If you’re like most real estate agents, you’re looking to make the most of each client relationship you have. After all, in most businesses the cost of gaining a new client is often up to 10x the amount of retaining a current client. But in the game of real estate, the concept of “retained client revenue” can be a little harder to measure since the bulk of the relationship is over when the contracts are signed. However, if you’re looking to maximize the potential revenue from your clients, there are extra steps you can take. You just need to create a “Before & After Plan”.
What is a “Before & After Plan”?
Quite simply, it is aligning all the possible touchpoints your client may have leading up to and then immediately after the signing of their real estate contracts and pinpointing opportunities for referral revenue, improved experiences and increased engagement. For example, clients may likely have additional needs for a cleaning service, a moving company, a storage unit, an interior designer or a general contractor. These needs will typically fall in a predictable pattern, meaning you can assemble a suite of tools and providers that will serve these needs easily and then scale to provide your growing client base.
Where do you begin?
- Create a mock timeline of a typical client
- Highlight opportunities for services and products
- Find well-regarded and recommended providers who can serve these needs (pro tip: spend a lot of time vetting services and try to stick with the objective marketplaces or best-of-the-best services to protect your reputation)
- Discuss their individual referral or affiliate programs (pro tip: consider what you expect from each referral before discussing so you can determine what the expected value is for you!)
- Generate a list of services and providers that you can share with your clients (pro tip: brand it with your contact information, company logo and anything else you have to make it more professional)
- Keep close tabs on client experiences and feedback–you will want to make sure to update your list if you find certain services are making your clients very happy (or providing less than exemplary experiences)
- Finally, if you’re tech savvy, create a partners page on your website and use widgets and affiliate tracking links to better track clicks and commissions!
Interested in learning about Unpakt’s Agent Services program for real estate agent referrals?