Mentoring Programs: Real Deal or Not?
Mentoring Programs: Real Deal or Not?
From our inception, Momentum has sought to change the way real estate is done in Florida, including offering the highest-level training. That’s why, soon after opening, we established our Cultural Ambassador Mentorship Program, matching some of our top-producing agents with talented newer agents. It’s a great way to raise up the next new crop of top-level agents, and we commend the other brokerages that have recently begun following our lead by creating formal mentorship programs themselves. (And, we admit, it is pretty gratifying -- imitation is the sincerest form of flattery!) But there are issues all agents should consider before joining any mentorship program, including Momentum’s, to figure out whether it is the “real deal” or just another “shiny new object.”
The bottom line is, you have to do some digging to ensure that a program is not a gimmick designed just to get you in the door. In our infotainment world, where nearly everyone claims to be a coach, teacher, or mentor, it’s crucial to evaluate the credentials of the person you will entrust with your dreams and life plans. Between big social media accounts and fancy ads, it is becoming increasingly difficult to cut through the smoke to figure out who is legit and who is a false prophet just looking for profit. Here are some key questions to ask when evaluating whether a coaching/mentoring program passes your sniff test:
It is becoming increasingly difficult to cut through the smoke to figure out who is legit and who is a false prophet just looking for profit.
1. Has the coach earned the right to coach you?
Think of hiring a coach for a sports team. You'd want to know how many championships they have won, what teams they have beat, and which players they have coached to success. It’s the same idea in choosing a real estate coach. You would need to know: a) how long they have been selling, b) how many homes they have sold in the past few years (to ensure they have worked in the constantly changing market), c) how much of their business is referral, d) whether and to what extent they are profitable, e) whether they invest in real estate themselves or simply sell the product, and f) their ranking on their board. Typically, coaches who have made it to the Top 1% themselves, have figured out something that others have not, and probably know what it takes.
2. Has the coach achieved the specific goals you want to achieve, or played the type of game you want to play?
Another way to check validity is to ask a coach questions about their life trajectory. Is the coach someone whose life is growing quickly and you can learn from them as they go up the ladder of success? Or are they burned out and removed from the day-to-day, so that coaching is “just a job" for them? For some people, coaching is viewed as the equivalent of retirement.
3. Is the coach experienced in what you need to learn?
When you consider a sports coach, you have to be sure they're right for the game you’re playing. Obviously, you don't hire a soccer coach to help you play football. But you also don’t hire a defensive football coach to teach quarterbacking skills. Different positions require unique skillsets. The more specific you are about what you want a coach to teach you, the more likely you will get the coach you need.
It’s the same idea for real estate, where there are many different roles. There are inside and outside sales agents who take and make phone calls, showing agents who show houses, buyer agents who do consultations and negotiations, transaction coordinators who keep track of deadlines and documents, and listing agents who sell houses. Each position requires a completely different skillset and mindset. Are you finding the specific coach that's going to best fit you?
The coaching world includes one type of coach to be particularly leery of: a "mindset" coach who has no specific skill. Sure, it can sometimes be helpful to learn motivational mantras and discuss broad life topics. But most often, a mentee/coaching client also needs specific, concrete perspectives and tools for being more effective and efficient in navigating through the weeds of our profession. That means the coach should have mastery knowledge of the best systems, models, and practices in the field, and not only the mindset fluff that is the core of too many seminars. Beware of hiring a mindset coach when what you may really need is a skills coach.
The coaching world includes one type of coach to be particularly leery of: a "mindset" coach who has no specific skill.
4. Does the coach live by what they teach?
This issue is extremely important. An effective coach should have an inquiring mind, a passion for success, and live by what they teach. So, in choosing a mentor/coach, ask whether they are a) actively learning daily, b) frequently attending conferences to expand their skills and knowledge, c) expanding their perspectives as an avid book reader, d) constantly “upgrading” the colleagues or industry leaders with whom they most closely associate, e) parroting a pre-written script/book or speaking from personal experience, f) currently working on projects that inspire them to get to the next level, g) being coached themselves and by whom, and h) following their own advice.
When it comes to coaching, the difference between success and failure can come down to the due diligence you do upfront about the coach you chose. Like most things in life, you can’t accept a coaching/mentoring program at face value, but need to first do some research to ensure that program you choose will provide the “real deal” value that you need.
