We have all seen the reports: The new generation is regarded as a group of entrepreneurs, heavily focused on work/life balance and the desire to make a difference in the world through their work initiatives. This makes millennials—and their follow-up demographic, the “founders”—ideal for careers in real estate investing.
As a seasoned real estate investor, is it time for you to take on a younger investor and mentor them toward success? While you may instinctively think mentoring investors will only create more competition in a highly competitive marketplace, there are actually a number of benefits for the mentor.
Broaden Your Network of Real Estate Buyers and Sellers
Becoming a mentor can increase your network in a meaningful way. “Young investors—millennials—also happen to be the key demographic right now that is buying and renting homes. If someone has the personality to become a real estate investor, they probably already have a large network. Help them succeed, and you gain instant credibility with their friends and associates,” advises Miller. “That can translate into faster sales, more purchase opportunities, and a measurable increase in profits.”
Lighten Your Investor Workload
Do you often think it would be nice to have a real estate bird dog? With a bit of guidance, your mentoree can fill the role of a young, eager professional who delivers leads to your door. A smart, tech-savvy junior associate can also assist with administrative tasks, such as scheduling appointments or placing ads. It is all part of the real estate business, and it is important for a young investor to understand these basic—yet fundamental—aspects of the job.
The Teacher Could Become the Student
While you consider ways your protege can help you in the office, think about those social media tasks you may find tedious. Millennials spend up to six hours per week on social media, according to a recent Nielsen report. Experienced investors could learn lots about Instagram marketing, especially, from the younger demographic, who use the platform more than any other generation.
Time Is Money, But the Value of Mentoring is Priceless
Yes, time is money for investors. You may be hesitant to spend too much of yours helping someone you hardly know. But mentoring does not have to take a lot of time. It can be as simple as letting a young investor take you out to lunch and answering his or her questions.
“Whatever time you spend with a young investor will be appreciated,” says Miller. “And as cliche as it sounds, helping others simply feels good. Chances are, you will leave the meeting refreshed, invigorated, and inspired by their untarnished enthusiasm.”
If you are actively seeking to mentor someone, consider hosting a workshop at a local hotel or library. From the pool of attendees, choose one or two promising young investors to take under your wing.
“Teaching an ambitious young person how to be a successful bird dog, wholesaler, or investor can pay off financially when they begin to bring you great deals. But the real value of helping others and building your legacy is truly immeasurable,” concludes Miller.
Helping Others Feels Great:
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