By providing a hands-on learning environment and helping you implement strategies to stay focused and build your business, real estate coaching could be the boost your career needs. On the other hand, finding a quality coach that will provide a substantial return on investment is hard work. But if you do your research online, talk with colleagues and weigh the pros and cons, finding the perfect fit coach has been known to help agents and brokers, whether they are new to the field or have a decade of experience.
Pros of Working with a Real Estate Coach:
- Accountability and Focus — Most real estate coaches and agents meet or talk on the phone once a week or twice a month. These sessions are a great way to keep you accountable and focused on the goals and steps you and your coach laid out from the beginning of the relationship. A recent study on real estate coaching by Inman found that the biggest weakness coaches help agents address is focus. The main value of a real estate coach comes from the consistent nudge the weekly or bi-weekly sessions provide agents.
- Business Growth — The study also found that among the top benefits of working with real estate coaches, agents consistently responded with: “giving me perspective on my business activities” and “training me to use certain business strategies.” Also, a majority of respondents claimed working with a coach contributed to an increase in listings and buyers. Because the average monthly cost of a real estate coach is $400 to $499, this business growth shows there is some return on investment.
- New Ideas — Respondents of the survey also claimed their coach gave them a competitive advantage in the real estate field by providing new ideas for their trade. Because coaches are usually seasoned professionals, they were able to pass on best practices and industry knowledge to novice agents. What would have taken agents years to learn, the coaches were able to explain in a few sessions. Even veterans in the real estate field said their coaches helped give them new perspectives on their practice.
Cons of Working with a Real Estate Coach:
- Cost — As we mentioned previously, the average cost of a real estate coach is $400 to $499 per month. For agents starting out, this can be a huge cost on top of all the other little costs that add up, especially since most agents do not start making money during the first few months of their career. You should weigh the cost of a coach with the value they provide, or look for real estate schools or brokerages that provide coaching with their courses and programs.
- Value + Quality — Most respondents of the survey said the value and quality their coach provided depended on how much effort and commitment the agent put into the relationship. It is not guaranteed that hiring a real estate coach will improve your focus, business practices or industry knowledge. It is ultimately up to your own work ethic to put in the time and effort to get the most out of your investment. If you view the relationship in these terms, the value and quality of your coach will be well worth the cost.
If you are looking for a boost to your real estate career, whether you are a seasoned professional or novice agent, real estate coaching can be your best-kept industry secret. It can provide accountability and focus, business growth and new ideas at a variable cost per month. Just be sure to measure the return on investment to see if real estate coaching pays off for your career and business. For a guaranteed way to take your career and business to the next level, talk to one of our expert career counselors. With more than 30 years as the premier real estate education provider, IFREC’s faculty and staff could be your next step to a fruitful career in real estate.