While new realtors may have been attracted to the industry by the tale that it is easy to make money as a realtor, the truth is very different. The number of realtors that quit within the first couple of years is approximately 85 to 90% — many of them because they can’t make enough money to live on. And even if you survive the first couple of years, that doesn’t mean you can let down your guard. Continual learning is critical in this competitive field.
Becoming a successful realtor takes a lot of hard work and a lot of business and people smarts as well as perseverance and passion. Wouldn’t it be great if you could bypass the school of hard knocks to some degree and learn from the experience of another realtor? In a nutshell, that’s why working with a mentor could make or break your career in real estate.
On the other hand, if you are already a successful realtor, mentoring a newcomer can help you be a better agent and grow your business. The benefits go both ways.
In this article we break it down, offering four compelling reasons why mentorship is a good idea for both mentee and mentor.
Learning and keeping on top of industry skills
Benefits for Mentee
The real estate industry is complicated, and every successful realtor employs a wide diversity of skills to manage it well. Not only is there the background quagmire of rules and regulations that change regularly, there is also the business and sales aspect, combining entrepreneurial and industry specific skills with the ability to communicate well and build relationships. Many of these skills, especially the soft ones, are not something you can learn in a class; they are built over years, with plenty of trial and error, mentally cataloging what works and what doesn’t.
As a new realtor you can draw on the experience of your mentor and bypass the trial and error phase. A mentor can help you learn the intricate ins and outs of the industry much quicker than if you were figuring it out on your own. They can help you avoid mistakes and set you in a good direction from the get go so you don’t waste time.
Benefits for Mentor
As a successful realtor, guiding a newcomer through the intricacies of the business will help you stay on top of the changes in your industry. Teaching another will not only remind you of the basics, it will make any holes in your knowledge immediately obvious, offering you a chance to brush up. Who knows? Your mentee may be able to teach you as well, especially in the area of technology if you’ve been in the business a long time.
Building Supportive Community
Benefits for Mentee
Because there is so much to learn in the real estate business and because it is a very competitive field, having an experienced realtor on your side and with whom you can discuss problems or ideas can be a real boon to progress. Being a new realtor can be discouraging at times; having a supportive person who knows what you are going through can help you through any down periods.
But a mentor is not there just to hold your hand, a good mentor will also challenge you and help you go beyond your comfort zone, which is where success happens. A successful realtor provides a model to aim for. With this sort of presence in your business life, you know what is possible, what is realistic and you are learning the minute behaviors that will help you get there.
For successful realtors, helping someone you’ve mentored through ups and downs to finally succeed can be extremely rewarding from a personal standpoint. These are the strongest bonds that build true communities and potential for further collaboration.
Developing Good Business Habits and Goal Setting
Benefits for Mentee
Good business habits are the backbone of success. As an independent agent, you are solely responsible for the smooth functioning of your business. Good, productive business habits will make this easier, providing the momentum to pull the business through any lulls. Being privy to the discipline of big and small habits that has made your mentor successful will help you structure your own business operations. If your mentor sees that you are becoming sloppy, they will point it out, holding you accountable and putting you back on track.
Part of any business is to set appropriate goals and objectives. An experienced mentor does this as a matter of course and can help you build a realistic plan for your business, including operational objectives, bigger business goals and do-able timelines. Regular meetings to discuss goals will help you assess your progress, where you’ve fallen behind or exceeded or where you need to make revisions. The experience of a successful realtor to guide you is invaluable to set and evaluate your goals.
As a successful realtor with a love of your industry, instilling the next generation of realtors with productive, ethical business practices can ensure the integrity of the industry.
On a more practical level, as a successful realtor, you are likely to be extremely busy. Wouldn’t it be nice to have somebody with some real estate know-how to give you a hand once in a while for the tasks that don’t require as much skill? It is a win-win situation: the mentee is learning and they feel like they are part of a team, while you can attend to issues that need more expertise.
While not a direct consequence of having a mentor, it never-the-less often happens that your mentor will introduce you to their colleagues, thereby widening your circle of contacts.
Equally important is to learn how your mentor built their network, so you can implement the same practices.
Of course, it goes the other way too. Networking is just that, building communities and collaborating. Your mentee brings with them a whole new network of people you can connect with.
Mentorship is really about Collaboration
As we’ve pointed out, mentorship is good for both parties. So where can you find an experienced realtor to mentor you or a newcomer to mentor? Often brokerages have programs set up, but another good way to meet people is through real estate symposiums and events. Hi Life Growth Life regularly hosts symposiums on real estate, covering important topics with expert speakers and a large attendance of successful realtors — the perfect place to discover the benefits of mentorship!