Real Estate Mentor: An Investor's Secret Weapon

Think you can conquer the real estate market with just a few books, podcasts, and seminars? Think again. 23% of businesses fail in their first year, and real estate businesses are no exception. There's a secret weapon that could flip those odds in your favor, though: a real estate mentor.

If real estate investing was easy, every landlord would be a millionaire. The truth is, it's a complex field where fortunes get made and lost faster than you can say "closing costs." No matter how you feel about doing a real estate deal, a mentor can help you see around corners and overcome hurdles.

In this article, we'll explore real estate mentorship. We'll cover why you need one, how to find the right mentor for your goals, and how to make the most of this valuable relationship. No matter whether you're just starting out or looking to advance your real estate investing, stick around — you're about to discover how a mentor can be the edge in your investing business.

The benefits of having a real estate mentor

Much of real estate investing is theory until you actually close a deal. When it's your first time buying property, how do you know if it's a good deal? How do you start to establish your business? That's where a real estate mentor steps in.

Mentors aren't just for your first few deals, either. Anytime you're making a change or shifting gears, you'll need a solid real estate mentor. Let's say you've been buying single-family homes, and now you're eyeing self-storage units. It makes sense to have someone guide you through the transition process.

Many successful real estate investors credit their success to having mentors. Regardless of your experience level, having a guide can provide invaluable knowledge, help you avoid common pitfalls, and accelerate your learning curve.

Types of real estate mentors

There are a few different types of mentorship programs, including:

One-on-one mentorship

This type of real estate mentor is someone who dedicates time to working specifically with you. Maybe it's someone you've partnered with, and they're taking the time to show you the ropes of the real estate industry. Or, you might be paying for a real estate coach as part of an investing training program.

Either way, make sure the mentor you pick has relevant experience in your target investment area. Real estate is a huge field, and each niche requires its own deep expertise. You can't expect a residential real estate guru to also be your go-to for investing in an unrelated area like triple net properties.

Group mentorship programs

In this mentorship format, a real estate mentor leads group discussions and trainings on the real estate business. Members might join an online community, hop into large virtual meetings, or have face-to-face conversations about real estate investing. One big plus of this mentorship program is that you get to connect with other investors who are concentrating on the same area as you.

Some of the more common group programs focus on include:

• Land investing
• Flipping
• Short term rentals
• Residential investing
• Wholesaling
• Residential assisted living (RAL)
• Mobile home investing

Apprenticeship

You might be able to kick-start your real estate career by doing an apprenticeship. This means you'll work for a real estate mentor who shows you the ropes as you collaborate on projects. In an apprenticeship, you might:

• Help a seasoned investor analyze potential deals.
• Assist with property management tasks for an established landlord.
• Work on renovation projects with an experienced house flipper.

Determining your goals

The first thing is to decide what you want to get out of a real estate mentorship. The answers here will help you find the right mentor who can actually deliver what you need. Here are some key areas to consider:

• Propelling your career: Are you looking to kick your real estate career into high gear? What specific guidance do you need to get to the next level?
• Skill development: Do you need a mentor to sharpen specific skills like negotiating or analyzing deals? Are you looking to master the art of finding off-market properties?
• Deal guidance: Do you want someone who can walk you through deals step-by-step or just a sounding board for your ideas?
• Network expansion: Do you need a mentor who can introduce you to key players in the industry?
• Accountability: Are you looking for someone to keep you on track and push you to achieve your goals?

How to find a real estate mentor

One of the best ways to find a real estate investing mentor is through networking. And here's a bonus: networking serves you well beyond finding a mentor. By building your network, you can connect with potential partners, find reliable contractors, and get leads on off-market properties.

When meeting other people in real estate investing, keep your goals in mind. If you've decided you want to join a group mentorship program, ask the folks you meet if they know any good ones. If you're looking for an apprenticeship or one-on-one mentorship, be on the lookout for experienced professionals in your targeted niche.

Here's how to get connected with a community of other real estate investors:

Real estate associations

Most states have a local real estate group that meets regularly. These meetings typically set aside dedicated time for networking. Some even create smaller breakout groups for each real estate investing niche. You'll find that these associations are one of the best ways to meet other investors in your local real estate market.

Local networking events

Beyond real estate association meetings, you can find other networking opportunities through platforms like BiggerPockets, Meetup, and Eventbrite. These sites connect you with local real estate investors who might not attend traditional association gatherings or focus on niche investing areas. Examples could be events for people who only want to passively invest in real estate or groups that meet on emerging trends like "rent by room."

Online platforms

Sites like Facebook, LinkedIn, and BiggerPockets offer ways for investors to connect within their communities. As you network with other professionals on these platforms, you can ask about real estate investing mentors and get recommendations from your peers.

