Updated November 2021
“It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.” ~Warren Buffett
You may have heard Buffett’s or similar advice many times before, but you may never have thought about it in terms of creating an amazing client experience and maintaining your client relationships.
According to the National Association of REALTORS® (NAR), it takes a REALTOR 12 to 18 months, on average, to nurture and close a transaction, yet the average REALTOR is losing upwards of 20% to 30% of their clients per year from poor communication (or worse yet, no communication at all). The same logic that Buffett talked about applies here—it takes years to develop a trusting relationship with a client, yet it only takes a matter of months to lose them to a competitor. If you really think about it, Buffett’s observation should significantly prioritize (and maybe revolutionize) the way you stay connected to your clients.
What follows are 3 simple tips you can use to make sure your client relationships are solid.
1. Send something your clients will value
Real estate agents and other service professionals are inundated with things they could send to their clients. It seems that every day there is another person banging down your door with the best way to stay connected. But if you’re particular about what you send to your clients, then send something of value if you want to make it past their physical (or electronic) trash can.
People don’t want to feel like they’re being marketed to, so unless you get their attention at the exact time they’re thinking of you (or worse, your competitor), your marketing typically gets tossed in the trash. But if you send something that is perceived more as a gift than a marketing piece, the chances are very good that your piece will make it past the trash can, through the door, and onto their coffee table—reminding clients that not only are you giving them a gift, but you’re available whenever they’re ready to get in touch.
2. Schedule customer touch points
Nothing can replace one-on-one communication. No matter how nice or useful a gift you send, nothing will have the same impact on your clients as a conversation. Schedule your customer touch points to correspond with your other marketing efforts. When you send something through direct mail, put it on your calendar to call your recipients that same week. Clients will appreciate the soft approach, resulting in a more casual and personal conversation.
Whether explicit or implied, make sure they know that you appreciate them as a client, and that you see your relationship with them as more than just a professional partnership—it could be the difference between success and failure in your referral business.
3. Plan client events
Planning an event may sound a little daunting, but think about it this way: it’s a fun way to get to know clients, their friends, and their family. It’s also hugely effective in showing your clients how much you appreciate them.
A REALTOR shared this story with us of a successful event she had recently hosted. She held a demo open house at her own home to show friends and neighbors the extent that she goes to when staging and selling a home. She provided food, drinks, and games for the kids and said it was a great way to meet new people within her community. It also was a great idea for garnering potential referrals. Even if they weren’t looking to sell, you can be sure that anyone who attended and knew someone who did want to move would share her name.
No matter what your strategy is for providing an exceptional client experience, the reoccurring theme in successful professional relationships is being personal and staying connected. It’s that simple. So apply Buffett’s advice, and “do things differently.”
