Commercial Real Estate Mentorship
What would it mean to you to have financial peace of mind? Commercial real estate investing provides a stable cash flow to grant that peace. Ultimately, real estate investing can be a worthwhile undertaking if you know the proper way. The process is centered around investing in a building you can rent to residents or businesses. In turn, it equates to regular monthly income independent upon the success of a good or service. The bottom line is that commercial real estate properties are designed to generate returns. Rightfully so, it is an immensely dense and multi-faceted business and best left to experienced and well-trained individuals. When seeking to eliminate uncertainty and risk as best as possible, commercial real estate mentorship is recommended by the best and most successful. In the course of this article, we focus on how to approach commercial real estate mentorship.
What Types of Commercial Real Estate Can Be Invested In?
Commercial real estate is a very diverse and wide-ranging market in terms of profitability. It truly includes any building or land you use with the intention of making a profit from. In essence, it can be broken down into six categories. As described by Coldwell Banker Commercial, These properties may be:
- Office buildings, either single-occupancy buildings or professional workplaces.
- Industrial real estate, such as light storage, warehousing, research, manufacturing, assembly, production, and distribution (*Buildings that meet office requirements of tangible goods production may also be considered industrial real estate.)
- Retail/restaurant which you may often frequent.
- Multifamily, such as apartment living or hi-rise buildings that generate rental income.
- Land, such as converted farming or undeveloped investment properties.
- Miscellaneous, such as storage unit facilities, hospitals, or hotels. If you seek further clarification, see our other article here.
How To Know The Time For Commercial Real Estate Mentorship
As previously mentioned, commercial real estate is a truly serious undertaking. Some may even equate the time, dedication and effort to that of a triathlon. In this analogy, it would be foolish to sign up with the intention of simply reading, watching others and showing up at the time of the race. In essence a triathlon involves so much more than these aspects as well such as diet, sleep regulation and supplemental exercises to compliment your regimen. Just like in this scenario, getting an experienced coach and mentor is meant to accompany you for the long haul. Here, you are truly leveraging their time, expertise and trained outlook on properties and opportunities. Working together with a mentor can grant you a smoother, well-rounded and insightful career transition. Taking this step and investing in yourself allows for easier flow and even enjoyment in the process.
How A Mentor Can Help
Your mentor betters your chances of success because it places your results on the fast track through their program. Being established and connected, your mentor can usually teach you a marketing method to put in front of property owners in less than a month. By developing their methods and teachings over the course of years, it is bestowed upon you. Their trial-and-error teachings are surely incorporated into the consulting program as well, allowing you to benefit from any of these past failings as your growth opportunity.
Your Approach To Commercial Real Estate Mentorship
The very best students are the ones that display perseverance and patience. Your mentor will challenge you and task you with various projects throughout your time together. Things get tough, and deals can drop out of contract, but the realization of the business and involved risks is essential. Tenacity and the desire to succeed must fuel you and you mustn’t give up. The most successful students approach mentorship with an open mind and deep-seated desire for success. That being said, having the most money does not qualify you to be the most successful in this business. It’s the people that want it and are willing to embody it the most.
What To Look For In A Mentor
Many qualities collectively make up the perfect mentor. That being said, outlined below are some qualities that should serve standard:
Your mentor should have an established track record
They must own a lot of commercial real estate—this is their business! They also typically have staff, are well-versed in city laws and ordinances, aware of housing laws, knowledgeable of utilities, and occupy many tenants. You need a mentor familiar with each of the operations involved in commercial property.
The mentor needs to be available and accessible
Ensure you have a chance to speak with them directly. Going through a contact form or staffer before you make a payment is not ideal. Down the line, you will want them to be included in your decisions. Especially when it comes time to make one of the biggest, most expensive purchase of your life.
Every mentor should make their money from commercial real estate
If they are to be your mentor, they should make the majority of their income from commercial real estate deals and certainly not mentoring. With owning commercial properties comes understanding of how to do deals and create movement from these deals.
Your mentor must be a good teacher
In the fact of life, not all practitioners are great teachers. Make sure yours is both knowledgeable and able to relay knowledge or has means to fill in the gaps. Mentors need to be good teachers because that is precisely what they are providing to you. There are attributes that make a good teacher and a bad teacher, so be sure to know how to recognize them.
The mentor should be invested in the student
Firstly, this is visible by the effort they apply to the program. Proper guidance has set outlines, goals, and typically a curriculum. Some mentorship programs actually share in the profits from our students. That ensure if you don’t make money, they don’t make money. There’s an investment on both sides.
Clarity and transparency on both pricing and program
Be sure to ask your potential mentor for a list of all the costs in advance, and what is to be covered. Also inquire what you will need to know that will not be covered. Ensuring they can answer this and even educate you on how you will obtain this knowledge.
Your mentor must be honest
There will be times that your mentor will challenge you on your thinking or actions. Be prepared for some of the answers to your questions to be bold and probe your pain points. Though they may sting during the initial pass, tough love is sometimes needed to incite alternative thinking and set you on the course for success.
OnPointe Commercial is a Global Real Estate Consulting Firm that is committed to crafting innovative and creative strategies. This is rooted in our mission to transform communities through real estate. These projects promote economic growth, for the benefit of all. No matter the location or community, we introduce positive change to produce measurable results worldwide. It is our mission to educate our clients how to build wealth from real estate investing through experience and mentorship.