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Real Estate Marketing

Top 6 Customer Retention Strategies In Real Estate

Businesses put in a lot of effort to attract customers using marketing, social media, and brand strategies. You've invested time, energy, and maybe money to earn your customers' trust. Naturally, you'd want to keep them around. This is where focusing on customer retention becomes crucial. To enhance customer retention, you need to consider the entire customer experience. This experience includes everything customers think and feel when they come across your brand. Factors like how your brand handles customer interactions or communicates its values can impact a buyer's relationship with your brand. Creating a smooth experience that keeps customers happy at every step is key to retaining them. However, if your business falls short of meeting customer expectations, there's a risk of losing them before you get a chance to make things right.

Why Customer Retention is Important?

Making sure your current customers are happy is often way more budget-friendly than getting new ones. Harvard Business Review says grabbing a new customer can cost five to 25 times more than keeping the ones you already have.

You don't have to splurge on flashy marketing or ads. It's simpler to turn your existing customers into regulars because they already trust your brand from previous buys. But snagging new customers usually needs more effort for that first sale. Customer loyalty isn't just about repeat business. Loyal customers are likely to recommend your stuff to their colleagues, friends, and family for free. This cycle of happy customers and word-of-mouth marketing is a great way to build lasting customer loyalty and success for your company.

Learn How to Retain Past Real Estate Clients:

1. Personalize Your Interactions with Customers

People respond better when interactions feel personal, whether it's online or face-to-face. That's why building strong relationships is key for keeping clients happy and sticking around.

Get to Know Your Customers

Before diving into selling, take the time to understand each new customer. Hold off on explaining your business details and services. Instead, ask about their expectations for buying or selling a home and their ideal scenario. For homebuyers, learning about their lifestyle and family helps you offer more tailored customer service. This insight paints a clear picture of their current and future needs.

Get Involved in the Community

Engaging in community events is a fantastic way to connect with potential clients and let them know who you are. These events are all about building connections and enhancing your customer interactions.

Reach Out for Special Occasions

Show appreciation by sending a thank-you letter after a home transaction. It's a great chance to leave a lasting impression of your relationship. For homebuyers, consider sending a thoughtful housewarming gift a few weeks later. Make it a habit to send holiday or birthday cards to past clients, keeping you in their thoughts. This way, you'll stay memorable and maintain a strong connection.

2. Meet Your Customer Expectations

To meet what your customers expect, you first have to understand them, and that's why the earlier strategy was so important. If customers' expectations aren't met, they might move on to another business, especially in real estate.

It's crucial to keep the lines of communication open. Even if customers stated their expectations at the start, these expectations might change as things progress. Sometimes, clients aren't sure what they want, so you have to pay attention to both what they say and what their actions indicate. After showing a home, take a few minutes to get feedback. Some clients will share their thoughts right away, while others might need a few days. Always keep the channels of communication open.

Address any disappointments as they come up. By keeping communication open, you can find out if a client is dissatisfied during your business interactions. Being flexible and finding ways to bridge any gaps is important. Follow up to make sure your customers are satisfied. If your clients are happy, your rate of keeping customers will be high too.

3. Utilise Social Media

For real estate companies handling hundreds or thousands of customers, social media is a fantastic way to stay connected while promoting your services. It's now even easier to build and maintain relationships with clients using these platforms.

Create marketing campaigns on platforms your customers already use, such as WhatsApp. Develop a chatbot on WhatsApp that helps with property-related issues. Sending messages through WhatsApp sees high open rates, over 75%, providing super-personalized post-sales support and engagement. And it's not just limited to WhatsApp – you can interact with your users around the clock on other social channels like Instagram and Facebook. Utilize these channels to share interesting real estate social media posts that make customers eager to share, giving your company more visibility in the long run.

4. Establish an Email Marketing Campaign

Even though it's not as personal, making an email list for clients works wonders in keeping them engaged. Email marketing allows you to regularly remind past customers about your services and share helpful content that grabs their interest, especially in the realm of homeownership.

The cool thing about email marketing is that it can be all done automatically. This means you can stay connected with all your clients simultaneously. With a great email service provider, you can create top-notch newsletters and streamline your communication. This way, you'll have more time to close deals and tackle the trickier parts of your business.

Balance your time between finding new business and focusing on the connections you've already established for maximum efficiency. By staying in touch with clients even after the sale, you show that your company cares.

5. Create a Loyalty Program

Having a strong referral program is key to growing your business. It encourages current customers to keep coming back, and when they refer new clients, those new clients are likely to refer others too. This not only expands your network but also strengthens your community ties.

View your customers as investors, not just home buyers or sellers. Each existing customer could potentially invest in their home or interior in the future or put savings into real estate if they've had a positive experience with you.

As a real estate agent, you can educate your customers about real estate investment and position yourself as their go-to source for information on new opportunities in the area. Utilize your social media presence to establish yourself as a thought leader in your community.

However, to be seen as the primary source of information, you must earn their trust. Engage with potential clients, explain the possibilities with your business, and use simple language. Clearly convey that you have their best interests at heart, and share customer stories from past clients to build trust and show how others have had great experiences with you.

6. Invest in Latest Real Estate Technology

A bunch of tech tools can make your Real Estate tasks easier and more efficient. Check these out:

1. Automation Tech: Bots and AI can save you time and money by making tasks like customer services smoother.

2. Customer Relationship Management (CRM) Tool: This tool gives you useful info about how customers behave. It also helps you find chances for cross-selling.

3. Payment Gateways with Fraud Protection: To cut down on the risk of fake transactions, use payment gateways with top-notch fraud protection features when you want to receive payments for your real estate services.

4. Analytics Solutions: Get insights into how customers use your website. This helps you improve their experience.

Closing Thoughts:

In the world of real estate, customer retention is your superpower. It's not just about selling homes; it's about building relationships that last. So, keep it personal, meet those expectations, rock social media, own your inbox, reward loyalty, and embrace the tech wave. Your clients aren't just transactions; they're the heart of your business. With these strategies, you're not just selling properties – you're creating a real estate legacy. Cheers to building homes and lasting connections!

Rahul Agrawal

Co-founder and Chief Business Officer at Styldod

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