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?
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.
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 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.
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!