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Real estate business is a long term game that can get extremely challenging and overwhelming. The amateur real estate investors are advised to work with real estate mentors who carry loads of experience to help build their skills to become successful. But which characteristics define a great real estate mentor? The property advisors in Melbourne at 10 Properties in 10 Years have listed down some of the main characteristics a real estate mentor must possess to be a successful role model for its clients.
Must-Have Clear Understanding of Client’s Financial Situation & Goals
Real estate investors require someone who completely understands their goals and financial situation. Experienced real estate mentors will ensure that the investor chooses the best financing options for the properties (e.g., mortgage versus loan versus cash). They also help investors with the rate of return after expenses. It lies in the characteristics of an excellent mentor to ensure and protect cash flow, assess the after repair value (ARV) of the property, and encourage their students to manage the situation unemotionally and process with caution.
A Healthy Working Knowledge of Analytics
Investors who are beginning their journey of real estate should ensure that their mentor carries in-depth working knowledge of analytics, like absorption and vacancy, so they can adequately help and educate them about the current marketplace and how to invest successfully.
Willingness to Spend Time to Mentor You
Like we have mentioned above, real estate investment is a long game. So one of the essential things a mentor should possess is the will to spend time with its clients. A mentor should invest enough time to teach its clients the ropes of real estate investing. Ensure that you work with a mentor who makes himself available when you call for a meeting and ask nothing in return.
A Solid Track Record
It is not only about the ideas, but experience matters too in the field of investing. A good mentor should have substantial evidence that his/her ideas have worked successfully in the past. Although it’s not possible to always come up with the same results, it’s better than having entirely no information. Check out how the mentor performed in the challenging market conditions and recession. It is easy to make money when the market is showing progress. However, those mentors who stayed strong during the downturns do well in the long term.
Visionary Leadership Experience
A good teacher is one with visionary leadership. He/she must possess the quality to evolve with the continuously changing market and stay firm in challenging times. They lead from the front and bring innovation in their ideas accordingly. It also includes thinking out of the box when the options are limited.
If you are heading towards property investment and need some expert advice, reach out to our expert property investment mentor in Melbourne at 10 Properties in 10 Years. We guide you step-by-step according to your goals and provide you all required information you need to succeed. To get in touch, give us a call at 1300 617 677 or leave us a message at [email protected].