Have you ever heard how Barbara Corcoran made $1 million in one day by selling a building she didn’t even own? It’s an incredible story of risk-taking, real estate investments, and entrepreneurship.
So let’s explore how Barbara Corcoran leveraged risk to make a fortune in one day, so you’ll better understand how risk-taking pays off and how to take advantage of opportunities in the real estate market.
Barbara Corcoran’s Risky Marketing Strategy And Impostor Syndrome
Barbara Corcoran is an American real estate investor, restaurateur, and author. She is the founder and CEO of The Corcoran Group, which was formed in 1988 with a $1,000 loan. In 2006, she sold the company for $66 million.
During her career, Corcoran has utilized various risky marketing strategies that have made her one of America’s most successful female entrepreneurs in real estate. However, despite her success, Corcoran has openly admitted to suffering from impostor syndrome – the feeling that you are an absolute fraud – which keeps her grounded and motivated while reminding herself that luck plays its part too when striving towards success.
According to CNBC’s recent article, Corcoran created a risky marketing strategy back in 1988 to sell 88 “terrible apartments” that “nobody wanted to buy” via a 24-hour sale that were equally priced, regardless of neighborhood, size, and quality.
This announcement was spread solely through word of mouth, which created the illusion that the apartments were desirable due to their rarity. The tactic worked out with $1 million in commissions from selling all 88 units.
But despite becoming one of America’s most successful female entrepreneurs in real estate, Corcoran admitted to suffering from impostor syndrome or feeling like an “absolute fraud.” This self-doubt, however, has kept her grounded as well motivated while also reminding herself that luck plays its part too when striving toward success.
Her advice for anyone who suffers from impostor syndrome is simple: don’t be afraid to take risks and be persistent through hard times; remember that it takes 10 years for any business to become profitable, so don’t give up too early!
Conclusion
It’s clear that Barbara Corcoran’s risk-taking has paid off in a big way. She leveraged her knowledge of the real estate market and her marketing acumen to make $1 million in one day by selling 88 unwanted apartment units.
Her story serves as a reminder that with hard work, perseverance, and taking calculated risks, anyone can achieve success. So take action today to secure your financial future – start researching investments and building your portfolio!
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