How to Find the Best Real Estate Mentors

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Written By Justin McGill

DealBloom aims to share the latest tips and strategies to help realtors, brokers, loan officers, and investors navigate the world of real estate.

If you’re thinking about getting into the real estate business, finding real estate mentors is a great way to get started. There are many different types of mentors out there, so it’s important to find one that’s right for you.

In this article, we’ll discuss the different types of real estate mentors and how they can help you succeed in your career.

Real Estate Mentors: The Key to Success in the Industry

A real estate mentor is someone who has a wealth of experience in the industry and is willing to share their knowledge with someone new to the business.

A mentor can guide everything from the best way to find properties to how to negotiate the best price.

Having a mentor is a valuable asset for anyone looking to get started in the real estate business.

How to Find a Real Estate Mentor

Most investors had help from others, such as real estate agents, mortgage brokers, and lawyers.

When you’re first starting, it’s essential to pay attention to what everyone else is doing. You’ll learn both from their successes and their failures. This form of “passive” education is prevalent in all industries.

Passive learning is the act of learning from the experience of others.

As a new investor, you’ll want to take a more active approach to learn from those around you who are in a similar situation. This way, you can gain the most knowledge and grow within your current state.

It’s important to get advice from someone who is in a similar situation as you. When you’re just starting, it’s better to seek out small-time investors who have a few properties in their portfolios. This way, you can learn from their experiences and avoid making the same mistakes.

Find a mentor that will help you achieve your personal goals.

Reach out to your established network. Find a mentor through your business or personal connections with people you’ve met over the years.

If you have an old friend who was successful in real estate investing, ask him to introduce you to the best professionals, such as property managers, agents, and brokers. By doing this, you can learn more about the industry and how to be successful in it.

Don’t come off as too aggressive or too desperate. Instead, be friendly, curious, and genuinely interested in the other person.

Then, you can move on to bigger, more established groups like your local  Real Estate Investment Association (REIA).

If you’re looking for a real estate investor mentor, your best bet is to start by attending networking events hosted by trade organizations. Most REIAs offer formal mentoring programs for new members.

Attendance at real estate trade shows, exhibitions, and conferences is also a great way to meet professionals and make valuable contacts in the industry.

When meeting potential investors, make sure to meet them in person before agreeing to work with them. This will help you get a feel for whether or not they’re a good fit. Ask them out for a coffee or a meal so you can get to know each other.

Don’t agree to anything until you’re confident in their skills and ability to teach. An advantage of using social media and forums is that it allows you to create a large real estate network from the comfort of your home.

You can find a real estate investor mentor by asking your colleagues for referrals or searching online directories.

Finally, you could enroll in a real estate investing mentor program. Carefully choose the one you’ll try out.

Make sure you find a program that has quality mentorship. A mentor should be both a good teacher and a successful investor.

No matter how much knowledge a person has, they cannot teach without patience and motivation. On the other hand, you don’t need help from people who are passionate about teaching but don’t know anything about investing in today’s market.

Find a mentor that is both knowledgeable and patient to get the most out of your investment education.

You should try to find the best of both worlds, while also keeping a close eye on the price of mentorship services.

How Much Does Real Estate Mentoring Cost?

Mentors typically charge an hourly rate for their services. Some mentors may offer a discount for bulk hours purchased upfront, but generally speaking, you can expect to pay around $100 per hour for a real estate mentor.

A mentor can be someone you pay or it can be someone who offers their advice for free. It’s up to you to decide what is best for you and your situation.

Are you helping someone out or prospecting for a new client?

Some real estate agents offer their advice to you in hopes that you will purchase a property through them.

Some investors may promise “advice” for free, but be careful, as most of these “advisors” are most likely just trying to get your money.

Hiring someone to be your coach or a mentor can be great, but make sure they’re fair with their fees. Also, don’t pay them anything up front, because then they’ll just abandon you when you’re stuck.

Agree to a deal where you’ll pay them once the deal closes.

The cost of a mentorship program varies, but in general, you can expect to pay anywhere from a few hundred dollars to a few thousand dollars.

