A survey conducted by the National Association of Realtors found that referrals and repeat business accounted for 82% of real estate agent's business. This emphasizes the importance of maintaining strong relationships with past clients and their contacts.
Research conducted by Bain & Company, increasing customer retention rates by just 5% can increase profits by 25% to 95%. Another study by Marketing Metrics found that the probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is only 5-20%.
As a realtor, your past clients are a valuable asset to your business. They are potential sources of referrals, repeat business, and positive reviews that can help build your reputation. However, if you're not keeping in touch with them, you're missing out on a significant amount of business. In fact, studies have shown that businesses can lose up to 80% of their customers over time if they don't stay in touch with them. This is where email marketing comes in.
Email marketing is an effective way to stay in touch with your past clients and keep them informed about your business. A monthly email newsletter is an excellent tool to do just that. By sending out a newsletter every month, you're able to remind your past clients that you're still around and actively working in the industry.
Solution: AI Email Marketing
But, it's not just about sending any newsletter. The content of your newsletter should be informative, engaging, and relevant to your audience. Including statistics about the current market, your recent sale activity, and neighborhood information can help provide valuable insights to your past clients. This information can help them stay informed and keep up-to-date with the latest real estate trends in their area.
Additionally, your newsletter should also include reasons why your past clients should work with you again. This could include testimonials from satisfied clients, your areas of expertise, and any unique selling points that differentiate you from other realtors in the area. By highlighting your strengths and expertise, you're able to establish yourself as the go-to realtor in your area.
Incorporating these elements into your monthly email newsletter can help you maintain a strong relationship with your past clients. By staying top-of-mind, you're increasing the chances that they'll refer you to their friends and family or use your services again in the future.
But, what is the actual cost of not keeping in touch with your past clients? The truth is, it can be significant. Studies have shown that acquiring new customers can cost up to five times more than retaining existing ones. By neglecting to stay in touch with your past clients, you're missing out on a significant amount of repeat business and referrals. This can have a significant impact on your bottom line.
In conclusion, email marketing is an essential tool for realtors to stay in touch with past clients and maintain a strong relationship with them. By including informative and engaging content in a monthly newsletter, you're able to provide value to your audience while establishing yourself as a trusted expert in the industry. Don't underestimate the power of email marketing, and don't miss out on the potential business you could be losing by neglecting to stay in touch with your past clients.