Reputation Management for Real Estate Agents

The Three R’s for Success in Real Estate

Building Success in Real Estate

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.

3 Steps to Generating Positive Word of Mouth

attracting an audience

Whether we like it or not, as a real estate agent our brand is no longer what we say it is – it’s what our clients are saying about us…. online. Long gone are the days when we could purchase billboards & newspaper ads and feel confident that we were putting our best foot forward. This means that if we don’t take a proactive role in building & managing our online reputation, we can be left in the dust.

 

While managing your online reputation may seem daunting, it’s the same thing real estate agents have been doing for years – generating positive word of mouth and building their referral business. So, if you’re not sure about how to manage your online reputation – here’s our top tips.

 

1.Have a Presence

90% of home buyers search online to find a real estate agent & search for properties. If you don’t have a strong online presence, you’re therefore missing out on 90% of your potential clients. Ensure that you have a profile on major directory sites – including those that are specific to real estate (like Zillow or Trulia) and those that aren’t industry specific (like Yelp, Google Places & Yahoo!).

2. Monitor What’s Being Said

Understanding what’s been said about you online can have a big impact on your sales funnel. Not only do online reviews and comments influence potential clients, but they also offer valuable opportunities for improvement. Set-up a Google Alert for your name & regularly monitor online review sites to see what’s being said.

3. Respond & Be Active

You wouldn’t go to a networking event, community fundraiser or open house and stand in the corner with your head down – so don’t do it online.  Post regularly, answer questions, engage with your audience and respond to online reviews. Help first – sell second!