How to Avoid Losing Clients Due to Attrition
They say that on average a real estate agent will lose 20 percent of their clients due to attrition. When you allow yourself to fall out of touch with clients, you are potentially missing out on the 86 percent of clients who would use you again or refer you to others. All of these numbers add up to one thing: You cannot afford to lose touch with any of your past clients.
Nurturing relationships allows your client base to grow.
Being busy is often the reason agents lose touch with clients. However, remaining in contact should be a number one priority for you. You can look for ways to send auto messages via email, drip campaigns or a newsletter service, or just mark it in your calendar and make sure you do it. It can be as little as once a month, or even quarterly, but it has to be on a regular basis so that you are never out of touch for too long a period. Out of sight is out of mind.
Many agents make the mistake of investing in the wrong marketing tactics and then wonder why they are not getting new clients. Keeping in mind that 86 percent is the average number of clients that are repeat business or referrals, focusing on remaining in contact with current clients is actually more important than investing in ads to attract new clients. You can invest as little as $20 per month to send out useful information via newsletters to maintain the clients you currently have and that will be more likely to refer you to friends and family.
Show your Value
One of the most effective ways to avoid attrition is to continue to show your value. This does not mean you have to keep knocking on the door, or calling them on the phone. It simply means that you should use your knowledge to keep your clients informed about what is happening in the real estate market in their area. A little newsletter that is emailed or mailed through snail mail is the easiest way to keep clients up to date on market trends and let them know how it effects them.
Many homeowners move into a home and don’t give its value a second thought. By providing them with a market overview monthly, you can remind them of the value of their home and let them know how much houses are selling for in their neighborhood. It not only provides incentive to consider selling, but also reminds them you are a local expert so they will consider referring you should someone they know be selling.
It never hurts to be a little folksy with clients and share fun, useful information throughout the year. Whether it is tips for holiday shopping, recipes for barbecuing or gardening ideas, looking at the opportunity to provide engaging information that is perfect for homeowners is a non-invasive way to keep in touch.
Make sure you make a note of your clients’ birthdays if at all possible. It is always thoughtful to send out birthday wishes as it makes them feel special while reminding them you are around. You can even take note of other special dates you might be privy to such as kids’ birthdays or graduation dates, wedding anniversaries, etc. Then hit the important holidays with a personalized, hand written (or at least signed) card.
You will learn a lot about your clients when you are working with them through the selling (or buying) process. Sharing information that is specific to their needs will not only appear thoughtful, but also provide them with information they can actually use. It also shows them that just because their house was sold, or their purchase is complete doesn’t mean you don’t still have their best interests at heart and want to help.
You can even share a link to an interesting article or blog you think they might enjoy to connect to them. This can introduce them to fun websites that they can refer to again and again. They will be thankful you thought of them.
You can also share information about yourself. It should not get too personal, but if you have new skills, have changed brokers, won an award, etc. you can share this in an email with a little “think of me for your next sale or purchase” note.
You can also keep up with local events and send out an email or newsletter about community celebrations, barbecues, concerts, new restaurant openings, etc. This shows them that you not only know the area, but that you are a member of the community and support local businesses.
Avoiding attrition is easy if you make the effort to remain on the best of terms with all of your clients. The only reason to cross a client off your contact list is if they ask you to!
Learn about Realtour's Ready to Send Newsletter service.