Monday, June 16, 2014

You Need A Real Estate Coach

Real Estate Coaching is big business. This is where a "guru" offers to coach you to your real estate dreams. The way it is displayed it sounds like the only people who make it in real estate are those who get coaches.

Being a sports fan and someone who played sports under coaches I will be the first to say that coaching has a ton of value. It was Michael Jordan's high school coach who gave him advice that pointed him in the path of stardom. Many legendary coaches receive accolades from their player on a regular basis and the praise is well deserved.

But when I look at a lot (not all) of the real estate gurus stressing the need for everyone to have a coach to be successful, it turns my stomach the wrong way. Sometimes I think (and this is only my opinion but its also my article) that the focus on coaching isn't to raise up a bunch of superstar investors but to create another income stream for the coach. Consider the following;

1) Typically you have to apply to be coached (kind of like a tryout). But what they look for isn't ability or proficiency in investing. They look for people who have a heart to succeed (and who doesn't) along with the financial wherewithal to pay their fees.

2) It is not uncommon for coaching to cost anywhere from $1000 to tens of thousands of dollars. That is money that won't go into your investing program; it goes into your coaches pocket.

3) Coaches make their money on the front end. As an investor you have to make your money on the back end. Now with sports when a coach has a winning season and a team that wins often, he is rewarded with contract extensions and more money. Coaches partake in the victory of their teams. I believe real estate coaches should be rewarded when their students are hitting their goals. After all, if they are unable to hit their goals, what did they pay the coach for?

4) In real estate the chances of students even hitting mediocre results are staggering. If you ask these coaches to tell you "how many students have you coached, how many have hit their goals and how many just paid you to say they had a coach?' Typically in the advertisements you see the successful students. But if there are 400 students and only 40 hit their goals, 90% of them only succeeded in making their coach richer.

5) Finally, although we all need help, we really have to watch when the only way people help is to be paid. I pay my attorney to handle deals. But he knows I can hold him 100% for results. He doesn't get paid to be on my team. He gets paid to produce.

Is your coach 100% responsible for results? Hmmmmmmm. I would ask before parting with all my money.

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