Tips for building Client Retention and Referrals

Published June 30, 2015 by Real Estate Leads


Cold calling is really something of the past. In real estate, a prospect is just a rare find and agents can make much better use of their time.

This focus of this article is about the important art of customer retention and the generation of future referrals.

So how can you receive ongoing leads from former clients? Prospects who only want to buy or sell real estate through you?

Naturally the answer to that is turning clients into raving fans who are delighted to recommend you to their family, friends, and anyone in need of a professional real estate agent

It is recommended to develop a solid client retention plan. Research studies about this determined for real estate agents that it costs 4-6 times more money, time, effort to develop new prospects compared to retaining a customer; so in any case it is certainly worth the effort to maintain such a relationship with your clients. It also is just common sense.

Let’s look at why agents often fumble the ball after the sale, and don’t keep a lasting connection with past clients?

Here are some ideas to creating a fan base:

1. Survey and feedback. According to a Harris Interactive study about 90% of unsatisfied customers leave without complaining to the agent and they are more likely to tell a dozen others about their experience. So to accommodate their needs more, agents who immediately inquire if their client was satisfied, after their buying or selling event, will gain a competitive edge. Ask for their verbal or written feedback, and in any case be grateful and authentic for their feedback. It will help you work on any deficits in your style that you may have. Clients do want to be listened to, and when you show gratitude for the feedback it will help them alleviate any negative feelings they might have had during the process and will help you to get more referral business. After all, they will be curious if you actually listened to them and made their suggested change and they can only find out by sending you a referral.

2. What is the plan to maintain the relationship? Successful agents know that when a client has a good experience, they will want to ensure their family & friends enjoy the same degree of service and comfort. Some ways to keep relationships alive could be a yearly group event of some type; effectively turning some of your clients into friends. Attending their block parties, organizing a charity drive, to at least sending out a Christmas card – anything which would help nurture lasting relationships will more than likely be good for future business. Let them know that you would like to remain friends and let them know you’d like to visit with them again. Don’t let your clientele forever leave because they think you don’t care about them…so start caring.

3. Customer Relationship Management Software: Agent CRM software, is key to managing lasting relationships. CRM Expert. Agents should use some specific system to make it easier to organize and manage new and ongoing relationships.

4. Adding in the personal touch. Tiny personal touches can make a big positive difference. With the many free social network and communication methods that we can utilize, just remaining friendly is the highest ROI. Also no need to be afraid to call. The call can be a short contact call where you just say hello again. Maybe just mention you were recently driving through their neighborhood and wondered how they were doing; even a voicemail, you made the contact. Follow up with a short personal note. This is a soft and personal approach to retention (and prospecting for referrals) and effective in keeping you remembered in their minds.

When you treat your past clients as lasting friends, or buy real estate leads, then you are on your way to extra profits.