You’ve taken your pre-licensing courses and successfully passed your State’s Real Estate Exam. Now what? Where do you start? How do you get leads? What do you do if someone asks you list their property? Aside from picking a brokerage, what do you do?
That’s where an agent mentorship program comes into play.
Many new agents agree that the pre-licensing education is not enough training for you to instantly become a successful agent. Usually filled with a variety of legal jargon and vocabulary, passing the state real estate licensing exam is merely a basic requirement for real estate agents. Becoming a real estate agent isn’t the hard part, it’s how to be successful in the start that is the real challenge.
The real estate pre-licensing training is like the written portion of a driver’s test. Once you pass the driver’s written test, you’ll still need to learn how to actually drive. The same is true for real estate. Just like you wouldn’t want to drive around having never actually touched a steering wheel, you wouldn’t want to take up a client having never actually practiced some real estate.
What’s an Agent Mentorship Program?
An agent mentorship program is where an experienced real estate agent, the mentor, provides practical, hands-on guidance to a new agent, the mentee, in the early stages of their real estate career. These programs are provided by the Brokerage that you decide to hang your license with. Not all brokerages provide them, and agent mentorship programs are not all equal.
What Should I Expect From an Agent Mentorship Program?
An agent mentorship program can include many responsibilities from both the mentee and the mentor. But here are a few things that you can expect…
- Shadowing Listing & Buyer Presentations
- Attending Open Houses
- Role Playing Different Scenarios
- Consulting with Mentor on any Transaction Flow and Negotiation
- Completion of Required Training with Broker
- Weekly Meetings/Updates with Mentor
- Walk Through Entire Transactions and Contract Knowledge
- Getting Coffee (Just Kidding…Clearly…but also likely!)
So what separates an really extraordinary mentorship program from the others? One that assigns you an experienced mentor, includes additional new agent training, and perhaps most importantly: creates a financial win-win situation for both the mentor and mentee.
eXp eXpand Agent Mentorship Program
Not all agent mentorship programs are created equal. Some companies will pair any agent with you just because they’ve been in the company longer. But what would motivate that mentor to offer guidance, advice, and help you develop into a better real estate agent?
That’s why at eXp Realty, the eXpand Agent Mentorship Program is offered to all new agents who have not completed at least 3 transactions within the past 12 months. What really set’s our agent mentorship program apart is that all mentors are compensated for helping new agents. This will motivate your mentor to take a bigger stake in your success!
Once you join the company, you will be paired with a local mentor in your market area who will guide you through your first 3 transactions as a real estate agent from start to finish. On top of that, they will be source of real estate wisdom for you. You can ask them questions, shadow their presentations, appointments, showings, open houses, and even role play scenarios with clients with them.
The purpose of the eXpand Agent Mentorship Program is to ensure new agent success by providing someone turn to and get advice and feedback from in the early stages of your real estate career. This is especially important for new agents who decide not to join a team since the influx of advice for new agents can be tedious, confusing, and even intimidating.
What to expect from your Mentor
All real estate agents should hold ourselves to a high standard when we practice real estate. But if you’re going to be the guiding force behind a new agent, you need to hold yourself to even higher standard. That’s why eXp Realty mentors are the best of best!
For instance, all eXp mentors must have completed at least 8 transaction’s in the past 12 months before they can take their mentor certification course. Also mentors must attend at least 50% of all state meetings held by eXp State Brokers in order to ensure that they are up to date with the new regulations/guidelines.
Your mentor is also responsible for keeping up with you with weekly updates through conference calls or in person meetings. They will also monitor your progress and coursework in order to better help you become a successful agent.
New Agent Focused Training!
The eXpand agent mentorship program is designed to fit the needs of new agents. On top of any training in the revolutionary eXp World that you would like to attend, you are required to take 3 courses along with your mentor. Also, eXp has specifically prepared a series of eXpand Modules for you and your mentor to complete within the first 60 days of you becoming an active real estate agent.
One of the best things about eXp realty is the amount of courses and trainings that it offers in eXp World. For new agents, the eXp Leadership Meeting is a great way to get inspiration and guidance from the leaders of the industry. This weekly session allows new agents to learn directly from experienced real estate agents and company leaders.
Who’s my Mentor?
You’re probably wondering how eXp can offer an agent mentorship program as a cloud based brokerage. Well, you will be paired with a local mentor registered with the same MLS service area that you are. This way, new agents will truly have a mentor who is an expert not only in real estate, but also in your local market area.
If you know an experienced agent in the company that you would want to be your mentor, you can ask for them to complete the certification and have a mentor that you already have a relationship with.
Your Sponsor – Different from Your Mentor – Also Provides Support!
The agent that sponsors you into the company is usually not your mentor. Usually your sponsor will help set you up with a mentor or refer you to a mentor. They can talk to agents in your area to pair you up with the right mentor for you!
Your sponsor is responsible for introducing you to the company and making sure that you are provided with the right resources needed to succeed. If you pick a great sponsor, they will help you look for a mentor as well as provide you with value adds to expand your business!
What if I Joined a Team?
While teams are optional, new agents who choose to join a local agent team can ask their team leader to be a mentor. You won’t have to go looking for a mentor since the team leader is already acting as a mentor to the entire team and will be offering the same value to team members that mentors offer to individual agents.
Also, joining a local agent team can be doubly beneficial because you have the potential to have additional sources of experience and knowledge! Aside from the team leader many experienced members of the team will step up to help you. You will have a whole team to help you navigate as a new agent! That is just one of the many benefits of joining a team.
Commissions and Split
Since mentors are taking time away from their extremely busy schedules to help you navigate the real estate world, it is only fair that they get some value in return. As a mentee in the eXpand Agent Mentorship Program you will take a 60/40 commission split for your first 3 transactions with eXp instead of the 80/20 split because the mentor will receive a partial commission – a great incentive for mentors to really dive in and help you!
You may be a little hesitant to hear that you will lose a little bit of money while participating in the program, but your success as a real estate agent can be drastically increased with the guidance of an expert in the industry. Not to mention, it can save you from a lot of critical mistakes!
After your first 3 transactions with your mentor, you can begin to practice real estate as a individual agent. But if you feel that you still need some more guidance, your mentor will take you through as many transactions after that as you want! And even if you do decide that you’re ready to be an independent agent after 3 transactions with your mentor, your relationship with your mentor can last forever!
And one day, when you become an experienced rockstar agent yourself, you can become a mentor with eXp yourself and help new agents! It’s a great way to earn some extra income and a great way to give back!