5 minutes
Mentoring in an office.

The Path Toward Real Estate Success: Finding a Mentor

Joshua Smith
Making Money in Real Estate

You have two choices in building your real estate business.

#1: You can try to figure everything out on your own. This path can take a long time, money, energy and even failure. In fact, 90% of realtors fail in the first three years, and most do not know what to do to create the success they want. 

#2: You can find a mentor/coach who can show you the path to create the success you are looking for.

I am a HUGE believer in mentors and coaches; I have had and will continue to have many. Not having a mentor is an extremely irresponsible choice, but you must choose the right mentor for you.

A lot of people will tell you that hard work always pays off, but the reality is, that’s not quite true. I don’t care how hard you are running, if you are chasing the sunset by running east, you will never see it! You must combine hard work with the right direction, the correct road map. Finding someone who has created the same success you want to create is a requirement. Don’t try to re-invent the wheel. Okay, let's get into some tips.

Tips To Finding a Mentor and/or Real Estate Coach

#1: Do your research. Make sure your chosen mentor has either created the success you are looking to create or has successfully coached others to create what you are looking to create. If not, the chances are very small that you will be mentored effectively.

#2: Identify the current, largest obstacles inside your business. Then find someone who is proven to be able to solve those obstacles.

#3: Get clear on the type of real estate business you want to create, and, again, find someone who is proven to be able to solve those obstacles.

#4: Get clear on the type of help you need. For example, do you just need the information, or do you need someone to hold your hand every step of the way? You may find you need someone to keep you accountable every week and who holds you to your commitments. Or you may find that you are very self driven and just need the right, actionable information. If you need more in-depth accountability, then you probably need one-on-one coaching, whereas, if you just need the information, you may just need a good online group program.

#5: Do your homework. Don’t just take a prospective mentor’s word for it. Has this mentor truly created the success you want to create? Research others and look for testimonials from other agents who have benefited from coaching.

#6: Identify your budget. Coaching can get very expensive. So know your budget, and then find the best fit for your overall needs and budget.

One of the great things about the real estate industry is that not all mentors need to cost you money. You can look into joining a great team or brokerage where the team leader and/or broker can become your mentor, as he/she has a vested interest into your success. Ask yourself, “Is my current broker and/or team providing the mentorship and coaching I need to accomplish my goals?” If the answer is no, then you may want to start exploring the possibility of finding a better company.

But mentors typically will cost you money. You may have to pay upfront for their knowledge or perhaps pay a split of your closings if your mentor is your team leader and/or broker. Be prepared to pay for mentoring as the coaches you will want are going to be people who have created success, so their time tends to be very valuable.

IMPORTANT NOTE: One way to find a mentor for a lower fee is to offer to trade your time for theirs. Remember, a mentor’s time is going to be more valuable than yours, as you are not yet up to that level of success. Offer to give three hours of your time for free, for instance. Find out if your mentor needs help in the office, at a charity event, getting coffee, cleaning the office, washing a car, etc. You will find that most mentors really respect your hunger and drive and will end up giving you much more time than the original agreement.

One big mistake people make is asking, “What will I get out of this situation?” This is the wrong question to ask. Instead ask, “Who will I become from this experience?” A mentor can show you the exact skill sets you need and can apply for the rest of your life to continue to create massive success!

Lastly, if you study anyone who is successful, entrepreneurs, athletes, musicians, etc. they all have mentors, and for good reason. Take this fact very seriously, as mentoring can and will have a huge impact on your success!

Thanks for reading!  

Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Joshua Smith Aug 7th, 2020
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