Inman News recently posted an insightful article about client retention, noting that only 25% of real estate clients use the same agent for their next transaction.
Another challenge is the fact that most real estate clients are infrequent customers, buying or selling a home only every 7 years or so.
At first glance, it may seem counter-intuitive to devote marketing efforts to client retention. 7 years is a long time to nurture a relationship! It might appear more cost-effective to market to potential new clients who plan to buy or sell a home in the next few months.
But here's the catch: you'll need to do a lot more farming to catch new prospects, than you would by marketing to past clients who can provide referrals.
Marketing to past clients provides you with a dual benefit: an increased likelihood of repeat business, and more referrals from those clients. This creates an ever-expanding ripple of referrals, something that top agents capitalize on to dominate their markets.
To help you succeed with your client retention efforts, we're going to share some tips from the Inman News article, along with many suggestions of our own!
1. Show appreciation for their business. After closing, provide your clients with a thank-you card. Include gift certificates to local restaurants, merchants or services. This is also a great way to keep your relationships with local businesses fresh; they're potential sources of clients and referrals too!
2. Remember important dates and details. Be sure to note your client's new address after closing, as well as their email, phone number, birth date, anniversary date, and names of spouse and children. Jot down what you know about them, such as favorite sports teams and family activities.
Periodically reach out to your past clients. Ask how they're doing. Send a card to congratulate them on a milestone. If you use a CRM for emails, be sure to compliment this every so often with a handwritten card or personal phone call.
3. Share hyper-local news and market updates. Don't worry about trying to continually "sell" to your past clients - your goal is to remain top-of-mind. Sharing a monthly newsletter is a great way to accomplish this, while edifying your local knowledge.
4. Ask for online reviews. Provide your clients with links to your online review pages on Trulia, Zillow, Yelp, ect., and request their feedback. Again, be sure to show appreciation!
5. Ask for referrals. Let your clients know that you'll treat their friends, family and associates like gold.
6. Invite your clients to join you on social media. Share links to your social media pages and invite clients to "Like" or "Follow" or "Join." Also be wiling to follow them in return!
7. Offer to help. While your clients might only buy or sell a home every several years, they have more frequent questions about local contractors, permits, municipal services, schools, taxing authorities and amenities. Proactively share contact information for local resources. Offer to help with homeowner questions. Even if you don't know the answer, you can put them in touch with someone who does!
Investing in your past clients is not expensive. It's a matter of staying in touch and giving your clients a reason to remember you. At the same time, you're giving them a reason to trust their friends and family to your expertise!
We love referrals too! Know someone who needs help with online marketing, email campaigns, copywriting, social media or web services? Contact RealSupport today!
Bonita Breit
Copywriting & Marketing Specialst
RealSupport, Inc.
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