Daymond John, gives advice and works to vie for the best investments on Shark Tank, while sitting a couple seats down from real estate titan Barbara Corcoran. Back in the 70s, she invested $1000 and started her company, The Corcoran Group. In 2001, after achieving her dream of being the top agent in NYC, she sold the company for $66 Million. One key to Corcoran’s success? Branding by using the press. Check her tips on how to do it.
1. Create a Newsletter. “We were in the depths of a real estate recession. Interest rates were 17%. We were 8 months into the year and only had 11 sales. I divided them by 11, the average apartment we sold that year was $57,600. I typed it on a little piece of paper. Named it the “Corcoran Report” with a fancy description. And typed, “Average Apartment Sales,” and mailed it to anyone who wrote an article at the NY Times. Two weeks later, I open up the NY Times Real Estate section. And the headline: “NYC Apartments Hit All Time Low.” And then I read the very first line, ‘According to Barbara Corcoran, President of the Corcoran Group.’”
2. Provide Statistics. “What reporters always need in any industry is statistics to back up their story. But what most small businesses pitch is self-serving pitches like, ‘Hey, we have a new product or new office.’ They might work once in a while, because I’ve tried them all.”
3. Make Yourself an Expert. “What always works consistently is if you can make yourself the expert in your field. The little guy has a better shot at being an expert than the big guy, ironically because the big guy has attorneys, committees, vetting processes. The little guy adds up the little sales and gets it out. So I published the “Corcoran Report” every six months for the rest of my life. And when I was able to afford very expensive advertising, full page ads in the NY Times, they were effective in creating brand. But there’s something about advertising. Some believe you, some don’t. You get quoted as an expert and everybody believes you.
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