Building a successful long-term real estate business comes down to two essential elements. The first one is finding a mentor, and this is especially important if you're new to the industry. The second key element is continually building on the relationship with the mentor to stay on course. Real estate also involves other skills and techniques, but for the long game, you want to start off with the right foot building a solid foundation.
We're going to identify and go through four things that will help you have success with a mentor. We're going to look at what's involved and finding the right mentor. We will see what you can do to cultivate that relationship further. We'll look at your options when you face tough times dealing with a mentor. We will also have a look at what commitments you should make on your end to have the relationship work.
Finding The Right Mentor And Whats Involved
Finding the right Mentor comes down to having an excellent understanding of yourself first and foremost. Getting a clear picture of what your strengths and weaknesses are ahead of time can go a long way in landing a mentor that's a good fit. Write down on a piece of paper what elements make up your personality. For example, you need to identify if you have a ‘dominant' personality looking to control or if you're more ‘passive' and prefer to support leaders. You need to understand if you're a ‘people person' and maybe lack organization or if you prefer to be on your own but love the ‘detail'.
Once you understand your personality style, the next step of finding a mentor is rather straightforward. Someone with a dominant personality will feel more comfortable introducing themselves to people where mentors hangout. Someone that's passive may want to gather up some friends and go as a group to places where you'll find mentors. The person that is people oriented likely has a large group of acquaintances already and can network with people they already know. The detailed oriented person can find who they're looking for by searching online first then taking action to meet in person.
Cultivating The Relationship Further
You'll need to understand your personality style at the highest level now because every strength taken too far can be your biggest weakness. You can continue to grow the relationship naturally if you keep everything in balance. You can be a dominant person but don't overstep and control your mentor. You can be a passive person as long as you don't come across as needy. If you love being the center of attention, don't steal your mentor's Thunder. If you are a quiet and detailed person, don't sit in the corner and avoid talking to your mentor.
What To Do During Tough Times
You're going to get some feedback from your Mentor at some point that will be critical. Be sure to take this advice the right way because it indicates the relationship is growing and is healthy. For the dominant person, do not tell your mentor where to go. For the passive person don't feel crushed receiving this critical information. Someone who enjoys the spotlight, your Mentor wasn't saying this to hurt you. When the quiet detailed person hears some tough love, do not vanish for a few weeks. Every real estate investor needs to understand this isn't personal, but instead, it's business. Do not let your temperament hold you back from achieving success.
Making The Right Commitments
Everyone has a unique combination of traits to their personality affecting their real estate business. However, you must make sure you don't let anything get in the way of your commitments. When you tell your Mentor you're going to do something; you do everything in your power to get it done. It doesn't matter what strength or weakness you exhibit. If you're the type of person that finds it difficult to be on time, you find ways to work around the situation to resolve it. Being committed to the right things is just showing respect to your mentor.
Finding the right Mentor in the process is an essential element you can't overlook. Understanding yourself will help build the foundation you'll need to connect with a good one. You can cultivate your mentoring relationship further by knowing your pitfalls. Finally, you can backup your commitments with actions ensuring you to build a long-term relationship with your mentor.