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Blanche Evans is the publisher of Agent News and associate editor of Realty Times. She's the author of Homesurfing. net, a sales associate-friendly guide for online consumers, and a new book, The Hottest e-Careers in Real Estate.
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Turning Old Business Into New Business
Staying in touch with past customers provides a low-cost source of business.
BY MARYLYN B. SCHWARTZ WITH BLANCHE EVANS
It costs considerably more to prospect for new business than to increase business with past or present customers. That's why keeping in contact with past customers is so important, even if they haven't sold or purchased a home in a few years. Their situation can change in a minute, and you want to be in the right place at the right time.
So how does your existing customer become a "new" customer? Meet periodically with your client and ask them the right questions. Probing for problems and then providing solutions is the key. You want to not only find out if they are ready to make a move soon, but also, what is holding them back from doing so. Schedule a half hour appointment with them; ask if you may use the time to see "where they are" and talk about new opportunities for them. Tell them you want to exceed their expectations. Explaining in this way tunes into their radio frequency, WIIFT - What's In It For Them!
Here are open-ended questions that encourage dialogue:
· What are your goals for the next year, three years, five years?
· If you had a magic wand, what would you change about your home/lifestyle? Why?
· What have you done toward making that dream come true?
· Are you familiar with the latest market trends and how they favor your position?
As you converse with your client, you will find out what you need to know--if there is an opportunity to do business in the near future. And if there isn't, you still have more information than you did before which you can file away for future use.
Look for problems that cleverly disguise themselves as "no's." And remember that problems can also disguise solutions. When your customer presents you with a problem, think in terms of offering the solution. Then, you can change their position from, "We don't need your services at this time," to "I never realized that. Tell me more."
For example, they may be empty nesters who aren't quite ready to sell. But homes in the area are at an all time high in demand.You know from past dealings that their dream has always been to retire to a golf community. If you can show them why now is the time to sell, show them good buys in nearby resort communities, as well as ways to manage the sale of their home so that they retain as much money from the proceeds as possible, you may have earned yourself both a seller and a buyer.
Here's a great opener: "If I could show you a way that my services would help you sell your home faster, or help you find that perfect retirement community, would you be interested in hearing about it?"
Keep a list of reasons handy why your services are important. You can remind the customer of the ones that suit their particular situation.Be ready to provide cogent evidence that you will do what you say and that you've built in measurement standards that prove the benefits to your client.
If you should identify an opportunity that would require services outside your core business, don't stretch. Say you would be happy to help the client find the right resource. Perhaps you represented customers as a buyer's agent, and they are ready to sell but not repurchase a home in the area. You can still assist the client by providing a referral to a good salesperson and to a buyer's agent in the area your client is relocating.
Your goal is to continue to prove to your customers that you are in the business of providing service. Even if you don't come away with a representation agreement, you'll have a relationship that has been strengthened by your efforts. And some day soon, you may get a call, after all.
(c) Copyright 2003 Realty Times. Reprinted with permission. | |
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