Summary: In part one of our Finding the Right Real Estate Investor Mentor series, I will answer: what is a real estate mentor? Topics also include, the value of real estate mentorship, and deciding if you need a mentor or not.
The Internet may be the single greatest resource to find instant information on nearly any subject imaginable. And the Internet is usually where most of us would start looking when we want to gather information, learn about something, or find someone who can help fulfill a need.
Just starting out in real estate can be difficult. Most of us have probably heard horror stories of real estate investments gone bad. Or losing thousands of dollars from a simple “rookie” mistake. Finding the right real estate investor mentor, that can help you learn the trade and develop the skills you need to succeed, can make all the difference.
Many of us likely use certain websites and experiences from experts as a sort of virtual mentor for ourselves. Start with finding, reading and listening to real estate experts online, if you haven’t already done so.
There are an incredible amount of free resources out there to help anyone learn a trade, industry, or niche, along with tips, tricks, do’s and don’ts, etc. Whether you’re just beginning to learn about real estate investing, a newer investor seeking help and advice, or a seasoned investor looking to expand your portfolio, there is always something to learn or do better.
Take advantage of these resources. It could even provide an opportunity to connect with an expert to potentially become your mentor.
What is a Real Estate Mentor?
A real estate mentor is someone who offers you advice when needed and who will coach and guide you on the path to successful real estate investing.
A mentor-mentee relationship should be mutually beneficial. The mentee, or individual looking to learn a trade should offer help and provide value to their mentor. In turn, the mentor will provide value to the mentee through advice, coaching and guidance.
Don’t ask to be mentored. Get to know them first to see if it’s a good fit. Create a relationship that is mutually beneficial.
Real Estate Mentorship
Mentorship is the guidance provided by a mentor, especially an experienced person in a company, educational institution, industry or field. Before organized education (and the Internet) was established, mentorship or apprenticing was the only way for someone to learn a trade. Today, it remains one of the best ways to get insight, skills and learn by doing.
Types of Mentorship
There are a number of different types of mentorship options to choose the one that’s right for you.
Apprenticeships and Internships
Apprenticeships and internships have been around forever. But these days, it’s less common. However, there are so many advantages to working for someone else, learn the ropes, processes and best practices, before starting a similar business.
Because we live in the era of technology, we have availability to so many online resources. There are eLearning courses for real estate, blogs, webinars, seminars and books to choose from. Becoming an expert through your own research can be invaluable.
These groups create the opportunity to learn from and engage with industry leaders, your peers and strategic partners. This is also an excellent way to find a great real estate mentor.
One-On-One Real Estate Coaching
There’s no question that personalized coaching is one of the most effective types of mentorship. Staying in consistent contact with your coach via phone, email or in person, is a powerful tool to help guide you on your real estate investing journey.
Do I Need a Real Estate Investor Mentor?
I think most people looking to learn a trade have considered whether they need a mentor or not. “One good mentor can be more informative than a college education and more valuable than a decade’s income,” shares Sean Stephenson, motivational speaker and businessman.
I hope that quote will suffice in answering our question. But let’s dive a little deeper and break down why a good real estate investor mentor can have so much value.
If you look back at your mentor’s previous deals, you’ll more than likely see some big wins and big losses. Learning from your mentors past mistakes or bad deals will help you avoid struggling from the same mistakes in the beginning like they have.
While your mentor shares lessons learned from past experience, listen closely and take notes. Even if something is not relevant to you right now, chances are you’ll use this information down the road.
Learn From Their Successes
While it’s important to avoid mistakes and learn from your mentors failures, it’s just as important to learn from their successes. Figure out what has worked for them, how and why. Mentors should share their past successful deals and explain the steps it took to get there.
Reach Your Full Potential – Faster
Time is money. While achieving success through mentorship won’t happen overnight, it can help you reach your goals faster. A mentor should share personal insights, experiences and more efficient ways to do things.
Additionally, individuals rarely realize what they’re capable of. A good real estate mentor should help you identify and achieve your full potential.
Your mentor should continuously help you improve and keep your momentum going, especially when times are tough. When you run into roadblocks or challenges and feel like giving up, a mentor is there to hold you accountable, keep your goals clearly in sight, and turn your dreams into reality.
What To Do Next?
Even people with very successful careers and in top executive positions can benefit from having the right mentor. Some of the most profitable investors have a long-time relationship with their real estate mentor. The mentor-mentee dynamic will inevitably change, as the student becomes the teacher, so to speak. It can maintain a mutually beneficial relationship spanning entire careers, where the mentor and mentee become peers and both parties can bounce strategies and share insights.
Check out part two of our real estate mentor series, What to Look For in a Great Real Estate Investing Mentor.