:22
  Speaker 6: they don't really know what they want. If a customer
• 42:24
  Speaker 6: came to me any of my salespeople and wanted a
• 42:27
  Speaker 6: beautiful money's no object. I want a beautiful penthouse with
• 42:31
  Speaker 6: a terrace. He might be happy with a beautiful library
• 42:36
  Speaker 6: with a fireplace. Whoever saw that coming, you know, or
• 42:39
  Speaker 6: townhouse instead or whatever.
• 42:41
  Speaker 3: I think.
• 42:42
  Speaker 6: You have to realize you have to read people well,
• 42:44
  Speaker 6: and you have to pursue and test them. I had
• 42:46
  Speaker 6: a great gimmick that I told all my salespeople to
• 42:49
  Speaker 6: do when I was building the core group. I used
• 42:50
  Speaker 6: to say, when you get a customer from out of town,
• 42:53
  Speaker 6: get them to sign a blank check and get them
• 42:55
  Speaker 6: to let you show them the best apartments within the
• 42:58
  Speaker 6: next two days, and then show them everything. And you
• 43:01
  Speaker 6: know why that was important because I used to say
• 43:04
  Speaker 6: to my customers, listen, do not buy an apartment. If
• 43:07
  Speaker 6: you fall in love with something the next two days,
• 43:09
  Speaker 6: do not even consider buying that apartment. You're not ready.
• 43:12
  Speaker 6: You have to educate yourself. You have to see everything
• 43:15
  Speaker 6: I'm telling you. By the first day, they were begging
• 43:17
  Speaker 6: me at home at night. Can I please buy it?
• 43:20
  Speaker 6: Can I please buy it? You know, I think if you,
• 43:23
  Speaker 6: if you are truly interested in the customer, is serving them,
• 43:27
  Speaker 6: really push it forward. I think they feel it and
• 43:30
  Speaker 6: they trust you. And in the end, the real thing
• 43:32
  Speaker 6: with sales is trust. You know, am I going to
• 43:35
  Speaker 6: buy a thing from you? If I don't trust you? You
• 43:36
  Speaker 6: don't have a shot in hell? Right? Yeah, I trust
• 43:39
  Speaker 6: you more than you for some reason. Today.
• 43:41
  Speaker 3: There you go.
• 43:43
  Speaker 6: You're supposed to You're supposed to come at me on
• 43:46
  Speaker 6: that one. Nah, you're not papers for running your reputation
• 43:58
  Speaker 6: for sure.
• 44:00
  Speaker 2: Sure I'd like to have a rebuttal please.
• 44:04
  Speaker 1: One of the things you said that is so true
• 44:05
  Speaker 1: about being an entrepreneurs being agile, Right, we can do
• 44:09
  Speaker 1: things that the big dogs can't because there's a lot
• 44:12
  Speaker 1: of less risk there.
• 44:13
  Speaker 2: But for entrepreneurs there is a reward risk ratio, right
• 44:18
  Speaker 2: or riskward ratio?
• 44:20
  Speaker 1: How do you manage that and encourage people to say
• 44:24
  Speaker 1: take the risk right? Because it was always like, hey,
• 44:27
  Speaker 1: we're not that far from zero. We can go back
• 44:28
  Speaker 1: to that right, Like you said in your story, I
• 44:30
  Speaker 1: can go back to being a ratress. A lot of
• 44:32
  Speaker 1: people don't have that mental fortitude saying I can go back.
• 44:34
  Speaker 1: It's like I got to do this now, or if
• 44:36
  Speaker 1: it doesn't work, I don't know what happens. How do
• 44:37
  Speaker 1: you manage people in that space?
• 44:39
  Speaker 6: It's difficult because so much of that comes from your
• 44:42
  Speaker 6: how you're raised. You know. What I had the advantage
• 44:46
  Speaker 6: of is my parents had ten children. We hardly lived
• 44:48
  Speaker 6: hand to mouth in New Jersey, you know. But my
• 44:51
  Speaker 6: mother's attitude, in my father's attitude is something will work out,
• 44:54
  Speaker 6: and it always did work.
