Television and the printed media are full of advertisements for books, CDs and DVDs about all sorts of get-rich-quick systems for “flipping” real estate. That is, programs that promise the viewer or reader unlimited success and wealth by teaching him or her some real estate millionaire’s “secret” to buying foreclosed or distressed properties, fixing them up, and selling them again – presumably for a fortune. People who have such knowledge are certainly out there. The trick is to find one that is knowledgeable and benefit from what he or she knows without being scammed.
It’s true that difficult economic conditions all over make it easy to acquire properties in foreclosure, or at least for cheaper sale from people looking to get out from under mortgages that they cannot afford. It’s also true that people who have knowledge of the real estate market and have the knowledge, money and connections to invest in such properties, make any necessary renovations, and sell them again really can very likely make a decent living. Note that this is not the same thing as being rich. And it’s something that is almost impossible to accomplish without some connections and support.
This is where real estate coaching comes into the picture. Those looking to invest in real estate should find someone that they can trust to advise them. They should look for someone who is familiar with real estate, especially locally, who can give them a working knowledge of land and housing prices, what to look for in a property that is a good deal, when to buy. In other words, should one look strictly at foreclosures, or are distressed properties (those that are older and in need of repair) a better bet? Real estate coaching allows would-be investors to examine their resources and their goals and find the best possible investments for their individual circumstances.
So, where exactly does one find a real estate coach? At least in the U.S., following the housing bust, an entire industry cropped up around those looking to take advantage of the sudden glut of foreclosures. This saw the birth of the get-rich-quick real estate millionaires, many of whom really did get rich. Not so much from flipping real estate as from fleecing would-be investors by convincing them that they and they alone held foolproof secrets to fast success in the real estate market.
The keys to keeping from being taken by a would-be real estate coaching scam are the same as for avoiding a scam in any other area of life: Those looking for a legitimate real estate coach should be vigilant and trust their instincts and their common sense and do plenty of research. Anything that sounds too good to be true probably is. Avoid any program or service that charges up front and does not have a trial period or guarantee. Can others vouch for this program or service? There are legitimate people out there who have a real estate background and who do offer their knowledge for a price.
There is nothing wrong with selling expertise. It’s only a problem when people who spend the money to buy the advice and mentoring are mislead. Again, research is one of the best safeguards against scams. These days, if one so chooses, one can visit such online real estate mentoring sites as freedommentor.com or realestatecoach.com. However, those looking for a legitimate real estate coach should look into someone who is local and whose reputation and experience can be verified.
What are the benefits of real estate coaching once a would-be investor finds a mentor with whom he or she is comfortable? This all depends upon which services will fit that investor’s needs. Someone who is new will need a mentor who can step him or her through the process of searching, investing and flipping, but someone who has at least basic experience can still gain from the services of a mentor.
Mentors, in addition to being able to advise investors on how, what and when to buy can usually offer help when it comes to lead generation, upgrading properties, communicating with potential clients, presenting a proposal and general marketing. Legal and accounting advice is also critical for most people exploring real estate as a career for the first time. Money and the law are two areas in which even people with a good feel for the local economy and a flair for sales may not be very well versed. Also, as in any area of business, a mentor will remain after the teaching/training period as a solid professional ally.
Who should become a real estate coach? This is a strictly personal decision. Some characteristics of someone who might do well in this line of work include someone with experience in real estate, with contacts and relationships in areas that might be of use, such as construction, plumbing, etc. Someone who has or can raise the money to invest can make real estate coaching a viable career. Certifiedcoach.com features an online assessment featuring a rating scale that allows those who think they may wish to pursue real estate coaching to best represent their personality traits to see if this is a line of work that they will enjoy. Questions cover leadership qualities, competitiveness, self -confidence and people skills, motivation and attitudes toward problem solving, and the potential coach’s approach to getting to know and handling clients, and ability to prioritize.
Overall, real estate coaching, whether you are coaching or learning from a mentor in order to get a foot into the world of real estate, is a double-edged sword. The honest would-be investor may be fleeced. The honest mentor may suffer from a lack of trust. Building an honest real estate coaching relationship is very much a matter of judgment, trial and error. With some effort, both coach and newbie investor can reach a real estate coaching agreement that benefits everyone.