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I think everyone would agree that the bottom line is that ability is of the utmost importance. It is hard to neglect visibility though. There is a Realtor who lives and works in my neighborhood that seemed to come out of the woodwork a couple years ago. All of the sudden his face was everywhere at once and business begets business begets business.
I've not heard or seen of too many people using this guy a second time around which may question his ability, but one can go a long way burning though part of a city without repeat or referral business and continue to gain business from the visibility.