Industry

How to Provide Client Value After You Close

couple in front of one-family house in modern residential area

For any real estate agent, success depends on the ability to drive referrals and repeat business. The average agent receives 21% of their business from repeat clients, but agents in business 16+ years average 40% of their business from repeat clients and an additional 21% from referrals. However, since the average buyer stays in their home for 13 years, increasing repeat business and referrals from past clients isn’t easy. Agents need to provide real value long after they close. So just how do you deliver client value post close? Here’s our 6 tips for staying relevant and building client relationships.

 

Help Your Clients with Moving Day

You’ve closed the deal and popped the champagne! But while your work is done, your clients still face the stress of moving day. Help them out by connecting them with a great moving company, provide a moving day checklist, stop by on moving day to lend a hand or order takeout so they aren’t scrambling without a kitchen.

 

Share Your List of Trusted Service Providers

Finding trusted home professionals can be a challenge, especially for first-time buyers or people new to the area. Share your vendor network with clients to save them the hassle and help them find the professionals they need. Better still, make your list always accessible so clients can easily access it long after they move.

 

Alert Clients of Mortgage Rate Changes

While mortgage rates will be top of mind during the application process, after purchasing a home clients may not realize if rates have changed or if their fixed rate period is coming to an end. By alerting clients of mortgage rate changes, you can put more money in their pockets.

 

Send Market Updates

Keeping a pulse on the local market helps clients see the value of their home investment. Sending market updates – including price changes, recent neighborhood sales and market demand – keeps real estate top of mind, shows your expertise and can encourage clients to buy or sell again. It’s a definite must for providing value after you close.

 

Help Your Clients Out at Tax Time

Owning a home has significant tax benefits. At tax time, send clients info on tax deductions and credits for homeowners. You’ll help clients save money and reinforce the value of an investment in real estate.

 

Host Neighborhood Events

Whether you decide to host a client appreciation event, holiday party or fundraiser for a charitable organization – inviting clients to neighborhood events is a great way to grow your relationship. The face time is invaluable for staying top of mind. Plus, throwing a fundraiser shows that you’re involved in the community.

 

At the end of the day, providing real value goes beyond simple fridge magnets and holiday cards – it’s about increasing homeowner value and building lasting relationships with clients. How do you engage in post-close marketing?

 

The Truth About Millennial Home Buyers

Millennials have been slow to enter the housing market: home ownership among 18-34 year olds is the lowest it’s been since the US Census Bureau began measuring data in 1982. But with a more favorable lending environment, rising rental prices and desires for home ownership, millennials are set to be the largest home-buying group in 2015.

 young home owner

For real estate agents, mortgage brokers, home builders and others in the real estate industry, working with millennials will be key for success in the coming years. So, here’s our tips for wooing the 80 million millenials.

 

1.They Don’t Trust Traditional Advertising

If you want to attract millennials, forget billboards and mailouts. According to a new study released by Elite Daily, 33% of millennials choose blogs as their main media source. Less than 3% agree that television news, books and magazines influence their purchasing decisions, and only 1% say that a great advertisement makes them trust a brand. To appeal to millennials opt for blogs, social media, online review sites & a really great website over print, radio or out-of-home.

 

2. They’re Educated

When you begin to work with a milllennial buyer, expect them to be well-researched – they’ll very likely come to you with a list of properties they’re interested in. Since millennials don’t trust traditional media, they’ll spend significant time educating themselves to make good purchase decisions. They’re used to researching online, so don’t expect a millennial buyer to take the back seat. On average, a millennial that’s a first-time buyer will search online for 3 weeks prior to contacting an agent.

 

3. They’re Connected

87% of millennials use two or three tech devices on a daily basis. This means agents should be using multiple platforms and communication tools to connect with these buyers. Make sure your website is mobile & tablet friendly, and that your emails can be easily opened on mobile devices.

