Referrals: the value of a client
Now that we’ve discussed the ways to find clients, we are going to talk about how to not only keep them around for the long run, but also turn them into passionate advocates.
According to NAR’s 2013 Report, only 25% of buyers and sellers list with an agent that they have already used. That’s a pretty low number. One possible explanation to this conundrum is that many agents are focusing so much on lead generation that they forget to keep in touch with their former clients. The reason this is such a problem is that agents are fighting to be seen in a world where clients can find thousand of agents just through a simple internet search.
Inman News explains it perfectly, “Relationships are the key to future success in the real estate business. Relationships pay dividends, build referral networks and can last a lifetime. Leads, however, have an expiration date, are not personal and are sold to the highest bidder.” We’re not saying that you shouldn’t pursue lead generation, but we are saying it shouldn’t be the only thing you pursue.
With awareness marketing campaigns, such as the one you have with AdWerx, you’re able to “set and forget” your advertising. It’s a way to stay top of mind while also being able to focus your time and energy on building meaningful client relationships that yield satisfied testimonials and ideally, referrals. How to do that? This article suggests having a marketing strategy “that emphasizes customer satisfaction over short term sales numbers.” Fostering relationships is something that takes time and effort, but is incredibly worth it in the long run.
A little while back, we were able to do a webinar with Inman News on the topic of a client’s worth. One of the main points from the webinar is that agents who have a house or transaction-centric mentality rather than a relationship or client-centric mentality are thinking about how much money they’ll make in the short-term rather than the lifetime value of a customer. Each client has a specific lifetime value, which is something you can calculate using our lifetime value calculator, and this value has a lot to do with referrals.
With a client-centric mindset, you need to work on fostering relationships in order to gain referral, but also to ensure that next time your client needs to buy or sell, your name is the first one that comes to mind.
How do you maintain that relationship after the close? You keep marketing. I’m not talking about pestering clients with impersonal mailers or other things that will likely end up in the trash. You need to prove your worth by providing relevant, needed information. For example, keep your clients up to date with emails that include:
- Newsletters filled with information about events or news in the community
- Monthly blog posts with helpful homeowner maintenance tips and advice
- Connect and engage with them on social media, especially LinkedIn
It’s important that you show them that you are not only an expert real estate agent, but an expert marketer as well. If you can market yourself that well, they’ll know they can trust you to do the same for their home.
There are also many tools you can use to stay in touch with clients. The HomeKeepr app, for example, has everything you need to maintain a relationship with former clients. It offers easy solutions to send out helpful information and reminders to your clients. It’s a great way to put yourself somewhere people pay attention–their phone.
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