• 44:55
  Speaker 2: Out.
• 44:55
  Speaker 6: Bobbsey the grocery store funded our groceries for six months
• 44:58
  Speaker 6: when my dad lost his job. Something always worked out,
• 45:01
  Speaker 6: you know, on our standard of living, we never felt
• 45:05
  Speaker 6: poor because of my attitude. Of my parents says, ah,
• 45:08
  Speaker 6: don't worry about it will work out. We're hoping it
• 45:11
  Speaker 6: worked out. But you didn't have that burden as a kid.
• 45:13
  Speaker 6: But I think I didn't really answer your question. Could
• 45:16
  Speaker 6: you tell me the root of it again.
• 45:17
  Speaker 2: I'm saying the risk ward ratio, right, it won't be
• 45:20
  Speaker 2: an entrepreneur.
• 45:21
  Speaker 6: Yeah, believe in that the risk reward ratio holds you back.
• 45:25
  Speaker 6: I think there's something about committing to something anything, one
• 45:30
  Speaker 6: hundred percent that gets a whole universe on your side.
• 45:33
  Speaker 6: I really do believe that you commit one hundred percent.
• 45:36
  Speaker 6: If there's any doubt, you don't really put it all out.
• 45:38
  Speaker 6: It's kind of like a kid in school, you know
• 45:40
  Speaker 6: who's on a team. If he doesn't really put it
• 45:43
  Speaker 6: out because he's worried about getting injured, even five percent chance,
• 45:46
  Speaker 6: he's not going to be the best player. You know,
• 45:48
  Speaker 6: you just have to say something else will work out,
• 45:51
  Speaker 6: Something else will work out. But that takes confidence. And
• 45:55
  Speaker 6: also I think I got that myself, and I've seen
• 45:58
  Speaker 6: in salespeople that are phenomenal with taking risks and don't
• 46:01
  Speaker 6: really care if they wouldn't lose. Uh. They pretty much
• 46:04
  Speaker 6: got that from their parents. In a way, I felt
• 46:06
  Speaker 6: that I cheated my way to the top and that one.
• 46:08
  Speaker 3: You know, you have a community online Patreon community.
• 46:12
  Speaker 6: I love them and my people. The word is the
• 46:16
  Speaker 6: peeps and my peeps.
• 46:17
  Speaker 2: My peeps.
• 46:18
  Speaker 4: So tell us about that and what made you? What
• 46:21
  Speaker 4: made you want to do that?
• 46:23
  Speaker 6: More for efficiency not the right answer, I'm sure, but
• 46:26
  Speaker 6: I get so many great young people looking for advice.
• 46:30
  Speaker 6: Everybody needs advice, right, and I just couldn't handle it.
• 46:33
  Speaker 6: You know, I did as best as I could. Then
• 46:35
  Speaker 6: I decided, everybody's asking me for the same advice. Everybody's
• 46:38
  Speaker 6: running over the same obstacles, cash flow problems, hiring the
• 46:41
  Speaker 6: wrong person, how do you fire people? All the same
• 46:43
  Speaker 6: stuff keeps coming up. So I said, I'm going to
• 46:45
  Speaker 6: collect all these people together and call it barbering your pocket.
• 46:49
  Speaker 6: Any questions you have, I'm here. I'll answer your questions.
• 46:52
  Speaker 6: So we do public forums, we do questions and answers,
• 46:55
  Speaker 6: we do collaborations. But when you have that point in
• 46:58
  Speaker 6: your business where you feel crises or sometimes you don't
• 47:01
  Speaker 6: even know you're on crises, and I have to wake
• 47:03
  Speaker 6: you up and tell you, guess what, you have a problem.
• 47:07
  Speaker 6: This gives me a platform where I can help a
• 47:09
  Speaker 6: lot of people all at once, you know. And you
• 47:11
  Speaker 6: know who's mostly on the platform ninety well maybe eighty
• 47:14
  Speaker 6: percent women. And I find that women, probably because I'm
• 47:19
  Speaker 6: a woman. I would imagine that's a big piece of it,
• 47:21
  Speaker 6: I guess, but women have more self doubt than men.
