In the contemporary real estate space, the importance of a mentor can never be overemphasized.
Mentoring focuses on all-around development in your real estate business and the development of a profitable career in real estate. Real estate coaching provides the foundation for great performance, but finding a strong mentor can take you to another level.
What is a Mentor?
A mentor’s relationship with the mentee is beyond the professional relationship. A mentor is more like a friend interested in the mentee’s growth. They are a teacher, guide, and friend who coaches and guides you through all your questions and challenges. Of course, the mentor has years of experience, which is why they can give you the pros and cons of particular decisions, allowing you to make good decisions.
A mentor is willing and wholeheartedly interested in your development. They will help break down any complex problems or issues to help you understand all facets of your situation. They will share best practices with you to help give you knowledge beyond what is taught in the classroom.
A mentor is also one that is well connected. Your mentor should be able to connect and refer you to their network of vendors, and opportunities.
Differences in a Mentor and a Coach
Just like in every other space, a mentor is different from a coach in some salient ways. A mentor ticks certain personal relationship boxes, making the role different from that of a coach.
- One key difference between a mentor and a coach is that a coach usually comes at a price, while a mentor usually will not.
- What am I saying here? Most times, a coach charges a particular price to get you over the line of a particular goal or level— showing you what to do and how to do it to achieve a particular result. On the other hand, a mentor may not charge a price. They are interested in your growth and will give you continual guidance and advice to attain a profitable career often with no time cap on their help.
- With a mentor, you will be exposed to new experiences, advice, and investment secrets that would take years to achieve. These exposures are crucial to your journey as they help direct you on the right path through practical, real-life investing situations. On the other hand, with a coach, it is simply a different dynamic, not bad or worse, just different.
- Real estate coaching is much more structured, while real estate mentoring can develop into a more friendship-style relationship. Although you may call your real estate coach to ask for help with something, most times, you have to have an appointment. But with mentoring, you can call in at any time because there is a personal relationship between you and your mentor. There is a personal interest in seeing you develop and be independent of your mentor.
- A mentor relationship is usually long-term, while a coaching relationship is based on a specific period of time. With a mentor, you are looking at how to grow a profitable career over the years, while a coach is looking at how to help you meet your immediate goals. Both are important to the development of your career.
Benefits for a Real Estate Agent Go Beyond Real Estate Coaching to Get a Mentor?
Working with a mentor will benefit you in many immeasurable ways. This is not to say a coach is not also beneficial, but a mentor will help you throughout your career and is a relationship you will build on, not just during the time you pay a fee.
You need someone experienced enough to help you get a clear picture of where you are now in your career and where you want to be. As I mentioned earlier, with their experience also comes connections. Your mentor can help you network with the relationships they have made throughout their career, which is an essential aspect of real estate.
A mentor can help you avoid costly mistakes. Your mentor will make sure to guide you through strategies to make more profitable decisions and will encourage and cheer you on along the way. Like a coach, they can help you set your goals and keep you accountable for them, continually tracking your progress throughout the process.
It is crystal clear that every real estate agent, investor, and stakeholder that is upbeat about succeeding should not only have a coach but should also go the extra mile to find a mentor. You get to learn from those that have been there before and learn from their wealth of experience.