Real Estate Mogul Barbara Corcoran of "Shark Tank" fame was a trailblazer in digitalizing real estate listings.
In the late 1980s, real estate pioneer and 'Shark Tank' investor, Barbara Corcoran, made a bold move by investing her first major profit into a video listing service for her company's real estate listings. The service, which she considered a 'genius' idea, was ahead of its time. However, resistance from fellow real estate agents made the venture a total flop, leading to a loss of approximately $75,000.
Despite the failure, Corcoran remained undeterred. The Internet becoming mainstream shortly after her failed realtorcom service made her realise she could reenter the market with a similar concept. Tens of thousands of dollars worth of VHS tapes went into storage and remained untouched.
Fast forward to Monday, Corcoran shared her story about this failed venture with her Instagram followers. She dusted off the old tapes and uploaded them to her website. Within a week, she had two sales come in from London, site unseen.
Corcoran's story is a testament to her belief that her greatest successes have often happened on the heels of failure. She has always been quick to adapt and seize opportunities, as evidenced by her immediate registration of her company's URL and her competitor's URL upon hearing about the Internet.
The failed realtor service was not the end of Corcoran's journey in the real estate industry. In 1973, she founded the Corcoran Group, which she sold in 2001 for $66 million. The event of Corcoran investing her first major profit into the realtor service and the event of selling the Corcoran Group both occurred in the same era, marking significant milestones in her career.
Corcoran's story serves as a reminder that failures can be turned into opportunities. Her resilience and innovative spirit continue to inspire many in the business world.
