How Barbara Corcoran Turned $1,000 into a $5B+ Empire (Plus: PR Stunts, Sales Techniques, and More)

Added: Mar 7, 2024

Early Life and Influences

Barbara credits her father for instilling in her a love for fun and competition. Growing up in a large family, she learned the importance of standing out and excelling in her endeavors. Her mother played a significant role in nurturing her creativity and confidence, which would later become essential traits in her entrepreneurial journey. Her early experiences with dyslexia taught her resilience and the importance of bouncing back from failure.

Early Jobs

Before starting her own business, Barbara held various jobs that taught her valuable skills. From waitressing to sales roles, she learned the art of storytelling, persuasion, and adaptability. Each job provided her with new insights and helped her discover her strengths and weaknesses. Her ability to connect with people and sell ideas was honed during her early work experiences.

Founding The Corcoran Group

Barbara's business partner, Ramone Simone, played a pivotal role in helping her start her real estate company. He provided the initial funding and guidance, leading to the creation of The Corcoran Group. However, their partnership took a turn when Ramone decided to leave Barbara for another woman. Despite the heartbreak, Barbara chose not to blame him and instead used the experience as motivation to take control of her destiny.

Resilience and Reframing Challenges

Barbara's ability to bounce back from setbacks and reframe difficult situations as opportunities for growth is a key factor in her success. She believes that recovering from failure is a crucial aspect of life and that one's ability to get back up determines their success. Her refusal to play the victim and her focus on finding solutions rather than dwelling on problems have been instrumental in her entrepreneurial journey.

Spotting Talent and Enthusiasm

Barbara's keen eye for talent and enthusiasm played a significant role in building her business empire. She exudes positivity, energy, and a can-do attitude that attracts others to her vision. Her ability to see the bright side of things and her natural charisma make her a magnet for opportunities and partnerships. Her partnership with John Compana, who provided her with a space to start her business, showcases her knack for building relationships and leveraging connections.

Accused of Being a Prostitute

Barbara talks about her early days in the real estate industry, starting with her experience as a salesperson in New York City. Barbara recalls a time when she was mistakenly accused of being a prostitute by the building's super, which led to her eviction notice. However, she turned this situation around by proving her worth to the landlord and eventually becoming his exclusive agent.

Innovations in the Industry

Barbara discusses the importance of urgency and innovation in the real estate industry. She shares how she implemented new ideas, such as a central listing system, to differentiate herself from competitors. She recalls a time when she faced backlash from competitors for sharing listings, but she remained steadfast in her approach to innovation and experimentation.

Partnership with Esther Kaplan

Barbara reflects on her partnership with Esther Kaplan, a salesperson who became her right-hand person. She shares how Esther's organizational skills and attention to detail complemented her own strengths, leading to a successful collaboration.

Sales Techniques and Follow-Up

Barbara shares her sales techniques, including the importance of assessing customer needs, presenting options, and closing deals effectively. She emphasizes the value of follow-up and aftercare, such as sending gifts to clients and maintaining regular contact through postcards. Barbara's steady drip approach to follow-up ensures that clients remember her company and leads to repeat business and referrals.

Exercise Routine and Therapy

Barbara reveals that exercise is her therapy and a key component of her daily routine. Despite not enjoying working out, she acknowledges the mental and physical benefits it provides. She emphasizes the importance of consistency in exercise and how it helps her think clearly and stay sharp mentally. She also mentions that exercise gives her a sense of relaxation, vanity, and personal time, allowing her to focus on herself.

Lawsuit with Donald Trump

Barbara shares a story about standing up to Donald Trump in a lawsuit over unpaid commissions. Despite not being a natural fighter, she felt compelled to confront the situation due to the moral implications and the significant amount of money at stake. She emphasizes the importance of getting the right legal help and not backing down from moral fights. She reflects on her upbringing and how witnessing her father's behavior influenced her approach to handling bullies and standing up for herself.

Trailer Park Investment

Barbara discusses her decision to purchase a trailer in a mobile home park in Los Angeles. She describes how she fell in love with the location and the sense of community among her neighbors. She highlights the value of building relationships with genuine and supportive people, which ultimately led her to invest in the trailer. She also explains her strategy of overpaying for the property to secure the deal and create a positive environment for herself.

Barbara in Your Pocket

Barbara introduces "Barbara in Your Pocket," a business channel on Patreon designed to provide exclusive content and advice for entrepreneurs. She explains that the platform allows her to help a larger group of people simultaneously and foster a community of entrepreneurs who can support each other. She emphasizes the importance of giving honest advice and making a difference in the lives of aspiring business owners. She expresses her satisfaction in seeing entrepreneurs succeed and appreciates the opportunity to share her knowledge and experiences with them.

Message on a Billboard

If Barbara could put a message on a billboard to reach millions of people, she would convey the message, "You are a lot more capable than you think you are." She believes that many individuals underestimate their potential and capabilities, and she wants to inspire them to recognize their strengths and pursue their goals with confidence. Barbara encourages people to believe in themselves and their abilities to achieve success.

Lessons Learned

Through her experiences in business and life, Barbara has learned valuable lessons about resilience, adaptability, and the power of positivity. She emphasizes the importance of staying true to oneself, embracing challenges, and never giving up in the face of adversity.