THE INNOVATION THAT MOVED HER FORWARD
After years of following this sales model , Corcoran sold Corcoran Group for $ 66 million . At certain points , there were offers hitting well below that . These moments were often when there appeared to be no other way out of the chokehold than to sell .
That ’ s when Corcoran listened to her own advice — Simone ’ s insult — and persevered more .
At one point , Corcoran was sitting on a $ 300,000 debt to Citibank and a credit line she couldn ’ t pay , contemplating how Corcoran Group was going to climb itself out of the recession it was drowning in . Housing interest rates had climbed to 19 percent , and the market was cold . No one was going to dip their toes in that pool , no matter how good the price appeared .
Then , the walls closed in further . An insurance company called her with 88 apartment units that had been on the market for more than two years , and after numerous brokers , they just needed someone to sell the units . It was another blow to Barbara ’ s dwindling options .
“ They were the dogs of the market . No kitchens , no baths ,” Barbara recalled of the seemingly useless dump that had suddenly landed on her lap . “ I said , ‘ Nobody is going to buy this , I hate to tell you .’”
She knew that they had heard it before , but like Corcoran , the insurance company was desperate to push the units off their books .
That night , Corcoran met with Kaplan . Organized and numbers-focused , Kaplan was the calm in Corcoran ’ s energetic and risky business plan . That night , Kaplan and Corcoran debated closing . The funds they had left were far too small to pay off their debts , but those 88 units kept ringing in Corcoran ’ s head . She had been in a tight spot before . Corcoran ’ s style of spending money once it was in the door sometimes worked and sometimes left her scrambling . She had always found her way out , and now , something about those 88 units was beckoning to her .
Corcoran ’ s mind flashed to a seemingly mundane memory from her childhood . As the second oldest of 10 children in a two-bedroom house in New Jersey , Corcoran didn ’ t grow up in luxury . Her father was fired nearly every year for insubordination , while her mother was a meticulous planner with a gift for bringing out the best in each of her children . That memory landed Barbara on her grandfather ’ s farm , where , just across the street , a neighbor was selling Jack Russell terrier puppies .
CORCORAN BELIEVES
THAT TIMES OF ADVERSITY ARE WHEN SALESPEOPLE SHOULD SHOW UP THE MOST ...
Sleek new vehicles pulled up on the remote road one by one as women in furs and dripping in money stepped out . Corcoran watched with fascination . She had never seen such riches in her neighborhood . Hand-me-downs comprised her wardrobe , and the only vacation the family took was to Atlantic City after her father had received $ 1,000 from a three-month business venture .
“ When he got his $ 1,000 check , I remember the excitement of my father being in business for himself . Like John Wayne himself , he ’ d pass that $ 1,000 check around the table at dinner ,” Corcoran recalled . “ Spending that money in that whole week … It was like the best memory in our whole life .”
Back on the farm , while she and her siblings were watching the lives of the rich and famous on parade , Corcoran overheard her mother compliment their neighbor , Louise , on her ingenuity . Louise knew she only had so many puppies , but she also knew the value of her puppies . If she invited more rich families than she had puppies for to her farm , she would find homes for the little pups in just one day . For the rich families , the mass attraction and desire to be one of the families who purchased the puppies was far greater than ensuring they got a good deal .
Back in her office in New York City , while contemplating shutting her doors for good , Corcoran ’ s last-minute play came to her head . The 88 apartment units were her puppies . She just needed to find her clientele .
Corcoran hosted a “ secret sale ” of the units , where 200- 300 people showed up to look at and possibly purchase the 88 units . Even with housing interest rates at 19 percent and battered apartment units on the market , Corcoran Group sold every single unit and raked in $ 1.3 million in commission . Corcoran paid off Citibank , paid her outstanding debts and used the remaining $ 600,000 to open a new office .
The queen was back .
“ I have found that is my gift every time ,” Corcoran said . “ I see some advantages that I could run right up the damn flagpole .”
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