Yes it's true. I have a habit of retaining clients that the original referring agent has lost because they did not keep in touch, simply forgot about them or have no system to follow up. Why is this? What do I do to keep that client for years after our original conversation? At this point in my career, 22 years later, I thought it would be so silly to even mention (common sense) but after having lunch with a realtor friend of mine today, I decided to share what I do. She listened to my phone conversation and started to take notes on her napkin which took me by surprise. Sometimes we take things for granted and assume everyone does this or that - but to those of you who would like an old idea that some have taken for granted, I'm going out on a limb.
First let me start by saying that if a client is referred to me by a realtor, I will ALWAYS speak to the client "as if" they are still using that realtor for their purchase. And then I will let that realtor know that Mr. X is back in the market and that they might want to contact them to follow up. It has amazed me at how many clients I have sent BACK to my realtors after months and years that they didn't even remember giving me the lead in the first place. Thanks to my Database, I keep records of every referral.
That being said, what do I do to RETAIN my client?
Immediately upon speaking to them the first time, And after I have pre-qualified them, sent them my "mortgage coach spreadsheet of options", I let them know that I have a weekly mortgage update that I would like to add them to if they want to get weekly updates on what the rates are doing. (www.colleencraig.com) Click on weekly update for a sample.
I have NEVER had anyone who is looking to buy a home say No - that's ok, I don't really want a free weekly update on what mortgages and rates are doing. And they don't feel spammed because I asked for their permission. I also add them to my OUTLOOK contact group based on their criteria. HOT CLIENTS, CREDIT REPAIR, or FUTURE CLIENTS. And every monday morning I shoot an email of the weekly update. I try and do more than this, but in the busy times, this alone has kept clients coming back after months and even years.
I then send them a thank you card which I pre-stock from cardstore.com - thanking them for the opportunity to work with them along with my picture business card refrigerator magnet. Now I know this sounds maybe a little corny and tedious - but when is someone going to be looking for your phone #? When they are SMACK IN the middle of looking for a home. And if you are on their frig DURING the process - even if it takes 12 - 24 mths. Who's picture and # did they see everyday in their kitchen? And couple that with a weekly update with something the WANT to know about? You've got them on the forefront of their mind when they are finally ready.
I'm sure many of you have campaigns and email blasts that you send, but you would be surprised at how many realtors/loan officers still do NOT. ANd when times get busy - that 5 minutes it takes, will pay for your mortgage when times are slow and they have been forgotten in the busy times by the too busy for me Busy bees.
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EWWWW ok i know that was wrong......but don't get TOO busy that your client doesn't remember your face when they are finally ready!
A database is worthless unless you WORK it. And after many years of working it, it becomes priceless.
Good Luck RETAINING every possible lead you can!
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