Keep Old Clients Coming Back for More
Client retention is the name of the game when it comes to real estate. Word-of-mouth referrals can be the bread and butter of your company’s marketability. At the National Association of Realtor’s convention in San Francisco, UK’s Property Academy managing director, Peter Knight, provided three strategies for keeping past real estate clients coming back for repeat business.
First thing is first, and that is “people”. Your marketing strategy needs to focus not only on prospective leads, but on maintaining past client relationships. Thing about it this way – the past 100 clients you worked with know about 250 people. These friends could be potential clients that came from unsolicited marketing. When you provide your clients with the ultimate real estate experience, they will most likely feel inclined to pass on a great referral to friends and family. Therefore, past client relations should be your highest priority. The National Association of Realtor’s profiled home buyers and sellers, coming up with the statistic that “Forty-two percent of buyers found their agent through a referral from a friend or family member, and twelve percent used an agent they had used before to buy or sell a home” and “Among recent sellers who used an agent, eighty-four percent reported they would definitely (65%) or probably (19%) use that agent again or recommend to others”. All in all, the percentage of repeat clients is way below the percentage it could be. This suggests that it is due to a lack of client relations after transactions close.
So here is what you can do:
- Use Your Database
Yes, make your past clients your priority, but also prospect for new business. To optimize this process, use your database. Find a database that can maintain your emails, address book, and allow you to create lists. Create a list of your top fifty to one-hundred clients to keep in contact with regularly.
- 90 Day Rule
Make it a habit to personally contact your clients at least once every ninety days. Whether it’s through email or social media, just do it. Knight suggests video or a phone call as the best methods of contact.
- Video Engagement
Peter Knight believes that video has power and is important in your communications. It is the main way that most people favor to get information. The Direct Marketing Association reports that eighty-two percent of direct marketing mail goes unopened, while video emails have a much higher open and response rate. Video also allows for you to start building a relationship without meeting face-to-face. Leads often research agents online and video gives the illusion that they have met you and start to gain trust through seeing how your talk, interact, and present yourself. This goes beyond what the written word can do on its own.
So, don’t miss out on clients because you aren’t taking advantage of the client base your already have. Organize your strategies and utilize your database. Engage with your clients and expose your real estate abilities.