Tap Into Market Data to Create Clients for Life

According to the National Association of Realtors, 73 percent of buyers say that they would use their agent agan, but less than 25 percent actually do. What can agents do to stay in front of past clients in the months and years after a sale?

Many agents lean on tactics like sending out newsletters, holiday cards and refrigerator magnets. While these may have their place, a hundred other agents in your area are likely doing the same thing, and you risk blending into the competition.

To stay top of mind, agents need to stand out. One way to do this is by tapping into the psychology of homeowners. By nature, humans are naturally curious about how they compare to their peers and what's happening in the lives of those around them. For homeowners, this translates into an interest about which homes have been listed in their area, which have been sold, and for how much. Keep in mind that buying a home represents one of the most significant financial and emotional investments that people make in their lifetimes. As with any investment, people want to know that their home's value is growing and that it compares favorably to others.

One simple way to do this is to identify your client's home in your IDX website and set up automatic email alerts for new listings and price changes in their immediate neighborhood. If you have access to Virtual Office Website (VOW) data, that's even better, as you can send your clients more complete listing data like solds, expireds, etc.

One solution has taken an elegant approach to this idea. Listingbook is a property search platform that lets agents and their clients cooperatively search for a home and communicate with each other. They offer a feature called the "Morning Report" that sends clients daily home sale information in their area. Listingbook tells us that even after they've purchased a home, consumers still love the Morning Report "because it allows them to keep an eye on the market and reassures them that they made a good choice in their purchase." Most importantly, the company says, it is a small but meaningful daily touch from the agent that keeps them top of mind.

Listingbook offers another tool that agents can leverage for client retention. The Home Competition feature lets homeowners compare their home's value against others in their local market. This is something that formers clients can use for months or even years after the purchase of their home. If agents pay attention to which clients are accessing this feature, they may be able to spot a client that's thinking about selling--and that's a great reason to reach out by phone or email!

Keeping former clients up-to-date on what's happening in their area is a targeted and more relevant way to stay top-of-mind between transactions. What client retention tactics have you found success with in your business? Let us know in the comments below!