Jun 02, 2009
Does the real estate profession need a mentoring program?
02 Jun 2009
Posted by VAR
I suspect VARbuzz readers will answer with a resounding, “Yes!” so let’s get on to the second question: What would a mentoring program look like?
Fortunately for us, members of a Leadership Academy jointly sponsored by the Prince William, Fredericksburg Area, and Dulles Area associations of Realtors are working on a proposal, a draft of which was posted by Leadership Academy member Jim Rake (this version of the draft is unofficial). Here are some of the highlights:
Mentorship program minimum duration of 6 months, or as long it takes to accomplish minimum of 6 closed transactions, to include 3 listings and 3 sales
- To include listing presentation
- Marketing plan per listing
- Buyer counseling session
Competent understanding of Code of Ethics and Agency as well as having completed the post licensing continuing education requirements for each
- Build Business Plan to include Plan of Action
- Must demonstrate understanding of all contract documents
- Must demonstrate understanding of their market and product
- Must be acquainted with rental transaction
- Marketing & Technology orientation – the necessity to succeed
- Vendor Orientation – 30 min to 1 Hour per vendor
I left a comment on Jim’s post with two questions:
- Would a mentorship program be voluntary or mandatory?
- Would VREB be responsible for implementing a mentorship program, or would the Realtor organizations oversee it?
The answers are pretty important, because a mandatory program would require either a change in VREB regulations or Realtor membership requirements, both of which would be substantial efforts.
If voluntary, VREB would probably be rather uninterested in this initiative, and on the Realtor organization side, new agents would need some kind of incentive (a designation, perhaps?) to opt in to this extra layer of training. Maybe a mentorship element could be incorporated into GRI? I’m shooting from the hip here, but there would need to be some kind of carrot for the new agent.
Furthermore, much of what I read in the proposal appears to be what I would consider standard broker oversight responsibilities.
Maybe the onus should be on the brokers? Besides the agent, they have the most gain from having competent agents working for them, and the most to lose from incompetent agents on the rolls.
Certainly there’s a lot more to this, but thanks to the Dulles, Fredericksburg and Prince William associations’ Leadership Academy for taking a stab at this.