The Power of Mentoring in Real Estate

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Take a moment to reflect on the early days of your career and think of someone you considered to be a mentor. What opportunities came to you as a result of this connection? What skills or knowledge would you lack without their shared experience and insight?

For an agent starting out, finding a mentor is effective way to learn how to navigate the real estate space and build their business. Regardless of age, ability, or experience, peer-to-peer networking is often the most valuable resource when it comes to asking questions, solving problems, or improving skill sets. Mentees have access to a trusted and experienced “career coach” to help them grow professionally, and mentors are more engaged and challenged to increase their leadership abilities. It truly is a win-win situation.

Pursuing a career in real estate can be a highly competitive endeavor for your recruits. Starting from scratch is difficult when agents are up against experienced and established real estate pros in your area. Broker-owners and managing brokers can help new agents tap into a mentor’s expertise by setting up a matchmaking system at your company. Here are a few qualities mentors should bring to the table:

• Serve as a resource to help agents identify problems and guide them toward a solution based on experience with similar issues.
• Be the confidante a new agent can trust and provide constructive feedback on their actions and ideas.
• Be willing to expose mentees to their professional network.
• Provide tips on steering clear of first-time mistakes.
• Provide a sense of motivation and accountability to help mentees meet their personal and professional goals.

Chances are your experienced agents are busy and need a solid right-hand individual to help provide their clients with the service they deserve. Training a mentee can be very rewarding and benefit their business positively. You could also offer experienced agents an incentive for volunteering as a mentor. Here are some other benefits mentors will experience:

• Collaborating with others will open doors to new opportunities—including an expanded professional network—that they may not have come across in the past.
• Serving as a mentor will enhance their own professional development by building leadership and coaching skills.
• Having someone who relies on them will likely lead to increased engagement, productivity, and overall job satisfaction for the experienced agent.
• A mentor positions themselves as an expert and thought leader in their space, which will only help their own business.

Ways Mentorships Can Bloom

There are a variety of resources mentors and mentees can use to grow their relationship.

• Use social media to connect and interact.
• Research local networking groups, real estate events, and classes, and attend together.
• Attend broker open houses together.
• Set up regular one-on-ones.
• Invite the mentee to sit in on listing presentations, buyer showings, or open houses.

No matter what stage of their careers, a mentor-mentee relationship can benefit both parties personally and professionally. It will also build camaraderie and a culture of learning and inclusiveness at your brokerage.