So you’ve decided to take your business to the next level by joining a coaching or mentoring program with a real estate guru. Having mentored people for over 10 years, I have a few suggestions on what you should ask before joining any coaching program.
01. Are you coaching with the guru himself, or is the program farmed out to someone out of Utah?
Believe it or not, many gurus just license their name to a company out of Utah who then markets to customers and fulfills the coaching program. There is no direct contact at all with the named guru. There’s nothing wrong with a guru having assistant coaches, so long as you get to reach the head guru himself or herself if there’s an issue.
02. Are you getting contract, forms, and materials appropriate for your state?
If the guru in question does not do business in your state, does he give you forms and contracts appropriate for your state or do you have to still visit with a local attorney? This is not a deal killer, but it would help if the guru is familiar with the laws and practices in your state.
03. Do you have to make an appointment to speak with your coach or is it pretty much “on demand”?
You can’t expect to call your coach at 9pm on a Saturday evening and get her on the phone, but you should be able to call during business hours and get a response, email or a call back within 24 hours. Some coaching programs require you to make an appointment to speak with your coach, which may be cumbersome if you need an answer right away.
04. What is the response rate of your coach?
Does your coach email you back right away or does it take days?
05. How many deals has your coach personally done, and is he currently active?
See if your coach can put his money where his mouth is. Is he or she actually doing deals or is just reading out of a coaching manual?
06. Can you get referrals of people who are currently in the program or have graduated?
If they respond with “customer privacy” concerns, then it’s B.S. They should have people who are happy with the program and willing to share that with others.
07. Do they have a good rating with the Better Business Bureau?
Are they even a member? Small time coaching programs may not have any complaints, but bigger ones will certainly have complaints. The BBB score is based not on the number of complaints but on how fast they RESOLVE complaints.
08. Do you have to pay all up front or is there a payment plan available?
Some coaching programs are all up front, some offer financing or monthly payments. Ask.
09. Do you have to share your profits with your coach or mentor?
Believe it or not, some coaching programs require you to share your profits with the mentor. Not acceptable!
10. Is the program customized to the student?
Many of the bigger programs are cookie-cutter and take the student through the same program, no matter what their particular needs are or what their experience is. Not good! A coaching program should be tailored to where the student is coming from. An advanced person does not need the same coaching as a beginner.
Attorney William ("Bill") Bronchick, the host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 30+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the President of the Colorado Landlords Association. Click on the "About" link above for more information on William Bronchick.