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
New Brunswick Requirements/Recommendations
While there are no specific regulatory requirements for New Brunswick, 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:
The Mentor Program framework will provide guidance on areas to review with your mentor, focus places to learn & questions to ask.
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 province 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 province 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 Real Support for support issues vs. asking mentor
Comply with any province 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 province 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.