Do you know that due to the low barrier to entry to the real estate industry, the turnover rate for new agents is especially high?
I do not have specific statistics. However, based on my observation, for every 100 agents who joined this industry, half of them will drop out by the first year; another 25 will drop out by the end of the second year.
This turnover rate works out to 25 out of every 100 agents. Hence, we can conclude that only ¼ will survive in this industry after the first crucial 2 years. Out of these 25 agents, 20 of them will be average performers that make a decent living and the remaining 5 will stood out as top achievers and earn an attractive remuneration in this industry. This observation is model after pareto principle rule of 80/20.
Here, how do you survive in your first year as a new agent and how do you stand out to be that consistent 5%? The following pointers should be a guiding light for you.