As I sat down at my computer, a writer from Fortune magazine messaged me on Facebook, of all places, to ask my opinion of an article she was writing.
With a natural attrition rate of more than 30 percent, the turnover in the real estate industry is high. Most big-box brands (secret: many are subsidiaries of the same company) earn their living collecting large commissions and fees from the endless queue of new agents coming through the revolving door.
A lot of first-year agents sell few, if any, homes. During their brief stint as a Realtor, their new licenses offset much of the overhead related to the big-box brand, they will sell their aunt’s cousin’s house and then move on to a more stable career. A firm with 200-plus agents must replace about 60 agents each year just to keep pace in the market.Certainly, knowledge, work ethic, reliability and personality all play a role in being a successful agent. But, the best in the industry seem to have an additional similar trait - they do the right thing always.
When an agent is mainly concerned about the paycheck, eventually clients will disengage, lose trust and gravitate toward someone coming from contribution rather than out of need. They don’t teach that in real estate school.The four main principles by which our group operates are:
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