How Mentoring Can Help Scale Your Real Estate Business

Here, we’ll go over how a mentor can help scale your real estate business. A quality mentorship program will:

  1. Provide reliable resources for you to learn the basics of the real estate market while developing your business skills.
  2. Share advice on which types of clients you should pursue and which ones you should avoid.
  3. Provide you with unique insights into niches that are of interest to you.
  4. Help you stand out from your competition.
  5. Help you avoid making costly errors.
  6. Help you stay on track with your goal by tracking your progress and providing you with feedback.
  7. Connect you with professionals such as real estate agents, mortgage brokers, and anyone else in the real estate business.

It’s important to find someone who has the time to do everything above. You want someone to be your mentor, not your chatty friend.

Stop wasting your time on people who aren’t fully committed to you.

Tips for Working With a Real Estate Investing Mentor

If you’re willing to invest in your business, you should also be willing to put in the work. Don’t be a passive learner.

If you want to learn more about investing in real estate, you need to take the initiative and ask questions. Watching videos alone won’t do you any good.

Use your mentor’s time wisely to learn as much as you can. Ask questions and take action on what you learn! Their experience can be invaluable in helping you achieve success.

Follow all the directions and complete the tasks they assign you.

Try your hardest if they are difficult to contact.

Although it’s important to have a mentor who can help guide you and offer advice, it’s also important that you stay focused on your goals. Try to set aside some time each week or month to check in with yourself and make sure you’re still on track. This will help ensure that you stay motivated and continue making progress.

It’s important to monitor your progress and set regular check-ins with your mentor to ensure you’re on track. This will help you get the most out of the program, as well as gauge whether or not your mentor is meeting your expectations.

Best Real Estate Investing Coaching Programs

Not all mentoring programs work the same. Each one will have a different experience.

Before you look for a mentor, you need to decide on what kind of investor you want to be.

If you prefer a more cautious approach, then learning from a traditional investor is your best bet. Find a property expert who’s made successful investments in your local area and learn from them. That way, you can gain valuable insight into how to invest wisely.

A traditional mentor-apprentice relationship is the best way to learn the ropes of investing in specific geographic markets. This type of mentorship allows you to gain first-hand knowledge of how to react quickly to local market trends.

If you’re looking to invest in a wider market, it might be more beneficial to find a mentor on a national level. Creative investing techniques can be applied throughout the country, without being as reliant on local market shifts. This could help you learn how to better invest in niche markets and take advantage of lucrative deals.

If you want to learn how to invest in a way that brings in high returns without being afraid of taking risks, then you need to get out-of-the-box thinking from a mentor. You can learn how to invest in niche markets and take on lucrative deals whenever you have the chance by becoming a creative investor.

Pros and Cons of Working With Real Estate Mentors

While a good mentor can be invaluable, it’s important to weigh the costs and benefits of joining a mentoring program.

Here are the benefits of working with a real estate mentor:

  • Learn fast
  • Personalized approach
  • Track your progress
  • Goal-oriented
  • Avoid basic investing mistakes

While the cons are:

  • High expenses for good mentors
  • No guarantees for success
  • Risk of finding a bad mentor

Is Real Estate Mentoring Worth It?

A real estate mentor can be worth it if they can provide you with the guidance and support that you need to be successful in the industry. A mentor can help you navigate the complex world of real estate and provide you with the tools and resources that you need to succeed. They can also offer you advice when it comes to making important decisions about your career.

How Do I Approach a Real Estate Mentor?

Be clear about your goals for the mentorship. Be prepared with questions or topics to discuss. Be respectful of the mentor’s time and expertise. You may also want to consider offering something in return for the mentorship, such as your time or expertise in another area.

What Are The Types of Mentors?

The four types of mentors are academic, professional, personal, and peer. Academic mentors are usually professors or instructors who can help guide you in your studies and offer advice on your career.

Professional mentors are usually people who work in the field you’re interested in and can offer guidance on your career path and job search.

Personal mentors are usually people who you know well and trust, and who can offer advice on your personal life and relationships.

Peer mentors are usually people who are around your same age and can offer support and advice on issues you’re facing in your life.

Conclusion

If you’re thinking about getting into the real estate business, finding a mentor is a great way to get started. There are many different types of real estate mentors out there, so it’s important to find one that’s right for you. No matter which you choose, remember that having someone to guide and support you can make all the difference in achieving your real estate goals!

Justin McGill