New agent in search of a mentor in Maryland.

Washington, DC · Member since 2020 · 6 posts · 2 votes

Everyone I spoke to who has a career in real estate as an agent advised me that is imperative to learn from a mentor that is familiar in your market. I agree that having the right mentor would help new agents out exceptionally. After gaining knowledge on the do’s and don’ts on real estate law and practice, the new agents are rarely privileged to learn the real ins and outs of the business. I recently passed all of my state and national requirements and currently looking for a mentor/brokerage company to help me further my career in real estate. What are some tips into choosing the right brokerage company? Do mentors charge for their time in helping you? How do you find a willing mentor? Are mentors easier to find in independent small RE businesses or franchise companies?

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Charlie CameronBusiness Member

Investor · Niceville, FL · Member since 2017 · 451 posts · 366 votes

@Ken Cochran Yeah, you GOTTA have a mentor. It totally depends on the brokerage whether one is part of being a new agent there or whether you have to go and find someone on your own. You really have to check out a few options to know what might work best for you. Go in with your goals and see which is the best fit to achieve those!

I went with a brokerage that actually officially assigns a certified mentor who only wins if you win. Makes for a great partnership. After a few transactions at a 60/40, completed the program and am at 80/20. Worked great.

I'd come up with a list of 3-4 options and take a list of questions with you to the interviews. This is a list from a blog post I wrote, maybe it will help:

What are your fees?
What is the cap and split?
What mentorship opportunities do you provide?
What are some of your Training Programs?
What kind of Lead Generation Tools will I have Access to?
What are my Obligations as an Agent?
How can I gain Access to my Managing Broker for Support?
Where is the Office Located?
How will I have Administrative Support?
What Unique Platforms and Technologies do you Offer?
How are Successful Agents Recognized?
What Benefits do you Offer Agents?
How will my Transactions be Processed?
What makes your brokerage unique?

Good luck - go crush it!

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Victor SteffenBusiness Member
Investor · Austin, TX · Member since 2017 · 352 posts · 374 votes
5y
Hi Ken. congrats on passing the exam! I think that's good advice- having someone in your local market is important. Typically any formal mentorship program through a brokerage means you will be paying a percentage of your first 3-5 deals to that mentor. Example: your first 5 transactions are at a 50/50 split and your mentor will guide you through contract intricacies. After deal 5 maybe you exit the mentorship program and bump up to a 70/30 split. Something like that is typical. Beware- not all training programs are created equal. Good luck!
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Charlie CameronBusiness Member
Investor · Niceville, FL · Member since 2017 · 451 posts · 366 votes
5y
@Ken Cochran Yeah, you GOTTA have a mentor. It totally depends on the brokerage whether one is part of being a new agent there or whether you have to go and find someone on your own. You really have to check out a few options to know what might work best for you. Go in with your goals and see which is the best fit to achieve those!
I went with a brokerage that actually officially assigns a certified mentor who only wins if you win. Makes for a great partnership. After a few transactions at a 60/40, completed the program and am at 80/20. Worked great.
I'd come up with a list of 3-4 options and take a list of questions with you to the interviews. This is a list from a blog post I wrote, maybe it will help:
- What are your fees?
- What is the cap and split?
- What mentorship opportunities do you provide?
- What are some of your Training Programs?
- What kind of Lead Generation Tools will I have Access to?
- What are my Obligations as an Agent?
- How can I gain Access to my Managing Broker for Support?
- Where is the Office Located?
- How will I have Administrative Support?
- What Unique Platforms and Technologies do you Offer?
- How are Successful Agents Recognized?
- What Benefits do you Offer Agents?
- How will my Transactions be Processed?
- What makes your brokerage unique?
Good luck - go crush it!
The RAL Room Assisted Living Mastermind
Website View Page
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Ken Cochran
OP
Washington, DC · Member since 2020 · 6 posts · 2 votes
5y
@Victor Steffen Thank you for the insight and I will definitely pay close attention to what mentoring program I decide on working with.
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Ken Cochran
OP
Washington, DC · Member since 2020 · 6 posts · 2 votes
5y
@Charlie Cameron Thanks a lot! Great questions for me to use in my interview.
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Ari Hadar
Investor · Member since 2020 · 401 posts · 86 votes
5y
Originally posted by @Victor Steffen:
Hi Ken. congrats on passing the exam! I think that's good advice- having someone in your local market is important. Typically any formal mentorship program through a brokerage means you will be paying a percentage of your first 3-5 deals to that mentor. Example: your first 5 transactions are at a 50/50 split and your mentor will guide you through contract intricacies. After deal 5 maybe you exit the mentorship program and bump up to a 70/30 split. Something like that is typical. Beware- not all training programs are created equal. Good luck!

What do you recommend for a fee to a mentor to an investor who would like to buy his first rental?
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