A real estate mentor is an experienced advisor or trainer in the industry. They have an impressive breadth of experience to call on to guide you through handling negotiations, creating successful farm leads, and other common situations. If you’re looking to learn how to find a real estate mentor, you’ve come to the right place.
Real estate mentorship should begin with exploring why you’re seeking a mentor. A few questions you should seek answers to include:
- Why do you want to be in real estate in the first place?
- What do you expect a mentor to provide you with?
- How much will you respect what a mentor tells you?
Real Estate Mentors
Looking for a mentor in real estate is not a sign of inexperience or weakness — it’s a proactive approach to ensuring that all of your bases are covered. It’s also a meaningful step towards accountability that even seasoned professionals take advantage of.
Part of finding a mentor in real estate involves setting reasonable expectations for your relationship. Take these approaches, for example:
- Ensuring that there is an exchange of benefits. Most mentors have full schedules and there should be a valid reason for mentorship besides ‘just being nice’.
- Identifying common interests and direction with your mentor. Because real estate is a people business, finding a mentor with a relatable style and mindset is important.
- Agreeing on strategy. If you source most of your leads online and have a large digital social presence, you should make sure your mentor falls in line with your preferred strategy, too. If your mentor is speaking to strategies and topics that you have little to no interest in, their efforts will often prove futile as your passion and pursuit do not align with theirs.
Be sure to also evaluate a potential mentor’s accomplishments to ensure that their success is on par with your goals. Has this mentor achieved the things you hope to achieve? Do you admire their success? Asking these initial questions will help you narrow your choices down to mentors that will provide the most mutually beneficial relationship and experience.
Real estate mentorship is deeply rooted in respect. Respect must come from both directions, as the mentor must believe that the student will understand and implement the feedback and guidance they are giving. Likewise, the student must understand and respect the coach’s direction enough to implement it and not blindly challenge the feedback and guidance given. Before you commit to a mentorship, make sure that both parties respect each other equally.
Successful real estate mentors will offer guidance, feedback, and direction that can help your short-term and long-term strategy. There shouldn’t be a drive to learn everything a mentor knows all at once, as practical application of the things they are sharing should be involved. Mentorship is a long-term practice that comes with time.
Where to Find a Real Estate Mentor
A real estate mentor is largely a productive relationship with a more experienced agent, broker, or experienced professional in the industry. Because of that, you should look for mentorship where you can identify success in the industry.
Seek a potential mentor in these common spaces:
- In your office. Is there someone in your office who jives well with your personality and goals? Do they have the experience to help guide you to productivity? They might be a good candidate for mentorship.
- In your network. Look in your current sphere of influence for experienced professionals. You can often consult with brokers, lenders, and others and ask them for suggestions on who might be a good real estate mentor. From there, set up a meeting and see if there is good synergy.
- Local networking events. Especially those that have a focus on similar practices to your passions. Strike up conversations with people that have similar interests and goals.
- Group mentoring opportunities. Oftentimes you can find connections at networking events or through your office.
- Social networking platforms. Sites like Linkedin and Facebook often provide digital mentorship opportunities where you can connect with like-minded individuals and participate in digital community opportunities.
- Apprenticeships. These are fairly common when you join a specific team. Generally, an experienced agent will become your mentor and own a piece of the success that you bring to your team.
What To Know About Real Estate Mentoring
Real estate mentors are many things: they will give you feedback on what you’re doing, they will offer you suggestions on ways to reach your goals, and they can offer you guidance on opportunities you’re missing out on. There are some things that a real estate mentor is not.
- Mentorship is not a given, or an entitlement. For example, if you sign on with a broker, there is not a given expectation that someone will become your mentor.
- You are not going to be ‘picked up’ by a mentor. You will need to seek out someone with a similar style and interest to your own and offer a compelling reason for them to share their wisdom and time. After all, in real estate, time is money.
- Mentorship is not black and white. Oftentimes, there are complicated answers to questions and situations that might arise, especially when it comes to lead generation, client advisory, and negotiations.
- Mentorship is not an exclusive right. You have to find some way to provide value to your mentor. Whether it be an apprenticeship where your success is tied, or sharing in your success in other ways.
- There are several types of mentorship. This can range from one-on-one mentorship to group mentorship and even apprenticeships. While mentorship might instantly strike you as an individual thing, mastermind groups are appearing in many cities and offer the ability for experienced professionals to reach a larger number of individuals. Additionally, the setting provides a venue for you and your peers to ask questions and bounce ideas off each other.
Real Estate Mentor vs. Real Estate Coach
There is a large difference between a real estate mentor and a coach. Mentors offer suggestions and guide you on how they believe you can be successful at a high level. There is a large personal foundation that things are built on, and relationships are a mix of personal and professional as you often share interests outside of real estate. Mentors have a focus on long-term strategy.
Real estate coaches listen to you and then provide next steps on what you can do to be more efficient. Their focus is primarily on the short-term, though that can lead to long-term success and planning. They are more focused on the business and individual steps rather than overall strategy and planning. The relationship itself is largely professional and scheduled.
What Does a Real Estate Mentor Do?
A real estate mentor will help you with the overall strategy of your efforts. At a very high level, they can help direct the way you advertise, how you source your leads, and approaches to your business. It is incredibly important that you have a strong respect and understanding of your mentor as they are actively advising you in the direction of your overall business and career.
Start Working With a Mentor or a Coach
Real estate mentors are professionals that you will meet and discuss things with on a mix of a professional and personal level. Coaches are experienced professionals who can walk you through the practical aspects of the business on a more detailed level.
If you could benefit from an experienced real estate coach, consider signing up for Tom Ferry’s free coaching consultation. As part of the consultation, one of our consultants will listen to your current practices and provide insight that can help you become more productive and efficient.
They will provide you with industry best practices and offer insight that can help bring day-to-day closer to your definition of success in the real estate industry.