• 47:24
  Speaker 6: Women don't push it as far as the envelope. Women
• 47:27
  Speaker 6: have more responsibility, they have kids at home. They don't
• 47:30
  Speaker 6: have the latitude to push it very if you like
• 47:33
  Speaker 6: a man, I'm not knocking a man. But most importantly,
• 47:36
  Speaker 6: young entrepreneurs are alone. They don't have a sounding board,
• 47:39
  Speaker 6: they're afraid, they don't even know if they're afraid, or
• 47:41
  Speaker 6: they're afraid to speak up. I mean what I do
• 47:44
  Speaker 6: is I usher all the problems out, and by ushering
• 47:46
  Speaker 6: the problems out, I feel like I personally help them
• 47:49
  Speaker 6: reach the finish line. That's really what I'm have to
• 47:51
  Speaker 6: help them reach out finish line. You know, because it's
• 47:54
  Speaker 6: so easy building a business, easy to have an idea
• 47:56
  Speaker 6: which on shok tank. You think that's the whole thing,
• 47:59
  Speaker 6: but it's really hard to build it.
• 48:00
  Speaker 2: And that's Barbara in your pocket.
• 48:02
  Speaker 6: That's in your pocket.
• 48:03
  Speaker 2: Anybody can How does that work?
• 48:05
  Speaker 6: You want to get in my pocket?
• 48:08
  Speaker 2: Sounds like a different product, But how does this work?
• 48:10
  Speaker 2: Does anybody join?
• 48:13
  Speaker 3: You? Just go pathy on Patreon?
• 48:16
  Speaker 6: On okay, you just go on Patreon and sign up.
• 48:18
  Speaker 6: That's what you do. But you'll not get rid of
• 48:20
  Speaker 6: me in the morning.
• 48:23
  Speaker 4: So you as you started your career as a reltor.
• 48:25
  Speaker 4: The New York Times did a whole article about the
• 48:29
  Speaker 4: National Relta Association. Yes, and they got a lot of lawsuits.
• 48:32
  Speaker 4: But it's interesting because I think the majority of relators
• 48:35
  Speaker 4: are women.
• 48:36
  Speaker 6: Yes, of course, but my businesses own about work by.
• 48:39
  Speaker 3: Women, right, Yeah, but most of the money is still
• 48:42
  Speaker 3: in the hands of men.
• 48:43
  Speaker 6: Definitely.
• 48:44
  Speaker 4: Women have a lot of challenges in that industry. And
• 48:50
  Speaker 4: it was a very interesting expos a that they did
• 48:52
  Speaker 4: as far as read that, Yeah, you gotta check it out.
• 48:55
  Speaker 3: They talked about sexual assault, they talked.
• 48:57
  Speaker 6: About none on my watch.
• 48:59
  Speaker 3: Yeah, a lot of different things.
• 49:00
  Speaker 4: So, yeah, what's your thoughts as far as our industry
• 49:03
  Speaker 4: does dominated by women but still not really controlled by
• 49:06
  Speaker 4: women when it comes to realtors.
• 49:10
  Speaker 6: Well, I take exception to an industry that's worked by women,
• 49:15
  Speaker 6: work to the bone by women, owned by men, and
• 49:17
  Speaker 6: the I don't know what the numbers are. Maybe the
• 49:19
  Speaker 6: article said, I would guess seventy percent maybe on more
• 49:23
  Speaker 6: of the businesses are owned by men. I think, what's
• 49:27
  Speaker 6: wonderful about a business owned by women? You're in the
• 49:29
  Speaker 6: same shoes. I mean, my girls loved me. My women
• 49:32
  Speaker 6: loved me, and I love them back. You know, it
• 49:34
  Speaker 6: took me a long time before I had a man
• 49:36
  Speaker 6: work for me. First few guys were gay guys. They
• 49:38
  Speaker 6: didn't mind working for a woman. But eventually I had
• 49:40
  Speaker 6: straight men working for me. But it's tough, But in
• 49:45
  Speaker 6: another way, it's good for women because so many women
• 49:48
  Speaker 6: that go into real estate haven't had a career before,
• 49:51
  Speaker 6: left to twenty years ago when the kids were young,
• 49:53
  Speaker 6: and they really don't feel well equipped to do something
• 49:56
  Speaker 6: for a living. And many of them come into the
• 49:58
  Speaker 6: field and make a lot of money, enjoy it, and
• 50:00
  Speaker 6: they can wrap their family around the hours. It's more
• 50:03
  Speaker 6: flexible than most jobs, not like they're going to be
• 50:05
  Speaker 6: a banker working nine to five. They can see their kids,
• 50:08
  Speaker 6: they go, they go on the school trip, they see
• 50:10
  Speaker 6: them at lunch, and they're in and out and out.
