Barbara Corcoran Did 'Crazy Things' to Retain Employees, From Hot Air Balloon Rides to a Free Bentley: 'We Had No Turnover' Corcoran sold her brokerage firm, The Corcoran Group, for close to $70 million in 2001.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- Barbara Corcoran claims to have done "crazy things" to keep her employees happy when she was leading The Corcoran Group from 1973 to 2001.
- In an Instagram post, Corcoran revealed that she gave one of her top brokers a Bentley and organized midweek picnics that sometimes involved a 60-foot-tall hot air balloon.
- Her initiatives led to "no turnover" at The Corcoran Group while she was in charge.
Barbara Corcoran, the 76-year-old founder of the real estate firm The Corcoran Group, claims to have created a work environment where there was "no turnover."
In an Instagram post shared with her 1.2 million followers on Monday, Corcoran outlined the "crazy things" she would do to keep her staff happy. For example, Corcoran would bus hundreds of agents to the country for midweek picnics, each with its own memorable feature, like a 60-foot-tall hot air balloon or a 5,000-pound elephant offering safari rides.
Related: Barbara Corcoran Needed to Make Job Cuts. Here's Why She Fired Her Mom First.
She would also provide babysitters for employees who wanted to bring their kids to work and offered plenty of office perks, like yoga classes, free lunches, and massages.
Corcoran recognized top performers by giving gold ribbons to anyone who closed a million-dollar sale, and gave one of her top brokers a Bentley with the license plate "SOLD1" to highlight her stellar performance in front of the whole company.
She additionally claims to have thrown "the wildest parties in town" for her employees, complete with their own "wacky" themes — and dressing up was mandatory.
The end result of these initiatives? People were "lining up" for jobs at The Corcoran Group, and Corcoran didn't have to advertise new job openings. There was also zero turnover; employees chose to stay.
Related: 'Do You Know What a First Class Ticket Costs?' Why Barbara Corcoran Flies Coach
"People are most creative when they're having fun, and we had more of that than anyone else," Corcoran wrote in the post. "I stopped advertising to hire because people were lining up to work at The Corcoran Group! Fun builds loyalty, and we had no turnover."
Corcoran founded The Corcoran Group in 1973 with just $1,000 and seven agents. By the time she sold the brokerage firm for close to $70 million in 2001, the team had grown to encompass 700 employees.
Corcoran also noted in an Instagram video in March that she is "the best boss" she has ever met because she follows a simple principle: She works for whoever works for her. In other words, she works for her employees, and her perspective is always tied to what she can do for them.
"I shower my people with anything they need selflessly," Corcoran said in the video, adding later that, "I don't think anyone could be a better boss than me."
Corcoran is now an original cast member of "Shark Tank." She has appeared on the show for 16 seasons and made more than 650 deals. She makes about $4.5 million a year from her investments, including profits from deals from the show.
