For a new investor in property, getting the basics right is vital to succeeding in the industry. Among them is finding a mentor, which is a game-changing aspect that has helped many property investors and entrepreneurs find success. These investors recognise that a mentor is a valuable and critical resource who can help them reach their full potential. Additionally, they know that the earlier an investor taps into mentorship, the better their chances of success.
Some might point out that the abundance of information available on the internet as a reason to eschew working with a mentor. Certainly, the internet is a good place to start, especially when gathering information or finding resources to fulfil a need. However, the early stages of property investment and development can be tough, and many are the horror tales of investments going bad due to unavoidable mistakes. With a mentor, investors can avoid the pitfalls and develop the skills and knowledge needed to succeed.
By this understanding, a property mentor is a seasoned investor who provides guidance and coaching to a less experienced counterpart. The mentor-mentee relationship can take many forms depending on the individuals involved. Still, in most cases, the purpose of mentoring is to help the mentee improve certain aspects of their business or learn new ways of finding success.
On many occasions, the successful property investor that an individual would want to mentor them is busy running their business. They may also not have the desire or skill set to mentor an investor, or feel an individual doesn’t bring enough to the table to justify starting a mentorship with them. For people who find themselves in this situation, seeking professional help might be the way to go
As Paul Smith, Touchstone Education co-founder knows, an experienced mentor has the skills, experience and time to help new investors learn the ropes of property investment. In particular, Touchstone Education has a team of experts ready to help investors learn proven, actionable strategies they use themselves.
The Power of a Mentor
The power of mentorship is evident in the corporate world, where a significant number of employees who have mentors find satisfaction in their roles. In the entrepreneurial world, mentors have the experience and objective perspective to help spark creative ideas in entrepreneurs, leading to improved business models or initiatives that contribute positively to the bottom line. As the average lifespan of a new business is slightly less than two years, it’s vital for an investor or business owner to use all the help they can get to navigate the early challenges, including inadequate funds and not having the right team.
A new venture’s lifespan can exceed five years with a mentor, partly because a mentor’s passion for the mentee’s success can be the fuel that motivates the latter even when the business faces strong headwinds. A mentor holds the business owner or investor accountable in a way other team members cannot, and because they have a bird’s eye view of things, the mentor is likely to be more objective in their feedback and have insights few others can. Mentors also have the benefit of experience, which provides valuable foresight on the journey ahead.
Most highly successful mentors typically have routine or high-performance habits they adhere to for success. For a mentee, knowing these can be crucial to becoming a top performer, especially if an investor is still learning how to structure their time for productivity and efficiency. While online resources and self-help books can provide similar knowledge, a mentor will hold the individual accountable and assess them based on their traits and abilities.