• 50:12
  Speaker 6: So it's a great business for women, but a little
• 50:16
  Speaker 6: by little it's going to turn into a women's own business.
• 50:18
  Speaker 1: I think you said something very important. You said, my
• 50:22
  Speaker 1: women loved me. And when you're talking about the group
• 50:24
  Speaker 1: said they loved me. You said they love to go
• 50:26
  Speaker 1: on retreats. As you're approaching.
• 50:29
  Speaker 2: Entrepreneurs and you're signing to deals with.
• 50:32
  Speaker 1: Them, how important is the atmosphere work atmosphere when you're
• 50:37
  Speaker 1: talking to them, Because you can have a great business,
• 50:39
  Speaker 1: but if people don't want to come for it, if
• 50:41
  Speaker 1: they don't believe in it, you're not going to get
• 50:43
  Speaker 1: the best out of them.
• 50:44
  Speaker 2: How do you approach that when you're looking at a
• 50:46
  Speaker 2: new business.
• 50:47
  Speaker 6: I think I approach it exactly how I did building
• 50:49
  Speaker 6: the Corker Group. What I did better at the Corker Group,
• 50:52
  Speaker 6: In addition to marketing, which I was very good at,
• 50:55
  Speaker 6: if I could brag about it, what I did is
• 50:58
  Speaker 6: I made sure people had fun. I spent more money
• 51:01
  Speaker 6: on having fun than I spent on advertising. And most
• 51:03
  Speaker 6: people would laugh at us and think it was a
• 51:05
  Speaker 6: pisson A way that's my favorite word today, right, throwing
• 51:09
  Speaker 6: away much. You got to edit that out a little.
• 51:13
  Speaker 6: Being my family happy. But most people don't realize really
• 51:18
  Speaker 6: the importance of having fun. You have people laugh together,
• 51:22
  Speaker 6: you plan crazy things where they dress NUTSI they drink
• 51:25
  Speaker 6: too much, they come up with ideas and they become
• 51:28
  Speaker 6: a creative force. I used to try to really get
• 51:31
  Speaker 6: creative ideas from my people, unsuccessfully until the third year,
• 51:35
  Speaker 6: when I realized one time I gave it this ridiculous
• 51:38
  Speaker 6: party with it. Everybody was drunk, everybody had an idea,
• 51:41
  Speaker 6: and that was a wake up goal. And you know
• 51:44
  Speaker 6: what else I found it out. I found out that
• 51:46
  Speaker 6: the people that were at the party the top salespeople
• 51:48
  Speaker 6: that hate each other's guts because in real estate, whoever
• 51:51
  Speaker 6: your top agents are don't like each other. They became
• 51:54
  Speaker 6: bar buddies, and all of a sudden, I realized, my god,
• 51:58
  Speaker 6: the secret to building camaraderie and a tight team is
• 52:02
  Speaker 6: having a lot of fun. So all I did was
• 52:04
  Speaker 6: borrow from that experience of building the business which would
• 52:07
  Speaker 6: have never been built. I mean, we had the most
• 52:10
  Speaker 6: ridiculous things, come to work in your pajamas, you know,
• 52:13
  Speaker 6: ride and anything I could think of people, you know,
• 52:16
  Speaker 6: dresses nuns for the party. Dress in nineteen foot is
• 52:19
  Speaker 6: cross dress. I mean the thing that I had happening.
