A career in real estate can be rewarding, providing you with a lucrative income and great work-life balance. But it’s also a highly competitive industry with a steep learning curve and a lot of nuances to master. If you want to experience success as a new real estate agent and build the foundation for a thriving business, it’s important to have a mentor.
Having a mentor can make a huge difference as you try to build a successful real estate career. Research has found that 68% of new agents who are able to close 7+ deals a year have a mentor, and over 60% of real estate agents who last longer than five years in the industry had a mentor. The guidance, insight and expertise provided by a mentor REALTOR® is truly invaluable for new agents and can often make the difference between long-term success and the need to pivot to a new career path in several years.
A real estate mentor serves as a guiding light as you begin your new career in real estate. This person is a seasoned real estate agent who has already walked in your shoes and understands what it’s like to be new to the industry. They’ve experienced all the ups and downs that come with being a first-year real estate agent, and they can offer you insights and perspectives that simply can’t be obtained from your coursework as you studied to get your real estate license.
Your mentor will build a personal relationship with you and develop the trust necessary to nurture your fledgling career. They will challenge your thinking and help you to see beyond the limitations of your experience (or lack thereof). By learning from their experiences, you can significantly accelerate your growth and begin to flourish in your new real estate career.
Keep in mind that your mentor doesn’t have to be an official REALTOR®. The term REALTOR® refers to an individual who belongs to the National Association of REALTORS® (NAR) and adheres to the NAR’s Code of Ethics. Being a REALTOR® isn’t a requirement for being a licensed real estate agent in Colorado, and any licensed agent with extensive experience in the industry can be an effective mentor who provides the support you need to grow and thrive.
As a new real estate agent, having a mentor REALTOR® can provide several important benefits that will give you a leg up as you begin your career. These include:
A good mentor will help you identify your strengths and weaknesses, and help you develop a strategy to improve in the areas where you’re currently weakest. They can help you hone your skills and focus your energy on the aspects of running a real estate business that need the most attention. This can help ensure you spend your time on the items that are most essential to achieving your goals.
One of the keys to success in real estate is building a strong industry network. As a seasoned real estate professional, your mentor will already have an extensive network of industry professionals such as lenders, inspectors, contractors, handymen, attorneys and other individuals who are essential for building a successful real estate career. They can introduce you to many of these individuals so that you can grow your network much faster, allowing you to provide better service to your clients.
You’ll experience a wide range of challenges as a new real estate agent. You’ll need to learn how to:
This can be overwhelming as you start your career, and having a mentor REALTOR® is critical to your ability to navigate these challenges. They can share their personal experiences, offering practical advice based on real-world scenarios. They can provide you with insights into market trends, help you learn about the neighborhoods in your market, give you tips for negotiating contracts, and offer strategies for finding and closing deals. By leveraging your mentor’s knowledge and experience, you will be able to accelerate your learning curve and begin to master the ins and outs of the industry much faster.
Real estate is a demanding and competitive industry with a steep learning curve in the early stages of your career. It’s easy to get discouraged during the first year, especially if you encounter unexpected setbacks building your business or challenges finding clients. There will undoubtedly be moments where you need someone to motivate you and hold you accountable.
Your mentor will understand the challenges you’re facing. They will have been through the same trials and tribulations when they were starting out, and they can provide you with the encouragement you need to push through the difficulties associated with the first year in real estate. They can serve as a reminder that with hard work and dedication, you can achieve your goals and build a successful real estate career. Most importantly, they will hold you accountable and make sure you don’t cut corners or skip important steps in the process of building your business.
One of the best ways to find a mentor is to work with someone in your brokerage. Many experienced real estate agents are willing to become mentors and help new agents get established. Once you’ve gotten to know the other agents in your brokerage, reach out to some of the most successful ones and express your interest in working with them in a mentor relationship.
Many brokerages will offer mentorship programs to provide guidance for young agents who join their team. When choosing a brokerage, it’s a good idea to prioritize finding one that caters to new agents and offers robust support and mentoring services that will help you become more successful during your first year and beyond.
Your brokerage isn’t the only option available to find a good mentor. If you decide that the best brokerage for your needs doesn’t offer mentoring services or if you feel like none of the established agents in your brokerage are a good fit for you, then you may need to reach out to other agents in the industry who can provide the support and mentoring you need.
A great way to meet other experienced agents is to join industry associations and attend networking events. These associations and events will give you an opportunity to interact with other real estate professionals in person and make valuable connections.
Keep in mind that you will only get out of these events what you put into them. Make sure to start up conversations with as many experienced agents as possible. This will help you find someone you feel might be a good fit for your needs and learning style. Then, express your interest in working with these professionals and see if any of them would be interested in mentoring you.
You can also join a mentorship program. There are a variety of real estate organizations dedicated to connecting new agents with mentors who can provide guidance and support. These programs make it easier to find an experienced mentor REALTOR® who can answer your questions, provide feedback as you work through your first few deals, help you grow your skills, and coach you on a variety of important aspects of being a real estate agent such as negotiating contracts, managing client relationships, and running your business.
Simply working with a mentor won’t necessarily translate to greater success as a real estate agent. It’s important to find the right mentor. When you work with someone who is a good fit for your personality, learning style and desired area of focus, it can have a significant impact on your success. When looking for a mentor REALTOR®, make sure to choose someone who meets the following criteria:
If you’re looking to start a career in real estate, Colorado Real Estate School can provide you with the foundation you need to thrive. Our online real estate courses cover all the essential information you need to pass your real estate exam and grow your new business.
You’ll benefit from comprehensive courses developed and taught by local, licensed real estate professionals who provide important insights associated with the latest trends impacting Colorado real estate agents. With online real estate courses, you also have the ability to work through all materials at your own pace to maximize your return on your efforts.
Colorado Real Estate School’s VideoConnect Success Learning System™ contains the largest library of video content available. Our video lessons deliver this important information in a highly engaging format that provides an authentic classroom experience which helps optimize your learning.
You’ll also have peace of mind that your success is our top priority. Our TruSupport Pass Guarantee™ provides additional support in the event that you fail your real estate exam on the first try. One of our instructors will analyze your test results to determine the most important areas you need to focus on when studying for your retake. You’ll then receive extended access to all course materials so that you can get the most out of your customized study plan and pass the next time you take the exam.
Contact us today to learn more about our online real estate courses.
