Mentor / Mentee - Win / Win
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.