• 52:22
  Speaker 6: People said, it's ridiculous, it's ridiguous. They laughed all the
• 52:25
  Speaker 6: way and they laughed all the way home. And I
• 52:27
  Speaker 6: built a giant team of fun loving people. And I
• 52:32
  Speaker 6: do the same thing on Shark Tang. All my entrepreneurs
• 52:34
  Speaker 6: get together and my entrepreneur entrepreneur retreats. Why it's not necessary,
• 52:39
  Speaker 6: it's an expense. They have busy businesses to run, but
• 52:42
  Speaker 6: they cross fertilized, they help each other, they exchange ideas.
• 52:45
  Speaker 6: I've even had a couple of years back, I had
• 52:48
  Speaker 6: my entrepreneurs switch jobs with each other run each other's
• 52:51
  Speaker 6: companies for two days. Boy was that a learning experience.
• 52:55
  Speaker 6: But what I'm really trying to build there is the
• 52:57
  Speaker 6: fun and the camaraderie in a family, because to your
• 53:00
  Speaker 6: direct point, that's so much. It's fifty percent of the
• 53:04
  Speaker 6: success of a business. And when a business isn't successful,
• 53:06
  Speaker 6: they're not having fun. I guarantee you they're having no fun.
• 53:09
  Speaker 6: And most large businesses have mandated programs supposedly fun which
• 53:14
  Speaker 6: is a Christmas party where you bet wear your best
• 53:17
  Speaker 6: suit and your toast. That's not fun. Fun is like
• 53:20
  Speaker 6: bizarre children like fun, And that's key to building a business.
• 53:24
  Speaker 6: It's everything.
• 53:25
  Speaker 4: So getting wealthy is one thing, but then protecting that
• 53:28
  Speaker 4: wealth is another thing. Right, So that's a full time
• 53:31
  Speaker 4: job within itself. And you have to trust the right people.
• 53:34
  Speaker 4: You have to know what CPA to hire and what
• 53:38
  Speaker 4: wealth management firm to hire. So how is that for you?
• 53:41
  Speaker 4: Coming from humble beginnings and then you know, getting wealthy?
• 53:45
  Speaker 4: Did you have any challenges with that? And how were
• 53:47
  Speaker 4: you able to assemble your team of wealth management?
• 53:49
  Speaker 3: Sure?
• 53:49
  Speaker 6: I don't trust anyone.
• 53:51
  Speaker 2: That's easy challenge.
• 53:54
  Speaker 6: It's hard to delegate trust on an area you don't
• 53:57
  Speaker 6: know a lot about. I mean, it's easy for me
• 53:59
  Speaker 6: to delegate trusted any air of a business that I know,
• 54:02
  Speaker 6: But wealth management, making money with money, even how to
• 54:06
  Speaker 6: figure out interest rates, I don't know how to do
• 54:08
  Speaker 6: that stuff. It's very hard. So I always resort to
• 54:12
  Speaker 6: exactly what I resort to everywhere is do I like
• 54:14
  Speaker 6: the person? Do I trust them? Doesn't feel right? Who
• 54:18
  Speaker 6: knows if I'm right? But so far I've really chosen
• 54:20
  Speaker 6: the right people. They have my back, they surround me
• 54:23
  Speaker 6: They've made money for me, and I'm able to delegate,
• 54:26
  Speaker 6: but only because I trust them. I mean, it's hard
• 54:29
  Speaker 6: to trust when you don't know the air of expertise.
• 54:32
  Speaker 6: It's easy when it's your own thing, right, But it's
• 54:35
  Speaker 6: worked out very very well. Now I'm older. I made
• 54:39
  Speaker 6: most of my money investing in real estate. I love
• 54:41
  Speaker 6: to invest in buildings. But my son is in the
• 54:43
  Speaker 6: business as developer, so I shovel my money in his direction.
• 54:46
  Speaker 6: He keeps investing for making more money than I ever made.
