The Importance of Having a Mentor in Real Estate (& How to Find One)
Over the past few years, careers in real estate have become more popular. According to Harvard Business Review, there was a 60% increase in people seeking real estate licenses in 2020 and 2021. That’s a lot of competition.
That also means there are a lot of new real estate professionals out there who might need some guidance. One way of starting on the right foot is by getting a real estate mentor. Someone who can guide you in all things buying and selling can prove invaluable. Choosing your real estate mentor will be one of the more important choices in your career trajectory. We’re sharing how to find the right fit, and what doing so can do for your long-term success.
Key Takeaways:
- Mentors can have a tangible impact on your bottom line. They’re more than just someone to give advice – they can help you to make the right connections, co-host events, and more.
- How do you find a mentor? From professional organizations to social media platforms, the real estate industry offers a plethora of opportunities for connecting with individuals who can help you to level up.
- Choose a mentor that aligns with your lead generation strategy. A mentor’s guidance will be based on their own experience, so finding a person who has successfully implemented your chosen tactics will be more valuable.
Mentorship in Real Estate: Key to Long-Term Success
The real estate industry is known for its complexities and ever-changing dynamics. As aspiring real estate professionals navigate this challenging landscape, mentorship can be a pivotal factor in achieving long-term success.
Mentorship not only provides guidance and insight but also fosters professional growth, networking, and skill development. An experienced mentor is one of your most powerful tools, almost like a behind-the-scenes “superpower”. The right mentor will connect you with people in the right areas. It can help you to expand your business more quickly than starting alone.
The Benefits of Having a Mentor
A mentor isn’t just about being introduced to new connections, although that’s certainly one advantage! You can also gain:
- Knowledge and Experience: A mentor can provide valuable insights and guidance based on their own experience and expertise in the field. This can help new agents or investors avoid costly mistakes and accelerate their learning curve.
- Customized Advice: A mentor can provide personalized advice tailored to the specific needs, goals, and challenges of the mentee. If you partner with someone in your industry, they can help you to carve out a specialty.
- Support and Accountability: A mentor can provide ongoing support and accountability to help the mentee stay on track and achieve their goals. Research shows that sharing your goals with someone “more accomplished” or higher-up makes you more likely to achieve them.
How Mentors Impact Career Growth
It’s easy to underestimate the work required to become a real estate agent. That’s why, according to the NAR, roughly 80% of new agents quit within their first two years. It’s not enough to just be knowledgeable about the industry—you also need to be good at sales, marketing, and customer service. A new agent should also be a proactive go-getter, ready to take on what amounts to a new small business enterprise and generate leads instead of waiting for them to pop up. And if you’re not those things, it can be easy to get overwhelmed and give up.
A mentor can help you avoid becoming a statistic by showing you what it takes to succeed in real estate. They can introduce you to helpful resources, give you useful advice, hold you accountable for forming good business habits, and be a sounding board for your ideas. And if you ever feel like you’re over your head, they’ll help you get back on track. This one-on-one support can be the difference between a successful career in real estate and an early exit.
There’s also the moral support angle to consider. It may seem cheesy, but having someone in your corner can make all the difference in the world when you’re ready to give up and go back to your old career. The heavy lifting is still all on the mentee’s end, but it’s nice to know that you’re not alone and someone wants you to succeed—especially when things are tough.
Types of Mentorship in Real Estate
One of the easiest ways to find a mentor is to join a real estate brokerage with a mentorship program. Many brokerages, especially larger brokerages, have programs in place to help new agents transition into the industry. These programs typically pair new agents with more experienced ones and provide resources and support.
Of course, if your brokerage doesn’t have a mentorship program, there are still plenty of options for finding a mentor. Think about which type might be right for you.
One-on-one Real Estate Mentoring
One-on-one mentoring is one of the most effective forms of mentorship in real estate. This personalized approach involves a seasoned professional guiding a less experienced individual. The mentor shares their knowledge, experiences, and insights, helping the mentee navigate challenges specific to the industry.
Group Mentoring
Group mentoring offers a collaborative learning environment where multiple mentees can learn from one or more mentors simultaneously. This dynamic approach allows for diverse perspectives and shared experiences among participants. It’s often a more efficient use of time and resources, allowing professionals to reach a larger audience and meet new people.
Apprenticeships and Internships
Apprenticeships and internships provide hands-on experience in the real estate field, allowing individuals to learn directly from seasoned professionals while actively engaging in the day-to-day operations of the industry. These programs can be essential for building practical skills and gaining industry knowledge and are a great window into real estate in the real world.
