EVERYONE KNOWS THAT their existing customers should be regularly followed up after the successful sale to build an ongoing relationship. Ian Grace demonstrates how to take this further and follow up on the listings you never had.
How often does follow-up happen, for example with a car salesperson? Not very often, most would say. But sadly, it’s the same with many real estate agents. Once the sale is over they have forgotten their seller and lose contact.
This is very sad, because apart from possible repeat business, which realistically may be years down the track, a happy seller with whom you have built a trusting relationship can often be a great source of referral business.
So, let’s assume for a moment you are doing that religiously and maintaining and building relationships with your existing customers. Now you can take advantage of those other real estate agents who don’t follow through with their sellers.
Most agents, once they have lost a listing, may never see that seller again. But those who think outside the box have struck a goldmine.
The secret is, whenever you happen to lose a listing, treat those sellers as if they were your own customers and begin building a relationship with them – something virtually no other agents ever do.
TURNING A LOSS INTO A GAIN
I’ll give you an example of an agent in Adelaide who, whenever he lost a listing, would follow up after the property was sold, congratulate them on the sale and make a point of finding out where the seller was moving to. He would let them know he would have loved to help them, but was very pleased that they achieved a good result and were happy with the outcome. He would then provide them with a welcome package for the new home, to make moving a little easier.
It might contain all the local utilities’ phone numbers and other handy contacts like the local police, out of hours medical centres, and so on – plus a voucher for pizzas or similar on moving night, so they wouldn’t have to concern themselves with cooking.
He would then maintain contact with them on a regular basis, informing them of what was happening in the area regarding property, but also any other events he thought they might be interested in. It could be as simple as when the school fete is being held.
After a while, the sellers, who had now just become buyers and would again become sellers down the track, would have completely forgotten about the agent who sold their home for them in the first place. In some cases, they actually thought this agent, who was in regular contact with them, had sold the home for them originally.
Obviously, he was practising great customer service with all his existing customers as well. This agent had around a 60 per cent market share, meaning his competitors probably averaged about a five to seven per cent share each.
How powerful is that? Just thinking outside the box and doing something that most other agents would never dream of.
Put it into action and you can guarantee a great outcome, merely by practising great customer service and capitalising on agents who tend to forget their clients.
And you can guarantee you will be in a very small percentage of agents who ever follow up on listings lost – a paradigm shift in thinking, but a goldmine when put into place.