{"id":21131,"date":"2018-05-15T01:00:23","date_gmt":"2018-05-14T15:00:23","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21131"},"modified":"2018-05-15T01:00:23","modified_gmt":"2018-05-14T15:00:23","slug":"what-do-you-need-a-mentor-or-a-coach-matthew-bateman","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/what-do-you-need-a-mentor-or-a-coach-matthew-bateman\/","title":{"rendered":"What do you need \u2013 a mentor or a coach? \u2013 Matthew Bateman"},"content":{"rendered":"

When it comes to investing in property, many think they can do it themselves.\u00a0 Looks easy – right?\u00a0 \u00a0Matthew Bateman<\/strong> is from ThePropertyMentors and he joins us to discuss the difference between a property mentor and a property coach.
\nTranscript:<\/strong>
\nKevin:<\/strong>\u00a0 When it comes to investing, sometimes you\u2019re much better off not doing it on your own. I know that\u2019s great temptation and many people will think \u201cWell, do I really need someone to guide me in this?\u201d We\u2019ve spoken in the show in the past about putting together a team, who goes into that team. That\u2019s not what we\u2019re going to talk about right now; we\u2019re going to talk more specifically about getting a mentor.
\nI\u2019m talking to Matthew Bateman. Matthew is from ThePropertyMentors.com.au, so you\u2019re probably going to guess what he will be saying.
\nMatthew, what\u2019s the difference between a mentor and a coach?
\nMatthew:<\/strong>\u00a0 That\u2019s a really difficult question to answer because they have so much overlap. I guess come back to your question \u201cDo people need a mentor?\u201d No, absolutely not. What they should want is they should want to have a mentor.
\nThe reason I say that is if we look at the similarities between a mentor and a coach, a mentor and a coach are both there to help you get a better result. That\u2019s the bottom line. Now, obviously, coaches typically work in the fields of sport or business. Mentors also work in the fields of business, and in our case, we focus on property and property investing, and actually help to guide people through the myriad of choices and decisions that they need to make to be able to get the best results in the investing space.
\nSo, do you need a mentor? No. Do you want a mentor? Yes. The only reason you\u2019d want to is if you want to get better results. If you want to take your investments from where they are currently to the next level \u2013 and there\u2019s always another level of investing \u2013 then finding the right mentor to guide you through the process, I think, is invaluable.
\nKevin:<\/strong>\u00a0 I guess I\u2019ve often wondered about that question \u2013 the difference between a mentor and a coach \u2013 and I\u2019ve always thought that a mentor is someone who can guide you, whereas a coach is someone\u2026 And I don\u2019t like using the word motivate, but a coach is someone who will try and move you along, whereas a mentor sits down and helps you and guides you. That\u2019s the only difference I can see.
\nMatthew:<\/strong>\u00a0 I guess if we use that analogy, it\u2019s a little bit like trying to climb Mount Everest. Using your analogy, a coach would be behind you trying to push you up the mountain, whereas a mentor would probably be beside you and just giving you a helping hand when you need it along that journey, and just giving you the advice as to what to look out for, where the danger zones are. If the weather is coming in, do we turn back in order to make sure that we\u2019re safe?
\nThese are all the things that I think a mentor does. They\u2019re not there to do all the work, and they definitely shouldn\u2019t be there to motivate you, because when we\u2019re talking about finance and wealth \u2013 basically people\u2019s lives \u2013 we\u2019re really talking about all of the dreams and goals that people have for their lives, of which they need finance to be able to complete, really, we\u2019re getting very much into very real conversations and very real relationships as a mentor with people to help them to achieve everything that they want to achieve in life.
\nKevin:<\/strong>\u00a0 A mentor is a bit like a co-pilot. If you\u2019re in a plane, the co-pilot sits besides you and helps you check off the list, the things that you need to get done.
\nMatthew:<\/strong>\u00a0 Absolutely. That\u2019s a really good analogy, actually, because yes, the co-pilot is not necessarily there to fly the plane unless you as the pilot start to get into trouble. Then, obviously, once the plane has leveled out again, then the co-pilot hands the reins back over to the pilot and, obviously, the journey continues.
\nKevin:<\/strong>\u00a0 I love what you said earlier, Matt, about not necessarily needing a mentor but wanting one, because that\u2019s a big difference, isn\u2019t it? If you really want one, you\u2019re recognizing the important role they\u2019re going to play.
\nMatthew:<\/strong>\u00a0\u00a0I\u2019m a classic example of this. When I first started investing, I thought \u201cI\u2019m an alpha male, I\u2019m six foot tall, I\u2019m bulletproof, I can do it all myself, I don\u2019t need any help.\u201d And in fact, for me, early in my investing career, it was seen as a sign of weakness to actually put your hand up and say \u201cLook, I actually need some help.\u201d
\nBut the point I got to was I was trained as a chiropractor professionally, I started running health and wellness businesses, started generating good income, and I went out and started investing that income without really knowing what it was I was doing and probably also importantly, without having a really clear plan as to what I was doing.
\nWhat I did was I just do what a lot of people did; I went out into the market, tried to do it all on myself, and unfortunately, lost both bucket-loads of money but also more importantly, I think, I lost a lot of time doing things that I shouldn\u2019t have been doing.
