Can A Real Estate Agent Benefit from Mentorship?

The yearly cost of employee turnover to American enterprises is close to $1 trillion. The expense of finding and training new workers is quite significant. According to Gallup, the cost of replacing an employee might be as much as double their annual compensation. Highly skilled professionals in the oil and gas business might have a replacement cost of up to four times their annual wage if they leave the company.

However, the retention rates of those involved in mentoring programs are far higher for firms that implement them. Mentoring programs retain 50% more mentors and mentees than non-mentoring programs. Mentoring programs increase by 50% compared to programs without mentoring. Click here for more on employee retention.

In real estate, where success is mostly self-driven, having a mentor to help you discover your best style and habits can be invaluable. Many self-motivated people have found mentorship to be a great asset to their careers. To think you cannot benefit from mentoring in your self-driven career path is self-defeating. There are many obstacles a mentor can help you overcome on your path to success in real estate.

The money saved by a mentorship program is substantial.

After mentoring programs have helped a company cut down on turnover, it is clear that there are lowered expenses due to a lack of turnover. As was previously said, turnover is quite expensive. When businesses are able to cut their turnover rate by half or more, they see significant cost savings.

This frees up capital that may be used toward other company needs, including employing more employees, boosting compensation and perks for current workers, or opening new locations. And this is especially true when businesses employ mentoring software to streamline and broaden their mentoring initiatives.

Mentoring provides employees with meaningful relationships.

Increasing their level of participation in their workplace is a goal shared by all workers today. Those who work with companies after the pandemic would want more than simply a wage raise. Sixty-five percent of working-age adults in 2021 were actively seeking new employment opportunities. Most want to find employment that matters, deeper relationships with their colleagues, supportive workplace cultures, and room to learn and develop professionally.

Employees are ready to jump ship from firms that cannot provide their growth prospects in favor of those who do. As a result, people have discovered having a mentor like Krista Mashore makes most employees happy at work, and 94% of workers say they would stay with their current company for longer if it provided such possibilities for advancement and education.

Staff retention increases when people feel valued in their roles.

A company may save thousands or even millions of dollars annually in recruitment (https://en.wikipedia.org/wiki/Recruitment) and training costs if its employees remain put. As a bonus, this improves the company’s culture and lessens the risk of key employees defecting to rival businesses.

What a Mentee May Expect to Gain from Their Mentoring Experience

There is a baseline assumption that when a mentee enters a mentoring program, certain things will happen, including the mentee’s development needs being recognized, objectives being defined, and the mentor guiding the mentee toward reaching those goals. It is important to note that a lot goes on beyond those fundamental actions, and not all of them may be what you expect.

Your career will be impacted by your individual set of talents and objectives, but there are also generalizable abilities you may develop. Your career and personal achievements may benefit from your attention to improving these less tangible talents.

Capacity for Studying
Relational reciprocity
Building Relationships that Matter
Collaborating
Facilitating flexibility and resistance

Each of them is a component of the magic sauce that will supercharge your pursuit of excellence, wherever you are and whatever you are doing. In self-driven fields like real estate, this means your bottom line will be positively impacted.

You Have the Capacity to Learn

Considering this, it is imperative that you make the most of your educational chances. The safety and time afforded by a mentoring relationship may help you find out not just what to study, but also how to learn. Having a mentor may provide you with a secure environment in which to try out new, sometimes “risky,” ideas. This link will help you understand more about this.

You may cut down on wasted time and effort with the guidance of a mentor, who can show you which activities are time wasters, and which are worth your time and effort. Give your whole focus on the material at hand and modify your approach to learning so that it yields the best results. To improve your public speaking abilities, for instance, you shouldn’t merely watch a video; instead, you should seek feedback from a mentor or join an organization like Toastmasters.

Avoid becoming stuck in a rut by being resourceful in your pursuit of skill development. When you apply what you’ve learned successfully, your self-assurance will grow and you’ll be ready to take on even more difficult tasks.

Building Deep Bonds

You cannot survive on Earth without forming relationships, and fostering meaningful ones may help you feel healthier, more fulfilled, and more productive. Participating in a mentoring relationship may help you develop qualities like empathy, listening attentively, and providing and receiving constructive criticism, all of which are essential for fostering meaningful connections with others.

These abilities are useful in every setting, whether in business or personal interactions. Your mentor’s role should include not just teaching you how to network effectively, but also demonstrating the value of forming the appropriate kinds of relationships. Your mentor can point you in the right direction so that you don’t waste time and effort on relationships that won’t help you reach your objectives.

Having coffee with someone who prints kidneys on a 3-D printer could be the greatest thing ever, but is that person going to be useful to your work? The decision of how to spend one’s own money is not always a black-and-white one.

Collaborating

Learning to work well with others goes hand in hand with social skills. You aid those in need or participate in group activities; these may seem like no-brainers. When people don’t know how to set priorities and learn to say “no,” they might quickly find themselves in a position where they have little time to complete their own business.

Your mentor may advise you on how to prioritize requests and identify which ones are worth your time and which ones are simply a waste of everyone’s time. You may also use them to practice politely declining requests without damaging relationships at work. Many individuals find this challenging, yet without coping mechanisms, you may end up feeling overwhelmed and exhausted.

Strengthening One’s Capacity to Adapt and Survive

The workplace is also an excellent location to hone your resilience and flexibility. The capacity to recover from adversity is an example of resilience, whereas the ability to discover the good in a bad circumstance is an example of adaptation.

Thus, when you and your mentor get down to speaking about the professional development skills and objectives you want to attain during your time together, be sure to include some time to explore how you might include novel approaches to learning, connecting, collaborating, resilience, and flexibility into your plan. You will take away more knowledge and have a more fulfilling experience as a result.