08 Jan Q. Why should I hire a real estate coach?
My introduction to the real estate industry turned out to be through the world of mortgage banking. I happened to be selling copying machines and software at the time, but was informed by a recruiter that real estate would be far more rewarding in terms of both personal satisfaction and monetary gains. The company that recruited me was a very successful firm that organized significantly more loans than other mortgage companies of comparable size. I wound up working with them for a year before ultimately leaving for a position with a real estate brokerage. Over the course of that first year, I learned a tremendous amount about the industry and contributed quite a bit to the company as a whole.
It was during the next year, however, that I was introduced to coaching and my career began to grow at a rapid pace. I came to understand that you can work at the most successful company in the world in terms of branding, recruitment, and financial success, but if you don’t have an individual or group that you respect, learn from, and desire to meet the lofty expectations of, you are wasting a valuable opportunity. It is for this reason that I instituted our one-on-one coaching program at Meier Real Estate and advise my agents to seek out as many respectable mentors as they can. The experience-driven philosophy of our mentorships and coaching programs is one of the fundamental reasons our agents succeed. Meier Real Estate is heavily invested in building a company culture focused on improving individual agents and the group of agents as a collective whole. Additionally, I encourage Meier Real Estate agents, and others I coach, to not simply ask for advice, but to also emulate the activities that made myself, and other agents, successful.
The enjoyment I gain from coaching is based almost entirely around the fact that my effort resonates with those I coach. On a personal level, the emotional chords that I strike with my agents grants me with an increased appreciation for what I have learned over the course of my career. There is immense satisfaction in knowing that others will be able to directly benefit from the years of work I have invested. Since we can’t take our knowledge with us to the grave, my philosophy is that we might as well share our experiences in an effort to improve individual lives and society as a whole. I also like to help our clients (buyers, sellers, renters, and investors) by coaching agents so that they are more knowledgeable and can provide a better level of service and expertise.
If you are looking to switch real estate firms, or are at the beginning of your career, find a place where you will be surrounded by people who want to share their experiences with you, or seek out a company known for its coaching culture. There are companies out there plagued by successful agents who are unwilling to share what they know and the activities which make them successful, essentially out of fear that you will steal their business. Obviously, you should not surround yourself with these types of agents. If a brokerage has a mentorship program, you still need to investigate further as oftentimes mentors only teach new agents administrative work, which serves to free up time for the mentor instead of teaching the agents how to actually get new business. At Meier Real Estate, we are very selective in our hiring, and specifically target agents who are team players and who want to help their fellow agents succeed.
Here are some of the primary benefits that a coach can provide:
1. Assistance In Defining And Reaching Goals
Defining your goals is easier said than done. It’s undoubtedly hard to set goals when you are unsure of the nature of the obstacles that stand in your way. Similarly, it’s difficult to remain realistic when you are entering a new business or trying to take your business to a level you have never before attempted. Unsurprisingly, for serial entrepreneurs, it’s easier to set goals for their second business than for their first because they have useful prior experience to base expectations off of. Thus, when you are starting your business as a licensed real estate salesperson, or trying to significantly improve your business’ standing, the best thing to do is to look for someone who has already done it successfully.
2. Supplying Motivation
In business, just as in life, some days will be exciting and will lead you to feel like you are on top of the world. Other days, however, you will feel exhausted and be convinced that you can’t take another step. A good coach will be someone you can have a conversation with, lean on when the going gets tough, and rely on to boost your morale; someone that will inspire you to seek a healthier and more positive outlook on your situation. There have been countless times when agents have approached me with sullen, pained expressions because of a deal gone bad. After listening to what they have to say, there are times that I find that they handled the situation in exactly the same fashion as I would have. Of course, this is due to the proper training they have received! Regardless, sometimes a deal is just not meant to happen, and this simple sentiment will usually make them feel better. Other times, I share with them some constructive criticism and remind them that sometimes a failure simply means that a learning opportunity has been provided. Since no one succeeds without failing, it’s essential to get up quickly after an unsuccessful attempt and treat endurance as a tell-tale sign of those who have the determination to become winners. Knowing that a coach has also failed in various past pursuits can provide some much-needed solace in rough times. Though you may find yourself in situations where a goal isn’t within reach and time is running out, a coach can give you the boost of confidence you need to put in the extra time and energy to make it happen.
3. A Competitive Advantage
By following a proven path that only your experienced coach can provide, you will have a leg up on your competitors and spare yourself a lot of needless work and expenses. For some people, the best way to overcome future hurdles is to learn from previous mistakes. Those who learn from history, and take note of the mistakes of others, won’t be doomed to repeat them! By tapping into this well of invaluable expertise, you will have an immediate advantage over others who are starting from the beginning with no foundation.
4. A Fresh Perspective
As you can imagine, it’s incredibly beneficial to listen to the experiences and general points of advice from industry veterans. Over time, your coach should be able to help you see things in a new light. Take the opportunity to learn from your coach and seize the opportunity to have a fresh perspective to analyze your own ideas from.
5. Additional Resources
Your coach probably has a large network of contacts and resources that you can take advantage of. For example, I have an extended network of copywriters, designers, brand strategists, marketers, attorneys, and accountants that agents at Meier Real Estate are able to take full advantage of. In addition to enabling agents to better serve our clientele, it also helps agents build the basis for their own successful businesses. As my coaching role is designed to advance their careers, I encourage them to use all the resources they have at their disposals. Properly utilizing and acquiring access to solid resources serve as significant factors in becoming a successful individual.
6. Maintaining Accountability
It’s always easier to brainstorm and outline steps than it is to follow a plan through to fruition. Having a coach who will hold you accountable to your business plan and overall goals is unequivocally helpful in the long run. There is a reason why almost all top sports figures and business leaders have reliable guidance. Coaches understand better than anyone that since their clients are “in the business,” it can be difficult to keep individual situations in context.
Considering that I have worked with some of the best coaches in the country, I speak from experience when I say that it is always comforting to know that someone is keeping an eye on you to make sure that you stay focused and determined.
“Xerox Corporation carried out several studies on coaching. They determined that in the absence of follow-up coaching to their training classes, 87% of the skills change brought about by the program was lost.” – Business Wire