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Minnesota - Mentor Program

  • Updated

Mentor Program Overview

We are piloting a Mentor Program to help new to the industry agents (and any agents interested!) in the following:

  • How to market yourself
  • How to generate prospects
  • How to convert prospects into clients
  • How to manage clients
  • How to close transactions

Minnesota Requirements/Recommendations

While there are no specific regulatory requirements for Minnesota, it is recommended that new to the industry agents engage in one of the actions below to facilitate successful onboarding here. We've set up 3 options, you can:

1. Join a Team

2. Find a Mentor

3. Complete the Real Academy Training - Learn as you go! 

Questions/concerns? Reach out to your broker to discuss more.

 

Interested in Joining a Team?

Below you will find a list of available teams to join in Minnesota:

 

Interested in being Mentored?

Follow the steps below to initiate participation in the mentorship program:

  1.  Find a Mentor - List available mentors in your area! 
    • Review the available mentors in your area and find a mentor that looks like a good fit for you!
  2.  Approach the Mentor & Finalize Arrangement
    • Once you find a Mentor that looks like a good fit for you, reach out to introduce yourself & agree on the details of the mentor<>mentee relationship.
    • Utilize the Legal Agreement to formalize the mentorship details
  3. Follow the Mentorship Framework 
    • The Mentor Program framework will provide guidance on areas to review with your mentor, focus places to learn & questions to ask.
  4. Complete the Mentorship Program!
    • As you start to transact, add your Mentor & ensure the Mentor fee is included in the reZEN transaction.
    • After your mentorship agreement is complete with the help of your mentor, you can decide if you'd like to continue working with the mentor or complete the mentorship program!

 

Mentorship Program Framework 

*Note: The below are recommendations for the program structure.  The mentor and mentee should work together to develop a plan that works for them and fulfills any state requirements.

Program Details

Mentor

Mentee

Criteria

  • Minimum of 3 years in the business & 20 lifetime deals (or upon broker invitation)

  • Compliance with the company’s policies and procedures

  • Demonstrated mastery of reZEN, Workplace, Real Academy, and local MLS

  • Mentor Committee approval required

  • New licensee 

  • Agent with less than two transactions closed within the previous 24 months 

  • Anyone looking to work with a Mentor

Responsibilities

  • Provide regular coaching & feedback

  • Share knowledge of Real’s technology, transaction processes & operational systems

  • Defer to Designated Broker for any issues regarding real estate compliance, risk management, transaction issues or ethical decisions to Designated Broker

  • Comply with any state requirements for mentor programs

  • Recommend supporting no more than 5 mentees

  • Follow & execute on mentor feedback

  • Submit any issues regarding real estate compliance, risk management, transaction issues or ethical decisions to Designated Broker

  • Maintain confidentiality on any information, systems, scripts, vendor lists, etc. shared by mentor

  • Contact support@therealbrokerage.com for support issues vs. asking mentor

  • Comply with any state requirements for mentor programs

Recommendations for Mentor & Mentee Program (to be decided on case-by-case basis)

 

Meeting Cadence 

Weekly 

Transaction Process

Act as ‘team’ throughout transaction & may appear as such in eyes of Prospects/Clients

  • Marketing: Costs for Mentee’s transactions to be covered by Mentee. Mentee’s name appears on all of Mentee’s marketing materials and all leads generated by Mentee will belong to Mentee. (Mentor can choose what marketing material and/or signet to lend to Mentee, if needed.)

Compensation Strategy

  • Negotiable between Mentor & Mentee

  • Recommended Range: 25-50% mentoring fee on first 3 mentored transactions

  • Utilize the Legal Program Agreement to support your compensation arrangement

Program Timeframe

As needed, to to comply with state requirements

Training Topics

General

  • Goal Setting
  • Business Plan creation
  • “Warm List” development
  • Scripts & Role Playing
  • Personal Vendor Lists
  • Lead Generation

Sellers

  • Seller, property and market research.  
  • Preparation of complete Listing Presentation
  • Complete listing forms and disclosures (for own understanding and method of explaining to Sellers)
  • Proper presentation, objection handling, commission negotiation and closing approach
  • Pre-market preparation/repairs/improvements of property
  • Schedule/attend any required or recommended pre-listing inspections
  • Enter listing in MLS 
  • Implement marketing plan – (scheduling of open houses and related marketing, preparation of marketing material such as social media ads, “Just Listed” cards, etc.)
  • Obtaining wet or digital signatures and uploading executed forms into reZEN
  • Weekly communication with Seller – updates, feedback from showings, keeping flyers supplied, etc.
  • Presentation of offers – reviewing of contract, preparing Counter Offer(s), negotiations through to acceptance, etc.
  • Escrow process: Paperwork flow, tracking deadlines/dates, disclosures, inspections, repairs, contingency removals, reviewing estimated closing statements, closing, asking for referrals, etc.

Buyers

  • Set and attend initial meeting/consultation with buyers – discuss timing, motivation, price range, set expectations, pre-approval process, wants and needs, etc.
  • Set up initial buyer tour – previewing prior to showing, tenant occupied vs. vacant vs. seller occupied, etc.
  • Show properties to buyer(s): Mentor will attend initial showing. Mentee will show subsequent properties, obtain buyer feedback and follow up with Mentor.
  • Speak with listing agent about subject property (disclosures, inspections/reports, seller(s) desired terms, existing offers, etc.)
  • Write offer - comparable search, pre-approval letter, verification of down payment & closing costs, cover letter, initial deposit, buyer desired terms, etc.
  • Offer submission, presenting and writing counter offers, and negotiations through to acceptance.
  • Escrow process – buyer initial deposit, ordering and attending inspections, lender communications, escrow communications, tracking of performance dates, reviewing and discussing seller disclosures, inspection reports, and desired repairs (“contractual” vs. “requested”), contingency removals, final walk-through, closing, delivering keys, housewarming gift, asking for referrals, etc.

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