As a real estate agent, you always want to generate more real estate referrals and repeat business to increase your income accordingly. The issue stems from this: you constantly concentrate on obtaining more clients. Most agents don't realize that it costs 6-7 times more to acquire a new customer than retain one you currently have. This is why it makes a lot of sense to concentrate on obtaining more real estate referrals and repeat business. It's not that hard. If you offer excellent service, your customer base will be happy, and your return on investment will be visible.
It doesn't matter how much you spend on marketing; most of your business should come from referrals and repeat business. And that means you need to be wise when talking with clients and how you connect with them at the end of the day. Consider the sales probability. Selling to a pre-existing customer has a 60-70% probability of resulting in a sale, however selling to a new prospect has a way lower chance of success, around 5-20% at most.
Client Interests Need to Come First
If you want to ensure that you acquire more real estate referrals and repeat business, your focus has to be on what the client wants and how you can help them. As long as you are willing to put the customer's interests first, things tend to work out very well. However, if you try to follow multiple clients and just focus on commissions, the payoff will not be worth it. Agents lose around 20% of their clients annually due to attrition because the agent doesn't stay in touch with their customers. That means you need to connect frequently, but at the same time, you also don't want to be constantly selling to them. Instead, provide your customers with value. Something interesting that relates to them.
Staying "top of mind" with your clients is crucial. Stay in touch or be visible with your customers as often as possible. A multi-platform approach is perfect because it makes it easier to reach past clients. Use the internet, your website, mobile, texting, social media such as Facebook, Twitter, LinkedIn, email, or any other tool you may have to bring exposure. These platforms provide you with a much better ROI when compared to traditional marketing.
Remember, you also want to offer professional messages whenever doing this.
Show customers that you care about them and their needs, and they will either come back for repeat business or refer you to others.
Focus Your Marketing Budget on the Right Audience
Surveys have revealed that 70% of all customers will open emails if they come from one of their favorite companies. Therefore, you need to make sure that you target the right customer base and offer them the type of content and value they want. Obtaining a random email list and sending messages to people is not okay. Most will not even open the message because it is from some unrecognized company. Instead, create your email list and invest in promoting your business to grow your database. The more you do that, the better your results will be.
It would be best to spend most of your marketing dollars on your current and previous customers. The benefits are enormous because marketing expenses are much lower. In addition, you can track the ROI via social media and email. You can also stay on top of their minds when getting leads or repeat business.
Convey the Best Possible Message
Surveys show that 91% of people check their emails at least once, if not twice per day, so reaching customers is easy when you market with emails. In addition, it has been proven that email marketing is 40x better at acquiring new customers than Twitter or Facebook. Also, 92% of companies state that social media is an effective marketing tool. And it's easy to use. Today, most people use email and social media; reaching them with a proper message is exceptionally inexpensive.
Real estate is about building relationships, and that's why you need to make sure that you offer customers value. For example, when you create content for social media or emails, show your customers that you care about them by providing content that has value. Focus on your customer's needs and not yours.
To acquire real estate referrals and repeat business, you must regularly be lead nurturing. Something as simple as a quick email or a handwritten card sent to your client has a tremendous effect. The idea is also to offer value to these customers, so ensure that you find a customer relationship management (CRM) marketing program that will assist you. Content marketing is great, especially if you want to solidify your relationship with your clients.
Recent surveys have indicated that 88% of all buyers would use their agent again or recommend them to other people. Also, 84% of all sellers would recommend their agent too. This proves that it is best to concentrate on obtaining more referrals and repeat business. One of the best ways to achieve something like that is by being very responsive. When a client reaches out to you, make it a habit to contact them back immediately or as soon as you possibly can.
Make sure that you provide superior customer support at all times. It might not seem like much at first, but every tiny detail like this will show results, and that's precisely what you are trying to accomplish.
Use Referral Networks
These are great tools to reach new clients and foster positive relationships within the community. In addition, working closely with others in the community will provide you with real estate referrals.
Of course, this means you need to refer clients to those businesses as well. But that's how this industry works; as long as you are willing to share clients with companies that offer adjacent services, they will do the same for you. And since the customer acquisition costs are super high, it makes a lot of sense to use every system available. However, this one works very well, so you should definitely implement it.
Thank the Referral Sources
An excellent way to obtain real estate referrals is to show people that you appreciate their referrals. Not only will this encourage these people to work with you again, but the payoff will be great, and you will get to enjoy every moment of this entire experience. Ideally, you want to share a personalized note with any person that referred you to a new client. Maintaining those relationships might seem hard at first, but it will always be worth it, so use that as an advantage. The more you focus on nurturing current relationships, the better the payoff will be.
You don't need to worry about referral commissions or anything like that. But you want to thank those persons, and you need to show your appreciation in other ways. Buy them a unique, personalized gift as a thank you. Possibly offer them bonus packages, better options, even a lower fee for them the next time they use your services. Sure, you might think this will cost you money, but it will be the best marketing money you can spend. This will bring you more value and attention, and people will be pleased to work with you. As we mentioned earlier, make sure that you follow everyone's best interests out there, and you will be fine. It's not always easy to achieve these excellent results and benefits, but your effort will be well worth it in the long run.
Share Your Website Link
Most agents have or should have a website. Sharing information on your website is one of the best ways to keep in touch with clients. Plus, it will offer you a great return on investment if you do it right. Yes, there are apparent challenges along the way when creating a website. But, once you do, you will love the results.
Customers won't use you again or refer you to others if they feel your service lacks value. That's why you always need to inspire confidence and ensure that people are happy with your service. Improving your skills and continuously trying to make things better is very important. That's why you must push the boundaries and actively develop ways to make things easier for your clients. After all, they are the ones that benefit from all of this, so make them happy, and the financial results will follow. Offering remarkable service is challenging and tricky, but it's also the best way to make people come back.
Make sure that you showcase your knowledge online. This is great because people will remind themselves of you when they see your content, which will lead to more real estate referrals and repeat business. Plus, current customers can refer new clients to your blog or a social media site, being a first contact point. This is why you need to establish a professional presence everywhere online.
We encourage you to use as many of these methods as possible to retain the attention of your customer base. And remember, you need to create meaningful, long-lasting relationships. Maintain a very high confidence level, show your expertise, and respect your current customers. Then, offer them the best value, which will help you naturally bring in more real estate referrals and repeat business. It's a system that works great for any real estate agent, and if you implement it correctly, you will realize the rewards for years to come!