Mentor / Mentee - Win / Win

Last Update: October 07, 2014

I have been a Mentor and a Mentee, the student and the teacher. It is by far my favorite way to learn. I found both roles to be greatly beneficial. But, it has to be a Win - Win situation or nobody wins.

My most profitable mentee was when I started in Real Estate and the owner/ broker of the firm put me with his most experienced agent. We’ll call him ”Jaws”. I was to pay “Jaws” 25% of everything I earned for the first 30 days.

”Jaws” knew every apartment in Manhattan. But, it was the 4 Questions that “Jaws” taught me to ask every new client, that made me a small fortune. It made me money while I was in Real Estate and a variation of those four questions became an integral part of every presentation I’ve done to this very day. Those 4 Questions were worth every penny that I paid ”Jaws”.

His other help, far surpassed that. My desk was right behind his, he could hear my conversation with my clients. He would write down a list of 3 to 5 apartments to show them, and he would put a ‘C’ on which one I should Close on. He was right about 80% of the time. We stayed friends for years after my month of being a mentee was over.

”Jaws” didn't help me get my Real Estate license, he didn’t help me study for the test. He didn’t show my clients apartments. I had to do the work. He just made the work More Profitable.

”Jaws” also didn’t point me to the big books we had of NYC apartment floor plans and say, “Go, study them”. That would have been like saying, “Take 2 aspirins and call me in the morning”. I would not be happy to pay somebody to tell me, “Just do your lessons, and PM me if you have any questions”. Sorry, that’s not a mentor, that’s a Traffic Cop.

I’ve been looking for a Mentor here, a ”Jaws” if you would. I would also like to become, ”Jaws” for somebody else. I would much prefer to be a Mentor than to be an Ambassador. I have no idea what qualities an Ambassador needs. I do know what a Mentor needs to be.

"Mentoring is to support and encourage people to manage their own learning in order that they may maximise their potential, develop their skills, improve their performance and become the person they want to be." Eric Parsloe, The Oxford School of Coaching & Mentoring

It is a partnership between two people (mentor and mentee) normally working in a similar field or sharing similar experiences. It is a helpful relationship based upon mutual trust and respect.

What would be fair and equitable here, what would be a Win / Win for both parties?

How much is realistic for a Mentee to earn in 30 days, with one on one, expert Mentoring? I think under $1,000 Gross would be not worth it for either party.

Let’s start with 25% of everything that is earned for the first month. I would say If a Mentor could help a Mentee to earn $1000 Gross, then the Mentor would have earned a commission of $250 for the month. The Mentee would net $750. If the Mentor, could have more than one mentee a month it could be very profitable.

How much time, would the Mentor have to invest to earn his 25%?

Of course it could be on a sliding scale, depending on how much time the mentor had to dedicate. Or, there could be Production Bonuses at different Income levels. I know as a Mentor, that would be a very nice carrot for me.

There is also no reason, why the Mentoring would only have to be for one month. The logical progression for me would be to go from Mentee to Mentor. If methods and training tools were used, there is no reason an Override on New Mentees, shouldn’t be expected (perhaps 1% of the new mentors earnings). The possibilities are unlimited and interesting to imagine.

I know that I'm not the only one that feels they could benefit from a One On One Mentoring Relationship. It would be great to here everybody else's feedback. From the Mentor and the Mentee's perspective.

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BenORourke Premium
Interesting points Phil. But is not the training here our mentor? If followed correctly that is.
The only benefit I could see would be a mentor getting you earning money quicker, but how to do that?

Would the mentor select the niche and jump-start it for you to where it has ranked and started earning?
Would love to see this fleshed out a little more.
BrooklynPhil Premium
Good questions Ben, a Mentor starts from where you are. They would work in conjunction with the lessons, to make sure you got the essence of them. The Core Knowledge Base.

They Advise, and Direct you in the Path of Least Resistance.
They're not supposed to be omnipotent, but they should be able to get you where you need to get to.

Yes, it is a Jump Start to Earnings.
No earnings, no 25%.

I would tell my mentees, "If you're not earning... It's my fault...You Can't Fail"
BenORourke Premium
Phil, if I can mentor myself to $1000 a month then I would gladly help someone do the same. But I do believe anyone here can do this for themselves.
It was pointed out that it could take up to a couple of months. It was suggested to have the courage to change tact if your initial niche was not working.
Personally when I have to pay a monthly premium to learn I am more focused to do so. Give me the information in a free ebook and I don't even read it. The very first dollar you get is the defining moment, the point at which you realise that this does work. It is by far the hardest dollar to make.
I believe I have to put in the hard work myself. There is more than enough help here for getting that first dollar.

In the meantime you could check this out as a real world example:
BrooklynPhil Premium
Ben, when I started at WA, I projected 3 months to start earning. If I could have found a mentor in September (and I looked) I would have signed up.

Can I do this on my own in the WA system? I believe I can.
Can I get there Faster with a Mentor? I believe I could.
Most people want to get there sooner rather than later.

Pull is better than Push. Meaning somebody can pull you up to their level faster than You can Push yourself up to that Level.

Do you believe that is true?
BenORourke Premium
I believe I learn better from the mistakes I make. I do know what you mean though. I wonder do all the successful ones graduate away from WA?
There is one person mentoring anyone who signs up under him to their first sale.
I would be happy with that.
BrooklynPhil Premium
Ben, whatever floats your boat.
I don't know where they go, I know they haven't popped their fuzzy little heads up here yet.
BrooklynPhil Premium
"How Valuable are You"
My self worth I put a very high value on.
My value as a Mentor here on WA, hardly anything. I'm in the Mentee position at the moment.
I need a Mentor, that understands the real meaning of what a Mentor is supposed to be.

I Need A WA "Jaws".

Do you know of any?
mlshands Premium
I understand we are assigned a mentor but I have never been able to find out who my mentor is. It has really been on my mind since I read your last post about mentoring. I do want to get to the point that I can mentor someone but, right now, I need someone to go to. Doing it all on my own is tough. It's only this community that keeps me going sometimes. I feel like I have a thousand mini-mentors and it has been my saving grace. I've said this before, I think you will make an excellent mentor one day!
BrooklynPhil Premium
"I understand we are assigned a mentor"
That's news to me.
The problem I see with 1000 mini-mentors is you can get 1000 different opinions, and you've got to figure out who to trust and who to follow.
Give me one Mentor please.
mlshands Premium
I thought we were assigned one. Maybe I misunderstood. I do pay attention to everyone's opinion and realize not all of them are in my best interest to follow. That being said, I have gotten new perspectives from people and that is very valuable!
BrooklynPhil Premium
Beyond any doubt.
But how many times have you been taken down a blind alley, even with the best intentions and all of the experience you could hope for?
jazminf Premium
I think that's an awesome idea, Mentors could mentor as many they can handle and in time the mentees can become mentors to a group of newbies and on and on. Win win for everyone:) Great post Phil:)
BrooklynPhil Premium
Thank You, doesn't one Go To Expert and Friend, sound like the way to do this?
What would it be worth to you?
jazminf Premium
I absolutely agree with you Phil, That does sound like the way to go.
JeanR Premium
Wow Phil..interesting , mentors are valuable, so, How Valuable are You
Much Success
Jean '