Real Estate Marketing; The Profitability Of Past Clients
By Lanard Perry
Many real estate agents spend a lot of time and money
marketing new prospects, while completely overlooking the
best ones they have; old ones. We all realize the importance
of acquiring new clients, but how many of us truly grasp the
importance of not only retaining old ones, but actually
expanding on those relationships?
The cost of acquiring new customers is escalating, no matter
the industry; real estate, mortgage financing, land
development, etc. On the other hand, marketing to past
customers is less expensive and is at least as profitable.
Consider this; the average home owner is likely to purchase
and/or sell 4-5 houses in their life time. So, if you sell
them one property why not establish them as life time
customers and assist in the buying and selling of the
For the most part each time they buy or sell they step up in
price range and affordability, excepting of course perhaps
their last and final transaction - a retirement home.
So, why are former clients so overlooked? Personally, it was
because I was driven to close on the next deal and knew that
it would be years before a closed client would be ready to
sell. However, my rational was very short sighted!
Typically, closed clients are happy with you and your
services, so there is a greater chance that they will come
back to you for future transactions – if you give them
reasons to. Also, they are usually eager to refer
colleagues, relatives, co-workers, and friends to you.
There's almost no end to the number of referrals a satisfied
customer will give.
So, a mind shift to building long term relationships with
"closed" buyers/sellers is in order. Instead of abandoning
clients after a sale continue nurturing the relationships by
maintaining routine and ongoing contact with them, which
will help you to protect them from your competitors.
Remember, if you're not taking care of them somebody else
Keeping in contact and maintaining relationships with
"closed clients" is really kind of easy. You could call just
to say "hi" every other month and drop them something in the
mail in the off months.
It could be as simple as a post card, an anniversary card
celebrating the date of their closing on their house, a
letter recognizing the graduation of their son from high
school, or daughter moving on to the first grade.
It doesn't have to be expensive, just personal!
Safeguard your relationships with past clients by continuing
to nurture relations with them. When you continue to show
them love and how much you appreciate them they'll continue
to show you the same.
Have you had the unpleasant experience yet of a past client
transacting a real estate deal with another agent? I have
and it hurts! I felt abandoned and betrayed – yep, it was
However, in truth it was I who had abandoned them. That's
when I smartened up and made the mind shift to building long
term relationships with my "closed" and existing clients.
So, the moral of this story is take care of your clients by
letting them know how important they are and they'll
continue showing how much they care about you, too; all the
way to the bank...again and again and again!
About the Author
Lanard Perry is the author of "Farming Expired Listings." Learn how to average 1 or more listings a week. Visit http://www.farmingexpiredlistings.com and http://www.real-estate-marketing-talk.com for more business building ideas.
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| Some other articles by Lanard Perry|