How to be a Real Estate Mentor

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You probably know someone who was in the process of becoming a real estate agent. They may or may not have had a mentor, but as their friend, you probably helped guide them along the way. But have you ever truly been a real estate mentor for a new agent?

Real Estate Mentor

What is a Mentor Agent?

A real estate mentor is any industry professional who mentors a new agent. Mentoring may come in many different ways; it can be as simple as helping them understand how to fill out contracts or understanding how the MLS works. It can also be as difficult as helping a young professional learn skills to work with unruly clients.

Real Estate Mentor

But, in many ways, being a real estate mentor is more than just showing new agents how to fill out paperwork and use real estate apps on their phones. It’s about guiding and teaching new real estate agents skills like talking with clients, understanding what type of home to help a client look for, learning the laws and business sides of real estate, and how to close sales. As a real estate mentor, you are what helps keep the real estate profession filled with responsible and reliable agents who know how to work with clients, sell homes, and represent their brokerage.

Why Real Estate Mentors are Necessary

Many brokerages require new real estate agents to be trained by experienced agents. This ensures quality and professionalism will be held to the highest standard. Some brokerages will not hire their agents until they’ve had at least five years experience. This is why many brokerages have programs that bring in new agents and train them with a real estate mentor until they are ready to work on their own.

Typically, new agents work with a real estate mentor for 3-4 transactions and split the commission on each sale. This way, the new agent is able to get the attention and help they need from the real estate mentor, while also learning to work with clients at a pace suitable to their needs.

How Real Estate Mentors Help

Real Estate Mentor

Real estate mentors will help the new agent they work with by teaching them skills and necessary stepping stones to bridge the gap from novice to professional. They will be able to help a new agent gain experience in all areas of real estate to become the best agent they can be. If a new agent is struggling to understand any areas of real estate, the real estate mentor will be there to help them with any questions they have or guidance they may need.

Real Estate Coaches for Seasoned Agents

There are real estate coaches and training classes that even seasoned real estate agents can take to hone their real estate skills. If an agent is having little success, or they want to become even more successful, coaches and real estate classes are there to help them with their endeavors. A real estate coach is a lot like a real estate mentor; the difference is that a real estate coach can be hired for a monthly fee to help train seasoned agents on how to become better at their craft, sell more houses, work more efficiently with clients, and try new techniques that they may have never heard of but are incredibly useful in the field. Almost 60% of agents who have used real estate coaches have stated their coach is most like a personal trainer that gives them the competitive edge they need to succeed.

Real Estate Mentor

If you decide that you want to become a real estate mentor, you’ll help the real estate community by giving knowledge and guidance to many new agents who desperately need your advice and expertise to be able to work on their own someday. However, if you believe you need to work on your skills as a seasoned agent, then why not contact a real estate mentor or enroll in some real estate classes. Not only will they benefit you by learning new sales and professional skills, but you will become a better real estate agent after completing the programs. So get out there and become a real estate mentor or hire one if you want to become even more successful!

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Real Estate Coaches [Infographic]

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Whether you’re a brand new agent or a seasoned vet, you can still benefit from real estate coaches. Here’s how they may boost YOUR business!

Real-Estate-Coaches

What Do They Offer?

Of real estate agents who use a coach…

72% us their coach for training in business strategies.

55% use a coach for advice on personal issues that affect business. These things may include disorganization, a lack of commitment, a habit to overbook oneself, etc.

72% use a coach for encouragement.

80% use a coach for accountability in work performance. This is the #1 reason people use a real estate coach.

40% use a coach for assistance with transaction problems. You’re never done learning!

77% use him/her for perspective on business activities. It’s always helpful to hear from someone who’s already been through the ringer!

Why Do They Matter?

68% of agents have a real estate coach. With a majority of your peers deciding coaching is important, shouldn’t you give it a try?

100% of agents with a coach see their business increase within the first year of hiring a coach. Re-read that if you need to. But not just that! A majority of those agents see a business increase by over 25%. That’s a huge jump, and it’s all because you have someone in your corner.

85% of agents say their coach contributed to their number of listings, while 79% say their coach contributed to their number of buyers. When you have a coach, you boost your network.

How Are They Qualified?

Here are some of the qualities you NEED to have in your real estate coaches:

  • S/he is available to meet regularly.
  • S/he is a former or active industry professional.
  • S/he has a proven track record of success with past clients and with current market trends.
  • Must be good at calling out strengths AND weaknesses in the people coached. It’s important to stay professional no matter that topic.

Where Are They?

People find their real estate coaches through reliable networks. 70% go through a coaching company. Tom Ferry is the biggest real estate coaching network. Many people trust that company to set them up with a suitable coach. Meanwhile, 52% are referred to their coach by a colleague. That referred coach is often still from a professional company.

A majority (60%) of agents spend between $300-$500 per month on 1:1 coaching. This is a pretty penny, but is worth it when you know you can trust your coach to boost your business.

HouseHunt agents have free access to some of the best coaches int he industry. To learn more, and to see if your community is available, fill out the form on the right side of THIS webpage. You can also click here for more information!

Statistics come from Inman Select survey.


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Real Estate Blog Images

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You may have a real estate blog or website that you share your professional information on. You probably add images to the articles or posts you put up on your site or real estate blog platform. How do you get your real estate blog images? Do you pay for them or simply download whatever you images you find online? If you aren’t sure how you should upload images to your blog, we’re here to take you through some helpful steps to ensure that you are able to have great images on your site!

