Barbara Corcoran, co-star of ABC's "Shark Tank," recently shared her story of how she turned a potential bankruptcy into a million-dollar day during a challenging economic period in the early 1990s.
Her Story: At the time, Corcoran’s real estate company, The Corcoran Group, was struggling with 88 undesirable apartments that had been on the market for three years.
To turn the situation around, Corcoran relied on ingenuity and a risky marketing strategy, she explained in a TikTok video.
Faced with the threat of financial ruin, Corcoran decided to create a sense of scarcity and exclusivity by hosting a 24-hour sale during which all 88 apartments were priced the same, regardless of their size, location, or quality.
To create a sense of urgency, she spread the word solely through word of mouth, telling potential buyers to bring only their best customers as there wouldn't be enough to go around.
On the day of the sale, 150 people lined up, eager to claim an apartment.
The marketing tactic generated a buying frenzy that resulted in every single apartment being sold, earning Corcoran $1 million in commissions in a single day.
While not everyone can replicate Corcoran's incredible $1 million day, new companies have enabled individual investors to generate income like hers through real estate without creating the frenzy. Here’s how to start investing in real estate for as little as $100 (or more, depending on your appetite) to earn passive income and build long-term wealth.
The experience taught her a valuable lesson in business: "Everybody wants what everybody wants, and nobody wants what nobody wants," she said in the video.
Corcoran's success demonstrates the power of creative thinking and risk-taking in the face of adversity. Over her 28-year career at The Corcoran Group, she frequently employed unconventional methods to stay ahead of her competition in a ruthless market.
In the end, Corcoran sold her company to real estate giant NRT for $66 million, according to CNBC.
Even with her accomplishments, Corcoran admits to grappling with impostor syndrome and self-doubt, per CNBC’s report. However, she believes her self-doubt is instrumental in keeping her grounded and focused on continued success.
As she put it, "Without it, you become big-headed, arrogant, and you're just waiting for the clock to make you fall on your feet."
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