• 54:50
  Speaker 6: So he's smarter than I am at that. But I
• 54:53
  Speaker 6: got to believe I'm smarter than him in some ways
• 54:56
  Speaker 6: that Let's not give his dad Billity credit.
• 55:01
  Speaker 2: No, he's not here fifty fifty Yeah, yeah, we'll see.
• 55:04
  Speaker 1: So, I mean, speaking of your son, was that part
• 55:07
  Speaker 1: of a succession plan now as or it was just
• 55:10
  Speaker 1: naturally he was around you enough and said this is
• 55:13
  Speaker 1: something that I want to do.
• 55:14
  Speaker 2: Was also, how did you.
• 55:15
  Speaker 6: Know how that happened? Honestly, when I sold the Corker Group,
• 55:19
  Speaker 6: one of the motives that were very much in my
• 55:21
  Speaker 6: mind to sell the business was Tommy was five and
• 55:25
  Speaker 6: I had never met a man who inherited a business
• 55:27
  Speaker 6: from his mother or father who was happy. I noticed that.
• 55:30
  Speaker 6: I noticed that for twenty five years, nobody was happy.
• 55:33
  Speaker 6: They couldn't take the credit, They couldn't say it was there.
• 55:36
  Speaker 6: They brought the company, many of these people double the
• 55:38
  Speaker 6: size of the company, but they never got the credit.
• 55:41
  Speaker 6: And I said, I'm not going to do that to
• 55:42
  Speaker 6: my son. He's never going to go into real estate business,
• 55:45
  Speaker 6: and I didn't think he would. But one thing he
• 55:48
  Speaker 6: was always good at his playing monopoly. He always beat
• 55:51
  Speaker 6: me at monopoly. He had a mind for that kind
• 55:53
  Speaker 6: of thing, flipping and wheeling and dealing, even as a
• 55:55
  Speaker 6: little kid. And even though he's not my business, he's
• 55:58
  Speaker 6: not brokerage by any means. He is in you know,
• 56:01
  Speaker 6: product development, which is a related feel and he's a
• 56:04
  Speaker 6: natural added So did he get it from his mother
• 56:06
  Speaker 6: and father. My husband was in the real estate business
• 56:08
  Speaker 6: brokerage as well. Perhaps perhaps he was just destined to
• 56:12
  Speaker 6: do that. But at least he has his own thing
• 56:14
  Speaker 6: and he can get his own credit. I think that's
• 56:16
  Speaker 6: the most important, one of the greatest satisfactions that I
• 56:19
  Speaker 6: could always make claim for, and I feel good about
• 56:22
  Speaker 6: it every time, is I did it. God bless a
• 56:24
  Speaker 6: child got his own. You know, I did it, and
• 56:27
  Speaker 6: I think that's so important for anyone building anything. I mean,
• 56:30
  Speaker 6: you can help from friends and stuff, but you did it.
• 56:33
  Speaker 6: Nobody can take it away from you. It's so satisfying.
• 56:36
  Speaker 4: You said something I was a gaeniansightful. You said you
• 56:38
  Speaker 4: never met anybody that inherited a business that was happy.
• 56:41
  Speaker 6: Never did.
• 56:42
  Speaker 3: That's crazy.
• 56:43
  Speaker 6: I never did. Sounds ridiculous. You know what else to
• 56:46
  Speaker 6: I never saw any of my peers sell a business
• 56:49
  Speaker 6: who was ever as happy again in a new business.
• 56:52
  Speaker 6: They never found it again. That first business is your sweetheart.
• 56:55
  Speaker 6: It's like the first girl you date. You know you're
• 56:58
  Speaker 6: crazy about her, and you never forget it. A second
• 57:02
  Speaker 6: business is never quite as good. The one great thing
• 57:05
  Speaker 6: that sures me up is with all my entrepreneurs from
• 57:08
  Speaker 6: Shark Tank, I'm getting to live their first two years
• 57:11
  Speaker 6: of business again, over and over like groundhog Day. And
• 57:14
  Speaker 6: that is the most exciting part of your business. When
• 57:17
  Speaker 6: you're struggling, you don't know if you're going to make it,
• 57:18
  Speaker 6: just starting your dreams a big production is low. It's
• 57:21
  Speaker 6: so exciting. And I get to do that all the time,
• 57:24
  Speaker 6: not only on Patreon with my barbering barbering your pocket?
