Social Media

Social media outlets provide a simple way for you to promote your business online, create direct connections to your clients, and share updates with them over time. If you are regularly using your social media pages to promote new listings, you may even entice someone who wasn’t sure if they were ready to move again or not to jump on a great opportunity. By keeping your page up to date and responding to messages in a timely and friendly manner you can publicly show that you are dedicated to clients even after you have closed the deal.

Sincere Thanks

Showing appreciation for your clients goes a long way towards getting them to come back next time they need a realtor. In many cases it is common for agents to send their real estate clients a sincere thank you note, and sometimes even a housewarming gift basket to congratulate them on their new home. Realtors become an intimate part of a person’s life when it comes to planning the future of a family, and clients appreciate that you take the time to thank them for their business.

Reviews

In exchange for a great home buying experience, many of your real estate clients should be willing to provide you with a testimonial of their experience. After you have closed a deal and let them settle into their new home, reach out and ask them for a review. Most new clients will take the time to look online for reviews and choose an agent based on other people’s recommendations. You can gather all of these reviews on your website and social media pages so that both old and new clients can see why you are the best in the business.

Referrals

While you may never know if or when your real estate clients will return, it is always worthwhile to get a list of referrals from them immediately after making a sale. The more you network within their circle, the more likely you are to see them down the road. It is possible that they lose touch with you, but have a friend who is still using your services years later. This web of connections maximizes the chances that you will encounter happy customers over and over again no matter how much time passes.

Studies show that 14% of an agent’s business comes from repeat clients, and 18% of business from referrals. The longer you stay in real estate, the more that number rises until you have a strong client base of happy home owners. Continuing to cultivate those relationships beyond the first deal opens up huge potential for your career long term so it is important to take advantage of social media, online and offline avenues for communication every chance you get.

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Client Referrals Quickly Build Rapport

In sales, especially real estate, it’s imperative for your prospect to trust you. One of the best and most efficient ways to build this trust is for you to be introduced to the prospect by a mutually trusted party. A prospect is much more likely to trust and become interested in your business if they have heard about a positive experience from a trusted source. It pays significant dividends to offer incentives for referrals to encourage loyal customers to talk about your business and the benefits it has to offer. This type of word of mouth marketing creates much more interest in you as a real estate agent, and can be much more effective than other marketing efforts, including cold calling. Simply put, the word of a satisfied friend will entice more clients because it is coming from a reliable source.

Client Referrals Have Cost Benefits

Real estate agents and firms can also utilize referral programs to increase profit margins. According to Darrel Zahorsky, a business expert and consultant, referred customers are more likely to purchase services at full price because of the trusted, positive review. When it comes to real estate, this potentially means higher selling prices and higher commissions. Simply put, referred customers are commonly less sensitive to price. As a result, the majority of referrals can result in a much higher profit margin because they are pre sold based on your client’s credibility and trust.

Client Referrals Stay Longer

According to a study conducted by Goethe University published in Forbes, client referrals are 18% more likely to stay with your business than other customers. The study traced the referral program of a German Bank over three years and found this number to be consistent. While the reason client referrals have a higher level of retention may be debatable, it can more than likely due to the increased level of trust with you as an agent.

Client Referrals Increase Satisfied Customers

When you effectively utilize a client referral program for your real estate business, you will build a network of satisfied customers that will essentially do the lion’s share of your marketing.

Show Clients You Care

Word of mouth marketing or client referrals present the ideal opportunity to let you clients know you care about their opinion. It sends the message to prospective home buyers or sellers that you care about the relationship. More importantly, it shows clients that you will go above and beyond to gain their satisfaction because only satisfied clients will refer their friends and family members. In any case, as your real estate business grows and develops, it’s important to make sure you implement an effective client referral system to foster productive and profitable long-term client relationships.

Client referrals are one of the best ways to save money on advertising and grow your real estate business. You can use word of mouth marketing to create huge networks and an excellent level of customer loyalty. While simply asking for referrals is one way, it works best to offer your current customers an incentive to refer their friends and family.

At Premier Commission, we provide commission advances so you will be able to craft the right kinds of marketing campaigns to attract new clients and maintain your existing relationships.