Whether you’re a seasoned real estate mogul or just trying to sell your home, you’ve probably found yourself in more than one situation where you would of given your left arm for a bit of expert advice.
And who better to offer that advice than Barbara Corcoran?
Most of you know her as one of the “Shark” investors on ABC’s hit TV show “Shark Tank,” but Barbara Corcoran is much more than a TV personality. An expert businesswoman, real estate tycoon, investor, speaker, syndicated columnist, and author, Corcoran is a woman of incredible achievement. In fact, before she became a shark, Corcoran was busy building a real estate business from a measly $1,000 investment to a company worth upwards of $66 million when she sold it in 2001!
What’s the secret to Corcoran’s “Midas touch”? A great businesswoman never reveals all of her secrets but she has offered some incredible advice in books, interviews and articles. Here are eight valuable real estate tips from the shark herself, Barbara Corcoran.
On What You Should Pay
1. “If a house is priced appropriately, make a bid 10 percent below that amount.”
2. “What people ask for has nothing to do with the value of a property. You might see a listing for $300,000 and think you should make a $250,000 bid. But hyper-focus on what the house is worth. You should know what the house is worth by looking at comparable properties. Base your bid on that.”
On Refinancing Or Renegotiating Terms
1. “Refinancing doesn’t reduce your debt, it just restructures it, so be clear about what you want to achieve with a refi.”
2. “Refinancing your mortgage usually makes sense if you can lower your interest rate by at least two points. But the most important question to ask yourself is, how long will it take you to break even?”
3. “Especially if you’re over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.”
1. “A whopping 89 percent of buyers start their home search online. How your house looks online is the modern equivalent of ‘curb appeal.’ Rent a wide-angle lens and good lighting, get rid of your clutter and post at least eight great photos to win the beauty contest.”
2. “The most influential factor in selling a home is always price. Don’t build ‘wiggle room’ into the asking price. There’s a price war out there and you have to win it from the get-go.”
3. “If your house has been on the market for more than four months, take it off the market and re-list it in two months as ‘new.'”
There’s nothing better than learning from those who had to learn the hard way, and Corcoran certainly did. Put her years of wisdom and experience to work for you by incorporating her advice into your real estate strategy. Now, go forth and begin your journey towards “mogul” status; There’s always room at the top for those who have the courage to persist.
Are you in the real estate business? What tips have you found work best for building your portfolio? Let me know in the comments!