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Is Failure to Follow Up Costing You Big Bucks?

Nov 14, 2023

Is Failure to Follow Up Costing You Big Bucks?

Did you know that every time you fail to follow up, it could be costing you $50,000 – or more?

If you think you’re “too busy” to consistently follow up with past, present, and future clients, it might be time to stop and think about the price you’re paying in terms of future income.

Just to have an easy number to work with, let’s say your average commission is $10,000. So when you fail to follow up with a buyer and they wander off to use some other agent, you’ve lost $10,000.

But it doesn’t stop there. Had that client been happy with your service, and if you stayed in touch after the sale, he or she might have sent you at least two good referrals. There’s another $20,000. And, since most people do move every few years, you also lose out on listing their current house. Another $10,000 gone. If they buy another house in your area, you’ll also lose that sale – and another $10,000.

And the story gets worse. When you fail to follow up with a current client, the cost will likely be much greater. You not only lose the potential income, you get thousands of dollars in negative advertising.

Two facts come into play:

  1. Word of mouth advertising is more powerful than any other.
  2. People talk more about bad service than they do about good service.

So every time you let a transaction fail for lack of attention, the disappointed client will tell friends, family, and probably anyone else who will listen. Even if the current sale closes, if you failed to return calls or emails promptly or failed to keep them informed at each step along the way, they’ll talk about it.

How many marketing dollars must you spend to overcome that kind of negative advertising? Or is it even possible to overcome it?

So just do It.

Make the time or hire a helper so you can follow up religiously with:

Current clients and prospects – Return their calls, texts, and emails promptly, keep them informed about what you’re doing on their behalf, and stay on top of transactions to prevent “fall-out.” Even if you haven’t found the right home for your buyer, even if that house hasn’t sold yet, and even if their transaction does fail, they’ll forgive you and speak highly of you as long as they believe you’re working for them.

Current leads – Return that phone call or email ASAP, then drip market to them until they turn into a buyer or seller. With today’s technology, you can do that on autopilot.

Past clients – Stay in touch regularly with those golden folks who will send you referrals and/or come back to you again the next time they need an agent. Make sure they know where to find you and know that you’re still ready, willing, and eager to help them. Failure to follow up is a primary reason why studies show that 80% of clients would use the same agent again – but only about 10% actually do.

The article was contributed by Marte Cliff, a copywriter who specializes in assisting real estate agents with their written communication. To learn more about how Marte and her products and services can help you OR to subscribe to her blog, visit www.copybymarte.com

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