There is a saying amongst the fraternity of successful entrepreneurs “Success Leaves Clues”.
Mentorship is a way many have found to find those clues.
Almost without fail, those that want to take their business to a higher level seek out a mentor or coach to achieve that higher echelon of success.
Mentorship is vital for those starting out in the real estate business because getting your license did not prepare you for the day-to-day operations of a successful real estate business.
Why You May Benefit From Mentorship?
For one, you are more likely to succeed. A study by Stanford University found that 80% of CEOs avail themselves of mentorship or coaching in some form.
Working with a good mentor is a proven path to success rather than going at it alone. Whether you are seasoned or new, a mentor provides many resources that would not be otherwise available to you, such as:
Experience and Perspective
In Real Estate, it is relatively easier to get caught up in the day-to-day operation of the business and not have time to work "on the business". A mentor who has been there will understand your journey and give you a fresh perspective that you may not have at the moment.
Accountability
Realtors work in a business that can take them in hundreds of directions. Having someone hold you accountable can minimize distractions and help you focus on the activities that matter to your business.
Innovation
Finding more effective ways to do your business can add to your bottom line. This may be in process efficiencies to operate leaner and at a lower cost.
It may also add to your production numbers in revenue by expanding your vision and finding opportunities you may be overlooking.
Increased Resources
A good mentor is likely to have the help you currently lack. The Real Estate business has hundreds of moving parts, from vendors of services to software and other business necessities.
Someone who consults and mentors agents across the nation, perhaps the world, will give you ideas, tools, and many other resources that could bring tremendous value to your business.
Knowledge & Experience
No matter the level of experience, you may feel like you are starting anew some days. The business is as diverse as the people in it.
Being able to tap into someone who can be impartial and objective to guide you when facing challenges provides excellent value.
Network
Real Estate is a business of people and relationships. The right mentor will connect you with others who may refer business your way, help you execute a growth plan, and provide more opportunities than you have on your own.
Friend & Confidant
A solid mentor will be with you for a long time. The best relationships span many years of successful working together. Through those years, the association often morphs into that of a confidant and friend.
Identifying Your Mentorship Needs
Real Estate agents who are actively looking for solutions to a problem in their business usually have a sound idea of where the pain points are.
It's crucial to be crystal clear on the type of mentorship you need to align yourself with the right mentor. Here are some common areas where agents may need help.
Growth of Your Business
If you are looking to increase the number of units per year, you will need a mentor that will bring new ideas to generate leads and get those leads to the closing.
With so many avenues of business you can choose from, knowing how your current processes and personality align with potential lead sources would benefit you.
Empty nesters who downsize are a very different crowd from millennials looking for their first home. Couples who divorce and need to sell have different needs than relocation buyers looking to move into your area.
A good mentor can help you identify where your talents and resources may be the most productive.
Mindset
Many agents struggle with just having the right attitude toward possibilities. Are you thinking like a champion or a cog in the wheel? Often, this is the foundational step towards success in your business. It has been said that "your attitude determines your altitude.
Operations
You may have a great mindset and can "sell ice to an Eskimo", yet your operational practices may be hampering your growth. Your most significant need would be a mentor with great functional efficiency ideas.
Differentiating Between A Good Real Estate Mentor And A Bad One
Determining whether a mentor is good for you or not is a very personal decision. It is essential though that the relationship must be one in which you find yourself comfortable with the mentor and the process.
No-No Situations
A mentor who emphasizes growing your business through cold calling if you are adamant against it will not help you. Similarly, a knowledgeable and experienced mentor who doesn't have enough time for you when you need it will not be worth it in the long haul.
Many agents will enter into mentorship or coaching because their brokerage recommends it. They are referred by a friend only to stop participating in it after a short time, maybe because they lack consistency.
What Good Mentorship Essentially Is
A good mentorship program must provide value. Almost invariably, that value is determined by bottom-line numbers, by the ROI of capital or time investment. Additionally, that value needs to be a reciprocating relationship depending on the mentoring program.
Also, Consider This…
A mentor/mentee relationship needs to also align on a personal and ideological level. Morals, ethics, politics, and even religious views may influence the outcome of mentorship, especially if either party is particularly boisterous about their opinions.
If any of these elements are essential to you, address them openly before the relationship begins.
Mentoring, Coaching, and Teams
Mentorship can come in various forms. Let's review the above three types of mentorship to determine which is best for you.
Mentors are people who make themselves available to work with you as a guide to help you grow. They are people who currently work in the business and are happy to help others either learn or overcome challenges in the industry. Although there is often remuneration involved, that is not the primary source of their income. There are no official certifications or credentials for mentors.
Coaches are people who capitalize on pushing people, albeit willingly, to new levels outside their comfort. They have certain SOPs (standard operating procedures), priced coaching engagements and other services.