Real Estate Blog Images

Pay for the Images

You can pay for your real estate blog images with sites like Shutterstock and iStock that allow you to pay for stock images that you want to download and use for your site. The image price ranges, but you can pay for one image at a time, or you can do monthly payments for a set amount of images in different packages. Since everyone uses these image sites, you should make images stand out by editing them, using filters, adding text overlay, and making sure to add your company logo to each individual image. This way, you’ll create brand awareness, and your readers will know whenever your images are attached to a new post or article.

Real Estate Blog Images

You can also download vector images that you can use to create infographics that explain any knowledge you want to share with your audience. Image download sites are easy to use; plus, you have access to thousands of images that you can download and upload to your real estate blog.

Download Images for Free

There are even sites that allow you to download stock images for free! Why are they for free you might ask? Well, most of the artists or publishers of the photos simply want you to link back to their site or give them image credit on your page. It’s that simple! Take a look at Getty images. Sites like Fotolia, Pixabay, and freedigtialphotos.net all have free downloadable image sections that you can look through and pick which images you like.

Photograph Your Own Images

Real Estate Blog Images

You can use your camera to photograph images of whatever you want as your real estate blog images. This is a great way to legally have free images to put up on your site. If you take your pictures with your camera, you can upload them to your real estate blog with the personal touch of being your own creation. This way, you can establish your own voice and tone through your real estate blog images!

Don’t Take Images Without Permission!

Don’t simply download images from different websites and upload them to your own real estate blog. You might not get in trouble for this, however, if the image is copyrighted by a particular company, you can be charged with taking their images without their permission! You don’t want that to happen. So just stay on the safe side by going with one or more of the other options listed above to protect you and your real estate blog.

Real Estate Blog Images

Whether you decide to pay for the stock images, download them for free legally, or take your own, your real estate blog site is going to look great with new images uploaded to it. Since real estate is a very visual industry, remember to add some edits and adjustments to the photos to make them specifically branded for your real estate blog.

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How to Buy a Home with a Veteran Client

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If you have had any clients in the past who’ve been in the military, you already know about the special benefits veterans receive from the government to get a veteran mortgage for a home because of their service to our country. Since veterans receive help from the government, they are encouraged to buy a home. As an agent, you have to learn how to sell a home to veterans by helping them utilize all the veteran mortgage benefits they will receive from Uncle Sam when they are ready to buy a home!

Veteran Mortgage

Home Loans

Many veterans are able to get home loans backed by the U.S. government through private lenders. Most VA loans do not require a down payment, which is great because down payments can be quite expensive depending on what home they want. There is also no minimum credit score requirement, so all types of veterans with different financial backgrounds can benefit from these loans. As a real estate agent, you should check out the Veteran Affairs home loans section on their website and get familiar with who qualifies and how to help a veteran buyer get one of these loans.

Veteran MortgageProperty Tax Deductions

Many states allow veterans to be exempt from paying property taxes. This is great news for veterans who are disabled or of a certain age group. Since property taxes can add up to thousands per year on a home, this is money they can save for more important expenses!

Advice for Veterans

Give home-ownership advice to your veterans seeking a veteran mortgage. Many veteran clients may be first-time homebuyers. Some of them may have already owned a home, but just became veterans, and they want to know about the veteran mortgages they can receive for refinancing or buying a home. Explain the best types of home loans that are offered to veterans. Discuss their credit score and options for their mortgage. Help them look for homes in neighborhoods that they want to live in. Finally, help them choose the right mortgage option wisely to ensure they will get preapproved and be able to move into their dream home as soon as possible.

Help with the Home Mortgage

If you’ve already worked with a veteran on buying home, and they are now unable to make payments every month, there is help out there. VeteransPlus is a nonprofit organization that helps veterans who may be struggling with paying for their home and monthly payments.

If you find out that your newest client is a veteran, be sure to help them learn all that they can about the benefits they receive from the government. This way, they’ll know that they can trust you as their real estate agent and want to buy their home with you as soon as possible. As a real estate agent helping a veteran buy a home, you will feel happy to help someone who served our country by giving them the help they need to buy their dream home.

Veteran Mortgage

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How to Build a Real Estate Team [Infographic]

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This infographic takes a look at how you can develop a profitable real estate team without losing the vision or effectiveness of your company along the way.

Build-a-Real-Estate-Team

Lay a Foundation

Before you even start building a real estate team, you need to have the right protocol established.

First and foremost, you need to have funding. Don’t hire someone until you have the resources to pay that person accordingly. This sounds obvious, but a lot of people think that after they have more hands on deck, the money will come in naturally.

Next, you need to have systems in place for every aspect of your company procedures. Incorporate all of these into training for new hires. (And of course, have a training system in place, too!)

Build Up

Let’s start by talking about money again! Have a budget in place for every dollar that comes in. It should be designed to grow the business. Here’s a suggested breakdown of how to split the income:

  • First 10% – Put towards company
  • Next 10% – This is for you, the manager
  • Remainder – Employee payout

As you continue to grow your team, have goals in mind for where the company should be. List growth goals and attach them to revenue and clientele goals. Know that you cannot hire more team members until you hit where you want your business to be. If too much time goes by without hitting your goals, it may be time to re-evaluate the staff you already have.

Step Back

Now for the fun part. This is why you started a real estate team in the first place! Once your company is self sustaining machine, you get to step back and look for opportunities for further growth.

First, be mindful of how you delegate tasks. This will take finding some balance in your leadership. You don’t want to pawn off all the responsibilities you don’t want, but you shouldn’t micromanage employees either. You want to stick to your original mission statement, but you also need to remain open to new ideas. You want to trust your team to get the job done, but you also must occasionally follow-up and verify that everything is being done properly and according to your standard of excellence.

Remember, it’s YOUR name on the line!

With a more hands-off approach than you were able to take without a team, you have the ability to collect data from your employees and evaluate where existing methods and systems can be improved. Always look for expansion opportunities.


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