From maintaining relationships to battling property tax bills, successful real estate producers shared their top tactics for winning clients at Inman Connect Now on Thursday.
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Customer lifetime value is in the six-figure range, so it pays to have winning strategies to meet their needs over a long period of time.
That’s according to Jennifer Wauhob, a top-tier Houston crew chief and producer, who shared her insights on maintaining long-term client relationships, during an Inman Now panel discussion on Wednesday.
Top producers shared some of their strategies for winning homes for customers, maintaining relationships with those customers, and winning in today’s market. They said some of the strategies can help in a…should we call it a crazy market?
“Stop calling it a crazy market,” said Jennifer Wauhob, Houston team leader with Better Homes and Gardens Real Estate Gary Greene. “It’s not a crazy market, it’s a complex market.”
There are indicators of multiple changes in recent months, including increases in inventory, home prices and interest rates, which have weighed on home affordability.
But agents can win if they serve as strategic advisors to their clients, Wauhob said.
“I need to know my numbers, I need to know what’s going on in the market, I need to know what’s going on with interest rates,” she said. “It’s our job to know all the options that are out there, to be able to explain them and to know what’s going on, [and say] “Here’s what we can do to put you in a house.”
Here are top tips shared by Wauhob and Phil Sexton, co-owner of Team Sibbach at eXp Realty in Phoenix.
Focus on existing relationships
The lifetime value of a client is about $125,000 in commission, Wauhob said.
For this reason, teams can expect a higher ROI from nurturing meaningful relationships with existing customers than from spending money meeting new people.
Sexton referred to this type of approach as “foreign marketing”.
“They want to go out first and spend money meeting people they’ve never met before,” Sexton said. “When I talk to them, ‘OK, how much do you invest in people you already know?’ They look at me like I’m crazy.
“Let’s make sure we take care of those people first, then we can go out and put more money into overseas marketing,” he said.
Provide meaningful service to customers
Like gas prices hit record highsSexton gave more than 1,300 people a $50 gift certificate to their favorite gas station.
It was a way for his team to show they were thinking of them, as they felt more pain at the pump. (It also kept him in mind with an existing business pool.)
“It cost us $10,000, $12,000,” he said. “I’m expecting a 10 to 1 return on that as it communicates with existing businesses.”
Wauhob had another strategy that had a lower price but a high response rate.
“We offered everyone in our database to help us protest their property taxes,” Wauhob said.
With property values rising rapidly, tax bills have followed suit. Many municipalities have left homeowners struggling with a high assessment, and the Wauhob team offered to do it for them.
“I had a higher response to that than I think I have to anything we’ve ever done,” she said. “It was a value for people and it helped them.”
“I spent $0 on it,” she said.
Email Taylor Anderson