Imagine a world where only 14% of buyers return to the same estate agent for future transactions. Shocking, isn’t it?
According to recent statistics, this is the reality for estate agents who fail to prioritise customer experience. The consequence? Poor trust and negative perceptions that can tarnish an agent's reputation and impact their estate agency growth.
Estate agents often find themselves caught in the whirlwind of short-term goals: this week’s viewings, this month’s targets, the end-of-quarter rush. However, this focus on immediate outcomes can lead to a significant oversight—the overall vendor and buyer experience.
Neglecting this critical aspect not only affects trust and fosters a negative perception of estate agents, but research suggests acquiring new customers can be up to 25 times more expensive than retaining existing customers.
In this article, we explore tactics estate agents can use to enhance customer experience from initial contact to repeat listings, ensuring long-term success and positive vendor relationships.
How do we know vendors are having a bad experience?
Trust in estate agents remains alarmingly low. The 2023 Ipsos Veracity Index reveals that only 28% of people trust estate agents, placing them fifth from the bottom among various professions. This is a recurring trend - and shows how important it is for agents to work on improving their reputation. By making sure every interaction with customers is top-notch, estate agencies can start changing how vendors and buyers perceive them.
You might have come across the infamous AI response to the question, "Why do people hate estate agents?" and Phil Spencer's insightful follow-up in Estate Agent Today. Both articles emphasise the importance of the vendor’s journey from the initial listing to completion and beyond.
However, the poor perception of the industry actually presents a huge opportunity to demonstrate your agency when prospecting. Tactics such as leveraging customer testimonials in your marketing materials can validate your reputation and reinforce your commitment to excellent vendor experience and care.
Enhancing the customer experience not only builds a strong client pipeline but also boosts word-of-mouth referrals, which are invaluable for business growth.
Protecting Your Brand
The journey with a vendor begins long before they decide to list their property. It starts with generating the initial instruction.
Whether you’re reaching out to vendors who are already on the market or those contemplating a sale, your communications must reflect a strong, credible brand.
Every postcard, letter, social media post, and email should be consistent with your agency’s brand identity, portraying reliability and professionalism.
Introducing templates can be a game-changer. The use of templates not only saves time but also ensures that all communications, from initial contact letters to follow-up emails, look consistent and professional. This consistency reinforces your brand identity, builds trust with clients, and enhances the overall customer experience.
Spectre users have a distinct advantage with access to over 60 different customisable postcard templates, allowing estate agency owners to create or modify templates to reflect their unique brand voice and aesthetic.
Keep in Touch
Once a property is sold, maintaining a relationship with the vendors can encourage them to return to your agency for future transactions. On average, UK vendors with mortgages stay in their homes for 8-10 years. While these aren’t immediate wins, they represent low-effort, high-return opportunities for maintaining relationships.
Implementing a simple yet effective strategy, like reaching out on an annual basis, can keep your agency top of mind.
For example, using the Spectre Anniversaries function to automatically send a beautifully designed, on-brand property report each year ensures you remain a part of your clients’ lives long after the initial transaction. This consistent engagement fosters loyalty and increases the likelihood of repeat business with minimal effort.
With Spectre Anniversaries you simply upload your sold vendor list, and they’ll automatically be sent an up to date property report, year-after-year on their sold date, without your agents even lifting a finger.
Providing a valuable and engaging touchpoint with vendors, Spectre agents double their retention rate on average thanks to Anniversaries.
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Lasting relationships for long-term success
The journey from initial instruction to repeat listing is a long one, but prioritising customer experience at every stage can transform your estate agency’s reputation and success.
By shaking off negative stigmas, protecting your brand, and keeping in touch with past clients, you can build lasting relationships that drive repeat business and referrals. In a market where trust is hard to earn, these strategies can set your agency apart and ensure long-term growth and client satisfaction.
So, take the time to invest in your clients’ experiences—it’s a decision that will pay dividends for years to come.
Want to see Spectre Direct Mail & Anniversaries functions for yourself? Get in contact with one of our representatives and we will arrange a demo of Spectre for you.
