My husband and I bought our dream house in early 2010. We worked with a wonderful real estate agent who more than earned her commission.
She started working with us two years before that and accompanied us to countless open houses and showings. She proactively worked with us to understand what our goals and needs were.
She also helped us rent out our other home so we could make the move quickly. At the one year anniversary of our closing, she sent us a card with a gift certificate for a local restaurant that we love.
In the end, the energy she invested in us probably outstripped the commission she earned. Or did it?
I have referred several friends to her over the past two years. I will continue to do that with great enthusiasm. When we are ready to sell the house we are renting, she will be our agent.
What is the true value of a customer?
If you treat them like a transaction, and not a person, the value of a customer is finite. It is limited to the commission you earn with them that one time.
If you invest in them, build a relationship, and exceed their expectations, the value of your customer increases exponentially. You will earn their repeat business. And their referrals. And their referrals’ referrals.
What are simple things you can do to increase the value of your customer relationships? Here are some suggestions:
- Understand their personal needs. Each and every client is different. They have different priorities and motivations. Take the time to listen.
- Add value to the process from beginning to end. Be an expert on the community. Be aware of important factors like commuting time, school quality, health care services, and arts and entertainment activities.
- Reach out to your clients after the transaction is done. Remember milestones. Send a card, an email, or reach out with a phone call.
- If you get a referral, handle with care. Your client referred business to you because they believe you did a great job for them, and will do the same for their friend or family member. That is both a big responsibility and a big vote of confidence. Take the implications of both seriousl
Remember that each and every client interaction is an opportunity to grow your business. It’s up to you if that growth is a single point on a line or an exponential curve.