Being a REALTOR® is a tough job. You work long hours, face huge market swings and are constantly competing for clients. So how can agents rise above and have long-term success? It’s about the 3 R’s: Reputation, Repeat Clients & Referrals.
Reputation
As a REALTOR®, your reputation is the backbone of your business. It’s dependent on your sales history, how you approach potential clients, how you foster relationships with current clients and the interactions with your professional network – like mortgage brokers, lawyers, appraisers and home service pros. Think of every business dealing as a chance to grow your reputation. Make sure you’re also monitoring your reputation on sites like Zillow, Yelp, Trulia & RankMyAgent – positive reviews are great for generating word of mouth!
Repeat Business
Securing repeat clients is big business for any real estate agent. While the average REALTOR® has 21% of their business from repeat clients – those in business 16+ years average 41% of business from repeat clients. And that’s not small numbers when you realize that securing a new client can cost 7X more than retaining a past client. Whenever you spend time prospecting, make sure that you’re also allocating time to stay connected with past clients. Doing a quick check-in call, sending a market update report, having a client appreciation event or offering home maintenance tips are all simple ways to stay top of mind.
Referrals
For the average REALTOR® – referrals account for 21% of their business. Driving referral leads means you can minimize prospecting time, decrease advertising costs and generate a steady stream of highly qualified leads. To drive referrals make sure you’re providing client value even after you close – like sharing your list of trusted service providers or having an affinity program to past clients by offering discounts from your favorite local businesses.