How to Form a Solid Foundation with Your Potential Clients

Written by Posted On Monday, 21 January 2019 13:01

There is nothing wrong with realty businesses focusing their efforts on acquiring new clients. However, it should be noted that new marketing efforts don’t necessarily result in new clients. Building a strong foundation with existing and just acquired clients can set you up for repeat business.


According to a study by Bain & Company, over 60% of customers who find a product or service satisfactory do not go back to the same business. You are probably asking yourself how this possible when the client is clearly satisfied. The main reason is there was no initial connection with the service.


Customer satisfaction means nothing if they can’t remember the name of your real estate business. There is fierce competition in most realty businesses and customers have a ton of options to choose from. Companies have in the past found it difficult and frustrating to keep connected to their clients. With today’s technological advancements, there is no longer an excuse of not keeping tabs with the client.


Randy Garn, the founder of Skipio, a customer connection company, says there is a fix. He believes today’s technology provides an avenue for a business to have a person-to-person relationship with the client. To build a strong foundation with your clients, here are some tips that can come in handy:


Focus on High-quality communication

Efficient and timely communication should be one of the top priorities. This does not mean focusing solely on a single client. The time you spend should not eat into your personal time and interfere with your productivity. Communication should be purposeful and punctual. Your availability and timely response is a clear indication that the client’s satisfaction is important.


The lines of communication should be open. In line with timely communication, you should also make sure that the client is comfortable and can be honest and open. Provide assurance that their feedback and concerns are being looked at with an aim of improving.


Building Trust

Trust is the core foundation for a great real estate business/client relationship. In the initial stages, the trust should be developed and earned by both parties.  You should start by overcoming the gaps in terminology, past experiences, and expectation. There are clients who may not be used to your way of doing things even though the end result is for their benefit.


The clients should feel safe even when they are challenging you. Don’t be afraid to express it when you think a client could be missing out on a potential opportunity. The trust process usually starts by talking about the smaller challenges before moving to bigger opportunities.


Aligning expectations is also another way of building trust with your clients as it is important if you’re to have a good business relationship. When a client reaches out to you, it is because you have experience and expertise in the field. They may not be conversant with the subject or might have had a bad experience with another person or business.


Sometimes people can be sensitive about their ignorance and it is crucial that you address the subject matter with the sensitivity it deserves.


Collaborative Discovery

Treat your clients as partners and involve them in the project right from the beginning. Immerse yourself in their position and try finding out how you can solve their problems. Encourage them to ask questions and also ask for their input in important decisions.


There are no assumptions being made that may block the creative process. Make it a habit of educating the client what you do so that they can manage expectations by understanding the holistic process. Education should come from both parties. Try and understand the reason why the client reached out to you and how you can work together in achieving the desired outcome or goal.


You don’t have to go into details about your craft. Instead, you can educate the client about choice and outcome. When you’re working and achieving the set objectives, you get to share the processes and philosophies making sure they are in line with theirs.


Client Lifetime Value

It doesn’t matter if you own a real estate company, the focus should be on the lifetime value of the client. The first project heralds the beginning of a new working relationship. Think about the relationship as a long-term opportunity that will be mutually beneficial for both parties. The main focus should be on the clients you have rather than wasting energy and resources looking for new ones.


According to the Pareto principle, 80% effect comes from 20% of the causes. This is true in every business in the real estae industry. Focusing on your current clients is more sustainable than looking for new ones. To have a client committing for the long-term, you need to start treating them as partners. This can be achieved by trying to looking for a shared goal or understanding.


Exceed Expectations

A client is definitely going to come back if you exceed their expectations. It is always better to under-promise and over-deliver. Be realistic with the client during the negotiation process. This is where negotiations training comes into play. Set reasonable goals when working with the client. This will give you the chance to impress the client once the project is finished or when you hit new milestones.


Identify what the clients see as valuable with regards to the project. This will help you in prioritizing the tasks.


Be Open

Always maintain a policy of openness when dealing with your clients. The client relies on your expertise to solve their problems. Since you have their best interest at heart, a client won’t be offended if you have a contrary professional opinion.


It is always going to be tempting to appear agreeable just because of the fear of losing the client. There are amicable ways you can express your opinion without being confrontational with the client. Going silent will be counterproductive and can result in a damaged reputation with the client. You should rely on your expertise to make professional decisions which are in the best interest of the client even if you don't agree on some issues.


Taking Responsibility for Mistakes

Most people tend to come up with excuses when they make mistakes. Mistakes happen and covering the bases in the hope that the client won’t find out can be a tricky decision. The worst thing you can do is not to communicate with the client.


The more you ignore the mistake, the worse the relationship gets with your client. The customer will appreciate the honesty especially if you share with them as soon as the mistake happens. Taking responsibility means you’re still in control of the situation despite the setback.


Show Gratitude

Although it has nothing to do with your expertise, showing gratitude can have a powerful impact on the relationship you have with your client. The small and personalized gratitude gestures go a long way in keeping a healthy working relationship. It sets a solid foundation for your partnership and reinforces trust. You can invite them to a lunch-and-learn where you can offer additional consultation.


Realty businesses that are successful usually have a high client retention rate. You should make it a duty to build a strong foundation with your current clients for lifetime value.

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