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Types of real estate mentoring.

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In the previous article we offered a general view on the real estate mentoring. Now, we will analyze the different types and models of mentoring for a real estate.

There are different types of real estate mentoring and they can all result effective for a real estate.

Even combining different models of professional approaching might result effective.

Variables to be taken into consideration are the organizational and economic resources of the real estate. The latter might limit or favor the mentoring development.

Anyways, the essential thing is to define what model of real estate mentoring is the best for those variables.

Formal and informal real estate mentoring.

Normally, formal and informal real estate mentoring are understood as similar. However, there are significant differences between them.

It is important o make a clear difference between them, so the real estate manages to achieve its objectives in an effective way.

In the same time, a wrong belief on both of them might bring negative consequence on the organizational level.

When the formal and informal real estate mentoring are not correctly used, the members of the real estate members and the real estate organizational necessities will be mostly harmed.

Both on the intermediate or real estate management levels, deception and frustration can become the consequence of an incorrect use of the mentoring implemented system.

However, it is very important to highlight the fact that both formal and informal real estate mentoring will bring benefits to the real estate independently.

These are some of the characteristics of formal and informal real estate mentoring:

Characteristics of the formal real estate mentoring.

  • It is directly linked to the business objectives of the real estate.

  • Goals are well-defined.

  • Obtained results must be measurable.

  • Access to mentoring is not open.

  • The mentor and the mentorized generate a closed link.

  • The relation must be based on the individuals´ compatibility.

  • The real estate manager should not join this process.
  • Mentoring does not require a predefined time frame.

  • It is not necessary that the mentorized share the acquired knowledge to other persons.

  • As a system generator, the mentor does not become an organizational resource.

Characteristics of the informal real estate mentoring.

  • There is no direct link with the business objective of the real estate
  • Goals are not necessarily strictly defined.
  • The results obtained are not totally measurable.
  • Access to mentoring is open and voluntary.
  • The link between the mentor and the mentorized is open.
  • The parts involved are not necessarily compatible.
  • Real estate manager must be part of the process.
  • Mentoring does not need any predefined time frame.
  • Mentor offers training to the mentorized.
  • As a system generator, the mentor becomes an organizational resource.

It is important to highlight the fact that some authors define the types of real estate mentoring in different ways. They interpret the formal mentoring as the one that counts with a previously established program.

However, informal real estate mentoring requires also a previous planning. Although a previously planned program is not strictly necessary, it might become an essential point.

All mentoring system needs a planning. When the latter is also written down, it will favor the analysis of the obtained results in a more effective way.

The concept of informal must not be understood like not serious. This is not a semantic aspect, because informal mentoring is a system and a well-planned applied methodology.

Real estate Shadow Mentoring.

This is a type of real estate mentoring inspired from Shadow Coaching and a method more extended inside the real estate sector in Spain.

Real estate mentoring “in the shadow” has got a major relevance with the passing of the years, mainly because of its effectiveness level and because it allows the real estate professional to manage his time in a better way.

Similar to the Shadow Coaching, shadow mentoring is targeting the owner of the real estate and the real estate manager.

However, it is also a mentoring method that is adapted to the real estate agent in an effective way. Anyways, freelance professionals in Spain have started to use this dynamic mentoring.

In order to understand better the meaning of each type of mentoring, the first stept is to analyze the method of Shadow Coaching. In this type of real estate coaching, the main difference from the traditional method is the observation of the person in real time.

  • Example of Shadow Coaching.

When the real estate leader and /or the real estate manager have a team meeting, the professional observes his behavior and evaluates his level of effectiveness.

Previously, the real estate coach helps his client to plan the meeting, to set some objectives and to focus on how to achieve specific necessities.

After the meeting, based on the obtained conclusions through real time observation, the real estate coach creates a report in which he defines the weaknesses and the strengths of his client.

Weak points must be strengthen through recovery systems and the ¨strong¨ ones must be highlighted in order to obtain better results.

It is essential to identify the weak and strong parts of the real estate professional. In this way, the specific necessities of that person will be reflected and the coach can work on them in an effective way.

  • Example of Shadow Mentoring.

Although based also on the observation of the real estate professional in real time, the professional approach of Shadow Mentoring is acting in another environment.

Real estate mentor becomes the shadow of the mentorized person. He observes the professional agent during meetings, but also in daily life situations.

This is a type of real estate mentoring more personalized and more effective, because the mentor maximizes the time of his mentorized.

Mentoring can be done during the whole day, taking advantage of the dead time and exploiting each opportunity for a better observation.

Basically, any opportunity becomes an occasion of great utility in order to develop mentoring: brunches, periodic trips and displacements and daily activities. From there the concept of ¨shadow¨, as the mentor becomes the shadow of the mentorized during his daily routine.

Shadow mentoring is an effective method, which can be set on different time frames in order to get objectives on short term also.

This method of real estate mentoring allows a more effective time management and the objectives previously set are achieved rapidly.

Which is the most effective type of mentoring?

Everything depends on the organizational necessities and the business limits of each real estate. I do not want to state or suggest that the formal or informal real estate mentoring is the most effective, as all depends on different variables and of course, on the specific necessities of the real estate.

At the moment of saying which type of mentoring adjusts better to the real estate necessities and economic possibilities, we need to take into consideration that each type has different objectives and different criteria of use.

There are also other types and styles of real estate mentoring, which can be adapted to the different organizational necessities and circumstances of the real estate.

  • Punctual / situational mentoring.

This attends the concrete necessity of the real estate and the professional intervention limits to that necessity. Normally, it is limited to a well-defined professional environment, which attends specific circumstances.

  • Network real estate mentoring.

Implemented by different mentors, this type is used especially by the real estate that counts with a higher member staff, more than 50 persons. However, it can also be used for a smaller number of persons .

  • Mixed real estate mentoring.

It combines different communication means and its main characteristic is flexibility (presence mentoring, through videoconference or telephone).

The mentor is adapting to the necessities and circumstances of the mentorized, planning and implementing a flexible and dynamic working model.

Anyways, both the punctual real estate mentoring as any other model mentioned before must always attend to the organizational and business necessities of the real estate.

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