Meet Michael Tran

Alright – so today we’ve got the honor of introducing you to Michael Tran. We think you’ll enjoy our conversation, we’ve shared it below.

Michael, thrilled to have you on the platform as I think our readers can really benefit from your insights and experiences. In particular, we’d love to hear about how you think about burnout, avoiding or overcoming burnout, etc.

I overcame burnout early on in my career in commercial real estate. I was given the opportunity by my previous brokerage company who had me focusing on many different asset classes. I wanted to do well, and driven like most young professionals. Once I had started to gain some traction in the business I was finding ways to stay organized, but also trying to find ways to make this a sustainable business model for me to still have a social life.

Once I realized that my passion was helping my clients throughout the whole commercial real estate timeline, I found that through my helpful nature, I wanted to make sure they were making the highest amount they could with my recommendations from what I had previously learned in the industry through leasing, management, and optimizing their property prior to taking it to market. When you focus on which asset class that you can relate to, and an asset class that you personally enjoy it helps you find meaning in your work. I now focus on one asset class, and can replicate, recommend, and advise the best practices for all of my clients.

Thanks, so before we move on maybe you can share a bit more about yourself?

The path I took to reach where I am today was far from conventional. Growing up, I had little knowledge of sales or the concept of commission-based pay. Instead, I was told to seek stability and a guaranteed income, avoiding anything that seemed risky. But deep down, I felt a strong pull towards these seemingly uncertain endeavors.

I started my career in commercial construction, which provided valuable insights into the world of commercial real estate, a field I would later find myself deeply immersed in. Despite my growing familiarity with the industry, I remained in a salaried position, hesitant to venture into what my gut was telling me to do.

Eventually, I made a switch to a retail merchandising role, working closely with prominent retailers. It didn’t take long for me to become accustomed to this new environment. However, after about a year, I unexpectedly faced a layoff from what I thought was a secure job and probably the best thing that ever happened to me.

It was during this challenging period that a close friend suggested I consider a career in commercial real estate, citing my relentless follow-up skills and natural organizational abilities. Encouraged by his words, I decided to take a leap of faith into the cutthroat, fast-paced commercial real estate world.

And now, here I stand today, having embraced the world of commercial real estate and all its uncertainties.

Looking back, what do you think were the three qualities, skills, or areas of knowledge that were most impactful in your journey? What advice do you have for folks who are early in their journey in terms of how they can best develop or improve on these?

Patience, emotional intelligence, and strong public speaking skills.

Patience helped me understand that even if you show up for 8 months straight, you may not see your first check until 12-18 months. It teaches you how to save everything you make, and how to create a livable budget, data basing, 1099, taxes, and how to run a small business is all in a 1-2 year time span.

Emotional intelligence was difficult since there was a lot of objections, sarcasm, interesting characters, and more. Through cold calling you speak to some of the wealthiest people in the world. Each one of them has a great life and all of them have gotten there differently. You would think they all have some secret sauce, but each person got to where they were in their own way. I find it interesting talking to these people, and finding out more about them and how they carry themselves. I typically sit quiet and listen while they give me a small window into their life.

Public speaking skills – While you aren’t speaking in front of a lot of people everyday, you do have to do it sometimes. You have to be able to handle objections, and back your statements up with true market data. If you do not know your market, you will get shredded into pieces in this industry. This special skill also comes in handy when you are presenting a market evaluation. You have to be able to get to the point and explain your findings to some of the most sophisticated individuals with questions you don’t even know existed. This is not a skill you can take a class on, it is one you have to do trial by fire!

This is definitely a job that will keep you guessing and on your toes. There is a lot of exciting things in this industry that are great challenges that are applied to everyday life as well.

All the wisdom you’ve shared today is sincerely appreciated. Before we go, can you tell us about the main challenge you are currently facing?

Like many agents right now, we are dealing with price guidance, time on market, and lending hurdles. A lot of agents, and investors are waiting for lending options to get more friendly. Many are pricing their listings accordingly, we are turning down a lot of business since we do not list properties unless evaluated by us, and our pricing is accepted by the Owner to take out to market.

We are currently gaining market share as the industry gets difficult to navigate, once lending isn’t as restrictive, and inflation is under control we will be 18-24 months ahead of new agents, or ones that have taken significant time off.

Speaking with lenders, and meeting with them to find the pulse on the market is also important as rates come down, or as lenders create new programs that can help certain Buyers achieve numbers needed to make real estate transactions work.

Contact Info:

Image Credits

@TXOfficeIndustrial
@FlexParksUSA

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