I have always known real estate agents have to be very patient to remain in and be profitable in their challenging profession. Many realtors, also called brokers, have very low conversion rates.
What is a conversion rate in real estate jargon?An example would be an agent who sold 1 house for every 20 she sold which would correspond to a 5% conversion rate for her. So the virtue of patience is paramount because a broker has to repeatedly be charming and appear sincere while knowing 95% of the time they will earn NOTHING!
However, it is easy to understand why realtors are so willing to endure so many failures. The industry average commission for being involved in the sale of a home is 6%. An example would be a $300,000 home resulting in an $18,000 payday for broker!
That is why outstanding brokers like Marion Hobbs get out of bed every day. Marion was broker of the Month for real estate firm in Roswell , NM working at a place near the court house. They honored him by giving him his own parking lot spot on busy Main Street. Many thanks to gentleman like him who make home buying fun.
One can gain more insight into the competitive sometimes cut throat nature of real estate selling by reading How to execute killer online real estate lead conversion which teaches realtors how to optimize or wring more business from online leads. Paul Hagey has apparently developed techniques on achieving conversion rates as high as 8%. Man, I would keep that a secret if I were him!