Product and price used to be the two most important aspects when it came to customer loyalty, but not anymore. Customer experience is key for all businesses, and real estate is no exception. So, what is it?
- Becoming customer-centric
- Use word-of-mouth as a powerful marketing tool
- Exceed customer expectations
- Make an omnichannel strategy
- Make it or break it
Customer-centricity, or being customer-centric, is to put your customers at the heart of everything you do. Making sure every interaction, online and in-person, benefits the customer. A seamless experience can impress customers and give you the edge to outshine the competition. Delivering not just a good, but an exceptional customer experience can turn new customers into loyal ones, and even brand advocates – boosting your profitability and brand awareness with every interaction.
Be a property partner for life
Most people think that the real estate market consists of a single transaction, but that’s not the case. There are so many opportunities for real estate agencies along the entire lifespan of a customer – students rent a room, after that they rent an apartment, later they buy a house, then buy a bigger house and they might even inherit a house they want to sell. All this means just one customer has not one but five or more possible opportunities for a real estate agency.
Get a boost in profitability
Delivering a seamless and perfect experience for the customer the first time means you’re more likely to gain a loyal and long-term customer, and this can have a particular profit on profitability – even a 5% increase in customer retention can boost profitability 25% to 75%.
Use word-of-mouth as a powerful marketing tool
When people experience outstanding service, they’ll often tell friends and family about it – this is called earned advertising. Word-of-mouth and personal recommendations are so valuable as customers see this as the best way to find a business. In fact, 84% of people think word-of-mouth recommendations from friends and family are the most trustworthy. So by providing outstanding service, you get advertising, leads and build brand trust completely free.
Exceed customer expectations
Often, just meeting a customer’s expectations isn’t enough – you have to exceed them – and the key is being customer centric. You need to go where your customers are and give them the experience they want. If you read our previous blog, you’ll know that 85% of potential buyers want a virtual visit before visiting a property in person. Data even shows that in 2020, 63% of homebuyers made an offer without even seeing a property in person. So as a real estate agent, offering virtual tours is now a must.
Make an omnichannel strategy
Print isn’t dead and neither is the estate agent. The biggest advantage of being an agent is the ability to have an omnichannel approach. We talked about going to where the customers are (instead of having them come to you) and this is the perfect example. Buying a house is often the biggest purchase people make in their entire lifetime – it’s often a complicated and time consuming process and consumers need your help. Combine impressive digital features like quality images and virtual tours with that in-person human touch that carries through to customer service for the ultimate experience.
When creating an omnichannel strategy, use targeted channels to provide value to your customers. If younger customers are looking for property inspiration on Instagram, make an account and show off your best images and listings. There’s no one size fits all.
Make it or break it
Customer experience is what can make or break your business. In a market where consumers constantly expect companies to do better and better, the only way to win is to put them first. Don’t think short-term, instead try to establish a long-term relationship with customers. By delivering a great customer experience from start to finish, customers will be more likely to give you worth-their-weight-in gold word of mouth recommendations to others. Besides that, happy customers have a much higher chance of remaining loyal which can only boost long-term profits. It’s a win win.
All customer-centricity really means is making your customers happy. And happy customers equal loyal customers. Take a look at some of our features that agents say boost their business.