Real estate classes

You can join real estate classes from a variety of sources, and when you attend these classes, don't just focus on the content. Use them as networking opportunities. Chat with the instructors and your fellow students. You never know, your next mentor might be sitting right next to you in class or leading the session.

Real estate classes are typically offered in the following places:

• Local colleges and universities: Many offer real estate courses or even full programs led by experienced real estate professionals.
• Local government workshops: Some cities or counties offer workshops on topics like local real estate laws or development opportunities.
• Real estate brokerages: Many large brokerages offer training programs or workshops, even for non-agents.

Direct contact

If you've got a clear idea of what you're after in a mentor, don't be afraid to take the initiative. Research potential mentors or mentorship programs that align with your goals. Dig into their history, experience, and track record. Once you've done your homework, reach out to them directly.

Now, you might wonder, "What do I say when I reach out?" Here's a game plan:

1. Start by sharing what impresses you about their work. Be specific — this shows you've done your research.
2. Clearly explain that you're looking to learn and grow in the real estate industry.
3. Emphasize your commitment. Let them know you're willing to put in the work to gain experience.
4. Finally, ask if they'd be open to mentoring you.

Here's the thing: successful people are often flattered by sincere requests for mentorship. Be respectful of their time, but don't be afraid to ask. The worst they can say is no, and even then, they might still offer some valuable advice or a referral to someone else.

What to look for in a real estate mentor

To find the best real estate mentor, make sure you do some research. If they have a formal real estate mentorship program, see what other mentees say about their training. Did they see results? Did they get the support and help they needed?

Factors to consider:

• Experience: A good real estate mentor should have a solid track record in your target niche. For paid programs, look for several years of success. For informal mentorships, they should at least have more experience than you.
• Teaching skills: The right real estate mentor knows how to teach, not just do. You can evaluate their communication skills through public speaking engagements or their social media content. Assess informal mentorships through your initial conversations.
• Trustworthiness: Avoid potential real estate mentors who operate in grey areas. Your mentor should follow the law and uphold strong ethics and morals in their business practices.
• Availability: Confirm your potential mentor's commitment upfront. There's no point in finding great real estate mentors if they're never around. Make sure they're willing and able to dedicate time to your growth.

Building a relationship with your real estate mentor

Real estate coaches and mentors thrive on engaged, proactive mentees. If you want a potential mentor to invest their time in you, show them you're worth it. Demonstrate your value and initiative by putting what you've learned into practice. Here's how you can stand out:

• Do your homework: Research your mentor's background and achievements before meetings. Come prepared with questions or topics ready for discussion.
• Take action: Apply the advice you receive and report back on your progress. Be sure to meet deadlines, show up on time, and follow through on commitments.
• Offer value: Look for ways to contribute to your mentor's business or network.
• Show gratitude: Acknowledge your mentor's time and efforts regularly. This goes a long way toward the overall mentor-mentee relationship.
• Be open to feedback: Accept constructive criticism gracefully and use it to improve.

Setting up your real estate mentorship

Once you've decided on the right mentor, it's time to nail down the details of your mentorship program. Here's what you need to figure out:

• Expectations: What are the expectations from each person? Be clear about goals, commitments, and desired outcomes.
• Meeting details: How will you meet: in-person, virtually, or a mix of both? How often will you meet?
• Agenda: What is the agenda or structure for your meetings? Will you have specific topics for each session or a more flexible approach?
• Progress tracking: How will you measure progress and success in the mentorship?
• Agreement: Is there a formal agreement or contract that needs to be put in place?
• Timeframe: What's the duration of the mentorship? Is it open-ended or for a specific time period?

Tools to use for real estate investing success

Most real estate mentors recognize that efficient tools can help you grow your business. One such resource is Azibo's property management software, which simplifies operations with features like:

• Automated rent collection.
• Online maintenance requests.
• Built-in accounting and financial management.

With Azibo managing these day-to-day tasks, you'll have more time to focus on expanding your real estate portfolio.

Finding a real estate mentor

Real estate mentorship is more than just a nice addition to your investing toolkit; it's a powerful accelerator for success. In an industry where many businesses fizzle out, having a seasoned guide can tilt the odds in your favor.

A mentor not only offers advice but serves as your shortcut to industry insights, a reality check on deals, and a gateway to a valuable network. So, if you're ready to accelerate your real estate career, find the right mentor and get ahead of your competition.

Real estate investing mentor FAQs

What is a realtor mentor?

A real estate agent mentor is an experienced real estate professional who provides guidance, support, and advice to help less experienced realtors succeed in their careers.

Is a real estate mentor worth it?

Yes, a real estate mentor is worth it. They offer valuable experience, guidance, and networking opportunities that can significantly boost your career success.