Sometimes in real estate, it isn’t always ‘what’ you know, so much as it is ‘who’ you know in the industry. Having an advantage of both knowledge and a personal network including a Real Estate Investment Mentor is ideal.
If you haven’t previously worked with a Real Estate Investment Mentor, here are some reasons to consider fleshing out your professional network:
Leaders Enjoy Helping Others Succeed
In life, your attitude is everything. For people who are just getting started or facing challenges in real estate, it can be difficult to see the proverbial ‘silver lining’ in troublesome situations. An experienced mentor can provide valuable insights, advice, and guidance to work your way through whatever obstacles stand in your way. They inspire and encourage their proteges to become better at their profession in hopes that they’ll ‘pay it forward’ to an upcoming freshman class.
As a newbie or moderately successful real estate investor, the chances are good that you’re landing one of your first deals or you’re building your portfolio. In these initial phases of your career, it’s common to have questions about your investment strategies. You don’t want to add more complexity to your situation by having to chase down a mentor who is unreachable or unavailable to assist.
Ideally, you should choose to work with a mentor who is accessible to you. While a local mentor is preferred, advancements in technology have empowered people to connect virtually using Social Media Platforms, Teleconferencing, Webinars, and Online Learning Platforms that weren’t readily available to investors just a few short years ago.
Cultivating A Relationship With Your Mentor
Like any relationship, you will need to invest time and effort to cultivate a rapport with your sponsor. Always remember that it’s something that can’t get forced or work as a one-way street. Both you and prospective mentor have to be willing to build mutual respect, trust, and confidence in your affinity. Treat your mentor as you would any friend. If you have scheduled time with them for an in-person meeting or an online training event, show up. People’s time is valuable, and no one likes getting stood up for a pre-arranged appointment. If you are unable to attend, have the courtesy to let your mentor know that your plans changed beforehand. This simple act of civility goes a long way and helps you maintain an amicable relationship even if your schedules do not align.
Avoid Common Costly Mistakes
In real estate, the most memorable mistakes are the ones that end up costing you a lot of money to overcome. While you might be anxious to jump into a deal with both feet, sometimes it’s best to proceed with caution and rely on the expertise of an investor who has likely already experienced the anguish of expensive investment mistakes. In addition to working with a mentor, you should be willing to empower yourself with tools, skills and market insights that help you do your job better. This could include the use of industry-leading websites and tools to gather key information such as related market comps, help with project planning, budget planning, and other critical aspects of managing your real estate investment business. By avoiding expensive pitfalls, you stay motivated to pursue the next potential deal.
Extend Your Professional Network
Another significant advantage of working with Real Estate Investment Mentors is getting the opportunity to extend your professional network. Remember, the mentor you are working with was once in your shoes, so they understand your position. A healthy relationship with your real estate investment mentor could help open doors to his existing powerhouse network of partners, brokers, wholesalers, lending partners, realtors, and other key players in the real estate industry.
If you don’t currently have a real estate investment mentor, this doesn’t mean you can’t take steps to expand your network independently. Local Meetups and other types of online and offline networking events and free training courses, such as the ones offered by National Real Estate Investors Group, help you close the gap to find the best real estate investment mentors available today! We’re here to help you change your life!