Statistics show that 70% of sellers would definitely use the same real estate agent and that 73% of buyers feel the same way. So why do only 25% of people work with the agent they used previously to buy or sell a house? So how do you stay at the top of a customer’s mind and increase customer retention rates?
It’s a well-known fact in business that it is easier to retain clients than it is to acquire new ones. According to this Infographic, it costs a company five times more to acquire a new customer than to retain an old customer. This can vary by industry. Retaining customers is valuable to your business: the probability of selling to an existing customer is 60-70%. The probability of selling to a new prospect is 5-20%. So why are 44% of companies focusing more on customer acquisition? How can you as a real estate agent keep your customers coming back to you?
Remember Their Special Days
You can establish a relationship with your client by sending a card on important events or holidays. Buyers and sellers are more likely to trust someone they know with their business.
Never underestimate the power of gifts and branded souvenirs. Everyone likes to receive gifts even when they can afford it.
Organize an Event
Events are an effective way to show your clients you appreciate and care about them. They can also aid in building a relationship with your clients.
You can throw a:
Client Appreciation Barbecue
Housewarming Party for a new buyer
Pick up the phone
Don’t disappear after collecting the commission. Regularly staying in touch with your clients and a quick customer service check-in can go a long way. This is what delighting a customer is all about.
Connect on Social
Social media can kill two birds with one stone. First, any update you post has the potential to be seen by clients you have connected with. This keeps you at the top of mind. Secondly, it can help you keep track of their important life events (this gives you another room to either send gifts or congratulatory messages).
Start a Loyalty Rewards Program
Give Incentives to your clients so they can come back to you again, refer you to friends, or write a review for your social media page.
Prizes can include:
- Points towards free airline tickets
- Gift cards to grocery stores
- A bottle of wine
- Discounts on future purchases
Or anything you think would be of value to them.
In the Real Estate world, retaining clients is more difficult compared to other industries. Real Estate agents must maintain touch points with their clients using these strategies, you ought to build a relationship with your client, so you can turn them into repeat customers/clients.
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