Mentorship programs can boost agent success and increase morale.<\/p>\n\n\n\n
The company that Jon Yacovetta works for was pretty new in 2020, with a lot of growth due to an influx of new agents coming on board. <\/p>\n\n\n\n
\u201cI have a background in education and leadership, and I had phenomenal mentorship myself from Bret Weinstein, our founder and CEO,\u201d says the Director of Mentoring at Guide Real Estate, in Aurora, Colo. \u201cSo, as we were taking on these new agents, Bret thought it would be a good idea for me to put those skills and what I learned from him to use, and to teach these new agents how to do real estate and provide the supervision all new agents require.\u201d <\/p>\n\n\n\n
After the initiative proved successful, Yacovetta and Weinstein decided to implement a formal mentorship program, which took off and became a magnet for attracting talent. When executed well, a mentorship program can make a huge difference for agents and the brokerage, helping agents gain confidence and clients and thus bringing in more money.<\/p>\n\n\n\n
He adds that it also becomes a point for recruitment and growth, plus it creates new opportunities for producing agents to earn and to add to their experience and expertise.<\/p>\n\n\n\n
Ahmed Islam grew up in Dubai but came to New York City when he was 16. After getting his real estate license and working for several years in the industry, he entered a mentorship program offered through the National Association of REALTORS\u00ae as a mentee. His main reason was that he felt he needed more guidance and basic advice to enter the world of commercial real estate.<\/p>\n\n\n\n
\u201cI\u2019d go to commercial brokerages, and they\u2019d tell I just wasn\u2019t ready for it,\u201d he adds. \u201cI had a lack of experience in it.\u201d <\/p>\n\n\n\n
He\u2019d identified a California agent in the commercial sector who he wanted to learn from. \u201cThe good thing about him was he went above and beyond. He taught me a lot of motivational stuff, not just work. I hit the jackpot,\u201d he states. <\/p>\n\n\n\n
\u201cBeing mentored helped me bridge the gap from residential to commercial. I had tried to get into commercial for seven years,\u201d says Islam, who is now a commercial real estate specialist and partner at Prime Realty Services in Camp Hill, Pa. <\/p>\n\n\n\n
Because of his great experience as a mentee, Islam became a mentor and has served as one for the past three years. <\/p>\n\n\n\n
\u201cBeing a mentor is giving back like all the people that paved the way for me,\u201d he adds. \u201cThey took time out of their schedule to help me. They were selfless. No one was paying them.\u201d<\/p>\n\n\n\n
\u201cThere are many benefits to having a mentorship program, like more successful agents and fostering a feeling of giving back for mentors,\u201d says Yacovetta. \u201cIt just has to be done right, and that\u2019s the most difficult part.\u201d<\/p>\n\n\n\n
He explains what\u2019s helped his brokerage create and maintain a successful mentorship program:<\/p>\n\n\n\n
\u201cA mentorship program will not get off the ground without dedicated personnel,\u201d he says. In order to implement a formalized program, someone must have the time and capacity to run it. Consider hiring a staff member or making the mentorship program the main focus of an associate broker\u2019s job. <\/p>\n\n\n\n
Simply deciding to create a mentorship program isn\u2019t enough. You have to be willing to see the initiative through and make clear your investment in it. \u201cAt the leadership level, the leaders have to be passionate about agent quality and growth. They have to be patient enough to understand the plight of new agents and be willing to endure those plights.\u201d<\/p>\n\n\n\n
A motivated agent will be more successful in a mentorship program than one who\u2019s uninterested,\u201d Yacovetta says. \u201cThat\u2019s why it\u2019s important to consider offering mentorship to a dedicated few who really want to be mentored. \u201cWe recruit like-minded individuals who want to learn and who want to be led. So, being careful about who we bring on certainly plays a part in the longevity of the program. We\u2019ve had 35 agents make it through the program.\u201d<\/p>\n\n\n\n
\u201cIf they want to be a mentor, they\u2019re already on board,\u201d he adds. The ones who are interested come to him to help out, and no one is ever required to do it. \u201cThey\u2019ve already had the experience in real estate to know that new agents need help in order to survive.\u201d They also want to provide that help to better the agent and the industry. <\/p>\n\n\n\n
Meeting with the mentors once a week to check on their mindset, their process and how their mentees are doing keeps the program running smoothly. To be a mentor, agents must agree to provide supervision as stipulated per their regulatory agency, and have closed a minimum of 75 transactions. <\/p>\n\n\n\n
Those who are interested in the program meet with Yacovetta in-person, and they go over the mentorship agreement, which outlines the entire program, expectations, and criteria for graduation.<\/p>\n\n\n\n
At Guide Real Estate, mentors must meet with their mentees at least once per week for accountability purposes, goal tracking and general support. The mentoring, however, is highly variable, Yacovetta says. Mentees are enrolled in the program for their first five transactions and must complete a series of classes and practical application tasks to graduate. The mentors can tailor their process based on what the mentee needs.<\/p>\n\n\n\n
Mentors need to ensure that mentees have access to as many educational and systematic resources as possible, Yacovetta advises. For example, they need a CRM. Also, they should know where to seek out classes to build their skill set and to stay up on their continuing education credits. A mentee also needs to know who their network is within the program. \u201cThere should be a clear phone tree in place in the event the mentee has an emergency and that mentor is not immediately available,\u201d he adds.<\/p>\n\n\n\n
Islam believes if the agent advances in their business, the brokerage grows as a result.<\/p>\n\n\n\n
\u201cA brokerage should have a lot of interest in strengthening their agents, which helps them. How will they succeed if we don\u2019t help them?\u201d he asks. <\/p>\n\n\n\n
He also feels that those connections between mentors and mentees can flourish friendships throughout the industry, strengthening the industry.<\/p>\n\n\n\n
\u201cI have remained friends with my mentor. He knows a lot of people. He\u2019s the connector with somebody that I want to connect with. He always introduces me to people all the time,\u201d Islam says. <\/p>\n\n\n\n
He also believes that the new agents can teach the experienced agents things they never knew before or encourage them to try something they wouldn\u2019t have attempted previously, like social media and new technologies. It\u2019s a win-win for a brokerage for the different generations to learn from one another and benefit from each other\u2019s skill sets. <\/p>\n\n\n\n
Yacovetta\u2019s brokerage chooses to keep costs low for agents, which means they rely on agents to make sales in order to bring in money. Since that\u2019s the case, their agents need to feel confident in the field and they need to produce. This makes a mentorship program a natural fit to boost agent\u2014and thus, brokerage\u2014success. <\/p>\n\n\n\n
\u201cWe only make money if they\u2019re making money. So, it is certainly a mutually beneficial situation. We put in the time and the resources up front,\u201d he states. \u201cIf the agent finds success, the investment pays off for everyone.\u201d<\/p>\n\n\n\n
Successful mentorship programs aren\u2019t just a boon for the mentees, either. A good one offers incentives for the mentor as well. <\/p>\n\n\n\n
\u201cI\u2019ve certainly grown as an agent, a mentor and a leader,\u201d Yacovetta says.<\/p>\n\n\n\n
National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"
Mentorship programs can boost agent success and increase morale. The company that Jon Yacovetta works for was pretty new in 2020, with a lot of growth due to an influx of new agents coming on board. \u201cI have a background in education and leadership, and I had phenomenal mentorship myself from Bret Weinstein, our founder … <\/p>\n