Get Repeat Clients by Creating Good Real Estate Customer Experience
Real estate is a saturated field with high turnover rates.
“I believe there is a net increase of approximately 50,000 NAR members per year nationwide. That does not count licensed agents who are not members of NAR. There is a lot of attrition in real estate. Approximately 80% of new licensees will be out of the business or inactive after two years or less. The business is a lot harder to break into and earn a decent living than most people think.”
So, essentially as a new real estate agent, you’ll either have to create a unique experience for each client or lose to the competition. 47% of customers will likely switch after a single instance of poor service.
Here’s what good real estate customer experience means for an average real estate client:
- My agent is always on the ball with me about new market trends and changes. As a new client, possibly someone who doesn’t know much about the real estate industry, my agent takes the time to demystify the hubbub. S/he breaks down what’s going on in the market and puts these in terms I can understand. I also have a go-to person for references on mortgage, home renovations, etc.
- I don’t need to call 20 times before my agent picks up. In fact, sometimes I don’t even have to call. I’m always updated via email, call, text. At times, I think s/he doesn’t even have other clients. But I’m sure s/he does. I know what’s up with my listing or purchase offer. This takes away all the worry. Listing my home seemed a cloud hanging over my head, but now I just can’t wait for what’s next.
- My agent is not overbearing. S/he calls only at specific times I have specified. Also, emails are spaced in a way that makes me anticipate them. I’m not getting burdened with too much unnecessary information.
- S/he understands technology and its role in real estate marketing. I don’t need to explain the perks of Instagram to my agent. Or do a background search because s/he doesn’t have a website. S/he gets tech. Even has an app too. I believe s/he is going to put innovative resources into marketing my property.
- My agent listens when I talk. S/he doesn’t interrupt with suggestions on staging or stories of past clients that s/he helped. The fact that s/he carefully listens when I speak signals that s/he cares about my unique needs as an individual.
These are some thoughts I believe go on in many clients’ mind. And an examination of realtors across states will reveal that the best realtors are adept at meeting these needs. Here is an article I wrote for Influencive that sheds more light on customer needs.
Real Estate Customer Experience: How to Re-engage Existing customers
Repeat clients and referrals are the soul of service businesses like real estate. You can literally never run out of clients when you provide clients with a great experience. The fact, according to the American Express 2017 Customer Barometer is that a customer will tell 11 people about a good experience. While conversely, and even more impactful is the fact that customers tell an average of 15 people about a poor service experience.
A customer will tell 11 people about a good experience. While conversely, and even more impactful is the fact that customers tell an average of 15 people about a poor service experience. Click To Tweet
The probability of selling to an existing happy customer is up to 14x higher than the probability of selling to a new customer.
In the same vein, it’d be easier to get existing happy clients to do a particular task compared to folks that haven’t engaged with your brand. Groove HQ stats show that businesses that grow their customer retention rates by as little as 5% typically see profit increases ranging from 25% to 95%.
Therefore closing a sale shouldn’t justify disappearing totally from a client’s radar. Potentially, if your client is really happy, you can be sure they might be able to recommend you to friends. But you don’t want to leave all that to chance. This means that while you work on getting leads and converting new clients, you need to work on your customer retention strategy.
So how do I get folks so interested in my brand that they help spread the word?
- Always get feedback.
Now, let’s talk about reviews. In a connected world like ours, before a client shows up at your door or calls you, rest assured that client read or heard something positive about you. Social proof has grown more important than ever. It’s a major way to grow brand reputation.
Leverage social proof by displaying testimonials on your website, social media pages, real estate platforms like Zillow. However, asking for reviews can get awkward sometimes. Plus you don’t want to seem selfish.
A subtle way to remove the awkwardness is by incorporating this early on. At each step of the real estate customer journey, you want to probably send an email or survey to request for feedback. Apart from providing you with social proof and helping you with much-needed insights, this makes clients feel their opinion is valued. So get in the habit of regularly requesting customer feedback.
At each step of the real estate customer journey, you want to send an email or survey to request for feedback. This makes clients feel early on that you value their opinion. #realestate #cx Click To Tweet
- Set up compensation for brand ambassadors.
Some real estate agents set up referral programs that compensate existing clients for spreading the word about their brand. In this way, they turn customers into brand ambassadors. Stats by Nielsen revealed that 84% of consumers trust recommendations from family, friends, and colleagues about products and services – making these recommendations the highest ranked source for trustworthiness.
- Send them a handwritten note via direct mail.
As mentioned before, personal mails, have the best open rates. Sending past clients a handwritten note, accompanied by a free valuable material is a great way to give them a reason to think about you positively. The free material could be something like an industry newsletter or a brochure containing a couple of your new listings with some useful neighborhood information. Ensure to hand-write the address on the envelope and the enclosed note to give your mail a personal touch.
- Remember birthdays.
A birthday presents an opportunity to reach out without seeming awkward. CRM tools make staying in touch with past clients easy. So you want to enter each past client’s birthday in your CRM. This would ensure you get a prompt every year on their birthday and send them a personalized text. You can take this a notch further by sending them a personalized birthday postcard.
- Interact with them on social media.
Follow your clients on their active social media channels. Check out and engage with their posts via comments, likes or shares. This puts you in their radar. Following past clients on social media also gives you context for personalized emails since you know what they’re up to. This presents an opportunity to upsell or cross-sell without being obnoxious.
The point is that the most important thing isn’t getting leads or showing new listings. The most important thing is making people happy.
An interesting study by the National Association of Realtors showed that 73 percent of buyers would likely use the same real estate sales agent again or recommend them to a friend.
Great real estate customer experience is about seeing the bigger picture. What will your client remember about you after you’ve made the sale?
Real estate marketing is fun. Trying to get leads is great. But getting satisfied clients is thrilling. Moreover, creating good customer experience will form the cornerstone of your reputation and help you cut down on marketing efforts in the long term.