Serial entrepreneur and key investor on the hit TV show “Shark Tank,” Barbara Corcoran knows a few things about amassing wealth. After founding her real estate company, The Corcoran Group, in 1973 with just $1,000, she sold the profitable business in 2001 for a whopping $66 million.
But before becoming rich and successful, Corcoran was just one woman trying to make it in the big city. So how did her real estate empire — and her net worth — succeed where others failed? Corcoran wasn’t afraid to be bold. So much so that some have even called her methods “unhinged.” She wears that crown proudly.
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As Corcoran shared on TikTok, here are three “unhinged” tactics she utilized to boost her wealth — and a few grounded lessons they offer.
Also see Corcoran’s five truths about success that could make you rich.
She Publicly Opened an Elusive Safe
In her early days, Corcoran received a listing for a property belonging to the Guggenheim family. According to Corcoran, the home was a dump and no one had succeeded in selling it. She couldn’t even get prospective buyers to view it twice — that is, until she discovered a safe in the basement of the storied home.
What was in it? No one knew. It had never been opened. Why not? Did it contain jewels? Or perhaps secret documents from generations past? Corcoran had an idea: She invited “The Today Show” as she opened the mysterious safe on live television. As the suspense built, viewers tuned in. Unfortunately, there was nothing in the safe. But, by that time, it didn’t matter. Celebrities came to view the property because they were so enamored with the story attached to it. The home sold within a week.
The lesson: In sales, telling a good story is powerful. “The PR that I did for my real estate company were old stories,” Corcoran told Tim Ferriss. “Creating a story that people would be curious about, to pull them in.” A good story can create value where none previously existed.
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She Took a Job as a Messenger Delivering Packages
Real estate guru by day, bike messenger by night? Yup. Corcoran once took a job delivering packages in the evenings in order to bring in extra money and help her business stay afloat.
Lesson: “Barbara’s hustle is a reminder that ego has no place in entrepreneurship,” said Nick Friedman, co-founder of College HUNKS Hauling Junk & Moving, who claimed he and his business partner used to load and drive his company’s moving trucks themselves before their company got off the ground. “You do whatever it takes, no matter how unglamorous, to survive during the lean years.”
She Started a Market Report To Advertise
Corcoran brought new meaning the phrase “Fake it till you make it.” Understanding that publicity was almost more crucial for building a brand than working 24/7, she decided to write an article called “The Corcoran Report” and mail it to every reporter at The New York Times.
The report detailed the average price of New York City apartments and wound up published the following week under the headline “Study Shows Co-op Prices Nearly Quintupled.” The problem, however, is that the report was based only on Corcoran’s 14 sales for the year. But it didn’t matter; business started booming.
Lesson: Perception can create reality, according to Corcoran. “I was still the same small company I was the week before, but I now had the power of the press behind me, and everyone treated us differently,” Corcoran said in an Instagram Thread.
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This article originally appeared on GOBankingRates.com: 3 ‘Unhinged’ Things Barbara Corcoran Did To Boost Her Wealth
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