Buying or selling a home is an overwhelming monument in most people’s lives. And for most people, it is not a singular event, but rather a reoccurring process as their family grows and moves on. As a real estate agent, most clients expect hand-holding and comfort throughout the entire process. If done correctly, this relationship can be not only a fruitful and profitable one, but also one that lasts for life.
The typical real estate sales funnel begins with leads that filter down into appointments. Appointments filter into signed business, which ultimately become closed deals. But what if you could keep those clients in your current funnel? It is said that each person knows about 250 people. If you have 100 clients, your funnel is potentially open to at least 25,000 possible future clients. As a real estate agent, you should always be working to generate new business through prospecting, but make prospecting your past client list your highest priority. While this might seem obvious, the truth of the matter is that the industry does a poor job in this area. Previous studies have shown that the typical agent loses 20 percent of their current database each year by failing to stay in contact with past clients.
There are several ways to keep your past client base at the forefront. NAR’s 2013 Profile of Home Buyers and Sellers confirms that the industry is continuing to fall short in the area of retaining past clients: “Forty-two percent of buyers found their agent through a referral from a friend or family member, and 12 percent used an agent they had used before to buy or sell a home.” Which, when you calculate it out, means that 59% of sellers end up listing their home with a different agent from the first time around. So why aren’t agents retaining returning clients? While there are several possible explanations for this scenario, the most likely cause is that the agent failed to stay in regular contact with the client. The average homeowner buys a house 3 times in their lifespan: 1. a starter home 2. a larger space for a growing family 3. downsized home for the empty nest. By failing to stay in contact with clients, real estate agents are missing out on multiple opportunities and lifelong relationships.
But how does an agent manage such important relationships while also balancing a full work load? These three tips will help real estate agents in all stages of their career cultivate and maintain fruitful relationships with clients and have them coming back for more:
1. Utilize your database
Whether it be through weekly email newsletters, Facebook, or any other form of social media, the best way to keep in contact with your clients is to have a constant presence in their lives. And what better way to do that than through technology? There are so many options for communication these days, it is almost unheard of to be out of touch with the human race.
2. Connect with your Clients Every 90 Days
Three months is the perfect amount of time to reconnect with a client. Anything shorter and they might feel bombarded or even worse, spammed, and will eventually stop taking your calls. But a quick call to touch base and check in every 90 days feeds the relationship and maintains the familiarity. If your client feels in constant connection with you, they are much more likely to give out referrals to friends and family members, as well as securing their own sales or purchases with you.
3. Make it Personal
There’s a lot to be said for going out of your way to make a client feel recognized and appreciated. Whether it be sending a card on their birthday or anniversary, or sending a personalized email, the personal touch goes a long way. It is important to be authentic, empathetic and to focus on gratitude. Saying “Thank You” goes such a long way these days. Behave in a way that turns these words into actions and you will have a customer for life.
Nurturing relationships with your customers is a crucial part of growing a successful business. In this age of automation and innovation, caring for your customers has never been more important. Your clients trusted you once to make them happy and provide a life changing experience, so it is essentially the job of the real estate agent to follow through and solidify these life long relationships.
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