Business
In this episode of Wholesale Nation Podcast, talk to Steve Trang on his journey with real estate and how he made the transition from an Electrical Engineer to Real Estate agent, and the ebbs and flows in learning the business which lead to his success now. He has a masters degree in Electrical Engineering and worked for Intel for 3.5 years. [5:48-5:55] Steve took up Engineering only because he was good in Math. It was an easy route for him. But he always knew he will be leaving his Engineering job eventually. [6:02-6:23] Steve learned real estate through his mentor. It didn't take very long to transition out of his career. In May 2007, he earned his real estate license within two and half a weeks of their meeting. After that he quit his engineering job. [12:10-12:20] He learned about wholesaling in 2007 but then he thought it was just a fad. So he jumped to be a realtor. And as a solo guy, it was very difficult for him to get business and close deals. Later on, he met a coach which helped him shift his mind from being a realtor to a business owner. He learned sales & marketing, P&L, balancing sheets etc. [15:06-15:13] He started passive wholesaling in 2013 but only in 2018 when he partnered up with his former inside sales agent, Max, that they put focus in wholesaling and started doing well. Quotes: [16:04-16:13] They started growing gradually, with 55 agents before Steve launched his podcast. Since his launching, the size doubled in about 120 agents. [18:09-18:15] The biggest challenge and problem for realtors who are thinking to get into wholesaling is they think it's unethical to wholesale and it’s illegal. They think you're taking advantage of a homeowner. [32:15-32:25] Spending your time with the right people is important in networking and that includes the people you connect with in social media connections. [36:55-37:00] The biggest benefit he gained from sales training is he has become a better listener, and he also has learned to save time and quickly disqualify those people who are not serious in doing business or closing deals. [49:00-49:30] For those who are planning to start on wholesaling, Steve’s advice are: 1) Get an admin 2) Get a coach You shouldn't be doing anything except cold calling and running appointments and driving to, and from the appointments, that's the only thing you should be doing. Everything else should be handled by an assistant. Key Quotes: “We're all business owners that happen to be in real estate.” “The most dangerous person, a competitor for a wholesaler is a realtor. A realtor understands how wholesaling works, it's really easy for them to transition” “You’ve got to know your numbers that's the most important thing like. We didn't get into this business to work 70 hours. We got into this business to make a crapload of money and have free time” “You're discounting my fees. You're discounting me as a person.” “You are the average of the 5 people you spent the most time with” Where to find and connect with Steve: Website | Podcast | Instagram