SoftPro’s Director of Regulatory Compliance Leslie Wyatt presented a workshop on how to successfully establish a mentoring program at this year’s National Settlement Services Summit, the premier conference in the title industry produced by October Research, LLC. In a follow-up interview, she shared specifics on what mentoring can do for both individuals and companies.
Beginning her career in the real estate industry 20 years ago, Wyatt has held various positions in training, consulting, research and development, compliance and business integrations. For the past six years, Wyatt has been a part of SoftPro’s Research and Development team, focusing on regulatory and compliance issues.
“When considering developing a mentoring program, it's important to be realistic,” Wyatt told Valuation Review, a RESPA News sister publication. “There are four stages to keep in mind: planning, implementation, mentoring and evaluation. Think about what outcome you're hoping for. Taking the time to outline clear expectations and guidelines will allow participants to understand their role. Be sure to consider things like what the overall program goal is and what the mentoring process will look like.
“You'll need to identify your process for selecting the right participants and how best to match mentors with the right mentees,” Wyatt added. “Training and communication are key to implementing a program. A successful mentorship program needs to be fluid and able to change as the program requires it.”
The three “C’s” of mentorship are clarity, communication and commitment. Wyatt spoke of the importance of these specific characteristics, noting communication is critical in a mentorship program. It will help facilitate a productive and meaningful mentor-mentee relationship, she said, while open and transparent communication allows participants to exchange ideas, feedback, support and guidance.
Effective communication develops a sense of trust between a mentor and mentee, she pointed out.
“Clarity is critical when developing and planning a mentorship program. A well-structured program provides clear guidelines on expectations and roles,” Wyatt said. “A clear road map allows both the mentee and mentor the tools they need to have a successful relationship. A common understanding of the program’s intent and goals allows everyone to work together to achieve common goals.
“Commitment by both the mentor and mentee is an absolute must. Both parties must commit to invest the necessary time and effort to make the program successful,” she added. “A committed mentor should provide support and guidance to their mentee and in return the mentee should be open to receiving the feedback and be willing to put the effort in to implement what they can.”
As to how advantageous mentorship programs are to a business, the SoftPro executive said some of the key benefits are the ability to grow your business through the program, retaining current staff, hiring new employees and improving onboarding and productivity within your organization.
Additionally, a mentorship program allows a company to stay competitive in their marketplace. It helps build the future leaders within an organization, build diversity and supports a learning culture.
Wyatt said the only disadvantage to mentoring would be a “poorly executed program.” Without proper planning and execution, you could be setting mentors and mentees up for failure, she emphasized.
“Choosing to be a mentor is a big commitment. While someone may have good intentions, it really takes time, commitment and an open mind to be a successful mentor. Not being available and not listening can really ruin a mentor/mentee relationship,” she said. “Being a good mentor is understanding the goals of the mentorship program. As far as golden rules, it all comes down to knowledge, commitment, availability and honesty.”
Finally, we asked Wyatt to outline the “A” aspects of mentoring: availability, active listening, and analysis, and how crucial these elements are in developing mentorship programs.
“Availability: a mentor should be very generous with their time, experience, encouragement, and advice. Active listening: you cannot be a good mentor without good listening skills. A mentor should listen attentively and not be distracted,” she said. “Analysis: mentors should be able to analyze and provide detailed feedback or solutions to their mentees.
“The three ‘A’s’ are crucial to developing mentorship programs as well as any meaningful relationship,” Wyatt added. “They allow for the tools to help solve common issues, provide for better engagement between a mentor and a mentee and create and environment for a successful mentorship program.”