***Why a Real Estate Mentor Could Be the Key to Real Estate Riches

When people ask our Chairman Donald J. Trump to name the person who had the greatest influence on him, his answer is always the same. Mr. Trump always says that it was his father, Fred Trump, who offered him the greatest advice, encouragement and support. In other words, Fred Trump was a great mentor. When you look around the world and see the Trump name on so many extraordinary buildings and projects, you are witnessing the power that a great mentor can have to help you achieve your success. The right mentor can do the same thing for you. He or she can offer advice and act as a sounding board for your plans. When you encounter setbacks, your mentor can encourage you to move ahead. But notice that I said “the right mentor.” Because there are good mentors and bad mentors. Let me explain.nnThe right real estate mentor for you . . .nnIs a person of good character who has achieved notable success in real estate. You can have a second mentor who has become successful in another field. He or she could be your clergy person or a former coach or teacher. But because real estate is a field with very specific issues, legal issues and challenges, your primary mentor should have enough knowledge in the field to alert you to problems and opportunities. In other words, he or she has spent time in the real estate “school of hard knocks” and can shorten the amount of time you spend there.nnIs someone who is willing to invest time with you, on a regular and ongoing basis. A monthly lunch together can be a great routine to establish. But to keep the flow of input strong, you do need to establish a regular routine for the time you will spend together. Occasional phone calls will not allow a full mentoring relationship to develop.nnThe wrong real estate mentor for you . . . nnIs someone who stands to profit financially from your success. Don’t cross wires here. When someone is trying to make money by offering you advice, that person’s judgment can become clouded by self-interest. Your contractor or your real estate agent might be great sources of practical advice, for example. But they cannot become a true mentor, whose purpose is to help you track toward your long-range goals.nnIs a big fan who thinks you can walk on water and do no wrong. It’s tempting to recruit a mentor like that, but he or she will not give you the kind of frank advice you need if your thinking goes off the track. You need a realist, not a cheerleader.nnIs a bitter person with an axe to grind because he or she failed to become successful. A mentor like that can sabotage your plans to make sure you are also unsuccessful. Remember, it takes time to select the right mentor. Don’t just call a likely candidate and says, “You are my mentor.” Have “test runs” instead with three or four possible candidates before formalizing the mentoring relationship. When you find someone who listens and who offers advice based on your needs and not his or her own, you’ll know you are on the right track. When your heart and mind tell you that you have found the right mentor for your real estate success, take the next step. Then formalize the relationship and let your success begin.