What can you do to effectively groom the next generation of successful real estate pros?
Whether you are a real estate investor, agent, owner, entrepreneur, or just wanting your heirs to do better at buying and selling homes; grooming the next generation of real estate pros is critical to the industry. Therefore, how can you contribute to the development of said individuals?
The following tips will help to facilitate the talents of the next generation of real estate pros:
Invest in real estate education courses and pass the materials on. Gift them a course, whether they are 13 or 31. It will keep on giving when you can’t, and unless they have this knowledge, they won’t manage any portfolio you pass down very well.
Similarly, turn them on to practical business and financial education so that they can not only make great incomes and continue to build wealth but handle it wisely too.
2. Develop Strategic Thinking
Make developing strategic thinking fun with games like Monopoly, chess, Risk or even a healthy dose of Xbox. Empower them with the ability to think ahead, navigate challenges and constantly innovate. Using newly available innovations will help groom the next generation of real estate pros. It is never too soon to start teaching them the fundamentals of real estate.
3. Hands on Practice
Drive neighborhoods together, tour homes and point out what makes a good deal or doesn’t. Discuss ways to structure deals, have them operate a virtual test portfolio to see how they would make out based upon their decisions, and perhaps most importantly, make sure that they are aware of how housing cycles work.
If you aren’t an active real estate investor, agent or business owner yourself, find them summer internships with those that are.