It’s all in the follow-up
Over the years, I’ve heard many agents mention that the problem in their pipeline is a shortage of leads.
For those new to the industry, this could indeed be a challenge, but for anyone who has been in real estate for any length of time, I’d say it’s not the leads but the following that’s your problem.
So how can you improve your tracking strategy and why is it so important for long-term success?
Signs you have a tracking problem
If you’ve ever sold a property for someone and later found out they used another agent for a subsequent sale, chances are there’s something wrong with your follow-up.
Why? Well, unless there is a problem with this sale, it’s highly unlikely that a happy seller will forget their agent’s name.
This means that the real problem was that you failed to stay in touch with them in the aftermath.
And surprisingly, the follow-up problem is much more common than you might think, with statistics revealing that around 80% of sellers don’t use their original sales agent.
That’s eight out of 10 vendors you potentially let slip away, despite the fact that they know you and may have even used your service to succeed.
So how can you fix it? Here are four key tips to improve your tracking strategy…
1. Tracking matters every step of the way
Although the example above is for former sellers, the reality is that follow-up must take place throughout the real estate process.
This includes following up after an appraisal, following up with a potential buyer, following up with a seller to provide feedback after an open house, or following up to let sellers know exactly where the sale of their property is at until a contract is drawn up.
When you follow up, you are providing a true real estate service; you match buyers with sellers, keep people in the loop, and showcase your expertise.
2. Tailor it to the individual
Successful tracking isn’t just about adding a name to your database and then bombarding it with messages and communications.
The follow-up strategy must be adapted to the person and their situation.
For example, soon-to-be sellers will have different touchpoints than those who don’t intend to sell immediately, while former sellers will also have different needs, as will people just starting their sales journey. purchase.
The key here is relevance. Each follow-up touchpoint should be relevant, timely, informative, and overall show that the agent is active and knowledgeable.
The most effective way to do this is to make sure you know your database well and have segmented it according to your contact’s needs.
When you tailor follow-up to the individual, you ensure that your communication is personalized, because no buyer or seller wants to feel like an anonymous number on a list.
3. A mixed approach
Monitoring should also have a mixed approach.
In some cases, it may leverage technologies such as email, social media, and digital newsletters.
In other cases, it needs to be very personal, like handwritten birthday cards, personalized text updates, and brilliant market reports received in the mail.
The annual phone call is also essential, while VIPs and those who are your enthusiastic fans should also be entitled to annual client parties.
4. A team strategy
If you’re determined to improve your tracking (and I strongly suggest you do), I highly recommend conducting a full-day planning session with your team.
Consider every touchpoint for every customer in your business – whether it’s a potential seller, current seller, past seller, or buyer – then develop and design a strategy for each that you have set in stone with systems and procedures.
These then become the “gospel” your team turns to day in and day out, forming the foundation for the stellar customer service you want to be known for.