Real estate entrepreneurs and investors struggling to keep focused and motivated are helped by partnering with a Coach.
Working alone, we lack the support and mentoring of colleagues who motivate us and share our vision and goals. Like the long-distance runner we are often alone, relying mostly on our own resources to succeed. This is the nature of the business start-up and entrepreneurship.
Download Audio: Coaching_Makes_A_Difference.mp3
Mentoring & Coaching Compared
Folks come to the Urban Rehabber Program to pursue their Dream or Determination to achieve some sort of real estate Wealth. Our program is a well established and respected source of Networking, Training and more.
Our members and students are successful. Program participants have successfully reclaimed tens of millions of dollars worth of affordable housing. These efforts positively accelerated neighborhood revitalization. And the work continues today.
Yet the one thing we have never focused on with clarity and determination is a structured approach to Mentoring and Coaching. Each technique is useful and potentially important to supporting our members and students. That said, each is a separate and distinct approach, using tools and techniques unique to particular objectives. We will explain–
I. Urban Rehabber Training is “Mentorship”
The Urban Rehabber Seminar and workshops are fundamentally about Mentorship at its most basic. Here the mentor serves as Teacher and, arguably, an expert in the subject. The approach is hierarchical, with the mentor at the “top” and the students assembled as “under-studies” in training. The goal is for them to step into the leading role, at “center stage”.
Teacher-mentor as Role Model
In this context, the teacher (or mentor) serves as a Role Model, having “been there and done that”. The implicit message is: “Study and practice the techniques demonstrated or described and you will be successful.” In many respects the approach resembles an apprenticeship.
Course & teaching content
The content of the coursework is proscribed, laid out in keeping with the mentor’s understanding and experience in “doing the work”. Templates are provided. Such templates serve as blueprints or road maps, presumably to be followed as closely as possible in completing the job at hand.
The overall objective of Mentorship, then, is to acquire the Skill Set necessary to accomplish the goal. In our case, this goal is the buying, fixing and selling (or keeping) income-producing real estate–of any description (housing, commercial, retail, etc.).
II. Coaching presumes some skill-sets in hand
Coaching, on the other hand, presumes a Skill Set to be already in hand and in need of application to achieve some objective desired by the client or “Coachee” as some professionals in the field call it. Coaching relationships are generally consultative, one-on-one, rather than a group process (as in a classroom).
Purpose is Self-Empowerment
The overarching purpose of coaching is Self-Empowerment, the ability to function and achieve goals and objectives independently of others. Unlike a mentor, the coach is generally non-directive. Direction and goals are set by the client, not the coach.
The coach serves primarily as “facilitator” not teacher. He or she cultivates an environment where things appropriate to the needs of the client “happen”. All activities are measured and evaluated by how the particular activity contributes to achieving the client’s declared goal or goals.
The Work is Incremental
In a sense, the accomplishment of each task in turn is actually achievement of a lesser goal in pursuit of accomplishing the major goal. The work is incremental, taking one step at a time, testing that step for effectiveness, and identifying the next step or steps to be taken to advance the progress.
Progress based on your experience…
The coach is successful to the extent the client develops for him- or herself steps and strategies that draw on that client’s own experience, aptitudes, skills and strategies.
Importantly the coach holds the client accountable for success or failure in completing each incremental step. Where misstep or failure or neglect is experienced, the coach works with the client in understanding how or why that happened and how better to proceed in future. In each step along the way, both coach and client learn by doing. All the while never losing sight of the end goal.
III. How Others Plan To Work With Me
Christopher– Been “studying” real estate-related stuff 14-15 years
Studied and worked with Carleton Sheets program (not great success)
Good job but beat up by his home lender and needs to acquire a new home
Plans to start with wholesaling to build experience and capital
Shauntrese– Single mom, nurse moving into teaching and administrative
Bought 3 properties in last 3 years; continues to own and rent
Wants 2 more by EOY
Briana– New investor. Health care worker
Signing up for (free) city-sponsored trainings this summer
Wants to get off to right/good start
Pierre– Housing development consultant to not-for-profits and NGO’s
Well connected to major lending sources; knows his way around City Hall
Contractor and trades contacts in hand
Knows many neighborhoods very well
Time to build his own portfolio
Tyrone– Specialist in corporate finance; has an MBA
Did one project in ’05
Strong FICO and cash in hand
Wants to work toward setting up his own real estate business (by next year?)
Rikk– Career Construction professional (project management)
Former investor; liquidated during great recession
Wants a new portfolio – DONE RIGHT!
Renia– 25 years with PACE (now resigned)
Real estate license (inactive but in good standing)
Ready to start investing, maybe full time
Angela– Corporate real estate professional (site selection for 7-11 Corp)
Invested, bought, sold, successfully, in past
Working with 5-year Plan in hand
Wants one new property in hand by EOY
Dennis– Career real estate appraiser (own business, doing very well…)
Past investor, including some rehab.; now divested
(Nothing I can teach him about real estate!)
Wants to fast-track new portfolio (as family business with adult children)
My job? Keep you on track, focused, moving steadily toward your personal goals.
Philip Elmes, Founder
For more information on Urban Rehabber Coaching go to–http://urbanrehabber.com/coaching