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You may be missing an entire market segment that is sitting in your database right now. It’s a source of uncontested business that no one else is working—but you are about to do just that. What are you missing? It’s your list of past clients.
You actually have two sets of past clients to work with: the people who have sold property with you, and those who have bought. In order to work with this market you need to do two things that you should already be doing:
1. Build and maintain client relationships
2. Stay actively relevant
Most agents probably do not follow up with past clients more than once or maybe twice after a sale is completed. Years will go by and no contact is made. There’s no relationship and no relevance in that. You can do better than this. Rather than being done as soon as the sale is completed, your next level of prospecting is just beginning.
The customer service you perform after a property changes hands is where your future business and customer loyalty will be set. It starts with the experience you provide as soon as the client picks up their keys from you. Instead of having them come to your office to get the keys, why not meet them at the property and escort them in? How about a small housewarming gift waiting in the kitchen as well?
After the new homeowners have had a day or two to settle in, you can give them a call and ask if they have any questions or concerns, or anything you might need to ask the previous owners about for them. In about a week, call them again to make sure everything is still going well. Then in about a month, check in with them one more time.
From this point onward make sure they get quarterly newsletters and alert them to related sales in the area. Then make a yearly appointment to see them and the home so you can keep them apprised of its value in the marketplace. Keep yourself current with them and maintain that relationship.
Most agents only check back with fewer than 5% of their past clients after a property is sold. That represents 95% of a market segment that is essentially untapped and uncontested. That can be your market segment, with better fees and more recommendations through the relationships you build and stay active with. You can base your entire agency on this philosophy and train all your incoming agents to follow up this way. You can be the best at what you do and stay ahead of your competition by simply delivering a higher level of service than anyone else.
I hope you’ve enjoyed today’s Coaching Tip and I look forward to seeing you here again next week.
JB my past client follow up is very weak. Is there a strategy to be in touch with clients from 5, 7 & even 10 years past that doesn’t make you look like an opportunist, but gives you a credible base to make contact. Regards.
There is Paul, the key is to call around other listing and sales as it happens, ask how things have progressed, and see if there’s any chance you could pop back down again, it would be great to catch up as you haven’t been back down to the property since they bought it from you. All about the face to face! JP
This is really good and true!