COACHING Vs MENTORING – Which Is Right For You?

 

COACHING Vs MENTORING – Which Is Right For You?

 

As Zig Ziglar said, “A lot of people have gone further than they  thought they could because someone else thought they could.” 

(“What's the Difference Between a Coach and a Mentor? - Forbes”)

 

In today’s world, it may seem that there may be coaches for any and everything. When we originally used the word coach, it was used to reference those who coached sports teams – hockey coaches, football coaches, tennis coaches – you get the drift. Today we have life coaches, money coaches, marriage coaches, executive coaches, entrepreneurial coaches, and the list goes on.

Having a career coach can help you to become laser focused on your specific discipline and achieve success and growth faster. Coaches will help you to tap into your inner self and bring out character traits that sometimes the individual being coached may not even know they have. In the mortgage industry, coaching and mentorship is critical to succeeding in an industry that has an exceedingly high fail rate along with new entrants who never realize their full potential.

In most instances, coaches usually have some experience in the same field as the individuals they are coaching, but not necessarily. Some may just be able to inspire others to greatness and success by instilling in them certain habits and abilities which are critical to continuous growth. The relationship with the coach can be temporary or permanent. Meaning the coaching does not have to stop but it is dependent on what the individual wants out of the relationship and the process.

Mentoring is both similar and different from coaching. A mentor is usually someone who has experience and wisdom in a particular profession or discipline or on a specific subject and is able to share it to help others succeed. Mentoring can be quite informal and can take the form of conversations between two individuals where ideas are shared with the expectation of benefit to one or both parties. I have found mentorship to be more fulfilling when both the mentor and the mentee go away from the conversation with a feeling of fulfillment.

Many mentorships can last a lifetime and those are usually the ones with the more successful outcomes. Up to today I still reflect and implement many of the things I learned along the way from the many mentors I have had. The best mentors for me where those who did not even know they were mentoring me but much of who they were in their specific fields and accomplishments is what I wished to become and accomplish.

Before you decide whether you need a coach or a mentor, sit down and do some self-evaluation to determine what is the outcome you expect and what are the gaps that you wish to have filled so your professional and personal journey is smoother than most and does not include a series of avoidable mistakes.

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Digitizing Your Business As A Mortgage Professional

 

Being a mortgage broker today means succeeding online and having a digital brand that clients want to work with.
 
"Business strategist Michael Harrison of Strategies Plus Concepts asks: are you playing by the new rules of broking?" (“The five new rules of broking | Mortgage Professional Australia”)
 
The world has changed. The internet has had an enormous impact on the business of mortgage broking. It has changed the way we think and, more importantly, it has changed the way our clients think and act.
 
This change is accelerating for three main reasons. Firstly, the internet offers instant access. Snail mail has been replaced by email for 90% of transactions. Digital tools let us share videos, send claims updates by SMS and ‘auto-respond’ to inquiries. We do not want to wait anymore.
 
Secondly, the internet is interactive. Communication is more immediate and effective. A Skype video call lets you talk face-to-face with clients and share documents at the same time. Social media sites have become the new frontiers for prospecting, and QR codes instantly connect people to our websites.
 
Finally, this is all inexpensive. Once you have an internet connection, you are in touch with the entire world. This necessitates some new rules for mortgage brokers…
 
Out of sight is out of business
Where is the first place you go to look for information? Google. We are all the same. If you cannot find a person or company on Google you think they either do not exist or, if they do, they are not too relevant. A Google search proves that they exist and have some currency. When was the last time you used the Yellow Pages, except as a doorstop? Why would you? Everything you need to know, from contact details to a satellite view of a building, is on the internet, so make sure you are there too.
 
Being a supplier is no longer enough
If you are going to feature prominently, you must be an authority and not just a supplier. It is not enough anymore just to say, “Here I am – I am an mortgage broker.” You must be recognized for knowing something about mortgages. Seth Godin is a marketing authority. He is regarded as an expert, not just because he knows about marketing but because he speaks about it, blogs about it, makes videos about it and authors books about it. In fact, there are more online searches for Seth Godin than there are for ‘marketing.’ In the digital world you need a footprint in multiple channels.
 
You must give to get
Billboards, telemarketing, and the constant barrage of advertisements on television have made us cynical and suspicious. If all you see is someone’s website or Google advertisement on the internet, you lose interest. If, on the other hand, you offer something worthwhile up front, then the client is more likely to interact with you. It might be a free guide to investment properties or an e-book about buying your first home. Give something first to attract interest in what you have to say.

 
Deliver an experience
It is not enough anymore to say, “I sell this.” You must make people feel part of your community. Are they welcomed like friends? Do they have special status; an after-hours number to call in an emergency; an invitation to your mortgage brokering webinar; a seat at your private economic update briefing held in your boardroom each quarter (which of course you record and webcast for those who couldn’t make it)?
 
Think digital, act analogue
The internet is an enabler; it provides a plethora of digital tools. But relationships are analogue events and mortgage brokers are in the relationships business. The key to growth and credibility is to use the power of the digital world to enhance your client relationships. Salesforce.com allows you to track client contact details; shoeboxed.com allows you to photograph all those business cards you collected over the years for automatic inclusion in your newsletter list; simplebooklet.com lets you create compelling and engaging content on the web and across mobile devices to engage your clients and prospects; and newspaper websites let you email articles of specific interest to selected clients. All of these are accessible from your smartphone.
 
Polaroid cameras went out of business because they missed the digital photography revolution. Encyclopaedia Britannica missed the digital tsunami that created Wikipedia. Microsoft missed the tablet revolution started by Apple’s iPad and is left trying to catch up. The digital revolution for mortgage brokers is here now.