7 Ways to Impress Past Clients and Grow Future Business

Want your real estate business to perform at the top of its game? The solution almost always comes down to your relationship with your clients. It would be a mistake to view real estate as a series of “one and done” transactions. Rather, it makes more sense to build lasting and durable relationships with customers that will grow your business long-term. Here’s why that’s important and seven things you can do to impress your past clients to improve your results.

The Importance of Building Customer Relationships

The long-term success of your real estate business depends on the relationships you build with customers over time. Customers are continually evaluating their connections with brands and are more than willing to try someone else if they aren’t satisfied. Some of the benefits of building strong customer relationships include:

  • Reduces churn— Few people buy just one home in their lifetimes. Some will want to move up or try a different neighborhood. If you have a strong relationship with a client, you can keep them as a customer long-term.
  • Boosts customer lifetime value— Satisfied customers are going to produce more revenue for your business. The customer lifetime value (CLV) will be higher through repeat business and referrals.
  • Develops brand advocates— Happy customers become your business’s biggest cheerleaders. With you having to ask, they will leave positive reviews and recommend you to others in the community.

How to Build Strong Customer Relationships That Grow Future Business

The key to building strong customer relations, no matter the size of your real estate business, is to keep your clients engaged. Jimmy Burgess, the Chief Growth Officer for Berkshire Hathaway HomeServices Beach Properties and host of The Real Estate Podcast, shares some of his sales tips for real estate agents. Specifically, to boost engagement and grow your real estate business, Burgess recommends that realtors use these seven strategies:

  1. Take One Person Per Week to Lunch

Everyone needs to eat, right? Agents are social people. So, leverage this strength by taking one of your past clients out to lunch each week. Ask them about their home, family, and career. Begin building a long-term relationship with your clients that will pay dividends in the future.

  1. Notice and Recognize Special Events

People love it when you recognize their milestones and special events. In fact, one realtor in St. Louis uses Send Out Cards to copy photos of clients celebrating special times on social media and give them extra recognition. Let your clients know you’re thinking about them, and you’ll stay top of mind for them as well.

  1. Celebrate With Desserts

When special holidays approach, celebrate them by sending your past clients desserts. For example, you can give away pies for Thanksgiving or cookies at the holidays. This is another way to remind clients that you appreciate them.

  1. Have Food Truck Client Appreciation Nights

Food trucks have become incredibly popular for their quick service and quality meals. A fun way to connect with past clients is to advertise a client appreciation night, where you have some local food trucks come to your office or a designated neighborhood.

  1. Buy Group Tickets to Special Events

Whether it be a major concert, a local sporting event, or a popular wine, art, or food festival, consider purchasing group tickets that you can distribute to past clients. Often, these tickets will benefit the community as well as generate good will for your business.

  1. Celebrate Their Homeaversary

The anniversary of your client’s closing, the “homeaversary” is a big deal. Set these dates on your calendar so that you can send a thank you card and/or a small gift to your client to remind that that you are grateful for their business.

  1. Make a Branded Box Truck Available

If it’s in the budget, you might want to consider purchasing a branded box truck. Think of it as a moving truck with your business information all over the outside. You can loan out the truck to current at past clients at no charge, and this rolling billboard will generate goodwill while getting your name around town.

Get the Best Results With Your Real Estate Marketing Strategy

Each real estate market and year brings something new. So, it’s vital that you have a commitment to client service that will continue to grow your business under any conditions. One of the best ways to achieve real estate success is to have partners you can trust.

At United Title, we deliver a wide range of residential real estate services, including title, escrow, purchase agreement services, and more. Call us at (410) 544-5441 or contact us online to learn more about how we can help your real estate business and its clients succeed.

The Five Biggest Threats to Independent Real Estate Brokers

The real estate industry is undergoing some significant disruptions. Volatile markets, shifting political climates, environmental changes, rising mortgage rates, and changing technology trends are just a few of the challenges facing the industry. But what about threats to independent brokers? Larger real estate companies may be in a position to weather a storm, but independent brokers face some unique challenges. Here are five of the biggest ones:

  1. Competition Against Larger Companies

Let’s face it – independent brokers have to compete against real estate agencies with some serious name recognition. Some of those companies spend significant amounts buying talent as well as investing in online marketing. A few even offer their agents stock and revenue share, which most independent brokers can’t compete with.

That said, you’ll often find many savvy Realtors and brokers at an independent brokerage. Agents who choose to work for these firms have their own reasons. But some of them include fewer corporate rules and the ability to be nimbler in a fast-changing local market.

  1. The Availability of Homes is Challenging

For real estate brokers, income depends on the availability of homes. For several years running, brokers have been faced with inventory shortages across markets, and this isn’t something that is expected to change in the next year or so.

New independent agents are in an especially challenging position because they lack the reputation necessary to secure listings or even get a seller to lend their ear when the competition is stiff. Since most sellers only interview a single agent, referrals are vital when inventory is low.

  1. Online Listings Have Become a Threat

Everyone knows that it’s been a seller’s market for some time. Online listing services have not only become something that lessens an agent’s role in the home buying or selling process, they’ve eliminated it in some cases. Online home shopping is all the rage, and even the nationwide real estate brokers are finding it difficult to deal with. Imagine what the indie broker is going through.

And it’s not just homebuyers that have taken their business online. More and more sellers are opting to cut brokers and agents out of the transaction completely by attempting to list and sell their homes with an online ad. It’s tough to compete with this but not impossible.

Many consumers might try to buy or sell using only their smartphones and a few photos, but a good number will also quickly figure out that this is a complex process. There are a lot of moving parts and tremendous value to having an experienced broker on the team. Independent brokers that welcome these customers into the fold will be able to quickly earn trust and add value to a real estate transaction.

  1. Digital Transformation is Highly Competitive

Whether an independent broker needs to build a new website, focus on SEO, get active on social media, or figure out how to use email marketing effectively, keeping up with others in the industry isn’t simple or free. What may be an easy task for one person, like speeding up a website or updating a server, can turn into a serious issue for a small company that doesn’t have dedicated technical support.

It makes sense for independent brokerages to try to save money wherever possible. This is going to be an ongoing challenge. But, when looking to do something outside an area of expertise or try something new, bringing in experts can save time and money, especially when you’re competing for marketing share in the digital space.

  1. Difficulty Meeting Legal Responsibilities

Everyone in the real estate industry has to meet legal responsibilities. But this can be particularly challenging for independent brokers who may not have in-house counsel or dedicated procedures to keep the team on track.

For example, there are emerging privacy regulations that everyone must adhere to, necessitating an update to various policies. Real estate brokers are required to remain in compliance with all state-based real estate laws and maintain high levels of client service. Further, a brokerage assumes the responsibility of educating and continually monitoring its agents, which can carry considerable risk for an independent brokerage.

Contact United Title Today

Property markets across the country remain hot. While this should be good news for real estate brokers, there will be some ongoing challenges. At United Title, we are committed to partnering with real estate agents and brokers throughout the area to help clients successfully complete transactions. To learn more about our residential and commercial title services, call us today at (410) 544-5441 or contact us online.