Mentorship vs. Formal training for new agent

6 Replies

I recently passed my exam and am deciding where to hang my license. I have spoken to a number of brokerages, and narrowed it down to two. While I think both brokers would be good mentors, there are slight differences and I am trying to figure out how much weight to give each. I felt like I hit it off immediately with Broker #1 and have a great rapport. They clearly have a passion for mentorship and are willing to meet on a weekly basis when starting off if needed. However, there is not a lot of formal training at his firm. I'd say Broker #2 is also somebody who is very passionate about mentoring and I got along with them as well (also willing to meet regularly), but I'd say the rapport is not on the same level as Broker #1. However, this firm provides more formal training (including a free 4-day course to begin). My question is if anybody has any opinions on (potentially) great broker/mentor with less formal training vs. (potentially) good broker/mentor with more formal training. Any thoughts are appreciated!

Hi Jason,

I guess it depends partly on what else Broker #1 would be doing besides meeting once a week? Since you mentioned he has a passion for mentoring, it sounds like he might also let you shadow him and/or make himself available for questions/guidance when you have a buyer or seller client, are writing an offer, etc.

If that's the case then that could very well be more useful than formal classes, but again, that also depends on the classes.   Do you know what the classes cover - how to write an offer, do a listing presentation, etc?

Sorry to not be more definite but a lot of the answer depends on what the training and mentorship being offered by each office and broker entails - I realize it might be hard to know all those details up front.

@Irene Nash : Thanks so much for the response. No need to apologize, you bring up good questions. Broker #1 definitely spoke of being available for all of those things you spoke of. Their focus early on would largely be on putting together and reaching out to my sphere of influence. The thought being they'd focus on teaching me what I need to know about contracts, listing/buying presentations, and such as they became relevant. 

When I mentioned how another third broker I met with (whom I am not considering) told me I am welcomed to get another agent in the office to co-list with me on a deal early on (for an agreed upon commission split of course), Broker #1 said they would not want me to do that, as it's their job to guide me and there was no point in sacrificing any of my commission.

To be fair, Broker #2 appears to be similar in their attitude about mentoring, but while I still felt good about them, I just didn't make quite the same connection. That brokerage, however, does have more resources including the training I mentioned. My understanding is that the multi-day training includes things such as marketing tools, contracts/forms, and other technology-related services offered by the company. 

@Jason Brown  

Based on your description here- I would go with number one. I think the multi day training etc can be helpful down the road, but it sounds like it is more direct mentorship as opposed to a set time/day training class on a topic or so. 

Hi Jason, It sounds like either of these would probably be decent choices, and I can understand why you're leaning towards the broker you feel more connection with.

One thing I would say is that regardless of which one you choose, I think it's a really good idea to get structured training (one one on or in a class, looking over someone's shoulder, whatever) on how to do those thing you'll need to do, like write up a purchase and sale agreement, do a listing presentation, etc. That way you're not scrambling when you have a client and are writing up that first offer (which typically happens after hours on a weekend when there's no one in the office. ;)

The fact that Broker 1 is going to help you reach out to your sphere of influence in the beginning is a very good thing, many new agents get told they need to focus mainly on cold calling and door knocking and don't focus heavily enough (or at all) on their SOI. Not knocking those other prospecting methods, just saying SOI is likely to give you the highest ROI and is way less daunting than trying to win over strangers.

Good luck!