 

4. They Need Your Help

Since the vast majority of millennials are first-time buyers, they likely don’t have a mortgage broker, lawyer, home appraiser, contractor or moving company that they trust. As their agent, you can guide the buying process and make it stress free by connecting them with a great team. You’ll not only impress your client by providing awesome service, but you’ll also get to the closing table faster and strengthen your vendor network.

 

5. They’re Loyal

Because millennials like to research and shop around before making a decision, when they connect with a brand they’re very loyal. 89% of millennial home buyers say they would probably or definitely use their agent again or recommend their agent to others. This means that giving awesome service to millenials leads to a steady stream of referrals and repeat business.

Leveraging Reviews to Grow Your Real Estate Business

stars

Nearly 9 out of 10 consumers read online reviews. For real estate agents, online reviews are big business: an agent’s trustworthiness, honesty and reputation are the most important factors when buyers and sellers choose an agent. As sites like Zillow, Trulia, Yelp and Redfin continue to grow in popularity, managing online reviews will only continue to be more important. So, if you want to start leveraging reviews and building your online reputation, he’s the skinny on how you can win the review game.

 

Increasing Reviews

Did you know that the number of online reviews you have influences where you rank in search results? And that 85% of consumers only feel satisfied that they can trust a business after reading at least 10 reviews? That means increasing your review volume is crucial for SEO and your credibility. To increase reviews, first make sure you’ve claimed your profiles on major review sites and completed your details. Include links to profiles on review sites in your email signature, website, newsletter and blog. Better yet, ask past clients to offer feedback on review sites. Whatever you do, DON’T be tempted to write fake reviews or buy reviews – review sites are cracking down and will flag your profile. For example, Yelp will post a Consumer Alert on your profile to notify potential clients that you’ve been caught posting fake reviews.consumer alert yelp

 

Leverage Positive Reviews

Positive online reviews are marketing gold – word of mouth is the most trusted form of advertising. First, thank online reviews for their feedback – it shows genuineness and that you care about clients after the sale too.review response

To get even more traction from positive reviews, direct potential clients to view your profiles on review sites by having links on your website, social media profiles, newsletters, email signatures and print advertising. Better yet, share positive reviews on social media to increase exposure and let these positive reviewers know that you appreciate referrals!

 

Mitigate Negative Reviews

Any agent, no matter how exceptional, may end up with a few negative reviews. When you read a review, first take a step back and be objective. Is there an opportunity for improvement? How would you react if your broker had given you the same feedback? While negative reviews can be embarrassing, they often can offer valuable performance feedback.

mediocre review

Consider responding to the review with tact – either publicly or in a direct message. This functionality is available on most review sites if you’ve claimed your profiles. Responding publicly shows that you respect clients and address problems, but if you feel the client is especially angry or are dealing with private info then a private message is likely the better choice. When responding publicly, try to highlight the positive, apologize for any mistakes made and invite the client to bring the conversation out of the public eye if you need to address their concerns further. For example,

Hi Jane,

I’m glad that we were able to get your home sold quickly, but I’m sorry you felt out of the loop and found the transaction process stressful. I want all of my clients to feel 100% happy after working with me, and would appreciate if you could email me any details on the particulars of what made the transaction less than ideal – I appreciate the feedback.

Susan

After responding to a negative review and working to amend the situation, the client may take the review down or update it to show that you solved the issue.

 

At the end of the day, you don’t need to be afraid of online reviews. While they can make any business owner weary, 66% of Yelp reviews are 4 or 5 star ratings. And better yet, 13% of agents receive 21 or more leads from online reviews. Have you used online reviews to increase referrals?

 

 

5 Tips for New Real Estate Agents to Survive & Thrive

Real estate is a tough market. With 9 out of 10 agents leaving the industry in their first year, it can be especially intimidating for those getting started. Since we’re always looking for ways to help agents grow their business, we asked some of the experienced real estate agents using QuickLinkt what advice they’d give to those starting out in the industry.

 

1. Let People  Know You’ve Made a Career Change

You’ve likely heard your broker or other agents stress the importance of your Sphere of Influence – the personal and business connections that respect your expertise and know how great you are. These contacts can send you referrals and connect you with potential clients ready to buy or sell. Write a personalized note to let  connections know you’ve made a career change and why you’re passionate about real estate.

