Sometimes returning to the basic fundamentals is needed, yes?! So today’s blog is all about those things we know we should do yet decide to put off.
Consider this, we all know that retaining and nurturing your current and past clients are critical to sustainable business success. Yet, did you know it is 5X more expensive to obtain new clients than to retain current customers? And DYK that the lifetime value of 1 customer can be as high as 20X your initial commission?
Studies show in real estate, each past client can generate 2 to 4 referrals per year. The foundation for generating those new leads from past clients and repeat business is building on-going personal relationships with your current and past customers.
The secret is having a retention plan in place, even before seeking new clients. That starts with creating and delivering an unparalleled customer experience throughout the home transaction process. Here are some effective best practices we’ve picked up in from 75 interviews with successful agents:
- Start by creating and delivering an unparalleled customer experience throughout the home transaction process. Everything starts with delivering exceptional customer service.
- Position yourself as a provider for life. Early in the relationship provide access to the resources needed to make the transition easier and less stressful and make sure they know post-closing you remain a resource for them for all things home ownership related.
- Offer your clients an open line of communication for questions regarding the real estate market and your expertise.
- Plan to “reach out” to your existing customers six times a year. Strategies include post or pre-holiday cards, newsletters, flyers, anniversary or birthdays and special events in your area.
- Commit to touching five existing clients per work day. Ask for feedback on how you can better serve their needs post-closing.
- Be the HUB for all things home ownership related.
Being a resource of local service providers and more can keep your sticky, create more referrals and help your clients value you as a resource vs a salesperson.