Finding a property mentor - why bother, what are the options & how to go about it?
"I don't want to do this on my own" or "I would like to have the support of a property mentor."
These are common statements that I see on property forums and hear from aspiring property investors all the time.
A property mentor is not for everyone, that is for sure. First of all you have to be 'teachable' and willing to apply what you are picking up during the mentoring sessions. Then of course there is the cost aspect. I will outline some alternatives to paid-for mentoring services at no or little cost in this article. So, even if you do not like the idea of paying someone to impart their knowledge and experience onto you, there should be something here for you too. Then of course, there is the property mentor themselves.
As Aristotle is quoted "Those that know, do. Those that understand, teach." I believe Aristotle meant this as a compliment to teachers and saw them as prestigious individuals...of course it also included himself!
The Aristotle quotation has often been twisted to mean, those who don't know end up teaching but that is not what it means. Essentially, a property mentor can traverse both sides of the 'do' and 'understand' spectrum; whereas a property coach may only master the 'understand' dimension. However, as we shall also see later, there is much confusion around the terminology used in this area that adds to some of the confusion.
Having said earlier that having a mentor is not for everyone, it seems that of those that it IS for, they rate it as one of the most significant factors in their success! I stumbled upon this Business Insider article on the habits of rich people that is very interesting. More than 85% of the rich read to self-develop extensively, which is why I also suggest the same.
A great statistic from this article is this:
85% of rich people read two or more education, career-related, or self-improvement books per month, compared to 15% of poor (emphasis added)
Guess what my annual reading goal is? Yes, to read at least two books per month!
A more surprising statistic was that only 24% said they had a mentor but of those that did, 93% said their mentor was responsible for their wealth! This suggests two things if our goal is to be rich (and it need not be that):
First, we must have a commitment to self-improvement and apply this through acquiring knowledge (note the reading statistics above).
Second, that mentors are not for everyone (around 1 in 4)...but for those they are for, they nearly always make all the difference (more than 9 in 10).
The idea of self-improvement education and mentoring in particular is one of the more emotive topics we could discuss inside & outside of property, I think.
One reason for this is a simple one - the word mentoring is often used interchangeably with coaching, training, consultancy, facilitation & counselling to name just 5 alternatives. This page from The Coaching & Mentoring Network may help with the definitions therefore. Here is how they show the definition of mentoring:
Having read the Coaching & Mentoring Network's summary and if we really do mean specifically having a property mentor, then that would imply someone that has trodden a similar path to that sought in property. This brings a second issue...which path? I have collated a minimum of twenty different ways to make money through property, some require large investment funds, some not, some rely on large amounts of time others not, some rely on contacts, skills, knowledge, experience etc. The outcomes could also be different: cashflow, assets, lifestyle, etc. The potential mentee therefore has a responsibility to establish what they are looking for as their desired outcomes and what their individual skills and preferences are...this in itself may need some kind of external intervention however...as none of us know what we don't know! The answer could lie in low cost aids like a book, a psychometric test or a 'dreamlining' exercise for example.
A coach or mentor can come in different guises - a family member, a book, a 'big-hitter', a wise sage, a peer, a respected forum contributor, a professional advisor, a spouse and so on. A great coach does not always have to have been a great 'performer', for example Jose Mourinho & Arsene Wenger as footballing examples. Whilst others have been great 'performers' such as Carlo Ancelotti & Pep Guardiola, again as football examples. Sport is full of examples that highlight very well the difference between a coach that has also 'performed' and perhaps not so much.
As for the motivation of the mentor - there is much I could say here however, Lord Sugar, Robert Kiyosaki, Tony Blair and Michael Stipe all mentor others...as does the youth group leader in the local church. Mentoring appetite comes from a desire and capability to teach, to share and to see others develop. Some are paid handsomely for doing so...others little or nothing. Sometimes, the great performer cannot teach others for one reason or another, I am sure you can think of one or two without me having to embarrass anyone.
I saw one property forum poster that set out their criteria of what they seek from a property mentor in terms of track record, status and profile but these are not the right questions to ask first. The first question should really be: 'what is it exactly that I seek to learn, understand or mirror?'. The answer could result in a surprising solution or direction...it might just be a monthly subscription to Your Property Network (YPN) magazine for some! If you pay a visit to the Resources page on our website, you will find dozens of links to books, magazines, networking groups, forums and such like, where you can start your quest for property knowledge with little risk or cost. However, do keep in mind that sometime free advice may cost you nothing...unless you act on it! I mean this particularly with well-intentioned yet not so knowledgeable forum contributors at times.
The final step for an aspiring mentee is to be a good learner - someone that can see the teaching and not just the teacher and apply this learning to their own situation to bring about the change desired. I alluded to this earlier and if you cannot take advice, or are full of prejudice and judgement towards the 'teacher'; then perhaps having a property mentor is not for you after all.
Yes, I do have an axe to grind on this topic, however if you happen to look up my background I been coaching and mentoring in some form nearly all of my adult life in sport, voluntary organisations, employment, friendships, business & of course as a property mentor and coach...for some it is simply in the blood.
One final thought - a good coach or mentor will not just take any old person on board; they will establish if they can help but also whether they want to help the potential mentee or learner. A good fit is required if the result is to be a successful one.
In summary, with some elaboration then, here are the steps to go about finding a suitable property mentor:
Step 1 - ask yourself: what is it that I seek to learn, understand or mirror?
Step 2 - determine: where, how or who can I obtain this information?
Step 3 - ask yourself: am I teachable?
Step 4 - decide: can I trust myself to be accountable, or would I benefit from being held to account by someone else (am I the 1 in 4)?
Step 5 - timing: - can I learn this over years or do I want / need to learn this over weeks / months instead?
Step 6 - type of teaching: do I need to the support of someone that both 'does' and 'understands' (a mentor) or someone that just 'understands' (a coach) - both have there role and place
Step 7 - ethics: does the potential mentor / coach seem to check that I would benefit from the knowledge exchange before taking my money or not?
Step 8 - if you have decided that you want a property mentor then take action and start looking for one today...of the 'free advice' variety or otherwise...making sure you check their background, experience, reputation, values & ethics, etc.
If you want to know more about The Property Voice Mentoring Packages, then please pay a visit to our Mentoring page.
Post script: Whilst I have had several informal mentors over the years, in property investment terms I had largely been self-taught with a massive appetite to learn through books, forums, websites, newsletters, magazines, networking events, free courses and so on. I now have formal mentors in property and in business...if I believe in delivering mentoring to others, then I must believe in receiving it myself too. On reflection, whilst I have done pretty well by all accounts, I can honestly say that my pace of growth could have been faster had I enlisted the support of a trusted mentor soon after committing to invest in property. Whilst I do not live with regret, I realise that I could be further ahead towards my ultimate legacy than I currently am had that decision been different back then.
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