Why creating a lifetime commitment is essential for your real estate business — RISMedia

You may have heard the oft-quoted statistic from the National Association of REALTORS® (NAR) that 90% of homeowners would use their realtor again, but only 12% actually do. What you might not know is the reason behind it.

According to Chris Stuart, president of PLACE, Inc., the real estate industry spends more on customer acquisition than any other industry, but does not invest the same amount in customer retention. The numbers back it up, with companies like Southwest and Marriott spending less than 3% of their marketing budget on customer acquisition, while the real estate industry spends 20% of its marketing budget on adding customers, only to lose them when they leave. . the closing table.

Of course, retention in real estate is made more difficult by the fact that the average time between real estate transactions is five to seven years, not just a few weeks or months as would be the case for retail businesses. or travel.

Looking at other industries that focus more on customer retention, they don’t do it by offering a bunch of random services, but by creating a customer experience that brings people back again and again. With that in mind, here’s a tactical approach that will allow you to prove your worth month after month, for years to come.

The experience should begin before the move, when the agent and brokerage provide end-to-end services, including mortgage, insurance, closing, home warranty, and moving concierge.

Although pre-move services help solidify your role as market expert, they still only impress the client in the short term. But there are a few things to consider in order to continue to be sought after as an expert:

  • Content creation
    Create relevant content: blog posts, social media content, direct mail, and infographics that inform and educate your clients on various aspects of homeownership, helping them maximize the value of their investment. In addition to blog post content, create small documents or articles about different home improvement or maintenance projects.
  • Initiate timely reminders and savings
    Your content calendar should not only include blogs. Reaching out with reminders about tax deductions, refinancing opportunities, and other ways to save money or maximize the value of their investment. When customers believe you have their best interests at heart, they’ll be more likely to respond to your message.
  • Take advantage of local resources
    Create an in-house concierge who can help connect customers with trusted local vendors and service providers. This completes your home improvement content. They could also connect the same client with your moving concierge to help them with utility deals a few years after their move.

Remember, every touchpoint should make your customer feel better for spending time talking with you or engaging with your content.

MoveEasy works with leading brands and brokerages nationwide to create a lifetime consumer engagement platform that keeps you top of mind by combining moving and home management into a one-stop-shop for services at the clientele.

Niraj Patel is co-founder and COO of MoveEasy. For more information, please visit www.moveeasy.com/real estate.

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