2. Learn from The Best

Agencies and professional associations are full of experienced & knowledgeable real estate agents. Take advantage of training initiatives and spend time helping out other agents as you build your client list. Your education doesn’t stop the day you pass your licensing exam, so be prepared to always keep learning. Remember, your broker WANTS you to succeed!

3. Get Involved in Your Community

As awesome as real estate agents are – you won’t meet many potential clients hanging out with other agents. Getting involved in your community is a great way to help your career. First, it helps you to become an expert in the neighborhoods that you work in which can be key for wowing your clients and closing transactions. Better yet, being involved in your community is also a great way to connect with potential buyer & sellers.

4. Go Online!

90% of home buyers use the internet in their home search process. If you don’t have a strong online presence – you’re missing out on 90% of potential leads. Learn how to edit and update your website, create social media pages for your personal real estate brand, start an editorial schedule for your blog and research how to create & manage online ads. It may seem daunting, but there’s lots of great advice on digital marketing for real estate.

5. Grow Your Referral Pipeline

Referred clients are 4X more likely to do business with you. When you’re working with clients and after sales have closed, let clients know that a referral is the best compliment. The home buying and selling process can be stressful – your happy clients will want you to help their friends and family with the process.

 

What advice would you give to new real estate agents? 

Mortgage Associates use QuickLinkt Referral Marketing Platform to Automate Referral Management & Increase Mortgage Leads

Check out our recent press release on the results mortgage brokers are having using QuickLinkt to drive leads and manage referrals. 

Saskatoon, SK.  December 3, 2014.

Mortgage brokers rely on referrals from clients and professional contacts to grow their business. But with heavy competition from banks, a constantly changing industry and multiple new financial products – keeping on top of referrals is a difficult job. Despite these challenges, Mortgage Associate Ben Leclair is easily running a successful referral business using QuickLinkt’s referral management platform – he’s managing referrals from over 25 real estate agents and financial advisers while finding more time to focus on his clients.

Ben Leclair is a Mortgage Associate with Dominion Lending Centres Mortgage Mentors. With over 10 years experience as a lending specialist and financial adviser, he’s a high-volume agent with a large network of real estate agents, financial advisers and other industry related professionals.

Needless to say, a lot of Ben’s new business comes from his network. Real estate agents refer homebuyers looking for a new mortgage and financial advisers refer clients looking to refinance and consolidate debt. Managing these referrals is a big task – referrals need to be easily tracked, application progress monitored and updates communicated back to the referral source.

“I used to receive referrals via email, phone and text. I would then enter the details in an Excel Spreadsheet and manually update the mortgage application’s progress. Real estate agents and financial advisers would call often to find out what was going on with their client’s mortgage, and if I wasn’t at my computer it was hard to give them a good answer. Plus, it was a hassle to be tracking referrals and making phone calls when I had other work to do.”

But 6 weeks ago, Ben started using QuickLinkt to manage referrals. He now has professional contacts send referrals through the QuickLinkt Smartphone App. This means agents and advisers can make a referral anytime – whether they’re at an open house or in their office – and Ben is automatically notified. As he works with the client, he updates the referral progress (ie. contacted, pre-approved, waiting on confirmation from lender, etc) either from the QuickLinkt Smartphone App or Web Manager. These updates are automatically sent back to the referral source – so agents and advisers love how easy it is to stay in the loop. And on top of that, Ben gets detailed analytics on his referrals and sales.

Since starting with QuickLinkt, Ben’s received an average of 7 referrals every week. His network has grown to over 25 advisers & real estate agents sending referrals, and he’s no longer updating spreadsheets and returning phone calls about application progress.

“We’ve seen huge improvements in efficiency & volume. With the time we’re saving I can focus on growing my business, instead of busy work. QuickLinkt was super easy to set-up, and at the price point – I know I couldn’t go wrong. I think any broker, agent or adviser should be using it.”

