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41 Comments on Which is More Important to You - Serving Your Current Clients or Pursuing Your Future Ones?
Studies show it's much much less expensive to KEEP a client than to find a new one. Use your current/past clients and treat them like gold! They will send you referrals--or not, depending on how you treat them.
Erica - VERY TRUE! I always say that those who prospect full time better enjoy prospecting because they'll be doing it the rest of their careers!
Be worthy of the business you attract.
Outstanding.
Tim, who wishes he were as pithy and insightful
Theoretical "Shortcuts" to money.
I see this any many businesses but it is worse in real estate. As businesses go (not jobs, businesses), Real Estate is a relatively easy, relatively low-risk opportunity to make big money. And that makes it easy for people with little business sense to be involved in high-dollar deals in some capacity. That leads to ego problems as well as a large pool of people that are all looking for a shortcut to a pay day instead of a solid business. Good stuff Jennifer! G
I was recently reading about this very issue and I have to agree with you Jennifer, we have to take care of our clients! If agents forget about their clients because they are more focused on lead generation, they may end up losing the business they already have!
Patricia - I can guarantee they WILL lose the business they already have!
Glenn - good point. Although I have to say that for me anyway, it's way more fun (and therefore easier) impressing my current clients than chasing new ones.
We real estate agents always compare ourselves to doctors & lawyers & such... okay, fine. So how would you feel if you got the distinct impression that your doctor felt his prospecting activities were far more important than taking care of your health needs? If you came home and found blog after blog after blog by him extolling the virtues of one lead generation technique after another? This obsession in our industry with lead generation over service is SO unprofessional!!!
"On to the next VICTIM" is an absolutely accurate description!
I recently had the experience in working with an agent who did NOTHING to educate their buyer client in how the transaction needs to run and what they need to do to stay on track. When I asked the agent if the buyer had obtained her home insurance policy, she responded, "She really doesn't know any better that she's supposed to get one...this is the first house she's buying." YOU CAN'T MAKE THIS STUFF UP!!!!
The buyer was horrifically uninformed about every stage of the game and furthermore kept everyone waiting for an hour when she was late for the (it's a miracle it even happened) closing. Awful, awful, awful and this person is right in my marketplace along with her "team." Furthermore, it came to light that she is PATHETICALLY UNEDUCATED on the rules and regulations of our MLS system!!!! Have mercy!
Great entry Jennifer!
Jennifer...in response to one of your comments. I'm not getting any comment notifications either, and haven't for over a week now.
Jennifer,
Absolutely true and as always, well said. I just came from a "list(en)ing appointmrnt" where to my amazement, found out the a previous "champion lister" returned calls to the client "in a week or sometimes TWO"!!!!
What the....?????
It is such a sad state of affairs when the only s e r v i c e that some "great agents" give is to grace a front yard with their sign and name!!!
OK...mini-rant over. Have a great day everyone!
And y'know what Bill - those agents truly think they earned their commission. Amazing, isn't it?
Antoinette - My jaw drops on a daily basis at the incompetency of some in our industry.
Great blog, Jennifer. I struggle to find a balance and it's so nice to hear someone say IT'S OK to lavish time on existing (and past!) clients.
Margaret - Lavish away! It's not only "okay" it's the right thing to do!
This notification thing not working is a PIA!!
If I have realllly good recipe cards they become raving fans! (JK of course!) but the silly thing like the recipie cards etc help to keep you in front of them and remember how tightly you held their hand through the process.
Hi Jennifer,
Great post! This is so true for ANY business, not just real estate. About 100 years ago, when I was in the Ad Agency business, we used to always say, "The best source of new business is our exisitng clients."
You're posts are always great. You should be a writer or something. I can see you on Oprah. ; )
Jennifer - To quote Brian Buffini - "Work Like a Hunter, Think Like a Farmer" - I have that quote up on my White Board!! Service - Service - Service and that takes care of the prospecting!!!!
Thanks for your rant - I agree!! Kathy
I don't subscribe to Broker Agent News - its a piece of JUNK. They wanted to do a profile on me - all I had to do was pony up roughly $4000.00??? Are they nuts???
Anyway, I don't prospect, I market with blogs and postcards etc. The work for that is best done in the evening when it is unlikely that you are going to get a fire of any kind. Issue resolved.
Jennifer, great post! It is important, however, to follow up and keep in touch with past clients. Even if you did a fabulous job for them during their listing or search and transaction, lots of people (me included) do not have a great memory for names. I can't tell you who sold my house for me only 6 years ago, and it was under contract in 8 days and progressed to settlement without a hitch! I don't do fancy follow-up either, but an occasional email, a phone call and now a monthly email drip campaign.
Jennifer,
I find that everything in our business must be balanced...prospecting for new business....keeping in touch with past clients....but by far the clients now are the one that should always take top priority. Great post!
With property management, keeping the client/property you have is ALWAYS easier and cheaper than finding a new client/property; however, prospecting for NEW clients is very important. Few property managers use direct mail and I actually have "farm" areas where I have current property listings....keeping what you have is GOOD - getting more is GOOD also...
I agree ,but alot of agents actually stop prospecting or low priority serious Lead Generation !
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