The majority of a real estate agent's career is built upon repeat and referral business. Multiple surveys have shown that 74% of buyers say they would use their agent again or recommend them to others, yet only 24% do. Why is this? We'll explain below.
If your repeat and referral business has dropped, you need to analyze yourself and the services that you're providing to find the answers.
Are You Providing Exceptional Service?
It is often good to step back and take an introspective look at the level of services you are providing to your clients. Look at it this way; each transaction has three to five opportunities for you to go above and beyond for your clients. You should ask yourself, "How can I make my services better?" Don't just do what all the other agents are doing – do more than what your clients expect, and leave them with a lasting impression that will turn them into loyal, long-term customers.
To provide exceptional services – you need to have the right systems in place. The fact that your repeat business and referrals have dropped off is a clear indication that the systems you currently have in place are failing. Now is the time to analyze and reflect upon making some changes. Your decrease in business may be because you haven't been providing any referrals yourself. Reciprocation is very important and effective in the business world. Why? People remember when you did them a favor. Maintain a list of professionals who you can recommend to your contacts, and they'll return the favor.
If you provide your clients with exceptional service, you will be at the top of their mind when they're ready to refer you to their contacts.
Ask for Referrals
"You miss 100% of the shots you don't take." – Wayne Gretzky
One of the main reasons your business has dropped off is probably because you are not asking for referrals. You mistakenly rely on the assumption that your client will automatically refer you when the opportunity arises. It is as simple as saying, "You may not know this Susan, but the majority of my business is built upon repeat and referral business from satisfied clients like yourself. Do you know any family or friends that may need my services?"
If you don't ask – you probably won't receive it.