People often ask me what they should look for when choosing a mentor. Take care about who you give money to and who you take advice from, it can mean the difference between success and a costly mistake! My answer is always to ask these five questions about a potential mentor…
- How long have they been in the market?
You want to know that they have experienced a variety of market and global economic conditions, tax regimes, tenancy law changes and high/low interest rates.
- Do they have their own substantial portfolio?
There is no point trying to learn how to generate wealth from someone that isn’t wealthy.
- Are they currently active in the market place?
It is important to be up to date with current conditions and have strong relationships with a relevant team of agents, tradespeople, mortgage brokers and property managers to support your business.
- Do they have a financial qualification?
I am all for learning via the university of life but this should also be supported by a solid academic qualification.
- Do they have the willingness and time to support you in your property business?
The property industry is not a 9-5. You might have the opportunity of a lifetime present itself on a Sunday evening and you need someone to discuss it with.