Client acquisition is the backbone of any industry. New clients keep your business alive and thriving. However, oftentimes the biggest challenge is not knowing where to start. Ideas are one thing, but knowing how to set them in motion is a must.
In today’s episode of Stay Paid, Josh and Luke break down our Real Estate Playbook and provide five different strategies to help you master client acquisition.
- In cold prospecting, presenting your value proposition is key.
- Past clients can provide you with referrals and repeat business.
- Farming is a long-term commitment.
Client Acquisition Strategy
Cold prospecting includes FSBOs and expired listings. It’s those prospects who don’t know you and have no relationship with you. Which means that you’re up against presenting your brand and value proposition to what you bring to the table that no one else offers. It’s that thing that separates you from the other agents. It’s important to remember that your services will save your prospects time. While it will cost them money, the time that you’re able to save them will be well worth it.
When prospecting FSBOs, you must tailor your message so it entices them to move forward with you. Consider calling them on Monday after the weekend to see how much foot traffic they got at their open house. Present your services, and let them know how you can save them the time and energy of trying to sell their home on their own.
If you’re new to real estate, or unsure of the term geographic farming, it’s quite simple. It’s a group of prospects that are targeted based on the area in which they live. It’s important to recognize that the word farming plays a large role in this acquisition tactic. It’s not instant gratification. Just like it takes time for a farmer to grow a crop, farming a geographic area also takes time. The purpose of farming is to build your brand recognition and top of mind awareness so that when this group of people needs a real estate agent, you’re the first person they think of. When perfecting your farming techniques, keep these factors in mind.
- How heavy is the competition?
- How great is the turnover rate?
- Are you in it to win it?
Past clients are oftentimes an underutilized client acquisition tactic. However, your future deals can lie within your past deals, and we tend to neglect our past clients because we’re focused on our next paycheck. If utilized properly, they can be a great source of repeat transactions and referrals for you.
When it comes to referrals, 84 percent of sellers say that they will either definitely or probably recommend their agent, but only 29 percent actually do. Meaning, you have to put yourself out there, and build a friendship with your past clients. A genuine friendship must come from a place of authenticity. When you’re reaching out to a past client, be authentic. Let them know the reason for your call, and reiterate your appreciation.
Below are three easy touchpoints that you can utilize when reaching out to past clients:
- Call a month in to check how the move went.
- Call two months later to check in and offer your Rolodex of contacts—contractors, plumbers, electricians, etc.
- Call two months later and ask for referrals.
Client and Prospect Events
Events are a great way to gain new clients. Consider hosting a client appreciation event or a seminar. One of our previous guests, Colton Lindsay, throws a large client appreciation event that enables him to hit all of his touchpoints. While it takes a lot of effort to put on a large event, it can be extremely helpful because you can build your whole marketing plan around it. Consider implementing a strategy and determine your action items. Set goals for yourself, and outline what your touchpoints will be.
Seminars are also extremely beneficial. They provide you with the opportunity to educate your prospects and display your expertise. If you’re an expert in real estate, consider hosting a seminar for first time home buyers. Invite a mortgage broker to present alongside of you and keep the content informative. Seminars can also be a great opportunity for financial advisors. White Glove Workshops puts on seminars for advisors. Their average attendance is around 20 people and can be a valuable source of leads for advisors.
Nowadays, the internet is an important aspect of client acquisition. Lead generation websites like Zillow are useful, but it’s critical to remember that you must follow up with these leads. If you’re paying for Zillow and you aren’t getting any conversions, pay attention to how and when you’re following up with these leads. Consider using a blitz method of following up and utilize texting, emailing, and calling. They saw enough value in your services to request information, and you’re honoring your value by giving them a call. Be persistent and consistent.
Utilizing Facebook, optimizing your website, and relying on SEO are also crucial when it comes to acquiring new clients through the internet.
Following the podcast, our goal is to provide you with as many actionable tips as possible. This episode includes…
- List how you’re getting your leads and what categories are the most valuable for your client acquisition efforts.
As always, take action on these tips!