This month, I’m featuring excerpts from my new 5th edition of Up and Running in 30 Days.
This excerpt is from my chapter on the 10 trends that will most impact how you sell real estate. This is trend #9: How Consumers are Choosing Agents Differently.
Traditionally, consumers either stumbled upon an agent (e.g., going into an open house) or got a referral from a friend. Although that’s still true, consumers have another powerful method to choose an agent: the Internet. Increasingly, consumers are looking at evaluations on Internet sites such as Zillow or LinkedIn to find out what other clients thought about that agent. Take a look yourself. Some of the evaluations are wonderful. Some are stunningly awful. And all are very public! There are even specific agent-rating sites such as www.realestateratingz.com and www.incredibleagents.com. Also, take a look at Zillow, which has agent ratings now. Bank of America and USAA are also getting into the game.
You must work for long-term customer engagement and great ratings to sustain your real estate business. This will continue as a trend, and, I believe, change the way consumers choose and keep their agents!
* Big Idea: It costs six to nine times more to get a new client than to keep an existing client. Retention is king, and reputation is key.
Positives: It will be great for those competent, caring agents who really take care of their clients. It is easier now for potential clients to get feedback from third-party sources, clients just like them.
Watch out for: Doing a next kind of business, where you don’t care what happens after the sale. The client has recourse now, of the most expensive kind—a poor review!
Do you use an after-sale survey? Only about 10% of agents do! That is way behind other service industries.
Tip: Always use a ‘after sale’ survey to find out what your clients thought of your service–and get glowing testimonials!
Click here to grab my survey form.