Unless you are committed to remaining a one-person shop, you might find yourself working with someone who is new to the field, your brokerage or business model. In such a case, you might find it worthwhile to serve as a mentor to the less experienced person.
A mentor is not so much a teacher as a guide; someone who can point out valuable lessons about interacting with clients or the value of pursuing education or organization memberships—all things that can help someone shape a successful career in real estate. A mentor can pass on best practices so the mentee can avoid mistakes that others have made.
In addition to boosting morale for both you and the protégé, being a good mentor has tangible business benefits. Employee retention rates are much higher for people with mentors than without—72% to 49%, according to mentoring software site The Mentor Method—which may translate into keeping valuable players on your team.
Before you take on a role as a mentor, check some of the skills and expectations listed below to see if you have the temperament for the role.
Communicate effectively
Effective communication is essential to being a good mentor. As a mentor, listening to your mentee and understanding their needs and concerns is important. You should also provide them with regular feedback, constructive criticism and positive reinforcement. Keep in mind that communication is a two-way street, so encourage your mentee to provide you with feedback as well, along with any insights they have developed. You might learn something in the process.
Create a safe environment
Creating a safe and nonjudgmental environment is another essential aspect of being a good mentor. Your mentee should feel comfortable asking questions, sharing their thoughts and expressing their concerns without fear of judgment. Be patient, supportive and empathetic, and encourage your mentee to be open and honest.
Set goals and expectations
Setting clear goals and expectations is another strategy for being a good mentor. Work with your mentee to set SMART (specific, measurable, achievable, relevant and time-bound) goals that align with their professional and personal development needs. Remember: a mentor guides their protégé, but the decisions about how that person will act are entirely up to them. So, make sure that both parties have clear expectations of the relationship.
Provide resources and support
As a mentor, you have access to a wealth of resources and industry knowledge. It is important to share these resources with your mentee and provide them with the support they need to succeed. You can provide them with access to training materials, industry events and other important network connections. Encourage them to seek out additional resources and professional development opportunities on their own.
Give back, become a better leader and refine your own skills and networks with RRC’s Mentor Program. Visit CRS.com/membership/mentor-program to join today.
Photo: iStock.com/Charday Penn
