Like all young professionals, real estate entrepreneurs benefit from strong mentorship in their field. Having a mentor is associated with greater success in growing a career. Millennials are reluctant to ask for a mentor. These young executives should be encouraged to look for mentorship. Eduard de Guardiola shares the reasons why young real estate entrepreneurs need mentorship and
When a young entrepreneur decides to become involved in real estate, he or she is taking a personal and financial risk. Young executives do not have the experience to deal with many complex and frustrating problems that can plague the real estate industry. Young executives may not be confident in their decision-making abilities, and they may have a long learning curve when it comes to managing their properties and their money. When a young entrepreneur seeks out the help of a mentor, they will have the benefit of the mentor’s experience in the field.
Both parties will benefit from a strong mentor-mentee relationship. Young mentees must remember that mentorship is a two-way street. They should not expect that their mentor is there for hand-holding, but that he or she will provide guidance and support. Both parties will benefit from increased networking and from the development of strong relationships with service providers. When the relationship is fruitful, both mentor and mentee will be able to reap the benefits.
Real estate is a complex undertaking. Real estate executives must learn to work with architects, builders, and city permitting offices in order to make their ventures run smoothly. With existing developments, they must also work with a property management company that is in charge of day-to-day operations.
Having a mentor means that a young real estate developer can more easily navigate the changing landscape of the industry. Mentors can offer valuable help when their less experienced partner is having difficulty with a permitting issue or dealing with a setback in construction. With a mentor’s help, a young entrepreneur can be taught that even the worst setbacks can be overcome. In extreme cases, a mentor can provide backup when a deal falls through.
Young entrepreneurs must often deal with the intricacies of the law. Real estate law has many moving parts, and entrepreneurs must have a good working relationship with their legal counsel. A mentor can suggest the names of quality law firms to their mentee and can suggest solutions to legal problems the mentee may encounter.
Financing issues are another area where the mentee may need extra support. The process of securing financing for a new or existing development can be difficult. Finding responsive banks and investment trusts is easier under a mentor’s guidance. When a new development is planned, a mentor can point out any problems that he or she sees with the financing situation.
Having a mentor is invaluable for the inexperienced real estate executive. As time goes by, a young executive will need less hands-on help and will be able to rely on his or her mentor for moral support when making big decisions. As the mentee becomes more experienced, he or she may take a new executive under their wing, perpetuating the tradition of mentorship.
Eduard de Guardiola is the founder and CEO of Vista Realty Partners, a real estate development company focused on managing and developing multifamily housing in the Southeast United States. Since 2000, Eduard de Guardiola’s companies have been instrumental in developing and financing 60 apartment and condominium complexes with a value of over $1.7 billion dollars. Under Eduard de Guardiola’s leadership, Vista Realty Partners will continue to be instrumental in the development of new and existing multifamily housing stock.