How important is it to find a mentor in real estate? What can mentorship really do for you? How do you pick the right real estate mentors and the real estate mentorship program?
If you’re looking to be at the top in real estate in Texas, keep reading!
What Is Mentorship?
Mentorship is the guidance received from, or relationship with someone who has more experience in a given industry, field or area.
What is ONE thing the most successful athletes and CEOs have in common? They have a Mentor. No one succeeds alone. Winners look for and expect to receive feedback from trusted professionals who have been where they have been, did what they are attempting to do, walked in their shoes and were successful.
There are several ways to succeed. You can always go it alone. Many people have overcome tremendous odds to achieve a level of success few, if anyone, thought possible.
Wouldn’t it be easier and faster to have someone providing advice, counsel, guidance and feedback as they observed you completing tasks, reaching milestones, acknowledging the small wins and providing insights on failures as they occur during the journey?
Rather than agonize or stress over all the various reasons the small wins didn’t come, but instead were setbacks that created stress, confusion and anxiety, wouldn’t it be better to receive instant feedback on the thoughts and actions that prevented you from achieving that goal and moving forward?
Success Can Be Copied. Especially In The Real Estate Career
If you can find a mentor who will spend time with you; someone who has been where you are and knows how to get where you want to go, feel blessed.
What is the biggest obstacle to learning? Ego. Resentment. Jealousy. You cannot have what you resent. If you think you already know it all, you cannot learn from others. Remember; success leaves clues. Most successful people I know are generous and helpful and willing to share how they achieved their success.
I have been in sales professionally since I was 16 years of age. I’m from a small town and there were not many jobs for teenagers with limited skills and education. My parents expected us to earn money to pay for things that we wanted, like baseball gloves, footballs, social events we attended and the occasional tank of gas when we borrowed the car.
My neighbor was representing a group who had invented spray-on shoe polish. This was quite a product, as it eliminated the application of the messy shoe shine paste and all the brushing and polishing that ensued. All one had to do was spray it on and presto! Shined shoes! I thought that all the neighbors should know about this, so I asked my neighbor if I could have a case of shoe polish to sell and pay him after I did so because I did not have the money to pay for it up front. He agreed, I learned what a “consignment” was and I strapped the case of shoe polish to my bike and started pedaling through the neighborhood, knocking on door after door, until I sold the entire case of polish. I was thrilled and hooked on sales. I like helping other people save time and money and getting paid for it!
After I graduated high school, I ran a branch office on the family-owner business, honing my marketing, sales and business skills. After my brother and father fired me for the second time, I started my own business selling heavy-duty truck parts to major trucking firms. I was calling on multi-national corporations like BFI, Waste Management, Fleming Foods, Ryder Truck Rental, etc. and making lots of money and having a great time.
Fast forward 16 years and I lost my everything in the oil bust of the early 80’s. I knew I could sell, so I entered the real estate business.
My Real Estate Agent Failure Story
In my first year I made less than $5,000. I was a dismal failure. My morale was at an all-time low and I began to think of myself as a loser, a fraud and someone who could not accomplish much in life.
As a last resort, I approached the most obnoxious, arrogant opinionated jack-ass in the office who had listed 195 homes the year before and sold 157 of them. Keep in mind that this was in the mid-80’s; we were in the middle of a huge recession, one in four homes was vacant (because they had been foreclosed upon), technology was non-existent, all systems were manual, there was no internet, email, cell phones or teams.
I swallowed what little pride I had left and asked him if he would train me. After all, he was listing an average of 2 homes a day! Fortunately for me, he agreed and I endured several weeks of very intense mentoring from the top-producing real estate agents in the city!
I went on to become a top-producer myself, closing hundreds of real estate transactions in the worst real estate market the city had ever seen.
I made the decision to not let my ego interfere with my cash flow!
What Does A Mentor Do And What Is The Difference Between Mentoring And Coaching?
Mentoring is a more informal association focused on building a two-way, mutually beneficial relationship for long-term career movement or professional development.
Coaching is a more formal structured association focused on improvements in behavior and performance to resolve present work issues.
