Staying in touch with past clients well after a property has settled is one of the fundamental ways to ensure you always have ongoing repeat and referral opportunities.
Real estate coach Darryl Davis said that while following up with past clients is a core part of the business, it’s also one of the main things agencies and agents overlook.
“Embracing these neglected clients not only helps agents build their portfolios, but it also ensures that the company maintains continuity in client service and provides consumers with a reliable point of contact for their real estate inquiries,” Mr Davis told Inman.
“How’s that for a win-win?
“This approach is particularly beneficial for emerging agents aiming to establish their businesses or seasoned agents seeking to reinvigorate their sales because so many buyers and sellers have tremendous misconceptions and big questions about what all this commission lawsuit noise means to them, their return on investment, and their future relationships with real estate agents.”
Mr Davis said there were a few key steps agents needed to do to effectively follow up with past clients.
The first thing he suggests is to compile a list of the neglected leads, reestablish contact and inform them of who you are and if you are a new agent to the office using a simple letter.
“This letter should introduce you as the new point of contact for these clients, replacing the previous agent,” he said.
He said you then need to follow up the initial letter with a phone call.
“Apologise for the company’s previous lack of communication, explain the departure of their former agent, and assure them of your commitment to serve as their new representative,” he said.
Mr Davis said agents then need to establish a connection by asking open-ended questions to gauge the client’s satisfaction with their current living situation and any potential interest in moving.
“Questions could include how they are enjoying their home, whether they’ve made any major updates, and, given all the recent market upheaval, whether they have any real estate questions,” he said.
Next offer a complimentary, updated annual market report.
“This provides clients with a current valuation of their property and insight into local market trends, similar to receiving a yearly health checkup,” he said.
Finally develop a regular follow-up strategy using a mix of email, direct mail and personal visits to foster and maintain relationships with these clients.
“The aim is to transition them from prospects to integral members of your business circle and sphere of influence,” Mr Davis said.
“In a fiercely competitive market, it’s time to put your ingenuity and innovation pedals to the metal and prove to buyers and sellers why you are the service professional to turn to in your market.
“Ask yourself what you can do to bring value continuously and raise your exposure in your area.”
