Bringing in new leads and retaining current clients are the two most important aspects of creating a constant flow of real estate business, but many agents tend to forget the latter. Studies have shown that a typical agent will annually lose 20 percent of his or her database by not maintaining regular communication. Peter Knight, managing director of the U.K’s Property Academy, spoke at the National Association of Realtors® convention in San Francisco about the importance of shifting gears toward people and not property.
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The association’s 2013 Profile of Home Buyers and Sellers found that while 84 percent of people said they would definitely or probably use an agent again and 39 percent of sellers used an agent who was referred to them by a friend or family member, only 25 percent of buyers and 12 percent of sellers continued working with their previous agent.
Although there is no solid answer as to why these individuals didn’t return to their previously used agent, Knight said that it may likely have to do with the lack of communication kept between client and agent. He suggested contacting clients at least every 90 days via email marketing, social media, phone or video. Although they likely won’t be in the market to purchase a new home 90 days after closing a deal, contacting them shows the agent cares and this could lead to more referrals.
Video email have a much higher open and response rate compared with traditional email marketing because it allows the agent to gain authority and build trust with clients. Videos are the closest thing to face-to-face communication, and they allow viewers to interpret an agent’s personality, which makes for a much more shareable email thread.