Whether you are just starting in multifamily real estate investing or are a seasoned player, you may find yourself looking to hire a real estate investing coach to help you reach the next level or to achieve specific goals. You may be looking to double your results or make a business transition, or you may need assistance with a specific part of your process.
Whatever your requirements, a mentor can be a useful guide to helping you stay on target with your goals. But how do you find the best coach for you? And how can you get the most out of your time with your investing coach?
Why should you hire a coach?
Hiring a coach is a big investment of time and money–an investment in your business as well as in yourself. As with any business venture, it is necessary to improve your skills and set larger goals for yourself and your business. Finding the right coach for you can help you achieve those goals.
Typically, real estate professionals will hire a coach when they feel they could use expert advice or when they feel stuck. This can happen any time along their process and is all about determining or developing a new direction. A coach can help you see the big picture and innovate new ways to stay relevant and profitable. A coach might help you be more organized and keep yourself more accountable. A coach can offer expertise, clarity from an outside source, motivation, and strategies and tools to help you build your business.
Choosing your coach:
Likely, you’ll be spending a lot of money and time on a coach who will influence your business interests and prospects. You may find out about different coaches through referrals, by looking online, or advertisements. Make sure you take the time and effort to research and get to know a prospective coach to ensure they will be a good fit for you and your goals. Here are some things to look for:
- Hire a reputable, experienced coach. Look for someone who has run a real estate business successfully before and is knowledgeable about the methods that interest you. For instance, if you want to work in a joint venture, then look for someone who has a lot of experience with this type of investment.
- Research the coach’s background. Make sure that they have been a successful coach for others and can back it up with testimonials and reviews.
- Find a coach who actively knows the area you are working in and who stays relevant with the current market.
- Additionally, find a coach who understands how to incorporate online marketing into their strategy, stays relevant with shifting trends online, and keeps up with the latest real estate technology.
- Avoid coaches who offer one-size-fits-all programs. Although you may be experiencing a typical situation, you’ll still want a coach that will tailor their strategies and advice to fit your particular business style and goals.
- Find a coach that you feel comfortable with and that you’ll be able to build a good connection with. If your personalities and life values are mismatched, it’s possible that no amount of experience will make for a successful partnership.
How to make the best of your coaching experience:
Coaching is a collaborative experience, and it may take time before you see immediate results. So be sure to put in your part of the effort. Be committed. Make sure that you attend your appointments and take the work on your end seriously. Whether you attend one-on-one meetings or group appointments, be sure to actively participate. Ask questions, and share what is working and not working for you. Be accountable.
Be sure to listen to your coach and take a lot of notes. Later, you can look back at your notes so that you can better implement your coach’s tips and strategies. If you attend group sessions, then be sure to glean advice and wisdom from other attendees. Attend as many things as you can, and then act on what you learn.
It can be easy to dismiss a coaching program if you go in expecting the coach to do the work for you. Ideally, it should be a collaborative process focused on your business where both of you work together towards your goals.
Finding a good fit for you:
Find a coach who shares your values and vision, not only in business but in life. Find where your business and goals are at, and identify what it will take to get them to the next level. When you know what you’re looking for, you can find a coach that you can most successfully work with.
Remember that finding a coach is not about making quick fixes that will lead you to become dependent on a coach, but about finding a genuine connection where you and your coach understand where you want your business to go and work together to make it happen.
Do you want to double your results or make a business transition in multifamily real estate investing? A real estate investing coach can help you with this and other specific goals you have in mind. But why should you hire a coach? How can you choose a coach? The answer to this, and more are in this infographic.