Perhaps you have thought about becoming a mentor and developing your own team of agents to work with you.  Or, perhaps, you have thought that you might need a mentor and be a protégé to help you get started and stay in the right direction to your success.  We are observing that more and more agents are banding together to form teams.  This is especially true with teams that specialize in marketing Real Estate Owned (REO) properties for lenders.  Many agents who are active in this area are looking for agents to work with buyers and investors on their inventory of listed REO properties and agents who service & market the listings.  These agents may also be looking for people to do Broker Price Opinions (BPO’s) for them and provide other forms of assistance.  This may be a very effective way for a new agent to break into the real estate business today.  Either way, we are providing a summary of what the qualifications to be both a mentor and protégé along with the rules of mentoring.  Take a look and see if this might be something that might work for you as you grow towards your ultimate success.

QUALIFICATIONS FOR A PROTÉGÉ:

1.      The protégé respects the mentor’s time and efforts to get him/her started and does everything possible to see to it that the time is not wasted.

2.      The protégé takes action on the information provided him/her by the mentor showing trust in the information provided.

3.      The protégé shows respect and appreciation for the mentor’s efforts in opening new doors for them.

4.      The protégé is willing to give something back in passing on the gift by taking on a protégé themselves when they are ready to become a mentor.

5.      Understands the importance of practicing the fiduciary duty to the consumer.

6.      Is willing to take on the role of being a counselor/consultant, interpreter of information, negotiator, and transaction manager in reaching and achieving their full potential.

QUALIFICATIONS OF A MENTOR:

1.      The mentor is willing to give of his/her time unselfishly and is patient with allowing the protégé to develop and make mistakes provided the mistakes are relatively innocuous to the mentor’s business.

2.      The mentor possesses a certain skill or skills that they can demonstrate to the protégé with confidence and conviction.  They have a solid knowledge base of the real estate business.

3.      The mentor is willing to share his/her knowledge and does not fear giving away their so-called “trade-secrets” in assisting the protégé in his/her growth and development.

4.      The mentor is willing to make a commitment to fulfilling their responsibility to helping the protégé develop into a qualified professional real estate consultant.

THE SIXTEEN RULES OF MENTORING:

1.      Create a positive environment for learning.  Always welcome the protégé’s questions and be patient.

2.      Nurture positive character development by being a good example to the protégé.

3.      Proceed with the objective of making the protégé independent of you, no dependent on you.

4.      Be responsible to them, not for them.  They are responsible for fulfilling their responsibilities in the learning/development process and following YOUR direction.

5.      Be willing to share your failures as well as your successes.  Be willing to let the protégé know that you are guilty of being human and that failures are something to learn from as well as the successes.

6.      Set specific goals for “the relationship” that both you and they agree to achieve.

7.      Monitor, review, critique, & discuss potential actions on a continuous basis.  Remember that this is an ongoing and learning process for both of you.

8.      Don’t be afraid to use “tough love” when necessary.  This is probably the most challenging part of being a mentor but there are times when you are going to have to stand firm and be resolute.

9.      Use small successes to build on in working towards major accomplishments.  Be sure to notice the “little things”.

10.  When appropriate, teach by giving options rather than direction.  Sometimes allowing them to discover something is more meaningful than telling them.

11.  Understand that there is a certain degree of risk for both of you in the relationship.  While the mentor/protégé relationship is not a marriage, it can certainly seem like it at times.  Be prepared.

12.  Be sure to commit to cover each other’s backs.  This is the classic function of teammates in a sport.

13.  Learn to communicate with each other effectively.  Remember the four key communication skills here:

-      Maintain or enhance their self-esteem.

-      Listen and respond with empathy.

-      Get them involved in the decision.

-      Set the agenda and make procedural suggestions when having a meeting.

14.  Understand that this is an extended commitment for both of you.

15.  Understand that a life-transition for both of you is inevitable.  There will come a time when the decision to stay together and form an equal partnership or for the protégé to go their own way will have to be made.  Know that this is only natural.

16.  Do your best to make the process enjoyable for both of you.

After you have reviewed the mentor/protégé qualifications along with the sixteen rules of mentoring, and have decided that this is an option you want to pursue, start looking for the right candidate to work with.

David Compton is a professional speaker/trainer, author consultant in the real estate industry. He is also a partner in Practical Resources with George Smith; a company that specializes in delivering quality educational programs to real estate and mortgage professionals.   He has spent over 36 years in real estate in residential and commercial sales, site selector for a fast food restaurant chain, branch manager, director of education for one of the largest real estate brokerages in the nation, and for the last 25 years as a speaker/trainer.  He has developed over 200 real estate courses and has authored over 150 articles for real estate print and online publications.