The Benefits of Mentoring
TIP: Teach mentoring by teaming an experienced sales associate with a new one. The experienced salesperson goes to listing presentations, attends showings, assists at open houses, and shares successful techniques. The mentor is rewarded by sharing the listing, receiving a referral fee, or some other type of compensation.—Ginny Denton, “Creating Team Spirit Within the Office," Management Issues & Trends, Vol. 7, No. 3.
Leaders leverage their value through their ability to teach and develop others. A mentoring program is a great way to accomplish this goal. It increases worker loyalty, boosts retention, and augments the organization’s talent supply.
Benefits to mentors:
- Ensures that their legacy is carried on by sharing their experiences and knowledge.
- Encourages continual self-education. Mentors have to stay current and keep learning.
- Provides career advancement. Organizations value mentors for their teaching ability.
- Enhances self-esteem and satisfaction in having helped others.
- Revitalizes their own interest in work.
Benefits to associates:
- Gives more practical, concrete experience than training classes.
- Builds self-esteem by letting them take the spotlight in some transactions.
- Gives a more realistic picture of real estate sales.
- Provides exposure to existing, tested organizational tools that they can adapt.
- Creates opportunities to build contacts and develop a network.
- Provides direction in reasonable goal setting.
- Improves job satisfaction.
TIP: You’re never too old to benefit from a mentor. Gain support for developing your company by looking for a successful, perhaps recently retired, broker who’d be willing to provide advice and consultation.
Portions adapted from “A New Role for Managers: The move from directing to coaching,” Patricia M. Buhler, Supervision, October 1998.
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