• 57:28
  Speaker 6: Is it your pocket of my pocket all the time?
• 57:31
  Speaker 6: But I also get to do it with my entrepreneurs.
• 57:33
  Speaker 6: And how blessed am I on that? Really? Well?
• 57:36
  Speaker 3: Were you? You sold your business? So were you ever
• 57:39
  Speaker 3: as happy after you sold your business?
• 57:41
  Speaker 6: I was miserable. I decided to take cooking classes how
• 57:46
  Speaker 6: to make great pasta? Great idea?
• 57:48
  Speaker 3: Right?
• 57:49
  Speaker 6: So I was not happy making pasta. But I needed
• 57:52
  Speaker 6: to reinvent myself and I did, and I'm sure I'll
• 57:54
  Speaker 6: reinvent myself before I die. I hope I have one
• 57:57
  Speaker 6: warm inside me.
• 57:58
  Speaker 2: I'm sure you have plenty more.
• 57:59
  Speaker 1: One of the things you said that you were great
• 58:00
  Speaker 1: at would omit the part that you weren't great, because
• 58:04
  Speaker 1: it's gonna be hard to believe. But the things that
• 58:05
  Speaker 1: you're great at. Number one was the ability to make money.
• 58:08
  Speaker 1: And I wonder at any point was there a monetary
• 58:12
  Speaker 1: goal that you wanted to hit and if so, did
• 58:16
  Speaker 1: we get to that point?
• 58:17
  Speaker 2: Or is it just creating more? Right? Like? Is there
• 58:20
  Speaker 2: is more the goal?
• 58:22
  Speaker 6: I don't think I ever funny question. I think for me,
• 58:28
  Speaker 6: my goal was never to make money. I was shocked
• 58:30
  Speaker 6: when I did make money. I always made the least
• 58:33
  Speaker 6: amount of money out of my whole company. I had
• 58:35
  Speaker 6: eight hundred sales within a thousand people. When I had
• 58:38
  Speaker 6: four hundred people. They were always out making money much
• 58:41
  Speaker 6: more than I was. I was the lass one paid,
• 58:43
  Speaker 6: and that's what happens when you own it bus you
• 58:45
  Speaker 6: the last one paid. But over all the times, I
• 58:48
  Speaker 6: don't think I reached for the god of making money
• 58:51
  Speaker 6: because I never had money and my parents were happy
• 58:53
  Speaker 6: without money. We were happy without money. I think I
• 58:56
  Speaker 6: just wanted to see how far I could go. Like
• 58:58
  Speaker 6: I saw myself almost my whole life, like a little
• 59:01
  Speaker 6: character in a comic strip, and I was watching myself
• 59:04
  Speaker 6: while I was doing my maneuvering and laughing my ass
• 59:07
  Speaker 6: off at myself. It's just, well, they really fall for this.
• 59:12
  Speaker 6: And that's where I got my kicks. And then where
• 59:14
  Speaker 6: I got my satisfaction was developing the talent, taking someone
• 59:18
  Speaker 6: who didn't think they could do something and convincing them
• 59:20
  Speaker 6: they had a special gift, not making it up. I
• 59:23
  Speaker 6: saw the gift. I would say you know what you're
• 59:25
  Speaker 6: good at, you know, and put them in that position
• 59:28
  Speaker 6: and then see them blossom. That's very satisfying because you
• 59:31
  Speaker 6: feel like you almost have a hand in playing God
• 59:33
  Speaker 6: like you made the life better. You're a big piece.
• 59:36
  Speaker 3: Of it now.
• 59:37
  Speaker 6: So that always drove me how big a team and
• 59:41
  Speaker 6: how powerful a team, and how capable a team I
• 59:44
  Speaker 6: could build. And then also I just love people loving me.
• 59:49
  Speaker 6: My agents loved me. They knew I'd do anything for them.