Mentoring: Talking with a person who has identified his needs prior to entering into a mentoring relationship. The emphasis is on active listening, providing information, making suggestions, and establishing connections.
Coaching is more talking to a person, identifying what s/he needs, and developing an action plan. The emphasis is on instruction, assessing, and monitoring.
What Are The Keys To Achieving Success With A Real Estate Mentor?
- Are you committed? Over the years of training and mentoring, I have noticed a common thread…there are those who like looking at houses, look forward to the social gatherings and the fact that there are no quotas of schedules they need to adhere to or meet and they decide to “try” real estate to see if they “like it”. They barely pass the state exam, rarely attend sales meetings, do not preview property, and treat the business like a job, showing up at the office to shuffle paperwork and “Get organized” while hiding behind a laptop, terrified at the prospect of calling anyone.
Then, there are those with fire in their eyes, with a determination that you can feel, who are passionate about helping others and will do whatever it takes to make their lives be the way they want them to be.
- Are you coachable? Are you willing to admit that you do not know something and ask for help? Are you willing to listen and follow instructions? Are you willing to practice over and over and over until you master your craft? Are you committed to ongoing improvement, knowing that you can get better each day? Are you willing to receive and hear feedback? Are you willing to make the hundreds (or thousands) of mistakes required and to correct them instantly in order to join the ranks of top producers and leaders in your chosen field?
These are the only two elements necessary for success; if you are committed and coachable, it doesn’t matter what gender you are, what skin color you have, your education level, your height, your weight, your childhood, your family, your trauma or tragedy, your lack or abundance of support, what language you speak, or what you look like.
Those are all just reasons people have for nor being the success that they know way down deep inside of them that they CAN be; but none of them are any good.
At the end, you will either have reasons or results.
What Can You Expect From A Mentorship Program?
- A good mentor will be hard on you. There is a saying we have: “If you make it hard, you get the best. If you make it easy, you get the rest”. When we say “hard”, we don’t mean abusive; we mean somewhat who cares enough about you to encourage you to be the better you that YOU want to be; to call you out & not let you slide on weak excuses; to hold you accountable.
- Provide information and knowledge from experience.
- Mentors can see where we need to improve where we often cannot.
- Mentors can accelerate your learning curve and this saves you a lot of time and money!
- Mentors in real estate know practical solutions. They have learned the hard way and are willing to teach you their lessons so you can grow faster.
- Mentors create a growth environment.
- You will be challenged to do things out of your comfort zone.
- You will keep your business plan and goals on track.
- Mentors can be connectors.
- Mentors provide tools and systems in a way that traditional education won’t.
- In an industry like real estate where there’s a lot of competition, a mentor can help you stand out from the crowd.
How Do You Find A Mentor Who Is Right For You?
You’re probably searching for online mentorship for realtors. But don’t just go with what you read online.
Find someone who has lots of experience and a high level of success in the field you want to excel in.
Don’t hire a buyer’s agent Mentor if you want to become a listing agent.
Don’t hire a business Mentor who has never run a successful business.
Don’t hire an investing Mentor from a guy who just bought his first duplex that doesn’t cash flow. If you’re interested in investing, then find a real estate investment mentor.
Let’s say you find a mentor for your real estate business. Ask the tough questions:
- Tell me your experience and how it will benefit me.
- What can I expect from our time together?
- What will I be?
- What will I do?
- What will I have?
- How many people have you trained and what success have they achieved?
- Do you have references i can call and talk to?
Bottom line; finding and learning from a Mentor who is experienced in their field and experienced in Mentoring individuals like you who want to improve and expedite the improvement process can pay huge dividends. Evaluate their sphere of influence and have a transparent conversations about your goals. If someone will help you grow your real estate business, you need to be able to trust in them.
A big plus, if your mentor can also give you access to continuing education and you can get everything in one place, that is GOLD!
The Opportunity Cost Of Not Having A Mentor Can Be Huge.
If a Mentor charges you $10,000 and enables you to increase your income by $10,000 per month, then you have earned $100,000 from your $10,000 investment. Conversely, every month you do not have that Mentor costs you $10,000 per month.
Think about it like this; education is not expensive…it’s ignorance that is costing you money…