Every real estate agent or any business for that matter has a conversion ratio. The conversion ratio refers to the percentage of prospects who become your customers.
If your marketing skills are astronomical you may have a 2:1 ratio. (In other words it takes two prospects to generate one new customer) Or you may have a 50:1 or even a 500:1 ratio.
It's hard to predict what your specific ratio will be, since the ratio depends on many variables such as:
- The number of competitors
- Your local housing market
- Your experience
- Your marketing budget
Even though it's difficult to predict what your prospect to customer ratio should be, that doesn’t mean that you should be in the dark as to what your ratio is.
Why is this important?
Well once you know what your ratio is, you can pretty much predict how much business you are going to bring in. Once you are able to forecast your sales then only one question remains.
“Can you improve your prospect to customer ratio?”
If the answer is yes, then what are you waiting for?
Happy selling.