• 59:52
  Speaker 6: I'd kill myself with them and them knowing how much
• 59:55
  Speaker 6: I love them, they love me back. And just get
• 59:57
  Speaker 6: that love and warmth out of a you know, that
• 1:00:01
  Speaker 6: is special. You don't get that every day. So of
• 1:00:04
  Speaker 6: course when I sold the Corkery Group, I missed it sorely,
• 1:00:08
  Speaker 6: you know, very much, so as you could imagine, I didn't.
• 1:00:10
  Speaker 6: I didn't think about that piece. I should have given
• 1:00:12
  Speaker 6: us some thought.
• 1:00:14
  Speaker 3: Well, Barbarick, thank you for your time my pleasure.
• 1:00:17
  Speaker 6: I had no choice. You were here. I had to
• 1:00:18
  Speaker 6: show up.
• 1:00:22
  Speaker 4: Thank you for your time. Anything you would like to
• 1:00:24
  Speaker 4: tell the audience before before we head.
• 1:00:25
  Speaker 3: Out, Tell who the audience people listening?
• 1:00:28
  Speaker 6: Good looking guys foremost smart as a whip, probably can't
• 1:00:34
  Speaker 6: get it from where you're looking. Good looking guys.
• 1:00:36
  Speaker 4: And shark Tank is real body all the way. But
• 1:00:39
  Speaker 4: that's another question. People think that it's just they think
• 1:00:42
  Speaker 4: it's they think it's just Hollywood. You're investing real money, real.
• 1:00:47
  Speaker 6: Money, and you lose most of it on most businesses,
• 1:00:49
  Speaker 6: and then you make it killing on some businesses. Yeah,
• 1:00:52
  Speaker 6: everything about Shark Tank is real. That's vi'schooled reality TV.
• 1:00:56
  Speaker 6: What I see walking through that door is exactly what
• 1:00:58
  Speaker 6: you see at home. The only difference is a pitch
• 1:01:01
  Speaker 6: takes like forty five to fifty minutes, and at home
• 1:01:04
  Speaker 6: they edited to about six or seven minutes. I don't
• 1:01:06
  Speaker 6: know how they do it. That's the only difference. But
• 1:01:09
  Speaker 6: the money goes out the door. Yep. Sometimes I cry
• 1:01:12
  Speaker 6: as it goes up.
• 1:01:16
  Speaker 3: Well, thank you again. We greatly appreciate it.
• 1:01:18
  Speaker 6: Thank you very much.
• 1:01:18
  Speaker 2: I appreciate you. Thanks for having us.
• 1:01:20
  Speaker 6: Bye bye. It's a wrap. It's a hot wrap, definitely.
• 1:01:26
  Speaker 7: An illegal alien from Guatemala charged with raping a child
• 1:01:30
  Speaker 7: in Massachusetts. An MS thirteen gang member from Al Salvador
• 1:01:34
  Speaker 7: accused of murdering a Texas man of Venezuelan charged with
• 1:01:38
  Speaker 7: filming and selling child pornography in Michigan. These are just
• 1:01:42
  Speaker 7: some of the heinous migrant criminals caught because of President
• 1:01:46
  Speaker 7: Donald J. Trump's leadership. I'm Christine Noman the United States
• 1:01:49
  Speaker 7: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 1:01:54
  Speaker 7: crossings are at the lowest levels ever recorded, and over
• 1:01:58
  Speaker 7: one hundred thousand illegal aliens have been arrested. If you
• 1:02:01
  Speaker 7: are here illegally, your next you will be fine nearly
• 1:02:05
  Speaker 7: one thousand dollars a day, imprisoned, and deported. You will
• 1:02:09
  Speaker 7: never return. But if you register using our CBP home
• 1:02:13
  Speaker 7: app and leave now, you could be allowed to return legally.
• 1:02:16
  Speaker 7: Do what's right, leave now. Under President Trump, America's laws,
• 1:02:21
  Speaker 7: border and families will be protected.
• 1:02:24
  Speaker 2: Sponsored by the United States Department of Homeland Security,