Viewing the closing as a starting point, not a finish line

Great Realtors

Great agents know that their job isn’t over when the transaction closes. After you’ve achieved the sale, closed the deal, cashed the commission check, and spent the money, it’s time to start to fortify your client relationship. Sure you need to get on to the next income-producing activity. But as you cultivate your next deal, don’t make the mistake of turning your back on the clients you just served.

In fact, your clients could need you more after their closing than at any previous point in your relationship for any of the following reasons:

  • After moving into their new home, they may have discovered repair issues that need attention. They might need the name of someone who can fix their roof, or they might need names of service providers that are honest, trustworthy, fair, and do quality repair work.
  • Their home taxes may have shot up substantially, and they might need you to evaluate the marketplace, research comparable properties, and complete a report of your findings that they can use as they contest the increase in their property’s taxable value.
  • Your clients’ home purchase may have sparked their thoughts about building wealth through real estate investments. They may be thinking about how to secure their retirement or how to create a nest egg for their children’s college educations. If your clients view real estate as a piece in their wealth puzzle, they may seek your advice about how to acquire and retain properties as a key step toward wealth creation.
  • Your clients may simply be interested in how the market around them is doing. When you call them to chat, you’re likely to get the question, “What’s happening in the marketplace?” Now that they’re homeowners, your clients are vested in the local real estate marketplace.

Become their resource and you’ll be first in line when they’re ready to make the next physical or investment move.

After reading the above list, you might wonder why an agent needs to be told that the closing must be viewed as the first step toward a long client relationship and countless service opportunities. The reason is that research shows this is an area of agent deficiency.

The National Association of Realtors completed a study over a series of years to gauge the public’s perception of real estate agents. They found:

  • 69% of consumers rate the service they received from their agent as satisfactory or better. This is not an outstanding number but it indicates that, as a whole, real estate agents are doing an okay job during the course of the transaction.
  • 24% of clients used the same agent that they used on their previous transaction on an upcoming deal. The fact that fewer than one out of four clients went back to use the same agent, even though the majority felt that their previous transaction was handled satisfactorily, is a shocking testimony to the fact that agents aren’t developing long-term relationships. And from here, the figures get even worse.

These stats reek of poor after-the-sale communication and woefully short relationship development. The only logical conclusion is that, in general, after-the-sale service in the real estate industry really stinks.

Break this stereotype by creating a solid after-the-sale service plan and follow-up system.


About Lance Berwald, Coldwell Banker Burnet

I am a real estate aspirant and scholar. Always seeking to learn more about an every changing world and industry. Come and seek the truth about life, real estate and what motivates us each and every day!
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