From mistaken prostitute to real estate royalty

Armed with a sharp wit and sharper business acumen, Barbara Corcoran proved that the best way to build an empire is to think fast and act faster.

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Today’s Briefing

• Story: From Mistaken Prostitute to Real Estate Royalty 🏰

• Insight: Have an Idea? Get the First Mover Advantage 🦪

• Action: The 24-Hour “Take Action” Challenge 💪

THE STORY

From Mistaken Prostitute to Real Estate Royalty 🏰

It's the early days of Barbara Corcoran's real estate career, and she's got an unthinkable problem: Her landlord thinks she's turning tricks instead of turning profits. 

She marches into her landlord's office, ready to set the record straight. "You think I'm a prostitute? I was almost a nun!" she declares. But Barbara's not just there to clear her name; as she sees an opportunity in front of her.

She tells her landlord about another Italian landlord on the block who's renting out apartments left and right.  

The secret? Adding a wall to the L-shaped living room and calling it a one-bedroom with a den. Barbara's quick thinking and business savvy impress the pants off her Landlord (figuratively, of course).

He fires his long-time agent and hands over the keys to his kingdom (or at least, his eight empty apartments). Overnight, she's renting out those units to city bankers she brings to her own apartment, like a real estate pied piper.

Little does Barbara know, this one conversation will launch her from suspected lady of the night to queen of the New York real estate scene. She goes on to found The Corcoran Group, a wildly successful brokerage firm.

Here’s a few other ways she use her street smarts to earn big bucks in the form of shareable PR:

• Curiosity-inducing sales listings like “It will only cost you $80,000 a night to put your head on the pillow.”

• Inviting The Today Show to film a mysterious safe opening found in an abandoned unit (nothing was in it, but it made headlines)

• Advertising jobs as "one empty desk" to promote scarcity rather than mentioning commissions or the normal spill.

• Using a pen (good applicants) or pencil (bad applicants) on “Career Night” to filter quality job applicants in real time.

• Before the MLS even existed, she partnered with rival agents to increase real estate sales for everyone.

• She made $1.25 million in 3 hours by creating a sense of urgency with “short supply” (300 people to buy 100 deals in a secret sale).

And, above all else, when she had a good idea that no one else had tried before, she acted quickly on it: 

“I think it all comes under the umbrella of urgency. If I thought of an idea on a Monday, I had it on the street by Tuesday. Big guys couldn’t do that. And if I thought of an idea, I asked myself, ‘Is anyone else doing it?’ And no one else was doing it. I said, ‘Let’s give it a shot.’”

Key takeaway: Misunderstandings might be the foundation of your empire, just like they were for Barbara Corcoran.

INSIGHTS

Have an Idea? Get the First Mover Advantage 🦪

The first-mover advantage refers to the benefits a company can gain by being the first to enter a new market or introduce a new product or service.

1. Brand recognition: Being the first in a market allows a company to establish its brand as the default or most well-known option, making it more difficult for competitors to gain traction.

• Kleenex (facial tissues): The Kleenex brand has become so synonymous with facial tissues that many people use the term "Kleenex" to refer to tissues in general, regardless of the actual brand.

2. Customer loyalty: Early adopters of a product or service may develop a strong loyalty to the first-mover brand, making it harder for latecomers to win them over.

• Amazon (e-commerce): Amazon has built a loyal customer base through its Prime membership program, personalized recommendations, and exceptional customer service.

3. Economies of scale: Being first to market allows a company to establish production and distribution channels, potentially leading to cost advantages through economies of scale.

• Ford Motor Company (automobiles): Ford was the first automaker to implement the assembly line, allowing it to mass-produce cars more efficiently and at a lower cost than its competitors.

4. Scarce resources: Early entrants may have the opportunity to secure scarce resources, such as prime retail locations, key suppliers, or top talent, before competitors enter the market.

• De Beers (diamonds): For much of the 20th century, De Beers controlled a significant portion of the world's diamond supply, allowing it to influence prices and maintain a dominant market position.

The cons of being a First Mover? There are also high development costs, uncertainty, and copycats, but as former CEO of Hewlett-Packard said, “If you’re not the lead dog, the view never changes.” You can take a risk or get used to staring at the risk-taker’s ass in front of you for a lifetime.

TAKE ACTION

The 24-Hour “Take Action” Challenge 💪

The next time you have an innovative idea, give yourself a tight deadline (24 hours) to take the first concrete step towards implementing it.

This could be…

• researching potential partners

• creating a prototype, or

• reaching out to your first customer.

The key is to move quickly and avoid overthinking or waiting for perfect conditions. Remember, in business, speed often trumps perfection. Seize the f**king day, ASAP.

Ready to take action right now? Respond to this email with your “Take Action” challenge for a chance to get reviewed by the Wolf himself.

Meme of the Week 🤣 

Bite-Sized Reads 📚

[Read]: Barbara Corcoran: “I learned that I had a narrow [skillset], that I was good at selling, hustling, and PR.”

[Read] “The reason why many people refer to tissue paper as Kleenex is due to a phenomenon known as generic trademark.”

[Read] “In order to make a decision mean anything, we need to take action. 

This concept is so simple, yet most people never move from deciding to doing.”

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Publisher: Jordan Belfort

Editors in Chief: Brock Swinson and Davis Richardson

DISCLAIMER: None of this is financial advice. This newsletter is strictly for educational purposes and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.