About QuickLinkt
QuickLinkt is the only mobile-focused referral marketing & management platform. Businesses can enable clients & professional contacts to send referrals through the QuickLinkt Smartphone App or their website & Facebook page, then track sale progress and optionally issue rewards when referrals result in new business. With automated referral tracking & management, the platform makes it easy to increase referrals, streamline communication and measure program success.

To learn more about QuickLinkt, visit http://www.quicklinkt.com or visit http://www.quicklinkt.com/start to access your free 30-Day free trial.

Referrals for Auto Dealers

auto dealer

Last week, we highlighted how we’re seeing Mortgage Brokers successfully implement referral programs with QuickLinkt. This week, we’re showing how auto dealers are increasing customer referrals and building loyalty.

 

Car dealers are just one type business that have been quick to see the benefits of using QuickLinkt to drive referrals. Looking at the sales cycle, it’s no wonder they’re seeing success: buying a car is a big purchase decision, therefore customers seek advice from family & friends to find a trusted dealership and salesperson. Better yet, it’s a great time for dealers to take advantage of referrals since 2015 is set to have the highest car sales since 2005.

 

We’re finding most dealerships use QuickLinkt to encourage, track & reward referrals from past customers. Typically, dealers are using two-sided incentives for their programs that allow past customers to share an offer – say $200 towards a vehicle purchase – with friends and family over social media, email or text.  Then once the referred customer purchases a vehicle, the customer that shared the offer is rewarded back. The reward is usually a credit towards the dealer’s service department or a gift card. As well, dealers use QuickLinkt’s Specify Representative feature to allow customers to make a referral to a particular salesperson. This allows customers to send referrals directly to their trusted sales rep, and dealers to track performance.

 

The great thing about having past customers share offers over social media is that the reach of referral campaigns is exponential – the average adult Facebook user has 338 friends, so a few shares a day means a dealership’s offer can quickly reach thousands of potential customers. This makes it easy for referral programs to have the large scale audience of advertising without the high price tag.

 

The other great advantage of QuickLinkt for auto dealers is that it not only brings in new customers, but it also strengthens relationships with past customers. When dealers select to give a credit towards their service department, it encourages past customers to use the dealer’s service department instead of visiting a different mechanic. Better yet – since it connects customers with the dealership after the sale, they’ll be far more likely to return to the dealership when they’re ready for their next vehicle.

 

At the end of the day, businesses can use QuickLinkt to create the referral program that’s right for them. Whether using QuickLinkt to to reward customers for sharing offers with friends, rewarding past clients for referrals or tracking B2B professional referrals, QuickLinkt creates automated referral programs that are customized to the business’s needs. If you’re an auto dealer, how do you drive referrals?

 

To learn more about QuickLinkt and get your Free 30-Day Pro Plan Trial, visit www.quicklinkt.com.

 

Referrals for Mortgage Brokers

Here at QuickLinkt, we often get asked how businesses can successfully design and implement referral programs. So, we decided to start a series of blog posts that highlight how we’re seeing businesses be successful. First up – Mortgage Brokers.

mortgage

Mortgage brokers and agents have been quick to adopt referral programs and implement an automated tracking solution. Looking at the industry, it’s no wonder that referrals are essential to any agent’s success: most new home buyers rely on friends and family to guide their home purchase process, trust is paramount when choosing a mortgage broker and since people work closely with their broker – they’re more likely to refer.  Better yet, there’s lots of people looking for the best mortgage rates since 88% of US home buyers finance  their purchase.

 

Here at QuickLinkt we’re seeing most brokerages let each lending agent run their own referral program. This allows agents to customize their terms, integrate with their social media profiles and personal websites, and communicate directly with clients. While brokers can choose whether or not to give rewards, we’re commonly seeing agents offer a Visa Gift Card to past clients for each successful referral. While the reward isn’t necessary,* it’s a nice way to say thank you and stay top-of-mind after the sale closes.

