Updated: Feb 19
As many as 80% of the leads you generate are lost due to not having adequate follow-up. 72% of clients site poor follow-up and communication as the chief reason they would not contact the real estate agent who sold their last home.
The three phases of a client's life cycle is future, present and past.
All three stages are essential because each represents an opportunity to broaden your business base and add a greater depth to your future business.
As a note, there really is no such thing as a past client. There are simply just prospects and clients. But you will want to communicate differently AFTER they buy or sell that first time with you. And it's likely different than you are thinking right now. Just know that the most successful do not engage in real estate transactions… they do a transaction to gain a client.
Relationship-building is important.
Communicating with a prospect or client should be viewed as a process -- not a one-shot deal. People are inundated with information. You may have to communicate with them two, ten, twenty times before they take action.
Your communication should be regular, relevant and respectful. Stay top-of-mind with a message that speaks to their needs so that you will be able to convert a prospect into a client, a client into a fan, and a past client into a walking billboard for your services. And the fact is, if you're not communicating continually, they'll likely forget all about you.
Let's highlight communicating with your clients at each of the three identified stages:
• Past Client
For prospects… if you are not FIRST you are LAST. Imagine you send a postcard to 5,000 homeowners. What did you do really? You are thinking you sent 5000, but the reality is you sent ONE. Each prospect got ONE mailing from you. Likely on that same day, they received many other mailings in their mailbox. I get on average 7 things a day in my mailbox. So, on that day you would have been one of 7. If you mail me monthly, you are ONE of 210. Bottom line? DO much, much, much more than that.
Ex. I receive the postcard, also receive a voice message from you, also your ads in my social media newsfeeds and a follow-up mailing. MORE ACTIVITY.
For clients…. If a client is calling you wondering what is going on with their sale, you have massive communication problems. One of the last job positions agents hire for is a Customer Service Manager, but straight up, it should have been their FIRST hire. You will want to have your follow up system for clients to anticipate their questions and deliver the answers before they ask. You will want to start off the relationship by documenting WHY they are moving, WHAT is most important to them in getting their home sold, What do they believe needs to happen to get what is most important. Then DELIVER all of that.
For past clients… there really is no such thing as a past client, only LIFETIME customers, but we get the industry jargon. Involving the client for life in your quest to donate more to your worthy cause, helping them get RICH investing in real estate and being a resource for anything they need around the house and beyond (vendor directory) IS PART OF OUR VERY EXCLUSIVE LIFETIME CUSTOMER SYSTEM.
Again, you likely will not be guilty of over-communicating, but rather, of under-communicating. And… guilty of under communicating value. So as you move forward on improving your communication systems at all levels of your business… think in terms of OVERPROMISING and OVERDELVERING.
Overpromise means to offer extreme value, crazy high levels of value. Then DO IT. Deliver on the overpromised value!