The average person moves 11.4 times in their lifetime. Therefore, while many realtors consider that their job is done when they close a sale, that person is often going to move again within five years.
The second part of the equation is that person is often going to be looking to buy a more expensive property when they move causing the commission to go up.
The smart real estate professional understands that their job is not complete once the sale closes as they want that customer to return the next time. Here are six customer retention strategies to consider.
1. Build Relationships
The real estate agent should be working very hard on building relationships. They should constantly exhibit a can-do attitude with a servant’s heart. The agent should be a pro at asking relevant questions allowing them to assist the customer in the best way possible in the shortest amount of time. They are very attentive to other people’s needs and promptly do more than asked of them.
2. Under Promise and Over Deliver
You should be helping a client set their expectations. When you do, help the buyer set lower expectations of what they can afford. Then, when you can show them a fabulous home within their range, they will want to move very quickly and have a high impression of your service. If the seller is your client, then set low expectations for what you think the home will bring. Then, when you deliver an offer that is much higher, the client will be thrilled.
3. Use Real Estate Customer Relationship Management (CRM) Software
Using real estate CRM software allows you to send targeted messages to your clients. The best message for one segment of your business may not be the right message for another segment. Therefore, use a CRM program to segment your customer base so that you are always delivering the right message in the correct tone at the perfect time.
4. Educate Customers
Your clients should be the best-educated buyers and sellers in real estate, and it is your job to make them that way. Create a website filled with helpful information. Then, point clients to that website on a regular basis. Send out emails and text messages to reinforce the key points on your website. Answer any questions frankly and honestly. Make sure that each member of your team is presenting the information in a consistent manner.
5. Be Open to Honest Criticism
Every company has room for growth. Make sure that you are constantly seeking your customer’s advice on how you can improve the service that you are providing them. Then, make the changes and drop them a line thanking them for their feedback. Likewise, make it easy for your customers to leave reviews of your company where others will see them as over 84 percent of people trust online reviews as much as if a friend was making the recommendation.
6. Let Customers Know They Are Most Important
Your customers need to know that they are your top priority. Thank them for their business. You may even want to spend part of your commissions to get them a special housewarming gift that you know they will enjoy. Then, keep up with them regularly. Send them birthday, holiday and other messages throughout the year. This ensures that your company stays foremost in their minds.
By following these simple tips, you will be building your customer retention rate. It is far cheaper and easier to retain your current customers than to find new ones. Furthermore, they will become your best advertisers as they spread the word about their great experience with your company.