 

We’re also seeing agents use QuickLinkt to manage referrals from their professional network. For example, a real estate agent having an open house can send referrals to brokers using the QuickLinkt Smartphone App. This allows mortgage brokers to get a jump start on pre-approval, and real estate agents to quickly start searching for properties in the right price point. Each time the mortgage broker/agent updates the mortgage process (ie. conditional approval, pre-approved, etc.) the real estate agent is automatically notified, making it easy to keep contacts in the loop.

 

Mortgage brokers and agents are also realizing just how easy it is to drive referrals. We’ve heard from brokers that most of their clients are young, first-time buyers. These clients greatly appreciative a broker’s help – since getting a mortgage doesn’t come easily – and therefore are much more likely to refer. Better yet, because they’re digital natives they’re happy to send referrals through their Smartphone or a company’s Facebook page. They also have a large network of connections in the same demographic that will soon be looking to buy their first home, so they have plenty of potential referrals.

 

While each brokerage can use QuickLinkt to specify the referral program that’s right for them, these are just some of the ways we’re seeing mortgage brokers and agents be successful. And since it only takes 5 minutes to get started, mortgage brokers and agents can easily launch their program. What successful marketing tools have you seen for mortgage brokers?

 

To learn more about QuickLinkt, you can visit our website at www.quicklinkt.com or start your free 30-day trial at www.quicklinkt.com/start

 

*Remember to check if offering referral rewards is allowed in your jurisdiction

Affiliates or Referrals??? What’s the Difference?

word of mouthHere at QuickLinkt, we often get asked what the difference between affiliate and referral marketing is. While referrals account for 65% of all new business, the affiliate industry is set to grow to $4.5B by 2016 – so it’s no wonder there’s confusion. While there’s similarities between the two, there’s also clear distinctions. So to clear it up, we decided to do a run down of affiliate and referral marketing – and how they differ.  

 

The Basic Definitions

Affiliate Marketing: Agents or partners (aka affiliates) send traffic to your website or new customers to your business.

Referral Marketing: A current client, customer or business connection recommends you to their friends and family, and often provides you with their contact information.  

So…. What’s the Difference?

Just looking at these definitions, affiliate & referral marketing may seem to be pretty much the same …. They’re both based on people sending you new customers/clients. However, here’s the BIG differences:

  • In Referral Marketing, the referred customer is known by the referral source. In Affiliate Marketing, the affiliate has no personal relationship with customers they send.
  • Affiliates are paid commission for every customer/client they send. Referral programs can include rewards for making referrals, 2-way rewards for both the referrer and referree, or have no rewards.
  • Affiliate partners are driven solely by financial gain, whereas referrals are based on personal relationships and trust.
  • Affiliate commission rates typically start at 20% and increase to as high as 60% as success rates increase. Over time, the cost per new sale increases.
  • With referrals, the cost per new sale decreases over time as the number of customers making referrals increases.

 The Extra Benefits

While affiliate marketing has its uses, referral programs have additional benefits that make them a better long term solution. First, referred customers are far easier to close than those sent from affiliates because consumers are 4X more likely to buy when referred by family or friends. Better yet, referral programs increase loyalty among your current customers. The effects of referral programs also snowball over time because every referred customer becomes a source for new referrals. So while affiliates are useful for driving web traffic, if you want a marketing solution that builds your reputation, increases loyalty and decreases advertising costs over time, a referral program is the way to go.  

 

If you’re interested in referral marketing for your business, check out how you can get started with QuickLinkt for free. It’s a great way to encourage, track and reward referrals – without breaking the bank.

How to Grow Your Referral Network: The Real Estate Edition

Any real estate agent has likely heard of their Sphere of Influence. Your Sphere of Influence is also your Referral Network – the personal and business connections that send you referrals and connect you with new clients ready to buy or sell. It’s the most powerful tool for decreasing advertising costs and minimizing your time to close –  the golden ticket for new agents to get their feet on the ground and veterans to stay competitive.

So, if you’re a Real Estate agent looking to increase your SOI and grow referrals, think about the following groups.

