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According to NAR’s most recent Profile of Real Estate Firms, 60 percent of the average brokerage’s business comes from repeat and referral business. At the same time, however, real estate pros are notoriously bad at staying in touch after the sale — meaning that there are even more referral-based deals to be done with the right kind of follow-up.
When a satisfied former client refers you to someone else — or chooses to work with you all over again — the rapport-building potential is increased and the cost of lead nurturing decreases. With every successful transaction, you reinforce for this core group of clients that you’re the answer to their most pressing real estate challenges — then they share that good news with others.
As marketing budgets shrink, we asked: What are you doing to lock down repeat and referral business? Are you giving more time and attention to your CRM and using it to distribute value-added content? Are you using direct mail or email blasts? Are you setting up coffee dates and prioritizing pop-bys? Here are your favorite strategies:
- Utilizing my CRM to the max. This lull in the market will change (it always does) and having a CRM in place is the best hedge to stay in contact over time.
- Quarterly event emails, monthly market updates, period texts, calls and pop-bys
- Events, events, events
- We send out a weekly email newsletter, they receive automatic texts for birthdays and holidays and we mail a monthly team newsletter as well.
Now it’s your turn! Let us know what you’re up to in the comments below.