Mentors
MENTORS, MASTERMINDS AND ACCOUNTABILITY PARTNERS: YOUR SECRET SAUCE SHARON VORNHOLT
Real estate investors also have to do a lot of marketing in order to generate leads for our businesses. We set up direct mail campaigns, attend networking events and become marketing machines over time. Once we have the basic infrastructure of our business set up, we will hopefully get calls from motivated sellers. Be prepared to follow up with them and buy some property. After all, that is the reason we are in business; to buy property.
Many owners of real estate businesses fall into the category of“ solopreneurs”. This can be a very isolated place to find yourself. At some point most of these same folks will either add support staff or outsource some of the work. This is tremendously helpful for taking some of that heavy work load off our shoulders. But, it doesn’ t address the core issue of“ reporting to yourself” every day; of being in charge; of keeping yourself on track to meet your goals. One other piece of the puzzle that is missing, is the interaction you get from having someone to bounce ideas off of. We all need someone that we can do that with, as well as someone to keep us accountable.
So, what’ s the answer?
Mentors
Some real estate investors can be pretty savvy when it comes to finding mentors; others find this to be a little harder. You really just have to show up at your local REIA, get to know folks and ask someone. It really is just that simple. Mentors are there to help you with quick questions, give you an opinion based on their expertise and possibly to keep you from making some big mistakes like paying too much for a piece of property. I have a number of folks that I consider my mentors. For instance, I asked one of my mentors who
just happens to be my closing attorney, a legal question last week. It took about a minute of his time by email to give me a response to my question. I repay him for his time and expertise by doing all of my closings in his office. We have built a relationship that is mutually beneficial for both of us. Here is the really important thing to remember; this relationship always has to be a two way street. The law of reciprocity says that you must always find a way to give back to your mentor. They are not there to help you build your business from“ start up to success”. Those people are called coaches, and they always cost money. You will need coaches down the line, but don’ t confuse them with mentors.