The Power of Having a Mentor in Real Estate

Whether or not you are new in the Real Estate Business, getting a mentor to provide insightful and sound advices is greatly needed to help you in decision-making, and planning. A great guide into the market will ensure success. Aside from learning the ropes, there might be future instances where confusion might sink in and your doubts would have to be secured with a firm grasp of the subject.

Give Yourself a Primer

Before getting into the Real Estate Business, it is important to roughly educate yourself beforehand of the common finance and real estate terms. This will make it easier for your mentor to provide further information from the sedimentary to the in-depth knowledge. This will also help in grasping your mentor’s ideas faster, and would make for a smooth-sailing communication. Coaching will be faster and easier and you can get straight down to business right after. Purchase a finance dictionary and read up on market histories and trends. Getting into real estate should not all be relied on your mentor; you have to educate yourself as well on the onset and continuously.

Create a Business Plan and Strategy

After familiarizing yourself with a few terms, get your mentor to sit down with you and confide what you want to happen. If you have a solid grasp of what you want to do, it will be easier for your mentor to guide you towards your goal. At the same time, your mentor can weigh the circumstances and see if your goals are even feasible from the beginning. How long will it take for you to get to where you want to be? How much capital should you shell out? How are you going to do it? What are your possible exit strategies? These are only a few of the questions that you may work out with your mentor.

Financing and Deal Hunting

Planning is getting halfway there. The other half would have to be in the process of actually handling your finances. This can be made more efficiently when you know what to expect and which to prioritize. Is this property worth the investment? There are certain factors that has to be determined in finding and closing a deal. It is good to have an opinion from a perspective that you missed to see. The bigger picture can also be viewed from your mentor’s vantage point, and would therefore give you more options towards making a decision.

Network and System Building

It is assumed that a mentor has been in the business for quite some time. She would already have a certain network and a number of colleagues that can help you in building your business. At the same time, your mentor may see certain pitfalls in negotiating with certain individuals and can give you a word of caution in dealing with them. This is applicable externally and internally, on how to deal with the people in your team, and what to expect from and assign to your team members and how doing so will greatly help in maintaining your company and enduring obstacles in the long run.

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Wishing you much success,

Annetta Powell

Queen of Real Estate