Do you have a mentor in your life? It doesn’t have to be someone with that official title, maybe someone you find inspiring or whose actions and lifestyle you wish to emulate. On a personal level, no matter where I am or where I have been in my career, I have always sought out a mentor. I truly believe it is the fastest way to success. The value of a mentor for your property journey is that you not only learn from (and therefore avoid making) the same mistakes that they have made, but you can also copy all of the things they’ve done right without the slow learning process up front.
Property is one of those areas where a mentor is more important than ever. A mistake can be very costly, in fact, so much so that it could literally stop you in your tracks and affect your family’s wealth for many years to come. That’s certainly not a risk I thought worth taking. I spent a lot of money educating myself when I started out in property and, although most of the information I was taught, I could probably have found by scouring the internet, I certainly didn’t have the time to do the searching nor the inclination. I’m a bit lazy like that! After all of the training the next thing I did was seek out a mentor and it is their guidance and advice that has given me a fast track route to success.
So, on a quick internet search, I came across the 10 benefits of having good mentors ( source: Blue Sky Coaching) which rang very true to me and I wanted to share with you.
1. Knowledge and contacts: An often unique benefit that can only be gained from a good mentor is a combination of detailed industry knowledge and personal introductions to the mentor’s contacts, which have often taken the mentor many years to establish, and which might not otherwise be readily available to you.
2. Business and life skills: As a mentee, you can also learn valuable business and life skills from your mentor, including best business practices, appropriate behaviours and protocols.
3. Insight: A good mentor can also arrange experiences, such as participation in meetings, events or work experience, which will enable you to get insight into an organisation’s culture and systems, or how a specific role is performed in that organisation.
4. Perspective and vision: Discussions with your mentor will stretch your thinking by providing you with another perspective to your own, as well as the benefit of your mentor’s vision, which comes from their wider experience.
5. Reduced feelings of isolation: Working with a mentor also often creates a sense of peer partnership that might not otherwise be available to you within your organisation because you’re the boss, be it the CEO or the owner of your own business.
6. Wisdom and learning from past experiences: As a mentee, you can also benefit greatly from hearing the lessons that your mentor has learned along the way through their past experiences – both their successes and failures.
7. Improved performance: A good mentor will provide you with valuable feedback or make suggestions that will enable you to improve your skills or to experience personal growth, ultimately leading to your improved performance.
8. Talent development: Where a mentor is an expert in a particular field, they’ll often be able to spot your unique talents and make suggestions about to how you can further develop and make the most of your talents and gifts.
9. A sounding board: Having a good mentor will also enable you to test your ideas and discuss your points of view with an interested listener in a safe and confidential environment.
10. Learn how to be a good mentor: The experience of working with a good mentor will also serve as a training ground to enable you to develop good mentoring behaviours and become a good mentor for others.
I think the key to a good mentor is someone who is only a few steps ahead of you. If you have a £100k turnover business, whether that be property or otherwise, then your ideal mentor should have a £1m turnover business. If you have a £1m turnover then seek out someone who has a £10m business. If you are at the £100k level and go straight for the £10m turnover mentor there will be too much disparity between what you both do and therefore more difficult for you to work together effectively. Obviously there will be exceptions to the rule but I believe this to be true generally.
As always, anything property related feel free to get in touch. I love receiving your emails and answering your questions. Happy to help!