Many successful real estate agents dream about becoming a real estate coach. However, few know how to actually take the steps to make it happen. With that in mind, we’ve created a guide on how to become a real estate coach. Keep reading to learn what a real estate coach does, the benefits of starting your own coaching business, and the exact steps you need to follow to make this dream a reality.
What is a real estate coach?
At base, a real estate coach is a real estate professional who has their own coaching program. Typically, a real estate coach will either focus on helping agents improve their businesses, or helping clients make decisions about real estate investing. However, in either scenario, the coach is usually an experienced agent who knows a lot about what it takes to become successful in the real estate industry.
If you haven’t been part of a coaching scenario before, it can be helpful to think of a real estate coach as a paid mentor. During coaching calls, a great coach will help their client gain valuable insight into what steps they need to take to move forward. Above all, a coach’s job is to help their client succeed in reaching their goals.
What are the benefits of starting a coaching business as a real estate agent?
Now that you have a better idea of what a real estate coach does, the next step is to take a look at the benefits of starting a coaching program as a real estate professional. In truth, creating your own coaching business can be a lot of work. However, it also comes with plenty of rewards.
You get the benefit of helping others
First and foremost, any smart real estate coach knows that the biggest reward behind running their own coaching business is the benefit of helping others. There’s no reward quite like seeing a new agent make their mark on the real estate industry, and knowing that you’ve had a hand in their success. Put simply, helping others can be incredibly rewarding, and this scenario is no exception.
You can create an additional income stream
Of course, you wouldn’t be a successful real estate agent without keeping an eye on your income. Coaching is ultimately a way to take advantage of an additional income stream as a real estate agent. Not only that, but this time, your income is not dependent on the state of the real estate market. While it will have ebbs and flows, they likely won’t be as cyclical as real estate sales.
You can improve your own real estate business
Lastly, becoming a business coach may actually help you improve your own real estate business. As a coach, much of your job revolves around problem-solving for other people. At the end of the day, once you help your clients through their problems, you can use their experiences to guide decision-making in your own business. Often, coaches find that helping agents or investors actually help them to take their own business to the next level.
How to become a real estate coach
The last step in this process is going over the nitty-gritty details of how to become a real estate coach. While this process is a little time-intensive, it is fortunately not too difficult. With that in mind, we’ve laid out the steps for you below. Use them as a guidepost for how to become a real estate mentor.
Start by being a successful real estate agent
In this case, the first step is often the hardest. In order to become a great real estate coach, you need to do more than just get your real estate license. Ultimately, you need to be an experienced agent. Ideally, you will also have your broker’s license, or have experience running your own real estate team. However, more than having any specific credentials or specific training, it is absolutely crucial that you are a successful agent.
At its core, being a successful real estate agent will give you the experience necessary to provide valuable insights to your clients. In addition, any previous success that you had can be used as part of your marketing strategy. For example, if you tell people that you have made six figures as a real estate agent, they’re going to be more likely to come to you for advice than if you tell them that you have only made a few thousand dollars in your career.
Become a certified coach
After you feel that you have achieved enough success in the real estate industry, the next step is to focus on getting your coaching license.
For this, you will have to go through a training program. However, that being said, there are many different types of training programs that you can take. On one hand, you can take a course that is specifically designed for real estate coaches. On the other, you could get a more general business coaching certification.
Design your own real estate coaching program
Once you’ve been certified, the next step is to create your own coaching program. Here, you will need to decide if you want to focus on group coaching or individual coaching calls. Then, it’s important to focus on defining what your program offers.
Ask yourself the following questions:
- Who is your program designed for?
- What specific skills will your coaching clients get out of working with you?
- Why should they choose your coaching program over that of another business coach?
- How much is fair to charge for your services?
Focus on lead generation
After you’ve taken some time to design your first real estate coaching program, the final step is to focus on lead generation. You’ll want to use social media and other marketing channels, including referrals, to get the word out that you are starting a coaching business.
Think about offering discounted rates to your first batch of clients in exchange for testimonials. Sooner or later, your marketing efforts will pay off and, before you know it, you will have a stable of clients.