How to Quickly Find a Real Estate Agent Mentor
Tips to help you find a estate mentor as a new agent
Finding a mentor in real estate is one of the first things you should do as a real estate agent. If you are a beginner real estate agent, it can be difficult to know where to start when looking for mentorship. In your real estate career, you need to form relationships with those who have walked before you and have years of experience.
We know the failure rate in real estate is high. Most sources point to a failure rate of 80%-90% within the first 5 years. This may seem high but it is just slightly higher than the failure rate for any new business.
Inc Magazine recently cited a study where the researcher found that businesses that a 70% chance of success. That is double that of a business that is not mentored and if you extrapolate that into the real estate industry, you are looking at almost a 5x higher chance of making it to year 5.
As a real estate agent, it is too easy to fall into habits that may not be helping our careers. Also, many agents say they have a mentor but in reality, they just have a friend at the office who they chat with once and awhile.
A mentor is important at any stage in your career. However, when you are new (less than 5 years), it is one of the most important things that can make up your business.
Look for a good real estate mentor who can do the following
Decrease your learning curve
Teach you hard and soft skills
Help you avoid pitfalls
Support you through challenging situations
Decrease Your Learning Curve
There is constant learning as a real estate agent. Your mentor should be open to sharing strategies to help you learn your craft. Look for a mentor that carries themselves in a way you look up to and has an approachable method of teaching.
Teach You Hard and Soft Skills
Your real estate agent mentor should help you learn the skills required to be successful in real estate. They should have hard skills like how to effectively run an open house, show property, and conduct a listing presentation, but they should also have soft skills like dealing with expectations, sales, and negotiation.
Help You Avoid Pitfalls
Look for a mentor that has bounced back from some bumps and bruises in their career. These mentors will help you avoid mistakes that they have made in their careers. It’s important to look for a mentor who started from a similar place. If you are new to town, find a mentor that started their career in a new city. If you are joining a team, find a mentor that started on a team.
Support Through Challenging Situations
Look for a mentor with a supportive nature that jives with you. If you respond well to tough-love and accountability then look for an agent with this approach. If you need a softer approach then look for a person with this demeanor.
How to Find a Real Estate Mentor
Lead with Value
If you are looking to pair with a quality mentor, you will need to keep in mind that their time is valuable. Most agents are honored to be asked to be a mentor but they also run busy lives and are likely producing at a high level. If you approach the mentor with a tone that you want their time, then the scale is tipped heavily in your favor. Instead, if you find ways that you can be of value to the mentor, then your chances of landing that person improve. The value trade can always be financial (i.e. pay for the mentor), but it doesn’t need to be. If you are pairing with a busy agent, chances are they are short on time. Can you do a few hours a week of admin work for them in exchange for mentorship? Can you sit their open houses? Can you do some showings for them when they are busy?
Since you are going to be borrowing their time, you will need to find a way to be valuable to them.
Start at Your Office, But Don’t Stop There
Your office is the most logical starting point. You have something in common with these agents and you may know them already. If you don’t know them, having the common ground of a shared office helps them lower their guard. Start by asking your broker if he/she think the mentor would be open to this. Then ask for an introduction from your broker.
But, don’t stop at your office. There are many agents that are open to mentor relationships. Also, consider agents that you look up to in your city. This is especially important if your office is small or if you are very fond of an agent that you know in the city. Your office can be a great place to start, but don’t limit your options.
Try to Stick to Someone in the Industry
Locking down a mentor in another industry can be a great resource but make sure you also secure a mentor in the real estate industry. Having connections in other industries where you can share ideas in a mastermind or networking form is great. You are not competitors and you will have a different lens through which you see the business world, however, don’t underestimate the power of pairing with someone that knows the day to day challenges of a real estate agent.
Be a Good Mentee
If you land a great mentor, make sure you follow through with your meetings and take notes while you are learning from them. If you say you will implement something, make sure you do it. There is nothing more challenging as a mentor than a mentee that just shows up for a session and acts uninterested or doesn’t follow through with the action items that you discuss.
Understand your relationship with your mentor goes much deeper than just a few meetings. You are making a friend and advocate in your industry.
Many people stop are their own worst enemy when seeking a mentor. Just ask the person you are interested in learning from. Most people are open to mentoring another agent, just make sure you ask in the right way.
Be honest with your intentions and let them know that you are looking for a mentor. This gives the prospective mentor the chance to think about it. Just casually approaching a person and hoping it turns into a mentorship situation doesn’t send the right message to the mentor, nor does it give them a chance to prepare for a true mentorship session.
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.
Finding a real estate mentor is a very important task. Regardless of if you are a new real estate agent or a seasoned vet, you should have a mentor who is a few steps ahead of you.
Your mentor can help you learn, support you, and help you avoid pitfalls. Take the time to narrow down a list of people who you would be interested in as a mentor. Reach out to them and lead with value. When you meet with them always be mindful of their time and be a great mentee.
