Property mentor and mentorship. Why would you need a mentor?
You may read this and realize you are already being mentored in some capacity in your life.
Mentorship is an incredibly powerful thing in anyone’s life. If you have the drive and desire to want to succeed and take your business and life to the next level, then you will want to be mentored in order to achieve that.
Imagine being able to accelerate your growth and success by standing on the shoulders of giants and being able to leverage by learning from the mistakes of others.
Some of the common reasons why people decide to invest in property is because they want financial freedom, time freedom and to be able to create a lifestyle from relatively passive income.
They are great reasons to invest in property as an asset class.
If you had the chance to achieve what you wanted to achieve but to do it in a shorter space of time then would you want to do that?
I’m pretty sure that you would.
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You will have your own reasons as to why you want to invest in property or why you are already investing property and you may be asking yourself why you would even need a mentor?
Why Would You Need A Property Mentor?
There are many reasons why you would need a mentor.
Some people will go on many training courses, will learn and then take action.
Some people will not do any training and will just learn as they go along. They may end up making more mistakes, but they are happy with what they are doing and achieving.
Some people will not take action or be scared of buying their first investment property and will have so many questions and queries.
Some people just want someone to hold their hands so that they can learn.
You may have such a strong desire to succeed and a very strong “why” that you just understand that the right mentor will help you to the very echelons that you have been dreaming and visualizing.
Maybe you struggle with accountability in your property business, and you know that a property mentor will hold you accountable and that that accountability will be able to help you push yourself forward.
May be your partner in life doesn’t understand property. Maybe your partner is just not interested in property as it is ‘your thing.’
It is possible that this means that you need someone else in your property life, someone that understands property and has a genuine interest in property. A property mentor would be a good person for this.
Property can be an incredibly lonely journey so having someone to work with and learn from is invaluable.
How Do You Find A Property Mentor?
There are many ways in which you can find a property mentor.
You may find potential property mentor at Property Investor Networking (PIN) meetings, Progressive Property Networking (PPN) meetings, Business Networking International (BNI) meetings and any other business or property related networking events.
A property mentor may be writing a blog or have written a book or two.
Social media is very powerful nowadays. You can always search on social media sites such as Facebook, LinkedIn, Twitter, Instagram et al for a property mentor.
In all fairness, you are more likely to find a property mentor on Facebook or LinkedIn due to the more professional nature of the sites.
You may find a property mentor by listening to property Podcasts or by attending training courses.
As with many things in life though, word of mouth recommendations are the best way to find a property mentor.
Speak to others that are in property and ask if they have been mentored or if they can give you a personal recommendation.
When I started getting mentored, I found my mentor through Facebook.
The 4C’s That Any Property Mentor Should Have
OK, so you know why you need a property mentor and you have now found a property mentor. What do you do next?
It is not just a case of finding someone, asking them to mentor you and then that is that. Far from it.
As with any friendship or relationship, it will take time. You want to work with someone that you like and that you can trust.
You ideally (although not necessary) want to have something else in common that isn’t just property and success.
I have developed a 4C’s model that you must follow in order to find the right mentor for you.
Any mentor must have credibility, property credibility. Your mentor must be a step ahead of you in terms of property and must have some ‘skin in the game.’
I am involved in 17 buy to let properties in and around Hull and am in the process of securing a site for 13 new build properties in Hull as well.
These numbers sound good, but you will want to know that the information is accurate. This is where word of mouth recommendations and social media research become very important.
Does your potential mentor have a Facebook Page or an online presence such as a website?
Just because someone says they have something it doesn’t mean that they actually do. Check them out, do your research. How credible are they? Do they have what they say they have and are they who they say they are?
Does the mentor say they are going to do something and then do it? Does the mentor act and talk in the same way? Are they talking about buy to let investing and actually invest in buy to let themselves?
Congruency is very important when it comes to picking a mentor to work with.
You may want to be mentored in buy to lets, HMO’s, Land Development, Commercial Conversions, etc.
For example, if you have 2 Buy To Lets and want to have more in your portfolio, then you would want to consider me to mentor you as I am involved in 17 Buy To Lets.
If you wanted to get more involved in commercial conversions then you would not want to consider me to mentor you as it is not a strategy that I have done.
Your mentor should be talking the talking and walking the walk. This is where research is incredibly important as well. Don’t always take peoples word for it.
Do your due diligence and do your research into your mentor in order to make sure that what they say they do and what they are actually doing is the same thing.
You want (and deserve) a mentor that is as committed to your success as you are to your own success. What is the point in being committed to your success when your mentor is not?
There are too many stories out there where people have paid for a mentorship only for the mentor to then show no drive or desire to help. That is absolutely shocking and unfortunately it does happen.
Any good mentor will be committed to you, your success, your portfolio and to help you achieve what you want to achieve.
My current mentor Richard van Ommen is exactly the same. He advises me, is passionate about what I am doing and what I am creating and wants to see me succeed in all walks of life.
Knowing that you can have someone to share ideas with, mastermind with and to learn from is incredibly important. If Richard wasn’t as committed to my success as he is then it is fair to say that I would not be where I am today.
Having a bad mentor can leave a bad taste in your month and could get you to lose focus. This is not good and not necessary.
How will you know if your mentor is committed?
Do your research. See them speak on stage, check out their online videos, check out their website and social media profiles and make sure that they will hold you accountable by task setting and having frequent Skype calls or one to one meetings.
Speak to them on the phone as well. You will able to tell naturally whether that mentor is the right person for you.
Contracts are incredibly important. You may have a mentor that works on a non-contract basis i.e. a monthly fee.
That is ok as long as you are happy with that and that you do not pay more than a month in advance.
Most mentors will have a contract. If they don’t (and they want to charge you a large amount and NOT work on a month by month basis) then, you should walk away.
When you go into a shop and swap money for a good or a service, is it fair to say that you would want a receipt for that good or service?
Mentorship is no different. You will want to have a contract in place so that you know the terms and conditions and what to expect from your mentor.
The contract will lay out what is expected of everyone involved and what you get for your money.
Every mentor will be different with what they offer.
At the end of the day, as long as you are happy with your money being exchanged for that service of mentorship and you are happy with the contract in place then that is all that matters.