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"We sat down together several times to discuss how she was going to get her message out there and what she was going to tell the public about herself," recalls Jenkins. "Then, we determined the most cost-effective way to do it."
Tanchak adds, "As a new agent, I didn't have much financing behind me, but Rose helped me spend my money wisely on marketing ideas that yielded solid results."
Stumbling Blocks
A mentoring relationship that pairs two individuals �one of whom is already successful and the other on the path to success� doesn't always run smoothly. Age gaps, personality conflicts and differences in work styles and business savvy can get in the way, but one of the biggest sticking points is usually compensation �in particular, the size of the cut the mentor will get of his or her protoge's sales."
For Gregory, this was an issue that waned after Riley helped her make her first sale. "In the beginning I thought the 50-50 split was higher than what would be fair," she recalls. "She knew we would be working on the high-end properties, and that would mean handing her $80,000, which seemed high to me."
In hindsight, Gregory says giving up the five-figure compensation was well worth the knowledge she gained from the relationship. "She met this buyer within a week of getting my license, and had no idea what I was doing," she explains. "Rebecca found three properties to show him, he saw the first one and wrote a contract within five minutes. I couldn't have done that on my own."
At Coldwell Banker Residential Real Estate in Coconut Grove, assistant branch manager Tom Levinson also hears the occasional gripe from new salespeople who don't like the idea of parting with half of their first, hard-earned commission check. "New associates usually really need the commission and don't like sharing," says Levinson, whose office uses an informal mentoring process that finds new associates teamed up with veteran salespeople only during the first transaction.
Levinson overcomes the challenge by explaining to new associates the advantages of the mentoring program and telling them how hands-on education from an experienced professional can translate into even more business down the road especially when it comes to marketing and selling properties expeditiously.
Levinson says another mentoring challenge comes when the new salesperson feels cheated by a mentor who has good intentions early, but then isn't around to help in a pinch. Because his office's program lasts only through the first transaction, Levinson hasn't faced this problem but says he's heard of other offices that have.
"They'll team a new associate up with a mentor for a longer period of time only to find out that the mentor is not available," says Levinson. "The new associate feels cheated because he or she has to share the commission and the mentor didn't do anything."
One way to avoid this is by creating mentoring relationships that are truly "win-win" for all involved, get the expectations and commitment down in writing, and make sure both parties understand their roles. Clearly spell out what is expected from each party, says Riley, including how much help the mentor will give, what the salesperson in training will be expected to learn and do, how compensation will be disbursed and how multiple sales to the same client will be handled.
Challenges aside, Levinson says his office sees clear benefits from its mentoring program in the form of listings being sold faster and a higher close rate for new associates an important milestone.
"It is very important for a new associate to make that first sale as quickly as possible," says Levinson, "not only because of the financial demands, but also because of the pure motivational and psychological factors. There's nothing like some money in your pocket to whet your appetite and make you feel successful."
Bridget McCrea is Clearwater-based free-lance writer.
Questions, comments or suggestions on this article? Send us an e-mail: [email protected].
© 2002 FLORIDA ASSOCIATION OF REALTORS
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