Corcoran's Fun Culture Drives $20 Billion Sales, Zero Turnover

Barbara Corcoran, a real estate multimillionaire, has shared some of the extraordinary perks she offered her team at The Corcoran Group. These perks included elephant rides, in-office massages, hot air balloons, and even a free Bentley. This approach to employee engagement stands in stark contrast to the intense management tactics seen in many companies today. Despite the unconventional methods, the results were impressive: the company achieved $20 billion in sales and had virtually no turnover, with agents eager to work for her firm.

Corcoran's strategy was not about ruling with an iron fist but about creating a fun and loyal company culture. She started building her real estate empire at just 23 years old, with the goal of creating the largest brokerage in New York. She rewarded her employees handsomely for their hard work, even buying her top broker a Bentley. This gesture was not just about the car but about making her feel like a star in front of the whole company, which motivated others to compete for her attention.

Corcoran sold the real estate firm in 2001 for $66 million and today it continues to generate $20 billion in sales under parent group Anywhere Real Estate. She believes that fun is the most underutilized tool in business, as people are the most creative when they are having fun. This philosophy led to a company culture where people were lining up to work at The Corcoran Group, and fun built loyalty, resulting in no turnover.

The perks offered by Corcoran went beyond luxury cars. She brought massage spas and safari adventures to her employees during the workweek. Clocking into The Corcoran Group’s office came with many freebies beyond the typical healthy snacks and Nespresso coffee; the now-76-year-old real estate tycoon would offer anything from yoga, blowouts and massages to ping pong tables, free lunches, and manicures. She even brought in laundry machines and babysitters to support the working moms at the real estate firm, ensuring that they felt less stressed at work.

Corcoran would take her staffers out on trips whenever she could afford it, including bussing her 600 agents to the country for mid-week picnics. These picnics were no laid-back affairs with charcuterie boards and gingham blankets. Each had its own “crazy gimmick,” including 60-foot hot-air balloons, 5,000-pound elephant rides, and spitting camel safari fun. These events were extravagant but Corcoran believed her staffers should enjoy the spoils of their success. She regularly recalled throwing “the wildest parties in town,” and keeping a “good idea jar” in the office, where she’d reward each good idea with a dollar. The money didn’t matter; it was all in the name of motivating her workers. Even when she gave out gold ribbons to staff who closed a million-dollar sale, instead of cold hard cash, everyone first laughed at the idea, until the first ribbon was claimed, and jealousy kicked in fast! By the end of the month, desks were covered in gold ribbons. “Recognition motivates people more than money,” she concluded.