How do you keep your past clientele loyal and build your business NOW for 2008.
One of the easiest ways to avoid any turbulence is to launch an educational and image enhancement program with your past clients and sphere of influence. During times of volatility in the market, the bonds of past client loyalty are easily broken unless you have a plan to keep them strong. The key is to start now, so that by mid 2007 when you really need a steady stream of referrals and repeat business from your past clients, you will have them.
The problem most agents have is that once a transaction is closed, they don't stay in touch in a meaningful way. After a few years of getting a Christmas card, a calendar and maybe one other piece of mail each year, the past client no longer feels any emotional connection with, or loyalty to the agent.
So let me lay out a simple, but incredibly successful plan for keeping you connected to your past clients. First, understand that ideally you should move your clients from the active client plan to your past client plan about 30 to 45 days after a closing. If you have not done this, start now. For all past clients from the past five years, put them on the plan. If you have not stayed in touch with people on a regular basis and it's been more than five years since their last transaction with you, let them go and learn from your mistake.
Now that you have them on the list, send them something about 6-10 times a year -- the key is in what you send them. Here's what to send. Once per quarter send out a personal letter (on your personal letterhead) that tells a story about what is going on with you, your family, your charity or mountain climbing expedition, etc. The best stories reflect your basic values and relate in some way to your niche. If you are The Family Realtor®, you talk about one of your kids and what it means to you to watch them grow up. If you are a golf specialist, you talk about what you learn about yourself playing golf with your son. Writing this story is the hardest part of your past client plan. It must be compelling to read (interesting) and make the reader feel like they really know you and are connected emotionally with you. Do not talk about real estate at all in the letter.
Additionally, send out a quarterly real estate insight letter. This is a straightforward letter in which you tell your past clients that you want to keep them informed about what is going on in real estate. You list a variety of facts like the number of homes sold in the area this year versus last year, what the average time on the market is this year versus last year, and most importantly, your personal insight into the next quarter.
As the churn starts to build, you can write a letter about seminars that you are attending to stay abreast of the marketplace and learn new skills. When written correctly, it will make your past clients feel like you are learning and growing and are the true expert that they can turn to whenever they have a real estate question.
Next, send out two to four cards each year that have a fun, offbeat message. We like things like Happy Groundhog's Day, April Fools Day and other offbeat days that make you stand out and show that you have a sense of humor. This is especially important as you become more successful because it keeps you approachable and not so intimidating.
Finally, twice a year send out two copies of your personal brochure, once with a cover letter asking them to pass it out to friends they know and once with a letter telling them you value their referrals.
As a great optional activity I recommend that you hold one past client appreciation party or dinner each year and invite all your past clients to come and meet each other. Half of them won't be able to make it, but you invited them and they will feel like they owe you just a little.
If you follow this plan starting now, you can build such a great relationship with your past clients that they could send you an endless supply of referrals and repeat business. Best of all, every time you see them or talk to them, they will feel totally connected to you and feel like you really care about them.
Agents often say, "Is it really worth it to do all that?" The answer is yes! If you calculate the ROI (return on investment) from following this plan, it is one of the best investments in marketing you can make. The biggest problem is that because the payoff of this plan doesn't start to really kick in until two years down the road, most agents don't stay with the plan. Then they suddenly realize the time went by and they don't have a great relationship with their past clients and their client base is not producing nearly what it could. Trust me on this one -- it can make you a fortune.
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