Sometimes we hear “Real Estate Mentor” and think $$ or a waste of $$. NOT SO!!!
The Skinny on Real Estate Mentors
Mentors are a fancy way to call people that are in the same profession as you, more experienced, at least modestly more successful, some one that you trust and willing to share your problems and issues with. THAT'S IT!
Lawyers, Doctors, Policemen, Firemen, even Plumbers all have an apprentice/associate mentorship training and business model. And those profession are still rocking strong and have the longest career-life span.
Real Estate Mentors should be part of every real estate investor team or tool kit. I'm not telling you the next big Real Estate Guru that offers a Platinum $20K coaching program you should jump all over it. But at least have a go-to person to help you navigate.
Try this: Buddy up with a fellow local investor who is successful. Arrange to have coffee or grab a beer once a month and talk shop. A $4.50 long neck could end up netting you $20K in profits by using a new exit strategy or avoiding an expensive mistake.
Traits of a Real Estate Mentor
This is a portion of an email sent to me this morning by “The Carefree Entrepreneur” that discusses the good qualities of a mentor – but I could not have said it better:
“You want help with starting a real estate business and need entrepreneurship-oriented mentorship. You need a mentor who:
- Knows what's working today as far as marketing, products – not stale tactics and strategies.
- Is able to put everything into layman's terms and break them into simple action steps. And he or she knows the online tools to make everything easier.
- Has plenty of success of their own – been there, done that many times. So he or she will have a repeatable, proven “system” to share with you.
- Won't do things for you – but show you the way. A good mentor knows that the foundation of your business depends on it.
- Knows the roadblocks you might encounter and can help you overcome them. In fact, since your mentor has been in your shoes, he or she will be able to anticipate the problem areas and beginner mistakes very early… so you can avoid them altogether.
- Is honest and ready to dispense “tough love.” If your business idea won't be profitable, he or she should tell you and help you tweak it or come up with another one that still matches one of your passions in life.
- Is also there to motivate you when you just need a little “push” to get working.”
Do you know the soul searching questions you should ask your self regarding getting a mentor?
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