\nNow, had I recognized earlier in my investing how valuable a mentor was, my results\u2026 I\u2019m really comfortable with my results, they\u2019re fantastic, but they could have been so much better had I put my hand up earlier in the piece and say \u201cHey, look, I don\u2019t have the education, I don\u2019t have the networks, I don\u2019t have the experience or the skillset to necessarily be going out into financial markets and making an absolute killing.\u201d
\nKevin:<\/strong>\u00a0 It\u2019s so much better to learn from others\u2019 mistakes, so you\u2019re not going to make yourself. The mistakes you make in the market, while they won\u2019t all be crippling, some of them can be.
\nMatthew:<\/strong>\u00a0 Absolutely. We get to see, unfortunately, both the good, the bad, and the ugly in the property investment space. And having been an investor myself for nearly 20 years, I\u2019ve been through it all on both sides of that. I\u2019ve been through it as an investor. I\u2019ve been through it learning on the way and learning, I guess, at the school of hard knocks and making lots of mistakes and losing lots of money.
\nDon\u2019t get me wrong; those experiences were invaluable because they helped me to get to the point that I\u2019m at today, but had I had the choice, and somebody said to me \u201cAll right, do you want to do things the slow way or the fast way. Do you want to do things the safe way or the unsafe way? Do you want to do things predictably or do you want to just leave it all to chance?\u201d then obviously, my decision processes might have been a lot different to what they were over the last 20-odd years.
\nKevin:<\/strong>\u00a0 How do you find a good mentor? How do you avoid getting a bad one?
\nMatthew:<\/strong>\u00a0 Actually, that\u2019s probably a good question to ask, and it\u2019s probably a difficult one for me to answer because I\u2019m going to have a little bit of bias here because, obviously, our business, The Property Mentors, is directly involved in the space of helping other investors get better results.
\nKevin:<\/strong>\u00a0 Let me cut you off there. Surely, you\u2019ve had people come to you who have been skeptical because they\u2019ve been with someone who hasn\u2019t given them good advice, and you\u2019ve seen what those people are like. Tell me what they demonstrate, not what you demonstrate.
\nMatthew:<\/strong>\u00a0 All right. Here are the traps you need to look out for. There are a lot of people out there who will call themselves mentors or coaches or financial advisors or guides, but really what they often are just salespeople in disguise. Really, what they\u2019re trying to do is they\u2019re trying to promote a particular product or service for you, the investor, to move into.
\nNow, oftentimes, they\u2019ll be very charismatic. Oftentimes, the opportunities will look amazing. At the end of the day, though, realistically what you want to be working with to find a good mentor is somebody who\u2019s probably already been there and done it and actually doesn\u2019t really need to be doing it, if that makes sense. They\u2019re not there to earn the income.
\nObviously, as any business and our business is no different, we\u2019re here to make some money, but at the end of the day, we don\u2019t need to make that money, if that makes sense. We make money in many ways in our investing space, including property development, subdivision renovation.
\nWhat we highlight to a lot of members is really understand the motivations of the mentor. All of the people who we work with in our business are not salespeople; they\u2019re actually experienced property investors in their own rights. They\u2019ve built multi-million-dollar portfolios. And they now get as much joy and satisfaction out of helping other people get that result as they do continuing to build their own wealth.
\nKevin:<\/strong>\u00a0 Yes. You know what worries me about all of that is the fact that good salespeople will sell you on a concept and you won\u2019t even know you\u2019re being sold on it. That\u2019s the difficulty I have, and the difficulty I think a lot of people in trying to find someone, Matthew, is cutting through the BS is really very hard.
\nMatthew:<\/strong>\u00a0 Look, at the end of the day, the only way you\u2019re going to be able to do that is to have some conversations and start doing some level of work with some people. For example, in our business, we\u2019ll usually have two or three or four phone conversations or meetings before we\u2019ll even ask for any business.
\nWhat that does is it gives us an opportunity to learn more about you the investor but also gives you the investor a chance to learn more about us and what we do and why we do it, and hopefully, you\u2019ll be able to see and your BS meter will rise to high levels if we\u2019re not authentic or we\u2019re not genuine.
\nThese days with social media\u2026 If we go back to the 1980s and the cowboys of the 1980s and the flights up to the Gold Coast and all of that sort of rubbish that was in the industry, these days with social media, you cannot afford to not be authentic and not be truthful because your reviews will just suck.
\nOne of the great things about social media these days is it helps to keep businesses accountable and holds people to a higher standard. That helps to weed out a lot of the bad eggs in the industry.
\nKevin:<\/strong>\u00a0 Great talking to you, mate. Thank you very much for your time. Matthew Bateman is from ThePropertyMentors.com.au. Thanks for your time, mate.
\nMatthew:<\/strong>\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

When it comes to investing in property, many think they can do it themselves.\u00a0 Looks easy – right?\u00a0 \u00a0Matthew Bateman is from ThePropertyMentors and he joins us to discuss the difference between a property mentor and a property coach. Transcript: Kevin:\u00a0 When it comes to…<\/p>\n","protected":false},"author":176692471,"featured_media":21132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,36,22,25,27],"tags":[101],"class_list":["post-21131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nWhat do you need \u2013 a mentor or a coach? \u2013 Matthew Bateman - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/what-do-you-need-a-mentor-or-a-coach-matthew-bateman\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What do you need \u2013 a mentor or a coach? \u2013 Matthew Bateman - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"When it comes to investing in property, many think they can do it themselves.\u00a0 Looks easy – right?\u00a0 \u00a0Matthew Bateman is from ThePropertyMentors and he joins us to discuss the difference between a property mentor and a property coach. 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