The Lifetime Value of a Client

It was only a week or so ago I was having this conversation where it almost felt like a lightning bolt struck me, or almost as if that generic light bulb went on above my head.

I was in the middle of a work trip, traveling to Dallas Texas, for the Residential Real Estate Convention. I had been there for a day or so at this point and started up a conversation with this gentlemen who was traveling to the same resort but for a different reason. He was a doctor and at this resort for training sessions on this new medical device. The company that sold him this device flew him and any other ‘buyers’ or ‘clients’ to this resort as an opportunity to not only educate them on how to use the device, but to also network with their new clientele.
He went on to say stuff like “Yeah they flew us here and have taken us all out to dinner each night” or “The service has been phenomenal, not only are they treating us to dinner but the best dinners”. Or just simply along the lines of “I cannot believe this amazing Resort is where they chose to train us”. My first thought or reaction to this was, why treat you so well if they already had your business? Just to clarify, I asked “But didn’t they already get your business?”

Sure enough he confirmed that they had and even at his surprise, this trip was a bit more than just training… And then it hit me, this company that sold the product is not treating him as if the deal was complete, or that the account was closed. They simply thinking the opposite, once their deal was closed for the product, a new account had opened.
It is an opportunity for them to nurture that client/relationship/account so he obviously purchases from them again, or refers other doctors to this business. And boy, it was so transparent how this was the same model any large successful company uses, but a model that doesn’t translate as obviously to Real Estate clients.

Every buyer or seller in Real Estate has friends, has a sphere, network or simply will end up buying or selling again. Why would I, the agent, not remember or really value that. I think for many of us, once we close the deal and gets paid, that value can get lost in the cracks. As agents, throughout the year we do so many things with so many deals. The easiest thing to get complacent on is the largest thing that can positively or negatively affect us in the future.

As agents, we need to start looking at our clients as open accounts. Once we close on a home, the account is now open. It is a living breathing opportunity, an advocate of our business, that if nurtured correctly over time – if a long term relationship is established – then it can and will bring us business. This, is the essence of a sustainable business pipeline.

If you’re like me and understand this, but know your lack of time will bring you into the same habit of neglect, you need to find a tool or way to automate the nurturing and follow up for you. Items like the KEYZZ App is a great, free, tool to do this and can be found in your app store which will help manage your time so you can get back to being the Real Estate Professional you set out to be.

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