How to encourage repeat business
Some of the highest-earning real estate agents have reached their levels of success from excellent rates of repeat business. A survey from the National Association of Realtors says that repeat business accounts for a median of 21 percent of sales and the rates are even higher for those with 16 or more years of experience in the industry – up to an incredible 40 percent. On top of that, referrals accounted for an additional 21 percent of total business.
Clearly, happy customers and their family and friends are an incredibly powerful demographic to harness. Every agent should strive to build on repeat clients as part of their business model. To make one transaction lead to many more down the read, there are a few things you can do as a real estate agent to encourage repeat business.
End your first transaction on a happy note
The deal isn’t done once the papers are signed and the keys are handed over. In order to keep your relationship on a positive note, the best agents will go beyond a thank-you and a handshake to stay top-of-mind. Consider a hand-written letter delivered by post (trust us when we say the old-fashioned letter goes miles beyond an email). Better yet if you can reference some points from your interaction such as a feature like an upgraded kitchen or walk-in closet that they enjoyed in particular. And to leave the best impression, accompany your letter with a thoughtful, personal gift to help them settle into their new home. A homeowner’s book, a smart thermostat system or a gift certificate to a great local eatery all work well.
Ask for testimonials
Happy customers are naturally inclined to share their experiences and spread the word. If you have a client who has expressed how much they appreciated your services, consider asking them to write a testimonial that you can post on your website or social media. The act of penning those thoughts and feelings will help solidify the satisfaction and positivity within your client’s experience.
Keep in touch
Rare is the homeowner that stays in one property for a lifetime. Their family may grow or empty nesters may downsize once their children move out of the home. You want to be the first person they think of when they’re ready to make a move. Use direct mail newsletters to keep in touch and remind former clients of your work.
Engage with the community
In between direct mail newsletters, face-to-face meet-ups help solidify client relationships. Set reminders on your calendar for a client’s home purchase anniversary. It’s a great opportunity to leave another small gift to mark the occasion and have a quick chat to see how they’re enjoying the home. Become an active member of your community and you’ll naturally run into your clients at events and community engagements. If you’re participating in something like sports team sponsorship or setting up a booth at a local street festival, don’t be afraid to send your former clients a note to stop by during an event to say hello.