How To Find A Real Estate Mentor
Once you know what type of mentorship you’d like, it's time to find the person, group or program that’s right for you. You may be ready to take any advice you can get and go to work. However, it’s best to determine the goals you want to achieve during the mentorship and take the time to find a mentor who can help you with those specific goals.
Follow these steps to ensure you find the best real estate mentor.
1. Figure Out What You Want From The Mentorship
It’s important to clarify the goals you believe a good real estate mentor can help you achieve. This will allow you to give potential mentors enough information on your needs and determine which mentor is right for you. One of the best ways to define your goals is to make them SMART: specific, measurable, achievable, relevant and time-bound.
- Specific: With your mentor, you’ll want to dive into the details of your investing goals. These goals may include where you want to do business, the property types you want to invest in, how much money you have to work with and how much time you have to devote to the mentorship program.
- Measurable: Determine how you will measure success. Is it the monthly revenue you receive from investing? The total value of the properties you own? The number of properties you own? Clarifying what measurements are important to you will allow you to track the success of your business and the mentor-mentee
- Achievable: Make sure your goals are within It’s great to challenge yourself, but don't get discouraged by creating a lofty goal that no mentor could help you achieve.
- Relevant: Align your goals with your larger life values. If you value time with your family, create goals that are achievable without sacrificing that important time.
- Time-bound: Create deadlines to sit down with your mentor to review each of the previous factors of your goals and adjust the goals accordingly.
2. Attend Local Networking Events
Once you know the goals you'd like to achieve, it's time to start looking for a real estate mentor who can help you get there. Luckily, you don't have to go far to find them. Your local network is the best place to start. To find a real estate mentor near you, try some of these tactics:
- If you’re joining or currently work for a brokerage firm, check if they offer a real estate mentorship program for their agents.
- Attend events hosted by your local chamber of commerce.
- Look for and attend workshops or seminars related to real estate investing and the real estate market.
- Ask your friends and family if they know of any successful real estate investors in the area.
- Ask a local real estate agent or REALTOR® if they’ve worked with experienced investors in your area.
- Connect with local real estate investors on social media platforms like LinkedIn to learn about potential mentorship and networking opportunities.
3. Look For Qualified Mentors
Since there are many types of real estate investments, you’ll want to find a mentor who understands the investment you’d like to pursue. Even within residential real estate, the different subtypes may require different skill sets. For example, you might not want to work with a mentor who’s experienced in managing a vacation rental home if you want to learn how to flip houses.
To determine a mentor’s qualifications, ask them how many years of experience they have in the type of investing you’re interested in and how they measure their success in the industry. If the mentor has several years of experience that align with your goals, they may be the one for you.
4. Meet With Each Potential Mentor
Meeting with your potential mentor, in person or virtually, can help you get to know them personally before you begin a business relationship. If you choose a mentorship program that involves lots of time with your mentor, you will want to know ahead of time whether you feel comfortable with them.
Once you're comfortable, the key to a productive and lasting relationship with your mentor is a sense of mutual respect. If they show a genuine interest in your career and respect the time you’re willing to commit to learning, it can be easier to build trust in your mentor and take their lessons to heart.
5. Decide On A System That Works For Both Of You
If you think you've found the perfect mentor, the final step to solidify the relationship is to create a system that works for both of your busy lives. Some questions you might want to consider with your mentor at this stage in the process include:
- Will you meet in person or virtually?
- Will you meet weekly, monthly or quarterly?
- How should you contact them between meetings if you have any questions, and how quickly should you expect a response?
Clarifying these questions with your mentor can help make the relationship valuable and sustainable. If you work with an experienced paid mentor, they may have an existing system you can follow. If you have an informal or unpaid mentor, clarifying each other's expectations for the relationship is even more critical.