 

Family, Friends & Personal Connections
Your personal connections are usually the simplest place to start. Your friends and family should know you’re a Realtor (pretty obvious), but make sure they also know your brokerage/brand, specialties, clientele, closing rates, community outreach, etc. This is especially important for new agents – let personal connections know that you’ve made a career change and why you’re passionate about real estate.

Current Clients
Current real estate clients are an easy source of referrals. While you may feel awkward asking clients you’re actively working with, it’s actually relatively easy. The clients you’re representing have real estate on their mind – they’re discussing real estate with friends and family, and I guarantee your name has come up in these conversations.

Past Clients
Your past clients understand your specialties and the excellent customer service you provide. Your most recent clients provide the best opportunities because they’re still buzzing about how great you are, but make sure to foster these referral sources with follow up after the sale.

Community Connections
Are you active in your PTA? Running Club? Church group? Local charity? These groups are sources for new clients and referrals. Being active in community organizations is a simple way to connect with your clientele. For example, if you sell family homes in residential areas,  participating in your children’s school fundraisers is a great way to grow your network while giving back to the community.

Business Connections
Do you work with mortgage brokers, contractors, home decorators, property managers, lawyers, landscapers? Of course you do -as a real estate agent you have an intricate web of business connections that can connect you with qualified leads. For business connections, the best way to drive referrals is to be generous. (No I’m not saying to reduce your commission). Send referrals to your trusted service providers, and watch the favor be returned.

 

While this list might sound daunting, getting high quality referrals from your SOI is much easier than cold calls. And knowing that customers trust recommendations from family and friends more than any form of advertising, growing your referral network should be a top priority for any agent.

 

Awesome Referral Programs: Airbnb

Airbnb is a unique online marketplace that allows people to list, find and book accommodations around the globe. Anyone can list their condo, house, cabin or even castle on the site and receive bookings from travelers wanting a unique, local experience. Like any business, word-of-mouth is a powerful source of growth for Airbnb: travelers share their awesome holidays with friends and family, and people who list their space attest to the safety, ease and practicality of Airbnb.

 

Despite so much growth coming from referrals, the company’s Jason Bosinoff described Airbnb’s official referral program as outdated and underutilized. Information on the referral program was hidden on the company’s website and users couldn’t make referrals from the mobile app. The referral program needed a revamp.

So, Airbnb went to work building its program. It ended up seeing an increase in signups by 300% per day. Looking at these incredible results, there’s some clear takeaways that any business should keep in mind when designing referral programs.

 

1. Incentivize

If you want to increase the number of referrals AND the number of referrals that result in new business, it’s best to create 2-way referral incentives. With Airbnb, the incentive was simple – refer a friend and you’ll both get a $25 travel credit when they book their first trip. The 2-way incentive is perfect because it encourages both new customers to try your business, and increases loyalty from your current customer base.

2. Make it Accessible

One of the main learnings from Airbnb is that it needs to be easy for your customers to make referrals. The company made its referral program far more visible on its website and launched mobile referrals from its iOS and Android app. Allowing customers to submit referrals from their Smartphone allowed for in-the-moment referrals, and ensured that users would never miss an opportunity to invite their friends to use Airbnb. 

3. Track, Track, Track

You can’t improve what you don’t measure. Before re-designing and launching its new referral program, Airbnb developed clear success metrics and then measured and improved them once the program was launched. Its metrics included:

  • Monthly Active Users Sending Invites
  • Invitees per Inviter
  • Conversion Rate to New User
  • Conversion Rate to New Guest
  • Conversion Rate to New Host

No matter how you structure your referral program, decide how you determine success and make measurement part of the process to improve success.

 

There you have it! Basic principles learned from Airbnb’s referral program. So whether you’re a realtor, freelance photographer, crossfit coach… you name it, you can start your referral program by following this advice.

 

Sources:

http://nerds.airbnb.com/making-referrals-work-for-airbnb/

https://www.airbnb.ca/about/about-us