We have all seen the reports: The new generation is regarded as a group of entrepreneurs, heavily focused on work/life balance and the desire to make a difference in the world through their work initiatives. This makes millennials and their follow-up demographic, the “founders” ideal for real estate and finance careers, such as investing or loan origination.
As a seasoned loan originator, is it time for you to take on a younger professional and mentor them toward success? While you may instinctively think mentoring other loan originators will only create more competition in a highly competitive marketplace, there are actually a number of benefits for the mentor. In addition, your career experience probably has also given you the knowledge to mentor young real estate agents, investors, and others in the industry.
Broaden Your Network
Real estate is a people business, explains Shawn Miller, CEO of 5 Arch, a private mortgage company for residential real estate investors. “Loan originators earn money based on how many deals they close. The larger your network, the more loans you can place in your pipeline, and the more you will profit,” he says. “Whatever time you spend with a young loan professional will be appreciated,” says Miller. “And as cliché as it sounds, helping others simply feels good. Chances are, you will leave the meeting refreshed, invigorated, and inspired by their untarnished enthusiasm.”
If you are actively seeking to mentor someone, consider hosting a workshop at a local hotel or library. From the pool of attendees, choose one or two promising young minds to take under your wing. You may find it worthwhile in several ways, as it helps to build your personal brand and generate fresh leads. The right mentee can also reduce the burden of some of your administrative tasks. “Teaching an ambitious young person can pay off financially. But the real value of helping others and building your legacy is truly immeasurable,” concludes Miller. While you consider ways your mentee can help you in the office, think about those social media tasks you may find tedious. Millennials spend up to six hours per week on social media, according to a recent Nielsen report. Experienced loan professionals could learn lots about marketing through Instagram, Twitter, and LinkedIn from the younger generation.
Yes, time is money for loan originators. You may be hesitant to spend too much of yours helping someone you hardly know. But mentoring does not have to take a lot of time. It can be as simple as letting a young investor take you out to lunch and answering his or her questions.
Becoming a mentor can increase your network in a meaningful way. “Millennials the demographic most in search of mentorship also happen to be the key demographic right now that is buying homes. Help your protégé succeed, and you gain instant credibility with their friends and associates,” advises Miller. “That can translate into a measurable increase in profits.”
Lighten Your Workload
Do you often think it would be nice to have someone assist you? A smart, tech savvy junior associate can assist with administrative tasks, such as scheduling appointments or placing ads. It is all part of your business, and it is important for a young professional to understand these basic yet fundamental aspects of the job.