Coaching: Why a Mentor can Accelerate your Career
Like most of us, you probably got into real estate because you were attracted by the great income potential. You’ve had good prospects, and possibly some great sales, but it feels like you have to work harder to maintain your sales level, or you may feel like you’re actually going backwards.
Relax. This is normal in the real estate business. Most agents reach their top level of sales and then plateau in about three years. You feel trapped at this plateau, and it’s normal to be frustrated when more hours and trying harder doesn’t seem to help.
It may be the right time for a mentor. Working with a mentor can bring your production levels up, get you more satisfaction in your career, and can help accelerate your success.
Learn the market from someone who knows the market.
The real estate mantra, “location, location, location,” is probably more true in Toronto than in almost any other city in Canada. Knowing the demographics of a neighbourhood is crucial to finding the right property, and the right price. But demographics change and can change drastically over time. A mentor who’s seen the changing demographics can help you understand why a particular area is hot and what areas are possibly up and coming.
Your mentor can also help you understand that the movement of the GTA market doesn’t necessarily mean there’s a “bubble.” For every season with a surge in condo sales, there’s been a season where the trend was toward freehold properties.
Get an experienced agent’s advice on how to conduct business.
Playing the real estate game in Canada, and especially in Toronto, is competitive. You may still be making rookie mistakes and not realizing it. With years of experience, your mentor can point out things about your approach that you may not realize are an issue. Everything about you - your car, your appearance, and your manner of speaking – could be affecting how your clients feel about your abilities. A mentor can provide a new perspective and help you tweak the things that need tweaking.
It’s possible you need a better process for generating leads and finding clients. Your mentor’s experience can help you design a fresh approach. If you’ve focused on only being a listing agent, your mentor can provide insight into the buyer’s agent side of the business, which in turn makes you more effective as you’re dealing with clients.
A mentor can also help you build a network of professionals to work with. Being able to refer a real estate lawyer or a mortgage professional with a proven track record gives you more credibility as an agent, which can lead to more clients and more sales.
Have someone guide and encourage you.
We all have the vision of a “coach.” Think of your favourite hockey or football team and that guy standing on the sidelines focused intently on the players. That guy is passionate about the game, and about the players’ success in the game. Your mentor can be that coach for you.
The ups and downs of real estate are stressful. It’s more than frustrating to have a great lead fall through, or to go through not having a lead for weeks, then the one that walks through the door goes to the guy next to you. You’ve probably learned to work through your lows, but getting enthusiastic going into the next venture is sometimes harder to do. A mentor will encourage you and help you see the possibilities again. It’s like having that coach on the sideline who still loves the game and wants you to succeed.
Go for it!