Moving, like other life events, is not often repeated in rapid succession. You can never tell when a happy homeowner is about to become a motivated buyer/seller. However, when it comes to the biggest of all big-ticket purchases — real estate — a repeat customer can represent a big win for agents.
Recently released data on mortgages from Fannie Mae indicate that there’s no time like the present to be in the market buying and selling real estate. With a growing number of Americans thinking now is the right time to attain a home loan, now is definitely the right time for agents to revamp their retention strategies.
These five steps to develop a top-notch retention strategy are important to your success:
1. Recognize the retention reality
In an article for Realty Times, author and former Realtor Bob Hunt points out that “the cost of acquiring a new customer is six to seven times greater than the cost of keeping an existing one.” A commitment to keeping in touch with former clients benefits your budget and your reputation.
2. Your brand in demand
Successful real estate agents make the most of a recognizable brand. Leverage your brand by advertising more than your listings — advertise yourself. Blending traditional methods, like placing a branding advertisement in Homes & Land Magazine, with more unconventional tactics will likely prove to be the perfect brand-awareness boost.
3. Networking on the net
Social media sites, the Web’s destinations for water-cooler conversations, are surprisingly useful, user-friendly and can be your best friend in the retention game. Being visible on Facebook and Twitter is hassle-free with Homes & Land, making regular marketing activities part of your retention strategy by reminding former clients you’re still hard at work.
4. Just being neighborly
A hand-written note. A quick phone call to check in and say, “Hello.” Even a polite email will be welcome amid the flood of other marketing messages your former clients are receiving. In this age of “big data,” taking the time to reach out on a personal level will help you cast a positive light on your client relationships.
5. Don’t forget direct mail
Your Homes & Land publisher is the best local resource for direct mail. Whether it’s post cards, flyers, or magazines featuring your advertisements, targeted mailings can reach former clients without being intrusive. Agents affiliated with Homes & Land have the added benefit of being able to schedule magazine mailings to home sellers right from the online control panel, demonstrating that the agent is gaining maximum exposure from print and ensuring the agent is top-of-mind when the seller is ready to buy or sell again.
Marketing professionals are quick to extol the benefits of a good retention strategy. Don’t be an afterthought next time one of your former clients chooses a real estate agent. With a bit of proactive planning, you’ll be the one getting a call when the decision to move is made.
Homes & Land Affiliates, LLC, is the most trusted, integrated multimedia real estate brand in North America. A leading local resource for real estate information, HomesAndLand.com welcomes millions of unique visitors every month. Headquartered in Tallahassee, Florida, with magazines across the United States and Canada, Homes & Land has been serving real estate professionals, homebuyers and home sellers since 1973. In addition to Homes & Land Magazine, the company publishes Home Guide, Rental Guide, and Estates & Homes magazines.