With the new year about to dawn, it’s time to level yourself up. We’ll close out the year with a monthlong focus on real estate coaches and the value of ongoing training. Expect advice from the top real estate coaches, deep evergreen training resources and more during Inman’s Coaching and Training Month.
Over the past several years, I’ve been paying attention to the trainers, the coaches, the leaders and the “influencers” in this business, and I have determined that there are actually four types of real estate coaches that exist today. And unfortunately, some are disguised as something totally different than what their intentions really are. Below is a list of the four types and the pros and cons of each.
Type No. 1: Recruiters
Coaches who are in it for recruiting. Meaning they are using coaching as a method to “attract” agents to their teams, brokerages or downlines, but unfortunately are disguising it as wanting to help people through “coaching.” In reality, it’s their way of making money off of agent deals (and those that they recruit) by recruiting you to their “teams.”
Pro: Supportive of you at their brokerage or team because of the revenue they’ll make from your success.
Con: The grass is not usually greener on the other side, it’s greener where you water it, and falling into this trap could set your back further.
Type No. 2: Retainers
Coaches who are in it for retention. Meaning they could be a large, small, or medium-sized brokerage or team that is using “coaching” as a method to get you to buy into what the brokerage is preaching.
The problem with this type of coaching is that the interest is not in the client first; their interest is in the company first and the retention to the company. And if by chance the agents become successful, that’s a plus.
Pro: If the team or brokerage is a successful one, it has a proven model to follow.
Con: Their advice to you as their client may be colored by what is in the best interest of the brokerage or team, and that could stunt your overall growth.
Type No. 3: Revenue-focused
Coaches who are in it for the money. Now, I’m not saying making money is a bad thing or being profitable is negative, but what I am saying is that there are literally hundreds if not thousands of “coaches” today who pronounced that they are coaches or started a coaching company because they “care,” when really they care about themselves and their “added revenue stream” first and their clients second. That’s not a coaching company, that’s called greed.
Pro: If the coaching arrangement is a financial one that is attached to your results or split, this can be good for both parties.
Con: You may feel like a number as the coach or coaching company grows and becomes more concerned with their bottom line than yours.
Type No. 4: Real-deal coaches
And then finally, there’s a fourth group. Those are the ones who actually want to make a difference in the industry. Those are the ones who put the needs of their people and clients ahead of their own. The ones who don’t ask how much money they make or calculate their dollar-per-hour return on their time spent coaching. Those who know it’ll show up only when they’ve made a difference in enough lives.
Pro: Your results will show up sooner and be longer-lasting as this type only has one goal, and it’s you.
Con: If they have a bench of other coaches, you might not get the same experience as the leader. Unless they are extremely picky with who they let join, you could receive a different experience than the one you expect.
So how do you spot a fake from a real deal? The fakes will share their success stories while the real deals will let everyone else do that for them. As we head deeper into this next market, finding the right coach could be the difference between just making it through or coming out ahead.
Do your homework, consult with other successful agents in the industry, and always consult with your broker or team leader before settling on a decision, so long as you keep their intentions in mind.
Jeff Glover is the founder of Live Unreal Companies, the parent company of several real estate-related businesses including the No. 1 homeselling team in Michigan, real estate brokerages consisting of over 600 agents, a homebuying mobile phone app and is also the No. 1 producing real estate coach in the country, selling over 100 homes annually in the last decade.
