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Pablo Naert 10.08.2021

The value of customer centricity in real estate

Customer experience is becoming more and more important. While both product and price used to be the 2 most important aspects to determine loyalty, the tide is turning. Nowadays, consumers tend to base their loyalty on the experience which they experience during the interaction with an organization. This is also the case when it comes to real estate and this article will explain exactly why customer centricity is becoming so important. 

Relationship as a common thread

Life partner

Despite that, most people think that the real estate market consists of a single transaction, this is not the case. When taking into account the entire lifespan of a customer, there are so many opportunities for real estate agencies. Students rent a room, after that they rent an apartment, later they buy a house and at a later stage they might even inherit a house which they want to sell. This already serves 4 possibilities for a real estate agency to work with one single customer.

Boost profitability

Ideally, you deliver a seamless and perfect experience to the customer the first time. This will make him come back at later stages in his life. To illustrate the importance of having long term relationships with customers, Bain & Company research shows that a 5% increase in customer retention will boost profitability with 25% to 75%.


Customer centricity

 

Word-of-mouth is the most powerful marketing tool

When people experience outstanding service, they will often tell friends and family about it. For a company this means “earned advertising”, people refer to your company because you gave them a good experience. This is extremely valuable because it’s often seen as the most trustworthy type of advertising. Nielsen research shows that 84% of people think word-of-mouth recommendations from friends and family are the most trustworthy. Essentially, by providing outstanding service, you get the most trustworthy advertising completely for free.

Exceed customer expectations

Nowadays, customers don’t expect you to meet their expectations, you have to exceed them. The key to this is being customer centric. Make decisions based on data to determine your priorities as a company. If you read our previous blog, you’ll know that 85% of potential buyers want a virtual visit before visiting a property on-site. Data even shows that in 2020, 63% of homebuyers made an offer without even seeing a property in person. As a real estate agent, this should ring a bell and stimulate you to offer virtual tours.


Customer centricity

 

Omnichannel strategy

Real estate agents will never become obsolete. The biggest advantage of agents is the fact that they can exploit the human aspect. Combine this with digital to facilitate certain processes, while still maintaining the human component and you’ve found yourself  winning combinaation. Buying a house is often the biggest purchase people make in their entire lifetime. It’s often a complicated and time consuming process in which consumers need your help.

Customer experience is what makes or breaks your company. In a market where consumers constantly expect companies to do better, you should operate in function of the customer. Don’t think short term, instead try to establish a long term relationship with customers. By delivering a great customer experience, customers will be more likely to recommend you to friends and family. Besides that, happy customers have a higher chance of remaining loyal to the company which is beneficial for your profitability.

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Pablo Naert

Born and raised in Ghent, I am someone who loves the buzzing city life and I'm always seeking to explore. I am a sports enthusiast and besides that I practice photography in my spare time.

In brief

What is customer centricity?

Making sure everything you do benefits the customer. Customer centricity results in a good customer experience, which is important to gain a competitive advantage.

How powerful is a good customer experience in the real estate industry?

When delivering a good customer experience, customers will be satisfied. Satisfied customers result in loyal customers, on top of that they become brand advocates. This basically means you boost your profitability and brand awareness. People have multiple occasions to work with a real estate agent. By providing a good customer experience you assure that they’ll choose you every time.

Why is omnichannel so important in real estate?

When creating an omnichannel strategy you use several channels to provide value to the customer. If executed well, it can be a super smooth and seamless experience. Aligning every channel will become even more important in the future since more and more people are adapting to the most recent technologies. The generations that are completely up to date regarding technology are starting to move out of the parental nest so appealing to them will be very important.