get together and talk about problems, leads, industry trends and marketing efforts as well as pitch deals. StepStone also operates a members-on- ly Facebook page where agents can pass along leads on potential deals. Unlike on many other wholesaling forums, everyone is conscientious about sharing informa- tion that as accurate as possible. Nobody wants to waste anyone else’s time. “This is a community that’s really sup- portive of each other,” Dan Francis said. Despite StepStone’s rapid growth, the Francises are still home-based, in Austin. As Dan notes, they “home out of their office.” Right now, being an investor in Austin can be challenging, he said. There’s tremendous demand for homes—some- thing like 160 people move to the metro on an average day. Inventory is limited. But StepStone’s network makes it easier for everyone involved to find opportunities, whether that’s in Austin or cities like San Antonio, Dallas or Houston, where it’s not as difficult to locate distressed sellers. WHAT’S NEXT? Long term, “we want to be the biggest investment brokerage in Texas,” Angie Francis said. They’re on their way. And, while there might still be some resistance from investors about becoming real estate agents, more and more people are com- ing around to the concept. “I love when I convince an investor to get his license,” Dan said. “They almost always resist at first. But what they don’t realize is how easy it is, how little time it takes and how much it can help.” For example, younger sellers today are more skeptical of dealing with investors, and being licensed as a real estate agent confers greater credibility. “What I tell every investor is talk to me before you decide not to get your license. Because I will always win that argument.” •
closed $2.5 million in transactions. After that, StepStone switches over to a $500 flat fee per transaction, in perpetuity. The Francises’ network includes agent-investors with a mix of back- grounds, ages, ethnicities and experi- ence levels. But they’re all independent, self-starting entrepreneurs who don’t want a traditional 9-to-5 job. Some of the agents are longtime investors who’ve just recently acquired a license. Some are complete newbies, while others are longtime real estate agents who had an itch to invest, but didn’t have the freedom to do so under their previous broker. “A lot of brokers don’t want their agents doing the creative side of real estate,” Dan said. “We’ve created a home for the investors who have their license.”
in college. The couple first met during a party at Baylor University in Texas. Dan had moved there to work on his graduate degree, and she grew up in Waco. One day, they both ended up at the same get-together for debaters (both of them debated in school) and hit it off. She remembers how, years after they were married, Dan started bringing home books about real estate and invest- ing from the library. He was determined to build a real estate investing business. Looking back, “I did it all the wrong ways, is what I like to tell people,” he said. Practically everything he knew about real estate came from a book. So he didn’t have any experienced mentors of whom he could ask questions. As a result, his early deals involved a lot of trial and error, much of it slow and painful, he said. That is why he’s so proud of Step- Stone’s community. He and Angie fre- quently coach individual agents through deals, and the brokerage regularly hosts mastermind sessions where everyone can
A COMMUNITY THATWORKS Angie and Dan have been married about 21 years, and they have a son who’s
James Hart is senior staff writer for Think Realty Magazine. Contact him at jhart@ithinkbigger.com.
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