The real estate industry is like a complicated relationship, often full of ups, downs and uncharted waters. Mentoring relationships can play a valuable role in the success of new real estate agents navigating the rough seas of real estate.
A study conducted by Inman revealed that 78.55 percent of respondents — almost 60 percent of them with more than 10 years in the business — said brokerages should prioritize providing a mentor for new agents. And according to 32.67 percent of those surveyed, the single most important training for new agents was mentorship.
With the need for mentors deemed an important part of new agent training, it’s important to understand exactly what mentorship is, how new agents can find meaningful mentoring relationships and how agents can define what type of business relationship they are looking for.
Coaching vs. mentoring
Before seeking out any business relationship, it is important for agents to think about the type of business relationship they might be looking for. Although coaching and mentoring are often thought of as one and the same, they are different relationships with different objectives.
A coaching relationship is performance driven and typically short-term in nature. The goal of coaching is to help an agent improve a specific skill.
Much like a singer would hire a vocal coach, real estate agents could hire a business coach to help them improve negotiating and presentation skills. Agents might also seek a business coach to help them improve their business systems.
Mentoring is a mutual relationship between two individuals who want to benefit from personal growth. A mentoring relationship is about providing guidance, and a mentor can provide support to an agent as they navigate their new real estate career.
The foundation of a mentoring relationship is trust and respect. A new agent may seek out a mentoring relationship to better understand how to model behavior within their brokerage or association or to understand their different business roles.
How can new agents find a mentor?
Most agents want to see new agents grow and succeed in real estate. If you are a new agent looking for a mentor, here are three suggestions for exploring meaningful mentoring relationships.
There are many networking groups with a real estate focus. These groups can be a good place to find like-minded agents who would be willing to share their knowledge and support with a new agent.
Networking groups can also be a great place to seek out a mentor who you can share with. Individual growth happens by learning from others who have different skills and business models.
Get to know agents in your brokerage, and seek a mentoring relationship with an agent you have a good relationship with. A mentor in your brokerage can help you understand and navigate office protocol.
A brokerage mentor can help support you through new agent training and can be someone to offer support as new business experiences occur.
Your local association
If you are a new agent looking to get involved in volunteering, or if you are looking to gain a better understanding of your association benefits, reach out to local committee members or a member of your leadership team.
Many agents who volunteer with their association are willing to share experiences and support new agents who want to get involved in their real estate community. Leadership and committee volunteers can also learn from the experience and perspective that a new broker can offer.
A supportive mentoring relationship can help a new agent with a budding real estate career flourish with success.