The 3 Things All REALTORS® Need to Be Doing to Grow Their Business

By
Real Estate Technology with IXACT Contact Real Estate CRM

You may feel a bit overwhelmed with all the advice you get about what you should or shouldn’t be doing for your business. Maybe you can only implement a few changes and need to figure out which are the really important ones to focus on and which ones you can put on the backburner for the time being. In this post I’ll discuss three big points to think about. Each one will greatly affect your overall business success.

1. Focus on retention more than acquisition

It costs five times less money and energy to retain an existing client than to acquire a new one. Too many agents make the mistake of focusing all their efforts on prospecting and securing new leads and customers. But if they put half that time into their clients and staying in touch with them long after the transition is over, they’d be much more successful. The highest performing Realtors get the bulk of their business from referrals and repeat transactions. Business from prospecting is supplemental.

In order to focus on retention, you need to stay in touch and build lasting relationships with past clients over time. It all starts with a good real estate contact management system, or CRM. If you’re not already using a real estate specific CRM, the first thing you need to do is get one.

2. Take a creative and multi-faceted approach

We talk about keeping in touch but keeping in touch doesn’t just mean calling people from time to time. You need to have a broader and more creative line of attack to maximize your success. Supplement phone calls with face-to-face events like a cup of coffee, round of golf, client appreciation nights, and home expert seminars.

As well, be sure your communications approach includes email marketing and direct mail. You can schedule and organize all of your keep in touch work with your real estate CRM as well as automate some of your communications with drip marketing and a professionally written and designed monthly e-Newsletter. This will save you a ton of time and keep you organized and in control of your business.

Another great approach is to sponsor a sports team or organization your clients are involved with. Sponsorship is a great way to get your name circulated within the community and build goodwill. And of course, it’s unique and creative. How many Realtors in your community are sponsoring teams?

Lastly, developing a relationship with a local business, like a spa or restaurant can also be extremely effective.  With this “partner” approach, when someone refers you, the owner or manager would call the referrer for a spa day or dinner for two, paid for by you. This is memorable, often completely unexpected, and is a creative way to say Thank You and encourage referrals among your real estate sphere of influence (SOI).

3. Get personal

Real estate is a relationship business. So what steps are you taking to build those lifelong relationships with your SOI? Are you wishing your clients a Happy Birthday and Happy Home Purchase Anniversary when the time comes? Are you recording their important life events and then communicating with them about these events (How did Jimmy’s baseball tournament go?)? Are you taking them out for fishing or to an opera, for instance, because you know they’re passionate about these things? Do you know the names of their children and their pets?

My advice is to get to know your clients on a deeper, more personal level than perhaps you already do. Then record important information about them in your Realtor CRM so you don’t have to remember. Your CRM will prompt you to pick up the phone and make a keep in touch call, wish Bob a Happy Birthday, or invite Jane and her husband to the opera, for example.

When it comes down to it, success in real estate is largely about building relationships and effective contact management. If you can master these things, your career will flourish.

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. John DL Arendsen 10/02/2014 06:04 AM
  2. Winston Heverly 06/12/2015 02:02 PM
Topic:
Real Estate Best Practices
Groups:
Realtors®
Keller Williams 'Rainers
RE/MAX Active Rain Bloggers
Marketing and Technology Idea Exchange
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Tags:
drip marketing
crm
real estate contact management
real estate crm
realtor crm
real estate sphere of influence
keeping in touch with past clients

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Rainer
282,646
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

thanks, I have bookmarked this to share with agents

Oct 02, 2014 04:45 AM #1
Ambassador
1,207,059
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

This is fantastic information about what Realtors should do to grow their businesses.  

Oct 02, 2014 05:00 AM #2
Rainmaker
1,532,032
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Great advice, Rich. I've written before about the one thing I wished my first broker had taught me - STAY IN TOUCH with past clients. 

Too many agents treat clients like one transaction is all that will ever take place, and that just isn't so. 

Oct 02, 2014 05:03 AM #3
Ambassador
671,777
John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

Man! Did I ever hit pay dirt this morning. Almost every post I've read has been excellant and well worth being not only featured but reblogged. This is basic and commonsensical information that we all should know but it's put in such a basic and easy to read format. Good work!

Oct 02, 2014 06:04 AM #4
Rainmaker
1,020,371
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Great advice.  A good contact management system can make all the difference to help you stay in touch with past customers. 

Oct 02, 2014 06:18 AM #5
Rainer
475,664
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

You can have all the tools but if you don't use them, it won't work, so discipline, perseverance and action is essential to grow any business.

Oct 02, 2014 07:27 AM #6
Rainmaker
645,797
Bill Reddington
Re/max Southern Realty - Destin, FL
Destin Florida Real Estate

Following up with contacts is certainly very important. All great points for contact. Maintaining a database with a CRM type program makes life easier. The best CRM program is the one you use.

Oct 02, 2014 11:15 AM #7
Rainmaker
1,059,812
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Rich, these are three important tips we need to think about every day.

Oct 02, 2014 03:18 PM #8
Rainmaker
458,785
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Very well thought out and clearly spelled out.  Three great points for staying in touch with our sphere of influence ... clients past, present and future!

Oct 02, 2014 04:47 PM #9
Rainmaker
391,907
Rich Gaasenbeek
IXACT Contact Real Estate CRM - Toronto, ON
Real Estate CRM & Marketing Made Easy!

Ron: We try to put out similar articles each Tuesday and Thursday, keep an eye out and feel free to send them our way to follow!

Marte: Thank you, Marte! Building a referral based business definitely starts from day one. Definitely a lesson that every broker should be teaching off the bat!


John: Very happy to hear you enjoyed the article! Sometimes the simplest solutions can be the hardest to figure out. Even the best of us need to be reminded of the basics sometimes.

 

Thanks everyone for the great feedback. Very glad to hear you enjoyed the article!

Oct 03, 2014 12:12 AM #10
Rainmaker
1,528,076
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Have to agree that retaining clients is easier than getting new ones.

Oct 03, 2014 05:05 AM #11
Rainmaker
391,907
Rich Gaasenbeek
IXACT Contact Real Estate CRM - Toronto, ON
Real Estate CRM & Marketing Made Easy!

Definitely, Lyn.

Not to mention, taking care of the clients you retain can lead to referrals that get you new ones in the process!

Oct 06, 2014 03:21 AM #12
Rainmaker
1,431,210
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I find that when I make phone calls I have business.  When I do not make phone calls I do not have business. 

Oct 13, 2014 07:12 AM #13
Rainmaker
391,907
Rich Gaasenbeek
IXACT Contact Real Estate CRM - Toronto, ON
Real Estate CRM & Marketing Made Easy!

Absolutely, Gene! While the buying and selling process itself is mostly reactive, responding to your customers' needs, it takes proactive work to bring in those customers and to keep them with you long-term.

Oct 14, 2014 01:37 AM #14
Rainmaker
3,061,491
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I've been focused on #1 and #3 for decades and it works and that's why 75+% of my business comes from past clients and referrals.

Oct 23, 2014 04:32 AM #15
Rainmaker
1,675,919
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

I think going back and reading some of Active Rains best Archives  likes this one should be shared again.

Mar 26, 2015 12:20 PM #16
Ambassador
4,170,337
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Thanks Rich, great advice, keeping in contact can make a big difference.

Jun 12, 2015 04:08 PM #17
Rainmaker
1,488,078
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

I think, whatever the agents do, they just have to do it consistently: farming, mailing, calling, blogging, etc. Many agents try something and quit too soon to get any results.

Jun 12, 2015 05:06 PM #18
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Rich Gaasenbeek

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