You may have heard the oft-cited statistic from the National Association of REALTORS® (NAR) that 90% of homeowners would use their real estate agent again, but only 12% actually do. What you might not know is the reason behind it.
According to Chris Stuart, president of PLACE, Inc., the real estate industry spends more on customer acquisition than any other industry, but does not invest the same amount in customer retention. The numbers back it up, with companies like Southwest and Marriott spending less than 3% of their marketing budget on customer acquisition, while the real estate industry spends 20% of its marketing dollars on adding customers, only to lose them to their business. departure. the closing table.
Of course, retention in real estate is made more difficult by the fact that the average time between real estate transactions is five to seven years, not just a few weeks or months as would be the case with retail businesses. or travel.
Looking at other industries that focus more on customer retention, they’re not doing it by offering a slew of random services, but creating a customer experience that brings people back over and over again. With that in mind, here’s a tactical approach that will allow you to prove your worth month after month – for years to come.
The experience should begin before the move, where the agent and brokerage provide end-to-end services including mortgage, insurance, closing, home security, and moving janitor.
While pre-move services help solidify your role as a market expert, they “wow” the client only in the short term. But there are a few things to consider to continue to be called upon as an expert:
Create relevant content – blog posts, social media content, mailers and infographics that inform and educate your clients on various aspects of homeownership, helping them to maximize the value of their investment. In addition to blog post content, create small documents or articles on different home improvement or maintenance projects.
Initiate timely recalls and savings
Your content calendar shouldn’t just include blogs. Communicate with reminders on tax deductions, refinancing opportunities, and other ways to save money or maximize the value of their investment. When customers believe you have their best interests at heart, they’ll be more likely to respond to your message.
Leverage local resources
Create an in-house concierge who can help connect customers with local vendors and trusted service providers. This complements your home improvement content. They might also put the same client in touch with your moving concierge to help them with utility offers a few years after their move.
Remember, every touchpoint should make your customer feel better for having spent time talking with you or interacting with your content.
MoveEasy works with the nation’s leading brands and brokerage houses to create a lifelong consumer engagement platform that keeps you in mind by combining moving and home management into a one-stop-shop for services to. customers.
Niraj Patel is co-founder and COO of MoveEasy. For more information, please visit www.moveeasy.com/realestate.