Follow these steps and you will have a fantastic mentorship experience in real estate
[00:00:00] Hello and welcome to Rev Real Estate School. The show with quick tips and actionable advice to help you sell more real estate in today's world. And now your host Michael Montgomery.
[00:00:11] Hello and welcome back to Rev Real Estate School. My name is Michael Montgomery. Do you currently have a mentor? If You do not have a mentor this episode is for you. If you do have an mentor. This episode is still for you because you will learn how to find the right mentor for yourself and make sure that the mentor that you do have is the right fit for you.
[00:00:36] Today we're going to learn about finding the perfect mentor. First let's talk about mentorship/ Inc. Magazine found that 70 percent of businesses that had a mentor survived the first five years. Now if you've looked at any statistics chances are if you are a business owner and you open your doors you will be closed within the first five years. Sad but true and in real estate we know this number. This 87 percent number 87 percent is the percentage of real estate agents that will not last five years in the industry. So get this if that is the case, seventy percent of businesses that have a mentor survive and in real estate you are a business. You are your own business. So if you have a 70 percent chance of surviving with a mentor why would you not get one?
[00:01:33] Oftentimes it's because it can seem too daunting to go out there we don't want to bother people we don't know how to find the right mentor. And we're also concerned that they could be quite expensive which is fair.
[00:01:45] But we also know that we have basically five times the chance of survival in this industry if we do have a coach your mentor. So let's talk about finding one. The first thing that most agents will do is look to their office and this is a great place to start. Make a list of the people within your office that you most look up to. So if somebody pairs you with somebody that is awesome that's great. But also look into who you want to best become. We've all heard that saying that we become the five people that we spend the most time with and this is true. And a mentorship relationship is also another one of those people that you will be spending time with and naturally just from talking to them and learning from them and following them you are going to pick up on how they run their business. So make a list of those people within your office that you do look up to and prepare to reach out to them.
[00:02:42] Next is reaching out to people with in the community or within the real estate community so don't just limited to those people at your office. There are a number of real estate agents out there that will mentor you and they don't necessarily have to be under the same roof. It creates immediate connection of course when you are in the same office as your mentor and it makes it quite easy. But don't limit it to that. Look at the agents that you best want to become within your city or even outside of your city. Make a list of these people and prepare to reach out to them as well because the worst thing that a mentor can say is no sorry I'm too busy. So make sure that you have more than one option.
[00:03:26] Understand that your mentors time is likely quite valuable. So there should be some trade in value if they are going to give up time. Then what can you do for them. Now here's the thing. It can be financial so you can go and pay for a real estate coach but it doesn't necessarily have to be you can work within a team model where you're not paying that mentor on a monthly basis or paying that coach on a monthly basis. The other side of this is you can form a relationship with your mentor where you are doing certain tasks for them. So you are allowing them to have more time because you're taking on say they're open houses or some of their administrative tasks in exchange for their time as a mentor. So be prepared for some exchange. Don't just approach it with the idea that they should be wanting to help you out come from a place of how can you help your mentor and your mentor will be there to help you. Another tip is never ask anybody and this is more of a pet peeve of mine I would say but to pick their brain because this isn't really giving anything of value to the mentor or to the person who's brain you are picking. It just comes across as I need something from you. I need time from you because I want information that you have. This isn't the best approach.
[00:04:49] Instead if you can approach this with a way again of how can you be a value to that mentor. The chances of that mentor actually taking you on or are a lot better next simply reach out to these people and ask them if they would be open to a mentorship relationship. Now the reason why I recommend asking them directly mentorship is because if you do try and play this in a way of that "we get coffee or we go for lunch." I'll Buy you lunch that sort of thing. It can work but I think that you're also not coming across as genuine. So if you do want a mentorship relationship with this person and you want to sit down and see if that is a potential fit for them then come right out and say it and let them know that's what you are looking for you will actually be surprised by how many people are interested in taking on a mentee.
[00:05:40] Now once you have found one that does fit for you the next side of this is be a good mentee. Focus on what your mentor is saying take notes prepare for your meeting with your mentor so that you don't have to spend a lot of time going through your computer while you're sitting down with them. Be prepared have questions have thoughtful questions and be mindful of their time do not go over the time if they're giving you an hour or half an hour or even 15, or10 minutes. Be grateful for that time and don't push beyond that time because you want to make sure that that relationship stays strong. You have no clue how far that mentorship relationship can go.
[00:06:20] Finally just don't be afraid to ask someone to be your mentor. They are busy but they do want to help and oftentimes you'll be pleasantly surprised by how many people will say yes they'll meet you and they'll start a conversation about mentorship with you. So here are a few tips. Go ahead put these into place and lock down an awesome mentor for you so you can increase the chances of being wildly successful in this career. Thank you very much for listening to this episode and we'll catch you on the next lesson.
[00:06:51] This episode of Rev Real Estate School has come to a close. Thank you for tuning in. We'll see you back here for the next lesson.
Follow Up Reading
Question: Do have you have a mentor? Let me know in the comments below!