These growing numbers show how the real estate industry attracts new entrants, making it more and more cutthroat by the day.
How can your business not only survive but thrive in such a competitive environment?
Well, there’s no cookie-cutter solution. However, one of the most effective ways of securing and retaining customers is maximizing customer interaction management.
Let’s talk about how you can use customer interactions to help skyrocket your real estate business.
Why Customer Interaction is Central to Real Estate
Existing customers are often the best ambassadors for your business. If your buyers get an outstanding customer experience, they will become a significant part of your marketing team. Their testimonials and word-of-mouth referrals can draw in more customers.
On the other hand, even a single bad review can spoil your business’s chances with new clients. Not to mention the existing customers that will likely leave your business.
According to an Accenture strategy report, companies in the U.S. lose $1.6 trillion because of customers jumping to competitors due to poor customer service.
That’s why making every customer interaction count is imperative.
The interplay between agents or brokers with customers at every stage of the home selling or acquisition journey must be as seamless as possible to create a healthy client ecosystem.
If you make customer service the backbone of your business, you have a better chance of growing and maintaining customer relationships.
As is often the case, happy customers usually keep coming back.
Additionally, exceptional customer service and interaction give you a powerful competitive advantage, especially in a customer-oriented service like real estate.
Customer Service Strategies to Boost Your Real Estate Business
Below are some customer interaction management tips to help catapult your real estate business well above the competition.
One of the most effective ways to interact with customers is maintaining good communication. Studies by Project.co have shown that:
96% of people think the businesses they deal with could improve when it comes to communication and project management
74% of people have stopped dealing with a company and moved to a competitor when they felt that the company’s communication was chaotic
To avoid losing customers, keep them in the loop on every step of the buying or selling process by communicating through chat software. Clear communication helps nurture customers’ trust in your business.
Good communication involves more than just a routine chat; it also encompasses predicting the customer’s needs. According to McKinsey & Company, predictive analytics shapes the future of customer experience for businesses.
In real estate, developing intuitive communication can have a massive impact on how you communicate with your clients. As much as possible, preempt the customer’s needs and prepare for every possible question.
Consider investing in predictive analysis tools like MashVisor, Gnowise, or SmartZip.
New customers usually require the most effective communication strategies; otherwise, you risk wasting resources for a lukewarm response.
Consider using cost-effective tech solutions like chatbots and QR codes for new customer acquisition to leapfrog your communication level and cut back on draining resources.
For example, you can use QR codes to show your listings with embedded video and virtual tour capabilities. This way, you show your customers different options and help them through the discovery process even before your first real-time interaction.
By the time you get in touch with the potential customer, you’re already way ahead in the customer acquisition process. You streamline your costs while ensuring effective communication — a win on all fronts. On top of that, you can customize the way you track and retarget potential clients.
However, while technology can be helpful, be wary of the risks. Ensure to only use secure tools like Beaconstac’s QR Code generator to protect your company’s sensitive information from hackers and phishers.
Prioritize and Be Responsive
Customer satisfaction is usually a direct result of making every customer interaction as buyer-centric as possible. Putting your customers front and center is an integral part of giving them the best customer service.
But how do you make your customers a priority?
Consider doing the following:
Ask well-thought-out questions
Listen attentively, paraphrase or repeat what the customer says to ensure you’re on the same page.
Look the customer in the eye during face-to-face interactions.
Making customers a priority can help establish an emotional connection, allowing you to stand out from the rest of the competition.
Prioritizing also involves segregating your customer demographic. Marketing to first-time buyers, homeowners intending to upgrade, or commercial real estate customers come with different sets of responsibilities and expectations.
While new home buyers may be more price-sensitive, return customers are usually more worried about features. Crafting your offers and pitches in a way that reflects that you understand their needs and are responsive to them heightens your chances of sealing the deal.
Customers often prefer dealing with experts. As such, your customer interactions should show that you understand real estate and all its related concepts. You need to stand ready to answer questions and provide assurance that your customers can trust you.
Your experience is one of the most valuable resources you can use to provide top-notch customer experiences. Channel your experiences to help bring life to the client’s visions and expectations when selling or purchasing real estate.
Use your expertise to guide and provide logistical support in areas like:
Finding the best support services like inspectors, lenders, or cleaning services.
Your customers will typically look to you for assistance in every step of the process. Use these customer interactions to improve the client’s confidence in your business. Doing so can help customers move from the consideration stage to the purchase or sell stage.
Developing expertise can help mold your business into a formidable brand that customers know and trust, helping you clinch more deals.
Go the Extra Mile
The competitive nature of the real estate business requires you to constantly keep in touch with your clients even after the deal is closed.
Put extra effort to keep your business in your customers’ minds to establish your business as the go-to for return transactions.
Going the extra mile doesn’t have to be an elaborate affair. Simple gestures like:
Thank you cards
Small closing favors (for example, a wall hanging or wreath)
A little note on the anniversary of their home purchase
Simple efforts like these won’t put you out of pocket but can have a lasting effect on setting you apart from the rest of the competition. It also helps keep you at the tip of a customer’s tongue, so they’ll recommend you to friends and family.
Leveraging technology can also substantially bolster your efforts on going the extra mile. Using QR codes is one way to maintain engagement with customers, both new and existing, in a cost-effective manner.
For example, sending PDF listings using QR codes to give customers general information makes it easier for them to screenshot and forward information to other interested parties.
Customer Interaction Propels Real Estate Businesses
The real estate industry is a high-stakes, competitive field. As new entrants flood the market, a comprehensive customer interaction strategy can help catapult your business to greater heights.
Consider focusing on bettering communication with the customers and prioritizing their needs. Moreover, develop expertise and fortify customers’ trust so you can help spur your own business growth.
Most importantly, go the extra mile to ensure that every customer interaction contributes to your marketing efforts.
I am currently managing marketing efforts here at LiveAgent. I love SaaS products, and according to my colleagues, I am using too many browser extensions. Outside of my computer, I play chess and drink too much coffee.