As real estate agents, we’re always on the lookout for new customers, but building relationships based on trust—which our industry so often requires—takes time. While searching for new leads is important for growing your business, you shouldn’t waste the time you’ve already invested developing relationships with your past clients.
According to a recent report from the National Association of REALTORS, 70% of sellers say they would use the same agent again, but only 25% actually used the agent they previously worked with to buy or sell a home. To stay top of mind with your past clients when it comes time for another real estate transaction, you have to make direct efforts to maintain that relationship.
If you can spend just one day per week working on your customer database, nurturing those relationships becomes a lot more manageable. Take a systematic approach to keeping in touch by starting with your current year’s clients and working backward to organize, review, and update client information so you can begin to have more regular contact. Here are a few ideas to get you started:
Start a Monthly Newsletter
Staying in touch doesn’t have to be a manual, labor-intensive process. With an email marketing tool, you can make your database management much more turn-key. A monthly newsletter with useful information about the real estate market can help your clients remember to think of you first when it comes to buying or selling a home. Add a few updates on your family to keep it personal. While email can make this a quick and easy way to stay in touch with your clients, mailing a physical newsletter is also an option. Just be sure you’re able to commit at least 18 months to a campaign.
Send a Monthly Postcard
If you do go the electronic route with your monthly newsletter, consider making a physical impact with a monthly postcard. A number of companies can use your client list to easily prepare and mail postcards to your database. Make the content as personal as possible when using a mass message by including seasonal tie-ins.
Connect Online to Better Connect in Real Life
It’s not enough to simply send your clients a Facebook request and like their posts online. If you see something important happen in their life, write a quick, handwritten note and drop it in the mail. This personal touch reminds them that you’re more than just a trusted real estate advisor, you’re a friend.
Thank Your Clients for Referrals
One of the benefits of maintaining your client relationships is the chance of growing your business through referrals. Always send a thank you note after meeting with a client referral. If it results in a sale, put together a nice gift and deliver it in person.
The Value of Client Retention
Still unconvinced about the cost and time investment of nurturing your past client relationships? Depending on the study you read, acquiring a new client is anywhere from five to 25 times more expensive than retaining one, and research shows increasing retention rates by 5 percent increases profits by 25 to 95 percent. By managing your customer relationships, you’re taking the most important step in making them clients for life.
Interested in learning more ways to grow your business and better connect with your clients? Consider joining the Benchmark team today! Take our quick online assessment to find out if you’d be a fit.
1.National Association of REALTORS: https://www.nar.realtor/field-guides/field-guide-to-quick-real-estate-statistics
2.Harvard Business Review: https://hbr.org/2014/10/the-value-of-keeping-the-right-customers