Designated Realtor®–August 2023

IS BACK ON SEPT. 22

JOIN US FOR OUR ANNUAL REALTOR®-PALOOZA!

Enjoy food, drinks, CE Classes, music, and much more as we celebrate our members at New Jersey Realtors® headquarters in Trenton.

The Power of Mentorship

BY LISA FANT

In the dynamic and challenging real estate industry, mentorship is an indispensable tool for new agents to conquer obstacles and achieve success. By leveraging the expertise of seasoned brokers, agents can confidently navigate the market and establish a strong business foundation. Mentorship plays a pivotal role in nurturing and guiding new agents, offering support and guidance during onboarding to help them adapt to the industry’s evolving demands.

THE BENEFITS OF MENTORSHIP

Mentorship plays a pivotal role in the development and success of real estate professionals. Through mentorship, up-and-coming agents accelerate their skill development gaining insights into industry best practices and avoiding common pitfalls. The guidance received through mentorship empowers mentees to make informed decisions, identify challenges, and navigate the industry. According to a realtor.com® report, 68% of new agents with more than seven transactions a year have a mentor to lean on for guidance, support, gut checks, training, and education.

“I believe it’s a necessary part of the training process for new agents. With so many changes happening in the industry, we need to mentor new agents to the procedures that cultivate good and ethical business,” said Broker Owner of NextHome Zenith in Freehold Michelle Anderson. “Too many agents get their licenses and are let out in the cold without knowing what to do.”

Mentorship contributes to building confidence and establishing a professional brand. Mentors offer encouragement and support, helping mentees overcome self-doubt and develop a strong belief in their abilities. Mentees also benefit from the mentor’s network, expanding their connections within the industry and creating growth opportunities.

NEW AGENT CHALLENGES

Limited experience is a common obstacle new agents face, as they may feel uncertain about the intricacies of the market and the complexities involved in retaining clients and closing deals. Moreover, building a client base can be daunting for novice agents, requiring proactive networking, self-marketing, and relationship development to generate leads and secure listings. Finding new leads is the top challenge for agents of all experience levels, but especially so for new agents at 70%, according to the realtor.com® report.

Green agents will inevitably encounter their fair share of mistakes, but mentors can help prevent potentially damaging errors that could impact an agent’s business. As a mentor, you may help tackle complex questions and situations involving lead generation, client advisory, price negotiations, and help navigate nuanced scenarios.

“Most new agent guidance is provided on processes including getting into MLS’, showing properties, and the listing and buyer process before, during, and after the sale,” said Anderson.

Additionally, mentors oversee training and assist in contract reviews and offer guidance, feedback, and direction for shortterm and long-term strategies. Rather than attempting to teach everything at once, effective mentors encourage the practical application of shared knowledge.

ESTABLISHING A MENTOR-MENTEE RELATIONSHIP

At the heart of successful mentorship is the establishment of a strong mentor-mentee relationship. Mentors foster this relationship by creating a safe and supportive environment for learning. They encourage open communication, providing mentees with a space to seek guidance, ask questions, and share concerns. In a effective mentor-mentee relationship, trust and mutual respect are nurtured, allowing for a collaborative and productive mentorship journey.

Sharing experiences, resources, strategies, and educational opportunities provides agents with a seamless transition into understanding industry demands, client expectations, and best practices. Additionally, noting mentees’ progress and development helps mentors determine the effectiveness of their coaching.

“We track everything in our in-house back-office software. This makes it smooth for training and trainees to see how the process works and the need for strengthening skills,” said Anderson.

“We do bi-weekly one-hour coaching sessions to train agents on all our systems,” said Anderson. Agents receive not only continuous training opportunities but also personalized support, benefiting from practical insights shared by experienced Realtors®. A commitment to nurturing new agents’ growth and success extends further with a range of continuous training opportunities. “We provide ongoing virtual training for our CRM and lead-generation strategies. We also offer a mentor/mentees program on the agents’ first 3-5 transactions,” said Anderson

NAR’S MENTORSHIP PROGRAM

The National Association of Realtors® Spire program offers a comprehensive platform to learn the fundamentals of the real estate industry, paving the way for successful careers and the cultivation of generational wealth through property ownership.

The program’s primary focus is on fostering education and instilling serious consideration of real estate as a promising career path. Mentees enrolled in Spire are granted access to an array of live virtual events, led by seasoned experts from various domains within the industry. Experts leading the programs encompass experience in residential and commercial real estate, land development, administrative roles, property management, and much more. Click here to learn more about NAR Spire

THRIVING TOGETHER

In the real estate industry, mentorship is a driving force behind the success and growth of both agents and brokerages. By nurturing new agents, providing ongoing support, and fostering mentor-mentee relationships, brokers create an environment where talent flourishes.

Mentorship accelerates learning, builds confidence, and fosters professional development, contributing to the betterment of the industry as a whole. Engaging in mentorship activities creates a community of thriving professionals.

