My column in last week's Fort Worth Star Telegram was an article that contained a number of statistics regarding real estate in the state of Texas. You can read the full article here, http://www.star-telegram.com/117/story/266864.html . There is one little statistic there that I think is very important and I want to expand on it.
The statistic I am talking about is that 63% of those surveyed said they would use their agent again, but only 41% actually used the agent to by their next home.
There are two things that alarm me here. First, only two thirds of our customers are happy with our service. This is a problem, but not the topic of this blog entry. The bigger issue is that clearly people have a problem finding the agent that they want to use when they need our services again. Our company recently did a study and discovered that one satisfied client can mean $16,800 in sales!
Lack of follow up after the sale is so easy but yet something that our industry is historically really bad at doing. In today's world their are so many ways to follow up with our customers that are inexpensive and simple. Electronic newsletters, egreetings, automated postage campaigns are all ways to follow up.
I believe that these methods, while somewhat impersonal, are certainly better than doing nothing. However, given the value of what a client can mean to you in the long run, I think the best way to follow up is with a personal phone call or visit. A client who has bought or sold a home and remains in the immediate area should be contacted at least twice a year.
Excuses abound. "I was too busy", "I really didn't like those people", "They aren't going to move for years". These are all excuse I have heard.
The car dealership where I bought my last car calls me after visit I make there, even if I have just had my oil changed. Why? They want to retain my business. They get it. They know the cost of generating new customers is far greater than retaining old ones and the value of those customers through time.
It is time for real estate agents to get it. We spend so much time on generating new business that we forget about what we have. Study the value of each client and the referrals they send you each year and make time to follow up with those people in a personal manner.
Tuesday, October 16, 2007
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