Mentoring and Growth: Advancing Your Real Estate Career
There are plenty of pros and cons when it comes to working in real estate. While you get to make your own schedule and work when you want, you also have to deal with a fluctuating real estate market you can’t control.
A mentor can give advice, provide moral support, and help you sort good ideas from bad. They can also provide connections from their own network and help you hold yourself accountable. In this blog, we’ll go over the many advantages of having a mentor and how to become one yourself.
Mentorship Benefits
According to the Bureau of Labor Statistics, the failure rate of new real estate agents entering the field is anywhere from 43% to 54%. Having a mentor might help lower this statistic. They help bring numerous benefits to both personal and professional development, such as:
- Knowledge and Experience: Mentors typically have a wealth of knowledge and experience in their field. By tapping into this expertise, mentees gain insights that may take years to acquire through individual experiences.
- Guidance and Advice: A mentor provides guidance and advice based on their own experiences, helping mentees navigate challenges, make informed decisions, and avoid potential pitfalls.
- Increased Confidence: Having a mentor can boost confidence by providing encouragement and support. Mentees feel reassured knowing they have someone experienced to turn to for advice and validation.
- Constructive Feedback: Mentors provide constructive feedback to help mentees identify areas for improvement. This feedback is essential for personal and professional development.
- Inspiration and Motivation: A mentor can serve as a source of inspiration and motivation. Knowing that someone has overcome similar challenges and achieved success can inspire mentees to persevere in their own endeavors.
How to Find a Mentor
Many brokerages, especially larger ones, will have mentorship programs in place. Even if they don’t, your home brokerage is the best place to start in seeking out a mentor. You’ll just have to be more proactive in seeking a match. Alternatively, you may be able to find a mentor through local networking events or national specialty organizations.
In any case, the first step is to pay attention to the strategies and specialties of the experienced agents around you. Note who might overlap with your own preferences. These are the agents that might be able to guide your journey best. You should also look for a mentor that’s compatible with you in terms of personality and values. Mismatches in these areas can cause friction and decrease the benefits of the match.
Mentorships can be formal or informal, whichever you prefer. Think of a mentor-mentee relationship as you would any relationship. You can’t just “pop the question” right away. Get to know your potential mentor over time. Ask for small bits of advice that don’t take much time or energy to provide. Treat them to a lunch to pick their brain. Offer to help them meet their own goals. Build a relationship over time, informally, before you try to dive in too deep.
How to Become a Mentor
Mentorship can be a great way to share your experience and reinvigorate your own passion for your career. Many new mentors are surprised by how much of a learning and growing experience it is from their end.
The most direct way to become a mentor is to enroll in a formal program, either through your brokerage or another professional organization. These programs will help you find an appropriate match. Someone whose goals and approaches align with your own. They will also provide structure for the relationship and help you navigate being a mentor, which can be helpful if it’s your first mentor relationship or if you’re not a natural teacher.
Another option is to simply keep your eyes peeled for mentoring opportunities. Provide advice to new agents when you think you can help. Answer questions, give advice when requested, and accept invitations to grab a bite to eat and talk about someone’s career. The benefit of a more organic match is that you can ease into a mentoring relationship, evaluate your compatibility, and control your commitment in terms of time and effort based on how things are going.
Keep Learning Any Way You Can
Mentorship is just one way to learn and grow in your career. Continuing education is another important piece of the puzzle – and one that’s required by your real estate board.
Whether you’re working on post-license courses for your first renewal or looking for continuing education courses, we have a full catalog of state-approved real estate courses available online in a self-paced format for your convenience. Learn whenever and wherever it’s best for you while earning credits for your license renewal.