Barbara Corcoran know what it takes to be an expert in your field – and how to make money.
The real estate maven recently sat down with the World of Women podcast to talk about how aspiring entrepreneurs can make their way in the business world and what advice she would give to women who want to become millionaires .
Her response? Don't focus on money.
Instead, focus on being the best you can be in your field.
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“Take money out of the equation and focus on just one thing — try to find something you do really, really well,” Corcoran explained. “And then practice the hell out of it until you get really, really good at it. And then you'll have no competition. You'll be at the top of your pack, whatever that pack is.”
“I don't try anybody. I'll try anything and I'll try a hundred things to let one thing sit,” she added. “I don't care, there's no shame. I know if something will hit if I try.”
Corcoran has had a lucrative career in the real estate industry and as a longtime investor on ABC's “Shark Tank” — but she's also had to work hard to keep her job, telling her Instagram followers last year that she was almost shot from the show before it started.
Additionally, Corcoran's career in real estate was paved in part by the deals and profits she was able to make through commission.
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But the last one Residence NARwhich removes rules on sales commissions for agents and brokers, making the US standard of 6% commissions obsolete, has prompted Corcoran and her colleagues to rethink the system.
“Change is nothing new to the real estate industry. What I do know for sure is that real estate agents and their agents are some of the most resilient people in the world.” she said in response to the NAR news. “They're creative and tough, and that opens the door for agents to use that resilience and creativity to find new and better ways to serve their sellers and home customers.”
Corcoran's net worth is about $400 million.
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