How To Build Customer Loyalty In The Real Estate Sector
Bek Agius — 23rd August 2019
Anyone who has has spent any length of time in contact with the Real Estate sector, whether as a home buyer, seller, investor or renter of a property, has come face-to-face with the reality of Real Estate marketing activity.
You may have already formed some strong affinities or aversions for particular brands within this space based on previous interactions or simply shudder at the thought of dealing with a Real Estate Agent altogether.
Customer loyalty is crucial to building top of mind awareness and a strong brand. The Real Estate sector deals with products and services that are highly personal and also touches every member of the community at one point or another within different stages of life. It is no surprise then, that word of mouth from those who have been well nurtured carries significant weight with an audience of new potential customers and can translate to free advertising for an agency.
Taking care of these relationships also has a high potential to create opportunities for repeat purchase behaviour. So how do we effectively build loyalty that both attracts new business and helps retain existing customers? We have a few tips that can help with both angles.
Understand Your Audience
While the data we gain from audience profiling via the likes of REA and Domain provide very valuable insights into our customers as groups, there is something to be said for taking it a step further and taking the time to get to know each of your customers. The types of insights that can be gained from individuals are things like:
- Budget: Goal spend, what kind of wiggle room there is in price
- Lifestyle: Family makeup and eccentricities
- Interests: Hobbies, passions, area of study
- Expectations: Previous experiences with Real Estate agents and expected timeframes and outcomes
The list goes on, but the point is that it is much easier to go above and beyond if you know a little something about the person you're dealing with rather than relying on standard processes and statistics.
Express Your Value
In an industry as competitive as Real Estate, and one where most organisations are practicing similar marketing methods, it is crucial that your customer knows what makes you different. Why would anyone gravitate towards you and trust you with their property needs as opposed to any of the other 50 agents in their area?
Whatever your niche, expertise or angle is, you must make your Unique Selling Proposition (USP) very clear in the way you communicate with existing customers, the way you market yourself and any touch points with prospective business.
Establish what that USP is, whether it's the lowest price, reliability, community connections, or simply a personal touch and make sure it's something that is highly valuable to customers and that you're known for it.
Establish Your Brand and Be Consistent
According to a 2018 study by Canstar, when individuals were asked to rate their level of trust in Real Estate Agents in general from 0 to 10, respondents provided an average rating of 6.9.
The first step to building a long and lasting relationship is earning the trust of those who have chosen to engage. Every interaction should instil that their needs will be addressed in as careful and stress-free a manner as possible.
Above a consistent level of service, every customer touch point, from your logo and branding to the tone of voice used online, to the way properties are photographed should send the same message. This level of consistency sends a strong message of reliability, that they know exactly what to expect when dealing with you.
Franchisees who previously never executed local marketing are creating collateral easily within Outfit; strengthening their business, building community presence, driving sales and all whilst protecting the Bakers Delight brand.
Elise Cittadini — Local Marketing Manager, Bakers Delight
Don’t Forget to Check In
The quickest way to confirm Real Estate Agent stereotypes is to disappear as soon as the contract is signed. It may seem tedious, but if you can nurture relationships after a deal is done, there is a much higher potential for repeat business and a long and enjoyable loyalty that may even earn you a pool of referrals.
This doesn't mean investing all your time and energy unnecessarily on building disingenuous friendships, but checking in every so often to check that everything is going well, a thank you card for a deal or small season gifts with no strings attached can really put the human element back into the Agent Customer relationship.
Although many of these tips may seem tedious or obvious, the best foundation for a great real estate marketing strategy is great service and a strong brand.
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