Choosing A Real Estate Mentor
Having the right real estate mentor can make a world of difference to your real estate career.
I reckon you will agree with me which is why you are reading this. Notice I use the word “right” and this is because after working with a few real estate mentors over the years, I figured there is really no perfect or best mentor for anyone.
As a matter of fact, I think there could be more perfect mentees out there instead.
Types of Mentors
Undoubtedly one of the most popular category of real estate mentor that many would seek to follow.
They are the icons of the industry who are constantly in the limelight. You see them everywhere on social media and their lifestyle could even rival celebrities.
There’s a certain level of confidence that they instil plus feel good factor of being associated with their name.
The Influentials are some of the most successful leaders in this business who managed a large team of associates. My definition of large is 500 or more as they are like a mid-size agency on their own.
Influentials are usually highly respected and well connected within the real estate industry.
The Coach is typically someone who is (or was) a top-performing salesperson in the industry. Very often they are also appointed trainers on a division/agency level.
They run a mid-size team of 50 to 250 associates and split their time equally between teambuilding and personal sales.
I didn’t mean to disrespect anyone by categorising them as “The Rest” but I could go on with another 10 more types and that is not the main point of this article.
Here we are talking about great salespersons who might just started their team building journey not too long ago and running a team of 20 associates or less.
While I have absolutely no doubt that some of them could grow exponentially and become the next top leader, there will also be many who will realise that teambuilding is not as fun or rewarding as it may seems.
Everyone Is Awesome!
Now that we have broadly categorised the recruiters out there, I am going to confuse you further because almost everyone you meet will offer 1-to-1 mentorship, open-sharing team culture, comprehensive training, ready-to-use presentation kit and proven framework for everything from lead generation to closing.
Seriously, which recruiter will tell you they have no time for you and you’re on your own.
So unless you are super clear about what you’re seeking for e.g. someone who can train you for public speaking, someone who can train you to be proficient in digital marketing or perhaps to penetrate a niche market segment e.g. landed, shophouses etc, it will be a challenging process.
Finding The Right Fit
While everyone is awesome, every individual is unique and so are you.
What worked for someone might not work for you else we should all graduate from the same school and draw the same pay since most of us received the same education in Singapore.
Here are some of the key areas to consider when choosing your real estate mentor.
It’s important to make sure your values align with the person you are looking toward as a potential mentor.
Finding someone with values similar to yours will lead to a better relationship and compromising your values could lead to unhappiness.
Do you believe in work/life balance? Do you put your family first? Then someone who works 80+ hours a week might not be a great fit as your mentor. You will learn more from someone whose values mirror your own.
Many people are very successful in their chosen field but might not be able to effectively convey what they have done to get there. You will want to make sure the person you have in mind is able to communicate in a manner that is easy for you to understand.
Do they convey their feelings or ideas with ease and tact? Do they communicate with others willingly? These are important attributes to look for not only because your mentor will be able to communicate with you effectively, but also because the interaction will help you become a better communicator.
In order to teach anything as a mentor, that person must be willing to help. Just because someone has found success does not mean they will readily share it with you or be able to effectively impart to you.
Before asking someone to mentor you, get to know them a little bit first and see if they are open to talking about their successes. Ask if they have mentored anyone in the past. Get a feel for their personality, and make sure they want to share the information you need.
Believe it or not, personality is definitely something to consider when choosing a mentor. If you are an introvert and your prospective mentor is the opposite, you might find yourself uncomfortable.
Or, maybe you are looking for someone more extroverted so that you can emulate some of these qualities. This is something you will want to define for yourself before you seek out a mentor that possesses these attributes.
The Red Flag
Have you heard the saying people leave their managers and not companies?
Over the years I have seen people who left and return to the same agency months later. The reason is simple, they want to change their direct manager which is usually prohibited by the agency hence many resorted to leaving and making a U-Turn after the cooling-off period.
If choosing who to join is difficult, perhaps deciding who NOT to join might be easier?
One of the most ridiculous pitch I have heard is “Even my part-time agent can easily do $20,000 to $40,000 a month”.
I understand sometimes it is necessary to inject confidence to the potential recruit but if you ever tally of the no. of real estate transactions in a year vs the no. of registered agents, you will know that the pie is simply not big enough for everyone to close one eye also make 5 or even 6-figure every month.
Don’t pick someone who will sugarcoat things too much. You’ll want someone who will tell you what you need to hear and not what you want to hear.
Though rare among recruiters, sometimes there are people whom you feel drained instead of charged-up after speaking with them.
Could you sense if this person is happy in his or her career? If a seemingly successful person is working at a job he or she secretly hates, it will show and that person is probably not your ideal mentor. Seek out someone who truly loves his or her work.
Lack of Trust
This is the biggest red flag – Do you feel you could trust him or her to behave professionally? To provide solid advice that will not get you into any legal implications or even risk losing your hard-earned license?
The CEA was setup for good reasons and as much as complaints from the general public has declined over the years, there are are still old school mentors out there teaching you the forbidden art of dual representation, non-cobroking practices, giving kickback etc.
Work with someone whom you can trust wholeheartedly. You will learn faster and enjoy your work even more.
The Ultimate Factor
End of the day, I must deliver the truth to you. Even the best real estate salesperson could not replicate himself or herself.
As a salesperson myself, I take 90% responsibility of my own results and maybe attributing 10% to factors like environment or even luck.
Those who are struggling tend to blame it on their agency, manager or even the government for not removing the cooling measures.
The best workout and diet plans do not produce the body you want if you are not prepared to make some sacrifices.
As you are channelling your attention to scout for the right mentor, work on yourself to become the right mentee too and I am positive that you are on your way to accomplish what you set out to achieve.
If you enjoyed reading the above, we might share some common values between us.
I would love to meet up with you and we could get to know each other better before deciding if we can work with each other.
Simply tap on the WhatsApp chat button on the right to drop me a text and I will reply you as soon as I’m available.