According to the National Association of Realtors, there are currently two million active real estate licensees. This number is accompanied by more than 86,000 brokerages that are deemed operational. With such figures, it is incredibly hard for a newcomer to establish a solid reputation given the fierce competition. Nevertheless, people’s interest in becoming a real estate agent is at an all-time high. Even some of the most notable universities across the nation are starting to offer programs that will build future realtors.
Traditional education is unparalleled when it comes to learning the ins and outs of the market. Nevertheless, there are many other methods that can lead to one’s proficiency in real estate. One such alternative is to rely on an experienced mentor. Although it is much less formal than going to class, training under someone who has real-world knowledge comes with many benefits. A few of them are depicted below and they demonstrate why it is important to mentor prospective realtors.
Sharing Knowledge Not Available Elsewhere
Learning about the applicable laws and regulations in real estate is the only way to pass the necessary certification. It is equally as important, however, to get some exposure to the information not available in modern textbooks. This can include the details about proper way to advertise to customers, smart negotiation techniques, and much more.
Well, according to the CEO of Vista Realty Partners, Eduard de Guardiola, the easiest way to gain access to the aforementioned information is to talk to experienced professionals. After all, most individuals who spent years in real estate will know a lot of things that may not be as obvious. Given that some of their knowledge came from trial and error, it can help mentees sidestep common mistakes. In other words, mentors can share their experience and teach younger realtors how to react in certain situations.
Opportunities for Networking
In the realms of real estate, knowing how to network is about as crucial as having the necessary license to practice. Just consider, for example, the number of interactions that an average real estate agent carries out on a daily basis. Even when conducting normal transactions, they will have to negotiate with the buyer and the seller. Not to mention the number of potential lawyers, accountants, and other realtors that they have to communicate with.
Expectedly, someone who is just starting to work in real estate may not have the necessary connections in the industry. This is where a mentor can come in and help by opening their book of contacts or teaching the mentee about proper ways to get acquainted with other experts. Of course, developing a formidable network will be a lengthy endeavor. Nevertheless, relying on a mentor can help speed up the process.
Sometimes, younger entrepreneurs may not have the necessary insight to determine if their ideas will be profitable or not. In real estate, this is further amplified by the fact that every transaction is approached on a case-by-case basis. Meaning, realtors can choose which transactions they want to facilitate based on the likelihood of success. Once more, mentors play an important role in advising their mentees about the projects that they should get involved with. Doing so helps the young realtor overcome the adversity that may arise as a byproduct of their lack of experience.
Utilizing the Internet to Build Connections
As Eduard de Guardiola further recognizes, mentoring has gotten much simpler than it used to be. Courtesy of online resources, people can now establish connections almost effortlessly. Think about the social-media-like platform LinkedIn where entrepreneurs can get in touch with those who operate in the same industry. Therefore, finding someone who can lead by example in 2018 is probably much easier than ever before according to Eduard de Guardiola.
Moreover, real estate is a market where online resources are used on a daily basis. For example, software that calculates potential property values is becoming more powerful every day. This comes as a direct result of rapidly evolving algorithms and computer programs. Sadly, however, many of these tools tend to be extremely expensive and inaccessible to someone who is just starting their career.
Those who may have been working in real estate for ages, on the other hand, will probably have most of the modern tools at their disposal. What does that mean for their mentees? Access to state-of-the-art resources that can be used to jump-start their careers and gain long-term clients!