The end of the real estate transaction does not mean the end of your relationship with the client. In fact, this is a transitional period that will really determine if your relationship grows into new earning opportunities.
“We believe the next transaction is embedded in the current transaction. All that is needed is simply to “ask”, – says Michael Hickman, CEO and President of Seven Gables Real Estate.
There is a great misconception among new agents. The fact that the transaction is completed does not mean that the relationship between the real estate agent and the buyer and seller must also be established. Do you really want to keep building a close bond because you know what? This is how you are going to get their reverse business – and more importantly, this is how you get quality referrals.
“People enjoy doing business with those they know, love, and trust. Referrals ultimately make up about 85% of our business, ”says Carrie Lukins, broker / owner of Sellstate Alliance Realty & Property Management. “If you are not actively asking to recommend your clients, past and present, you are leaving so much to do on the table for others. Develop a systematic approach to solicit guidance and watch your business thrive. ”
Here are some outstanding statistics from Social media today which emphasize the importance of referral programs in marketing strategy:
– 78% of B2B marketers said referral programs generate good or great leads.
– 60% of marketers said referral programs generate a lot of leads.
– 54% said referral programs have a lower cost per lead than other channels.
– Marketers rank referrals as the second largest source of quality leads.
In accordance with Craig Northrop, founder and CEO of Northrop Realty, Long & Foster, real estate advice should be considered “gold in these hills.”
“Agents watch the new business so closely that they tend to forget about the old business. If you want to create a business that is not affected by market conditions, focus on referrals, ”says Northrop.
So, before you prematurely end what may be the most lucrative part of your business, follow these tips to keep your good business going.
Keep your interest. It should be sincere. Nobody wants to hear from their agent in a year if this is just a commercial pitch.
Stay connected and updated on what’s going on in their lives. Pay attention to any significant events such as anniversaries and birthdays.
You should at least include quarterly touchpoints in your CRM strategy. Thus, the client is waiting for your call, and you become an integral part of his life (even if it is insignificant). The idea here is to always be the first name that comes to mind when they think of real estate.
“Consistency is one of the main benefits. Follow, go on and answer, ”Northrop says. “Love your customers and be sure to share your market knowledge with them.”
Communicate. Don’t just state the facts you’ve learned along the way, whether it’s about real estate or your client’s life. You want to truly connect and impress. What better way than letting your customers communicate with you?
Just be human. Show them that you have experienced this and provide guidance or support if needed.
Of course, you will want to keep records of conversations within your sphere of influence so that it is easier for you to rely on personal information during future communications.
“Being organized is the first key: keeping all your data in one place,” says Gusty Gulas, Team Leader for Gusty Gulas at eXp Realty. “I highly recommend that you rate each person in your database in three categories: A, B, and C. Touch the database with your As monthly, B every quarter, and C every six months.”
Be near. You must constantly be present in the lives of your clients. This doesn’t mean they need to be overwhelmed with calls and emails on a daily or weekly basis, but a few touchpoints throughout the year can really strengthen your relationship.
“It’s so important for a successful agent to develop a referral strategy to their past clients,” says David Searle, broker / owner of RE / MAX Services. “Our strategy is based on the principles of Buffini & Co. and includes the compilation of our top 100 ”.
“Once we do that, we track them and contact them every 21 days by phone / text, hint or handwritten cards,” he adds. “It’s always important to ask for a referral every time so that they remember you are in real estate.”
Invite them to social events or customer appreciation meetings, and if you have something like movie or concert tickets that you want to hand out, use that as an excuse to reach out to a past customer and provide an answer.
“Agents who are 90% repeat business and referrals accomplish this by executing a consistent marketing relationship strategy,” says Sherri Johnson, founder of Sherri Johnson Coaching & Consulting. “They keep the door open for referrals by communicating with their base at least twice a month, calling at least quarterly and hosting periodic VIP events, including at least one major customer gratitude event per year.”
You can also take advantage of the holidays through contests and giveaways that keep your industry engaged and fun. Create memories, not sales offers, and make sure your customers know you value them.
According to a survey conducted by Ask your target market91% of respondents said they are more likely to do business with companies that value their customers. However, only 62% said the businesses they dealt with showed good customer appreciation.
“Research shows that repeat customers and referrals are much more fun to work with, require less verification and cost less money to keep them as customers,” says Darryl Davis, real estate coach and CEO of Darryl Davis Seminars. “If you want to achieve long-term success in this business, take care of the VIPs (they are all VIPS) in your area and on the farm. In turn, they will take care of you. “
It is easy to understand the transactional part. The hardest part is continuing to develop a relationship when you’re not working together. Trust me – with some commitment, it pays off in the end. Ask any top producer!
Liz Dominguez is Senior Online Editor at RISMedia. Send her your real estate news ideas to firstname.lastname@example.org…