There’s a famous story about a farmer who desperately wanted to get rich. He sold his farm in Africa and went abroad in search of gold. After many years, with little success, he returned to his home country only to find his old farm had become the largest diamond mine in the world.
Too busy looking elsewhere for riches, he had failed to search for the acres of diamonds that were already in his own backyard.
Similarly, most real estate professionals spend thousands of dollars trying to find new listings from new homeowners but forget to maintain a relationship with their past clients – vendors and buyers, appraisals, friends, family and acquaintances. These people already know, like and trust you and would happily use your services again, if only they could remember your name!
Do you know…
…it costs at least 7 times more to find a new client than it does to do repeat business with an old one?
How Many Listings Are You Gifting to a Competitor?
In New Zealand, around 1 in 23 homes sell every year. In a database of 500 homeowners – your past vendors, buyers, appraisals, open home visitors, friends, family and acquaintances – there are statistically likely to be 21 real estate sales occurring every year, right there in your very own database.
Are you listing all of those? Half of them?
Most people aren’t good at remembering names. If you don’t remind them by staying in touch regularly, they’ll forget you. If your past clients can’t quickly recall your name, they can’t refer you on the spur of the moment during a casual conversation at a barbecue, and they certainly won’t be able to Google your contact details.
Have your past clients forgotten you? Are they calling your competitor instead?
Are You Neglecting Your Clients?
Interesting research shows that the #1 reason a company’s clients switch to a competitor is not because they are dissatisfied or receive bad service. Surprisingly, it’s simply because they feel ignored, taken for granted, uncared for or neglected.
Outstanding customer service and exceptional results, on their own, are not enough to guarantee you repeat sales and referrals. How you treat people after the transaction is equally important.
Even if your past clients can remember your name, if you neglect them by not staying in touch, you still run the risk of them listing with a competitor simply because they feel neglected.
Stop Losing Clients! Stay in Touch
Top performing real estate professionals use a content marketing strategy to stay in touch with their database and social media followers every month. By using content that is not only about real estate they add value to the homeowner and build and strengthen the relationship, even if that past client has no current interest in buying or selling.
The most effective way to do this is with a monthly real estate newsletter posted, emailed and split up into a series of social media content.
Dan Kennedy, marketing guru and author No B.S. Sales Success says,
“…my single biggest recommendation is the use of a monthly customer newsletter… Nothing, and I mean nothing, maintains your fence better.”
By “fence” he means the method used to keep your clients “in” and your competitors “out”.
Not Enough Time to Write Your Own Real Estate Newsletter?
Contact us today to explore having your real estate marketing done for you. We can help with print and email newsletters, DLE cards, flyers, design, social media and more but can only partner with one agent per area. Call us to see if your area is available.