The Power of Mentoring in Real Estate
Encourage seasoned agents to step up and serve as mentors for new recruits by showing them the benefits of helping others succeed.
October 25, 2019
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.