{"id":4529,"date":"2023-07-20T13:52:45","date_gmt":"2023-07-20T13:52:45","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2023\/07\/20\/four-secrets-to-mastering-client-retention\/"},"modified":"2025-03-13T02:52:16","modified_gmt":"2025-03-13T02:52:16","slug":"four-secrets-to-mastering-client-retention","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2023\/07\/20\/four-secrets-to-mastering-client-retention\/","title":{"rendered":"Four secrets to mastering client retention"},"content":{"rendered":"\n<p>There have been numerous studies done on client retention over the years, and while the exact figures vary, most suggest that it can be anywhere from five to 25 times more expensive to acquire a new client than to keep an existing one. As real estate professionals, we know this. But we also know how easy it is to get caught up in chasing the next deal and unwittingly neglect our existing <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/7-tips-to-engage-your-real-estate-sphere-of-influence\/\" target=\"_blank\" rel=\"noreferrer noopener\">sphere of influence.&nbsp;<\/a><\/p>\n\n\n\n<p>According to the <a href=\"https:\/\/preprod.housingwire.com\/trade-desk\/\" target=\"_blank\" rel=\"noreferrer noopener\">National Association of Realtors<\/a>, 67% of sellers were referred to their agent by a friend, neighbor or relative; or used their agent previously to buy or sell a home. 74% of sellers say they would use that same agent again, or recommend them to others. <\/p>\n\n\n\n<p>Yet, even so, 70% of sellers can\u2019t remember the name of their agent a year after closing. This disconnect, which can be attributed to a lack of follow-through when it comes to nurturing existing client relationships, could be costing your real estate business major time and money. But we can change that.<\/p>\n\n\n\n<p>Here are four secrets to mastering <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/leadingre-adds-courted-to-solutions-group-program\/\" target=\"_blank\" rel=\"noreferrer noopener\">client retention<\/a>:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-intentionally-build-your-business-to-be-a-referral-business\">Intentionally build your business to be a referral business.&nbsp;<\/h2>\n\n\n\n<p>Start by tracking your current business. Where are your <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/top-marketing-strategies-for-luxury-agents\/\" target=\"_blank\" rel=\"noreferrer noopener\">leads<\/a> coming from? Where are the closed transactions coming from? Understanding where business is coming from and which of those leads are actually resulting in closed transactions is powerful information in understanding how to build a strong base of repeat and referral business.&nbsp;<\/p>\n\n\n\n<p>To that end, as your business grows, you\u2019ll have less time. Find a good referral source that you want to work with long-term to provide support. Eventually, you can build a business that will run primarily off of someone already in your <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/7-tips-to-engage-your-real-estate-sphere-of-influence\/\" target=\"_blank\" rel=\"noreferrer noopener\">sphere,<\/a> repeat clientele, friends and family or referrals, and you will not need to rely on outside resources to fuel your business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Set, and stick to,  client retention goals.&nbsp;<\/h2>\n\n\n\n<p><a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/heres-how-to-generate-your-fantasy-repeat-and-referral-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">Repeat client business<\/a> doesn\u2019t happen by accident. Like any other aspect of your business, you need to set goals directly related to this objective in order to hold yourself accountable. For example, when you\u2019re just starting out in real estate, you\u2019ll need to put in sweat equity. Personally, I held myself to the goal of hosting four open houses per weekend. I contacted every prospect I met at those open houses, sending them potential listings that met their criteria along with personal notes based on our conversations. Through this, I built a strong prospect base that became a mine for repeat and referral business.<\/p>\n\n\n\n<p>Most importantly, you must be available and responsive. Always answer clients and prospects when they reach out and be sure to get back to them promptly. 82% of sellers contacted just one agent before selecting someone to assist with their sale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Develop a methodology to keep and nurture clients.&nbsp;<\/h2>\n\n\n\n<p>This should go without saying, but it\u2019s critical to stay in touch with clients beyond the transaction of helping them buy or sell a home. Real estate is ultimately a <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/thriving-through-adversity-to-find-success-in-real-estate\/\" target=\"_blank\" rel=\"noreferrer noopener\">personal business<\/a>. Make it easy for yourself by creating a protocol for nurturing relationships. <\/p>\n\n\n\n<p>For example, we reach out to our client base 17 times a year, with one high-touch outreach happening every three weeks, above and beyond email marketing. These could include a personal note, an offer to grab coffee or an invite to an industry or community party or event. Don\u2019t be afraid to get creative \u2014 one of our top producers hosted a client appreciation derby party. With the goal set and the protocol in place, the follow-through becomes much easier.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Set a higher standard of service.&nbsp;<\/h2>\n\n\n\n<p>Memorable experiences and high-quality service keep clients coming back in any industry. In real estate, think about the ways you can elevate the experience for clients. A simple, but effective practice our team has adopted is being selective with our vernacular and the way we talk to clients. For example, it\u2019s not a deal, it\u2019s a transaction. It\u2019s not a commission, it\u2019s a brokerage. It\u2019s not a company, it\u2019s a firm or practice. Across the entire <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/engel-volkers-sets-up-shop-in-pittsburgh-and-sewickley\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Engel &amp; V\u00f6lkers<\/strong><\/a> network, we refer to ourselves as advisors, not agents. These small details stick with clients long after a transaction has closed.&nbsp;<\/p>\n\n\n\n<p>Like a family\u2019s wealth manager, clients pass their connection with their real estate professionals down through generations. They tell their friends and colleagues when they\u2019ve had a particularly good experience. Your past client base is rich with potential new business \u2014 both referral and repeat. However, this business won\u2019t just appear on its own. You\u2019ve got to be intentional about your client retention strategy in order to nurture repeat business for years to come.<\/p>\n\n\n\n<p><strong><em>Bret Snyder<\/em><\/strong><em> is a license partner at <strong>Engel &amp; V\u00f6lkers Bozeman<\/strong>. He has helped cultivate a successful brand presence across the state of Montana, where <\/em><a href=\"https:\/\/preprod.realtrends.com\/blog\/ranking\/best-real-estate-agents-montana\/individuals-by-volume\/\"><em>Real Trends<\/em><\/a><em> has ranked Engel &amp; V\u00f6lkers advisors as 11 of the top 20 real estate agents by volume and <\/em><a href=\"https:\/\/preprod.realtrends.com\/blog\/americas-best\/\"><em>seven out of the top 20 recognized as America\u2019s Best<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Repeat client business doesn\u2019t happen by accident. You need to set goals related to this objective in order to hold yourself accountable.<\/p>\n","protected":false},"author":39539,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[3202],"class_list":["post-4529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Four secrets to mastering client retention - RealTrends - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/preprod.realtrends.com\/blog\/2023\/07\/20\/four-secrets-to-mastering-client-retention\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Four secrets to mastering client retention\" \/>\n<meta property=\"og:description\" content=\"Repeat client business doesn\u2019t happen by accident. 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