“Our new agents are working now and are progressing and learning,” said Anderson. “Although they have closed some deals, they are diligently working on building their sphere and database for future business.”

MENTORSHIP BEST PRACTICES

Once a suitable mentor-mentee relationship is established, adhering to best practices and maintaining a positive relationship becomes vital to a sustainable learning experience for both individuals.

Consider these tips to maintain a positive mentormentee relationship:

Keep an Active Line of Communication

Although both mentors and mentees may have busy schedules, it’s essential to regularly check in and reassure each other they are readily available for support and guidance. Be sure to identify the most effective communication platform to suit both individuals.

Establish Clear Goals

Define specific objectives for the mentorship, such as skill development, client interactions, or networking. Setting clear goals helps mentees track progress and mentors tailor their guidance effectively.

Adaptability and Flexibility

Be open to adjusting mentorship approaches as needed. Every mentee is unique, and tailoring the guidance accordingly enhances the learning experience.

Encourage Feedback

Create an environment where feedback flows freely. Mentees can provide feedback on the mentorship process, while mentors can offer constructive feedback to aid mentees’ growth.

Be Respectful of Time

Value each other’s busy schedules and commit to punctuality for meetings or discussions. Showing respect for each other’s time builds trust and demonstrates professionalism.

Promote Self-Reflection

Encourage mentees to engage in self-assessment and reflection on their strengths and areas for improvement.

Lead by Example

Mentors should exemplify professionalism, ethics, and integrity in their own real estate practices, inspiring mentees to follow suit.

Celebrate Achievements

Recognize and celebrate milestones and accomplishments achieved by the mentee. Positive reinforcement boosts motivation and fosters a positive mentor-mentee dynamic.

BY LISA FANT

SOCIAL MEDIA

NJ Realtors® connects with Realtors® through social media, sharing everything from industry news, important dates, and special announcements to housing market updates and articles for clients to keep agents updated on the latest housing trends.

NJ Realtors® encourages Realtor® members to save and share content from any of its channels and tag @njrealtors in their reposts.

NJRealtors @NJ_Realtors @njrealtors @njrealtors NJRealtors NJ Realtors

NJ

As an NJ Realtors® member, you have access to customizable marketing assets with Photofy. With its user-friendly tool, Photofy streamlines the creation, posting, and sharing of branded content across networks.

GET THE SKINNY

Stay informed on the housing market effortlessly with NJ Realtors® skinny videos. In less than five minutes, receive a comprehensive overview of New Jersey’s housing market, including local insights and quarterly updates. Subscribe to NJ Realtors® on YouTube and share the videos on your Facebook page.

Watch the May 2023 Skinny Here.

MORE PLACES TO FIND CONTENT

Expand your real estate expertise with valuable resources across multiple platforms. Dive into the National Association of Realtors® blog , where you’ll discover industry insights, updates, and trends. Stay informed and inspired with Realtor® Magazine, offering a wealth of knowledge on marketing strategies, success stories, and expert advice. For practical tips on home maintenance and renovations, HouseLogic is your go-to destination. Additionally, explore the extensive collection of articles on realtor.com®, covering market reports, design inspiration, and much more. These resources seamlessly complement your Realtor® expertise, empowering you to share valuable insights while expanding your reach through reposting and sharing.

NJ REALTORS ® BUYING AND SELLING RESOURCES

New Jersey Realtors® consumer website, consumer.njrealtor.com, encourages consumers to use a Realtor ® when buying, selling, or renting a home in New Jersey. The website helps guide consumers through the buying, selling, and renting process, highlighting the benefits of homeownership, the advantages of working with a Realtor ®, and emphasizing how a Realtor ® can help consumers navigate the process with ease. The website also features the Find Your Realtor ® tool which allows consumers to search NJ Realtors ® database of more than 61,000 members and find a Realtor ® to help them with their transaction.

Click here to learn more about NJ Realtors® Consumer Resources.

6

STATE BUDGET BY THE NUMBERS

On June 30, the Fiscal Year 2024 State Budget was passed in the Senate and Assembly and was signed by Gov. Murphy on the same day.

The FY 2024 State Budget took effect on July 1 and totals $54.3 billion. It contains no new taxes or fees affecting real estate including issues NJ Realtors® monitors each year, such as:

Realty Transfer Fee

Tax on Commissions

Seasonal Rental Tax

HERE’S WHAT YOU NEED TO KNOW:

$3.68 Million Real Estate Commission

$40 Million NJ’s Down Payment Assistance Fund

$50 Million RTF for Shore Protection Fund Projects

$14 Million Lead Paint Remediation Programs

Nearly

$4.4 Million Capitol Construction Appropriation for Shore Protection Fund Projects

$486 Million Anticipated to be brought in by the RTF for Shore Protection Fund Projects