Finding a Real Estate Agent Mentor
Working with a real estate mentor is a great way for new agents to gain knowledge of the industry. Real estate mentors can show you the ins and outs of the business, teach you how to make yourself stand out in the sea of competition, and provide valuable insight so you can start your career on the right path. This guide will walk you through what to look for in a real estate mentor, how to find a real estate mentor who is right for you, and the benefits of real estate mentorship.
What Is a Real Estate Mentor?
Real estate mentorship provides similar value as internships do in other fields. Real estate mentors offer knowledge of the industry but can also provide valuable insight into your market specifically. They can tell you what’s worked well for them, what you should avoid doing, and help you to roadmap your career.
That said, real estate mentorship is not just about you. The best mentorships are mutually beneficial. The harder you work to benefit your real estate mentor, the more likely it is that your mentor will reward you with valuable information or connections for your future. Some brokerages offer a real estate mentor program to connect new agents with seasoned veterans of the industry but, if your brokerage doesn’t offer this program, our tips can help you to discover how to find a real estate mentor on your own.
Types of Mentorships
From young, successful real estate investors to commercial agents with years of experience to market masterminds who have made wholesaling the bulk of their real estate business, you can find a great mentor in just about every aspect of this industry.
Real Estate Investing Mentor
Finding an experienced investor to mentor you in this niche can pay off greatly. Ideally, your real estate investing mentor can help you grasp the kinds of investment properties people are seeking as well as share overall investment strategies.
Real Estate Career Coach
A real estate coach is likely experienced in helping real estate professionals get their business off the ground. They'll help you, both with industry knowledge and by sharing tips to promote the mindset and motivation you'll need to find long-term success.
Social Media and Marketing Mentor
From LinkedIn to TikTok, mastering the art of social media is a must for any business person who wants to get their brand out there. Find a real estate influencer to emulate and try your hand at self-promotion.
Mortgage Professional Mentor
Networking with mortgage professionals is wise at any stage of your career. Finding a mortgage professional who can mentor you, however, could be the beginning of a great partnership through which you can learn about the financial aspect of real estate and exchange referrals.
How to Find the Right Mentor for Your Real Estate Career
While having a mentor can boost your career, it's crucial to work with a real estate mentor who suits you well and has relevant experience in relation to your career goals. If you don’t get a good feeling from your first encounter, listen to your gut. Mentorships should be treated like any other professional relationship, so if someone makes you uncomfortable or doesn't seem to be invested in your success, look elsewhere for your real estate mentor.
In fact, we don't recommend going with the first mentor who catches your eye if you have the luxury of choice. Even if your options for a real estate mentor are limited, try to meet with multiple candidates. It is crucial that the mentor and mentee have a good rapport, and you may need to search around for your right fit. The more serious you are about qualifying a real estate mentor based on your personal requirements and goals, the more likely you are to find and choose the right person to help grow your career.
In the hunt for your real estate mentor, meet potential candidates for coffee. Real estate mentorships should be a good fit for both parties, and not everyone is going to be a good fit. Keeping things casual at first with a quick coffee date is ideal so that you can make the decision not to move forward if necessary.
Real Estate Mentor-Mentee Relationship Tips
Once you have chosen a real estate mentor, you’ll want to be thoughtful in order to get the most out of this mentorship. Follow these tips so your real estate mentor-mentee relationship benefits both parties:
- Establish expectations for communications early on
- Allow the relationship to evolve naturally
- Accept constructive feedback without taking it personally
- Commit to your mentor (be on time for meetings, respond to texts or calls in a timely manner, etc.)
- Show respect and remember that you deserve respect in turn
- Ask questions
- Demonstrate that you care, both about your mentor and about your career
The Benefits of Having a Real Estate Mentor
Now that you know what a real estate mentor is and how to find the right one, let's discuss the general benefits you can enjoy with a real estate mentor. Real estate mentors can:
Help You Through Difficult Situations
Some degree of failure is inevitable, but all mistakes can lead to increased knowledge upon reflection and time. The next best thing to suffering through failure for the benefit of experience is having a real estate mentor.
Your mentor should be someone who can walk you through common mistakes that new agents make. Real estate mentors can serve as teachers to help you through these difficult situations, both the ones that you’re likely to encounter and by sharing their own past missteps. But real estate mentors don’t simply share mistakes. Let’s say you have a client who is selling their home, and the buyer is being incredibly difficult. A real estate mentor can help walk you through that situation by offering tips, tricks, and advice from their lived experience.
Teach You Hard and Soft Skills
Before we dive into this benefit, we need to define hard and soft skills. According to Zety, a popular career advice blog, hard skills are teachable and measurable abilities, such as writing, reading, or the ability to use computer programs. Soft skills are the traits that make you a good employee, such as your etiquette and communication skills.
A real estate mentor can teach you hard skills for the specific area of real estate in which you’re interested. For example, they can tell you what information to include in a house listing along with what you shouldn’t mention. As for the soft skills, while a real estate mentorship can improve this area, the development of these skills is more on the individual. That said, a good real estate mentor can help shape and tone those traits.
Introduce You to Their Network
Perhaps the most valuable benefit of a real estate mentor is tapping you into their network. Whether it’s potential clients or people of influence in your community, an established real estate network is something that most people prioritize, especially if that network is expansive. In most cases, plugging into an established network is the reward for a real estate mentorship gone well, and it also reinforces the importance of finding the right real estate mentor. The promise of connecting to a large network should inspire you to provide consistent value to your mentor. After all, you’re not likely to receive these connections if your mentor-mentee relationship wasn’t beneficial for the person with whom you were working.
Remember how we said a mentorship should be natural? Ask questions when appropriate, especially because doing so can demonstrate that you care about your mentor, the industry, and your future.
Let’s say you’re out with your real estate mentor on the job and a situation arises. Instead of asking a question in the moment, observe what they do. Consider bringing a notebook with you to keep notes on how your mentor deals with specific situations. When you meet up with your mentor in a more private setting, such as in the office or on a coffee excursion, ask a few questions and break down the situation with them. The only way you can get answers is if you ask, and your mentor should want to set you up for success — so don't be shy!
Great real estate mentors can help teach you the inside scoop regarding your local real estate market, but as shown in this guide, they can also provide the blueprint to your long-term professional success. As such, don't be afraid to be picky as you vet prospective mentors in the real estate industry. You deserve consistent, compassionate support as you build up your business. At the same time, ensure that you're providing value in your mentor-mentee relationship by establishing communication expectations early on, paying attention to your mentor's lessons, and offering your assistance whenever possible. Now get out there and find your mentor!