When you pass your real estate exam, you’ll become a licensed real estate agent ready to help individuals and families find their next home. The next steps in your journey may include applying for your Errors and Omissions insurance (E&O) and finding a brokerage. As you’ve probably learned by now, every state has different requirements and is something you’ll need to research by visiting your state’s Q&A page or your real estate commission’s website.
Once you meet your requirements, you’ll want to begin thinking about choosing a mentor to help you with the first stages of your career. It’s very possible the brokerage you choose will assign you a mentor, which may be all that you need. However, it’s also possible you’ll want some extra outside guidance. If you do seek mentorship outside of your brokerage, you’ll need to do a considerable amount of research to find someone who is willing to provide this guidance.
Benefits of Choosing a Real Estate Agent Mentor
The benefits of a real estate agent mentorship can give you the push you need to overcome the first-year challenge of being a real estate agent. Some of the ways you can benefit include:
- Gain Insider Knowledge About the Industry
- Learn from an Agent’s Experiences
- Discover New Ways to Generate Leads
- Understand the Ins and Outs of the Home Buying Process
- Create New Strategies for Marketing Your Agent Brand
- Get Connected with Other Agents and Local Partners
At the end of the day, your mentor is a source of inspiration, information, and confidence. These three items will help you push past your other competitors and gain a leg up.
What to Look for in a Real Estate Agent Mentor
Finding the right real estate agent mentor depends on who you are and what the mentor can offer you. Make sure to look for these following traits and behaviors when choosing your mentor:
- Experienced in the Industry
- Willingness to Teach
- Their Strength is Your Weakness
- Allowance for Shadowing
- Understand Digital Marketing
- Know Partners You Can Work With
You want a mentor who possesses the perfect mix of experience, personality match, and expertise. Finding someone who checks off all the boxes will help narrow down and pinpoint your search.
What Real Estate Agents Should Expect From the Mentorship
A real estate agent mentorship should benefit both parties. In the end, the relationship is a two-way street that should help the mentee get their feet wet and a mentor find a potential new work colleague. Your mentorship expectations should include:
- Learning Insider Information About the Job
- Gaining Knowledge About the Town and Local Trends
- Discovering a Potential Partner
- Helping with Marketing Messaging and Mediums
- Receiving Guidance from Your Mentor
- Working with a Helpful Confidante for Honestly Assessing Your Progress
What Real Estate Agents Shouldn’t Expect From a Mentorship
Mentors take on mentees because there’s a business relationship they feel is worth pursuing. This makes the mentorship a two-way street. Here is what you shouldn’t expect from your mentorship:
- Hand Holding for What You Should Be Doing
- Receiving Free Business to Help You Get Started
- Providing No Benefit to Your Mentor
- Fostering a Relationship Centered Solely Around You (i.e. the mentee)
- A Get-Rich-Quick Scheme that Bypasses the Need to Work Hard
Too many times do we hear new agents expecting their mentor to “show them the way.” This is not how the real world works. Instead, you must use your mentor as a guide to help you find your own way. They are there to help, but the heavy lifting is on you.
What If My Real Estate Mentorship Doesn’t Work Out?
This is a very common issue with new real estate agents. It’s natural for relationships to fizzle, grow stale, or clash. If you are in a mentorship you feel is not helping or is even possibly hurting your career, speak up. Talk with your mentor and try to find a resolve. And if you feel that it’s time to move on, be straightforward and tell your mentor your feelings. It’s likely they feel the same way. There’s no need to play a game of Harakiri simply to respect the relationship. If it’s not working for you, move on and find someone else. Thanks to the internet, there are hundreds of thousands of potential relationships you can form with other qualified and willing agents. You just have to look.
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