BRYAN ONG certainly did not expect his windfall to come so soon, especially right after his stint as a trainee pilot. After leaving the air force in 2004, he honed his craft as a property agent in Propnex.
He subsequently established his own mortgage consultancy firm BC Group in late 2005. The rest, they say, is history.
“To be honest, I did not expect to do so well in this area,” the entrepreneur says humbly. “I was not born rich – I made $2,500 a month working in the air force. Being successful so soon came with the conviction that I am assisting property owners to feel secure about their housing needs, which is often the most expensive purchase in their lifetime,” he says.
Now 29, the Nanyang Polytechnic graduate earned his first million just one year ago, mainly from his property investments and his business. He developed BC Group’s niche services based on his experiences as a property agent and his insight of the property market.
“Furthermore, I am able to get a better interest rate due to the volume of deals I am able to broker, thereby continuously helping my clients to get the best packages,” he says. BC Group’s services are free-of-charge but he earns a commission from the bank everytime he signs a client up for a loan.
But with the crisis, some high net worth individuals may have realised some bad investments and lost some of their wealth with it. Speaking from personal experience as an investor, he empathises with them. “I learned a very painful lesson when I invested in stocks that I don’t know about, losing a few hundred thousand dollars along the way,” he says, referring to his dabbling in contra-trading. “I don’t judge [my clients] when I know that they are in a bad financial situation,” he adds.
Exited property
“That has taught me to persevere and not to give up, but to help my clients with sincerity,” he relates. “It was alright with me that I might have to fail first before I succeed. My closure rates have improved tremendously since I have started,” he says.
Bryan has sold off all his property investments before the crisis hit, a move he says is due to the sentiment-driven nature of the property market. The only property he currently holds is a two-bedroom apartment a stone’s throw away from Novena Square, one which he calls home. As always, he is on the look out for investment opportunities which are sustainable and of a large scale – at this stage, he is considering the education sector or consumables as possible options.
When it comes to his wealth, Bryan’s mantra was cultivated by learning many valuable life lessons and being consistent. Sound investing comes with sound knowledge, he feels. “Before you invest, you need to know what you are investing in – do not invest just because others tell you it is a sure-win investment,” he advises. “Be patient and don’t let your emotions rule you.”
He also believes that this current crisis may only see improvement after two years and it is an opportune moment for entrepreneurs to fully utilise cheaper rentals and resources. But for Bryan, he plans to hold on to cash as it is not a good time to invest in property.
For his business, he counts himself as extremely privileged to have some clients standing by him. “By God’s grace, I have a group of loyal clients and my business is still goingquite well. I have new clients during this downturn – they get to know me via word-of-mouth from my existing clients,” he says.
He is laying out the blueprint for a property fund with some of his clients and fellow investors. Establishing a financial advisory firm with his brother is also in the works.
Bryan reiterates throughout that work is secondary only to his relationships with his loved ones. “I am fortunate to be able to balance my work and life in that I only work from Mondays to Fridays and derive a lot of joy in my work,” says the husband-to-be, who plans on getting married at the end of this year.
“To me relationships are more important as they stay with you during the good times and bad,” he enthuses.
Visit Bryan's website www.bcgroup.com.sg for a ChannelNewsAsia programme on him.
Recent story: BRYAN ONG: 'I was questioned by IRAS'