Teams are arrangements in which agents can plug into a team that a team leader already organizes. That team leader may provide some form of direct mentorship or coaching, but generally speaking, it is not plentiful.
There are some exceptions, no doubt. When you are in a team, you compete for business with all the other members. This is not particularly conducive to giving and receiving guidance and assistance to help each other grow.
10 Questions To Ask a Mentor
So you know what you want in a mentor, but how do you make sure the person in front of you can help you achieve all that you want?
Make a questionnaire around your wants checklist so you know if you and your mentor are on the same page. Here are a few prudent questions you can ask;
If you were starting at the same place as I am right now, what would you do differently?
What do you see as being my strengths and weaknesses?
What are the top 3 things you can recommend so that I can stay competitive in my business?
How would you recommend I manage my time better and prioritize my activities accordingly?
What is the one skill you can teach me that would improve my business?
If you knew then what you know now, what would you have done differently when you launched your business?
How do you stay motivated?
What is one habit that you would suggest for me to improve my business?
What are some industry leaders you look up to?
Who, by far, has been the most influential figure in your life? And why?
Listening carefully, not just hearing, as the answers to the questions come may be critical for you and your business in a mentor/mentee relationship.
Pro Tip: Avoid using terms like “I want to pick your brain.” Disclaimer: this might be a pet peeve. However, this saying has received a bad reputation in the mentorship world. The concept of meeting with someone to learn is perfectly fine, but this term has been overused and feels watered down. If you want to find out if mentorship is a possibility, come right out and ask.
Top Mentorship Programs in the Real Estate Niche
Here are some of the most well-known organizations and coaches in the industry.
Rev Real Estate School
This is exactly what we do at Rev Real Estate School. We’ve created a new type of coaching and mentoring program.
With Rev Real Estate School, you will implement the exact strategies top producers use to lead the way in sales. It’s built on the premise that if you want to sell a lot of real estate, then you need to grow your database and SOI (sphere of influence). You’ll create your own customer prospecting plan and structure that works for your selling style.
The beauty of the model is if you follow the steps, your success will be inevitable. You will reverse engineer your own desired goal, carry out the plan, and watch your production multiply without frustrating cold calls. Instead, you build your business through hobbies, interests, and geographic farming.
Mike Ferry Organization
Mike Ferry is one of the most established coaching programs in the industry. He launched his business in 1975 after experiencing phenomenal success as an agent himself.
The organization employs scores of coaches who have collectively conducted millions of coaching calls. They offer various programs, from one-on-one coaching to retreats and ongoing group coaching.
Keller Williams MAPS
Keller Williams is a world-renowned brokerage with thousands of agents worldwide. The company makes the MAPS program available to their agents so they can become great agents and leaders.
MAPS was founded in 2006 and has several hundred coaches. They offer coaching starting at $149 per month and going up to $3,000 a month for the big players.
Craig Proctor
Craig Proctor is a Canadian mega-agent turned coach and a well-established name in the industry. One unique thing about Craig Proctor Systems is the number of free events they host every year. They also offer several other free resources to acquaint agents with their programs.
Buffini & Company
Brian Buffini is another well-known and established coaching organization in the industry. Their speciality is helping agents grow a business by referrals and repeat business.
If you seek a program that does not rely on paying for ads, cold calling or door knocking, this may be for you. His coaching starts at $499 a month and includes his Referral Maker CRM.
EXP Realty Mentor Program
EXP's mentor program is quite different from any of the above. The program is only offered to EXP agents who are new or have not sold any homes in the last 24 months.
The program is designed to assist new agents who join the company network their way in and have someone they can call and consult. The compensation is based on a percentage of the first three sales they close.
The list of available mentoring and coaching programs is long, and new approaches are being birthed as we write this article, no doubt.
Real Estate as a business is fluid and ever-evolving, and you may morph into a different agent than you started to be. The critical thing is to have an open mind to mentoring and coaching to get the most out of it.
Icenhower Coaching & Consulting
This coaching program has some very impressive self-proclaimed stats. The average GCI for those in the program is $485,000 a year. The investment to get involved with the organization is $1,000 per month.
Parting Words
Mentorship and coaching is a proven model to help Realtors grow their businesses.
It makes sense that if someone has already walked down that road many times and drawn out the map, you may as well shorten that learning curve and avoid the pitfalls of learning what has already been tested by others.
To cut it short, Mentorship can help you achieve more than you could on your own.
Follow Up Reading
7 Challenges in Real Estate and How to Overcome them
4 Prospecting Ideas for REALTORS
10 Habits of Successful Real Estate Agents
Question: Do have you have a mentor? Let me know in the comments below!
-Michael Montgomery
