Consult the Coach, Autumn 2018

Dear Coach: 

My managing broker asked me to mentor a new broker in our office. Since I have never done this before, I am not sure the best way to go about helping this broker. I wasn’t given a lot of direction. What do you suggest?

Signed, 

Unsure How to Mentor



Dear Unsure How to Mentor:

Being asked to mentor a new broker is evidence that your managing broker sees you as a successful broker capable of helping others. There are a number of mentoring models I have seen in Real Estate offices. Here are two common models:

The first model is that of providing primarily technical and planning support. In this model you would help the new broker set up their primary systems. These include their listing and buyer’s presentations, a website, a database, and a marketing plan for getting and staying connected to their sphere. 

The second model includes the above and adds role modeling of these competencies. This involves the new broker “shadowing” you on your daily activities for several days. And you “shadowing” them on their initial listing and buyer’s presentations, providing feedback and coaching. This model can include compensation to the mentor such as a 70/30 split for the new broker’s first 2 or 3 closings. 

Regardless of the model you use, here are some important considerations:

  1. Be clear on expectations between you, the new broker, and your managing broker so everyone is on the same page. Define the length of your mentorship and what you will provide. Also, agree on compensation, if appropriate. Put your agreement in writing to eliminate misunderstandings.
  2. Be motivating, patient, and positive in your interactions with the new broker. Starting a new Real Estate business can be overwhelming and it may take time to get your first listing or buyer. So, be encouraging. 
  3. Help the new broker be accountable. As you know, running your own business is challenging and mentors can provide some accountability so that a new broker keeps moving forward. 

In summary, mentoring a new broker is a valuable way of giving back to your real estate community and allows you to share your experience, knowledge, and skills with another broker so they can get on their own road to success. 

About the Coach:

Stuart Kaufman, MS, MBA, is a Real Estate Columnist and Business Coach who motivates, coaches, trains, and inspires real estate brokers to focus on lead generation, being accountable, and living a balanced life.  Stuart offers a complimentary coaching conversation to help Brokers begin to plan, execute, and close more transactions. To contact the Coach, send an e-mail to coach@stuartkaufman.com. 

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