A client is 20 times more likely to do business with you a second time than they are the first time. And it costs 6 times as much to acquire and sell to a new prospect as compared to doing business again with a past client. These are very revealing statistics that you would be foolish to ignore. By instituting simple and systematic communication with this lucrative group, you will increase the amount of business (and profits) coming in your door by exponential proportions.
After you have sold someone’s house, and/or helped them purchase a home, there are several ways you can leverage this.. You can:
- Contact them to buy something else, like an investment property.
- Have their friends, relatives and sphere of influence to buy from you (i.e. refer your services to others)
- Contact them to buy or sell a home from you again (i.e. re-use your services the next time they move)
In all three cases, it will only be through regular communication with these customers that you will accomplish your goals. The strategy behind this communication is the same as it is for prospects: i.e. regular, relevant, and reliable information; prospect qualification; and USP (Unique Selling Proposition) reinforcement.
The way I’ve done this for my past clients so that they become lifetime clients is to communicate with them regularly via a quarterly newsletter.
I give them Regular, Relevant and Reliable Information –
- Referral to area businesses that offer goods and services that are likely to interest them (I collect a referral fee from these businesses for any direct sales)
- Updates on the real estate market to help them stay plugged into what is happening and what their home is worth
I achieve this in two ways:
- I offer reports that they could order for a friend (or themselves)
- I ask them outright for referrals
You can never explain your benefits too often. By reinforcing what you can do for your customer, you are ingraining your message in their mindset – so, when they pass your name on to friends and relatives, your name is linked with benefits and advantages that will intrigue any hot prospect.
Past clients are an essential group to nurture and the easiest source of new business to tap. Yet, despite this, they are a group that is largely ignored by most. This happens because the average person spends an average of 80% of their time hunting down new business, leaving very little time to service the clients they already have. Because you no longer have to spend your time this way, you are free to recognize the opportunity this call outlines and focus on systemizing this end of your business.
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