“Sink or swim”. According to Mike Ferry, a real estate investing coaching pioneer in business for over 45 years, that’s the business in a nutshell.
Mike states that the most successful individuals in history have walked a common path, they were guided by the voice of experience. An effective and committed coach ready to maximize their profit potential.
How exactly can you replicate their success?
By using what I like to call the Free IQ method. It consists of shutting down your know-it-all’s voice and listening twice as much as you talk when you feel like learning. I’ve always been a fan of this method and I believe you should too.
Most describe the real estate business as Intense, savage, and unforgiving. If you’re a first-timer about to jump in, it might be worthwhile to find a coach, why? To dissipate the overwhelmingness and jumpstart your success.
Don’t know where to start? Well, keep on reading then.
What Does a Real Estate Coach Do?
Here’s the truth. Unfortunately, not every property is a good investment, and not every real estate agent will have a bright future.
New agents and veterans alike often face uncertainty and crack under pressure, giving up halfway to success. Inexperience paired with too many bad calls always eats through any form of optimism, it’s unavoidable.
This is where real estate investing coaching proves itself invaluable. An ideal coach is someone that has been in your shoes at some point and knows from self-experience which steps will turn your funny business into an interstellar, money-printing spaceship.
He/she should have a solid background of helping other agents with proven results, a critical eye to spot great deals, relationship-building skills, and most importantly, be genuinely willing to help you be successful.
That’s great but I’m a lone wolf, what do I need a coach for besides draining my wage? You ask.
When you hire a real estate coach, you’re hiring consultancy and guidance.
You’ll have somewhere to go when you want to ask questions, you’ll get someone who has access to top-notch contacts, generates qualified leads, and closes deals.
If you already have a little experience under your belt but hit a plateau, specialized coaching may be the best option for you.
Some coaches specialize in marketing e.g., developing advertising campaigns, managing social media accounts, creating websites, and so forth.
Others specialize in the business department e.g., accountability, finding an office space, or structuring businesses.
Whatever your needs are, coaching serves the sole purpose of filling in your knowledge gaps.
It’s important to acknowledge your shortcomings and surrender to the Free IQ method after hiring someone though.
Coaches tend to be busy people, the last thing they need is a client that wastes their time trying to prove them wrong. And the last thing you need is to waste your money, am I right?
Speaking of which…
How Much Does a Real Estate Coach Cost?
There are several price ranges for different needs, so there are no pinpointing answers.
Expect highly sought-after consultants or coaches to come with a hefty price tag. Top tier services hover between $500 – $1000 per month.
However, the average price paid for coaching doesn’t miss the top tier services by too much, it sits between $400 – $499 per month.
Expertise doesn’t come cheap but a good coach will make your return-on-investment outperform the monthly fees.
Search around before you commit, it’s important. if you’re going all-in, make the right decision and hire someone you look up to and fits your specific requirements.
How to Find Real Estate Investing Coaching Services?
Now that you know what a great coach is made of, how on earth do you find one?
Luckily, it’s not as difficult as you may think.
If money is not an issue and you need to boost your results ASAP, you may want to reach out to the very best in business, here are the top 3 picks:
1st – Mike Ferry
Mike Ferry is perhaps the most well-known name in the industry, he was the first to bring real estate coaching to the masses.
Mike Ferry’s organization is the pinnacle of real estate investing coaching. It has been running since 1975 and has helped countless real estate agents increase profitability and further develop their skills.
The average price for one-on-one coaching: $650/mo.
You can check the website here.
2nd – Brian Buffini
Founded in 1996, Buffini & Company provides powerful lead-generation systems and indulges in proven coaching methodologies. The company has trained over 3 million professionals in 41 countries and currently coaches around ten thousand people, it’s the largest coaching company in the U.S.
The average price for one-on-one coaching: $499/mo.
Check them out here.
3rd – Tim and Julie Harris
They started as top producing agents and moved up from there, they’re now two of the nation’s most sought-after real estate coaches.
Their coaching programs range from accessible to pricier but you can expect to get a good price-quality ratio even at entry levels. They also have the fancier website out of the top 3, with a clear structure and indication of what each program offers.
Starting price for one-on-one coaching: $168.50/mo.
Check their services here.
Are There Free or Affordable Real Estate Coaches?
As a beginner, shelling out several hundred dollars every month for coaching might not be suitable, I understand.
The downside is that you won’t find any free coaching listings online and some of the affordable options are questionable.
Fortunately, there are some workarounds to the problem.
Although none of these methods will replace paying for a good coach, they’re a good start to get your foot in the door.
1- Search for real estate internships
Working for someone else for free is not ideal but if an internship opportunity pops up and you can spare the time, take it. Internships are a great way to learn the ropes, you will witness several mistakes being made and learn without sacrificing your own business.
2- Perform web searches for simple questions
Long gone are the days where people actually went to the library for educational purposes. In today’s time, Google is your friend for non-in-depth material.
Social media is also a good source of information, you can find the best Facebook real estate groups in this article.
3- Attend real estate events
Real estate events are highly anticipated across the world, why? Because the masters of the industry attend such events.
Every year there are several useful seminars and conferences. Fierce agents that enjoy keeping up with the latest trends don’t miss a single one.
Look around for real estate events near you and register to attend, you could potentially find a good investor and make crucial networking.
4- Resort to local agencies to find affordable coaching candidates
Reach out to your local agencies and spot their best agents, if any of them matches your needs propose an offer.
Many agents will be delighted by the recognition, welcome another income source, and won’t charge as much as long-time coaches.
The Bottom Line
It’s not hard to find a real estate investing coach, what’s hard is to find the right one.
Look after yourself and do some research before you commit to a coaching program. Consider the following:
– Are you a complete beginner or an experienced agent?
– What’s your current financial situation?
– Which state do you live in, is it a highly competitive area?
– Do you need complete coaching or just to learn a specific task?
– Is your credit score updated and good enough to buy property?
These questions will help you find what you’re looking for without shooting yourself in the foot.
Hopefully, you’ve gained some insight into what it takes to make it in such a competitive industry.
Have you found the right coach already? I’d like to hear about it.