Real Estate Investing Mentor
A real estate investing mentor typically provides advice on topics such as identifying investment opportunities, analyzing potential deals, negotiating contracts, and managing properties. They may also help investors develop a customized investment strategy, depending on their specific goals, risk tolerance, and available resources.
Additionally, real estate investing mentors may offer ongoing support and training to help investors stay informed of the latest industry trends and best practices. By working with a real estate investing mentor, you can gain valuable insights, avoid costly mistakes, and accelerate success in the real estate investing market.
How to Find a Real Estate Mentor
Be Proactive About Finding a Real Estate Mentor
Many people new to the real estate industry mistakenly believe that they have to sit around and wait to be “picked up” or “discovered” by a successful mentor who will take them under their wing and teach them the ropes.
However, this is rarely the case. In most cases, it is up to the individual to be proactive about finding a mentor. This involves doing your research and reaching out to individuals who you respect and admire. It would help if you pursued these avenues in your search for the right real estate mentor:
- Networking Events and Conferences – Attending industry-specific events will allow you to meet a variety of individuals in your market. You will find a mix of highly experienced and newbie agents and others who can offer guidance in your space.
- Utilizing Social Media Platforms – Using social media wisely can help you connect with the right mentor. Don’t be afraid to browse your LinkedIn connections and ask for an introduction. You can also participate in various groups to gain insider knowledge and meet more professionals.
- Engaging with Professional Organizations – It’s a good idea to join local professional organizations, anyway. In addition to the other benefits such groups offer, they are a great place to meet potential mentors and start a conversation.
Seek a Mentor Who Successfully Uses Your Lead Generation Tactics
Anyone looking to improve their skills in a certain area would do well to find a mentor who has already achieved success using the methods they want to learn. A mentor can provide guidance, support, and advice based on their own experience, helping you to avoid making the same mistakes they did and setting you on the path to success.
For example, if your goal is to generate most of your leads online, find a more experienced agent who runs a successful website and pick their brain. They will be able to tell you what strategies have worked well for them and help you to develop a plan for achieving similar results.
It’s important to choose a mentor who is a good fit for your individual needs and goals. Reaching out to a potential mentor based purely on success is not always the best idea, as their methods may not work for you in the long term. For example, if you dislike cold calling, don’t expect to get a lot out of mentorship with an agent who uses cold calling as their main business model.
Instead, look for a mentor whose methods align with your strengths and weaknesses. This way, you can learn from each other and build a lasting relationship that will help you both grow and succeed.
Speak with an industry expert agent advisor. Together we will find the best solution based on your goals and needs.
Don’t Begin the Conversation by Asking to be Mentored
A good mentor-mentee relationship is built on trust, communication, and mutual respect. It’s important to remember that a mentorship is not a one-time meeting or lunch; it’s an ongoing relationship that requires time and effort from both parties. Because these relationships require a significant commitment, it’s common to spend a while “testing the waters” to see if the potential mentor thinks the mentoring relationship is worth investing in.
Expect a mentorship relationship to take a long time to develop, and treat it accordingly. Approaching a more experienced agent as a total stranger and asking them to be your mentor immediately could end in rejection.
And, consider that your potential mentor is also running their own business, and real estate already takes a lot of time and effort. The stronger foundation you have going in, the more receptive a potential mentor is likely to be in helping you polish it up the rest of the way. You can also consider starting the mentoring partnership off with a co-listing. This will help you learn the ropes while you both make money off of the deal.
Make Mentorship a Two-Way Street
A real estate mentorship can be a great way to learn the ropes from an experienced professional. However, it’s important to remember that a mentorship should be mutually beneficial. To get the most out of the relationship, you need to be able to offer something of value to your mentor as well. They’re giving you their time and will be less inclined to work with you if you don’t give something in return.
A good way to start on the right foot is to ask your potential mentor how you can help their business. Perhaps they need an extra set of hands for showings or assistance with social media marketing. Whatever the case may be, offering to help out with specific tasks can show that you’re serious about learning and willing to put in the work. Ultimately, this will make for a more successful and beneficial mentorship for both parties.
Mentorship is one of the most important things a real estate professional can seek out – no matter the stage of their career. By engaging in various forms of mentor-mentee relationships, those in the industry are more likely to thrive in a highly competitive field. If you need some help seeking out a strong and experienced mentor, we can help.
0 comments