Closing the realtor retention gap

The struggle is real for real estate agents looking to increase their growth in today’s ever-evolving market. According to the National Association of Realtors (NAR), 90 percent of buyers would use their agent again or recommend their agent to others. Likewise, 89 percent of sellers were assisted by a real estate agent when selling their home, and 69 percent of sellers said they would definitely use the same agent again. However, less than 24 percent of buyers and sellers actually have used an agent with whom they have worked previously.

To close the retention gap and generate sustainable business growth, real estate agents need to extend the life of their client relationships past closing. Technology is key in this new endeavor and can help to continuously engage clients, creating opportunities for greater retention, and delivering new clients through an increased number of referrals.

Real estate in the digital age   

According to the NAR’s study Real Estate in a Digital Age, 48 percent of all real estate firms cited “keeping up with technology” as one of the biggest challenges facing their agency in the next two years. And keeping up with tech is essential for real estate agents as the average age of home buyers is 47 and new home buyers is 32. This means an agent’s target markets are Generation X and Millennials, who view technology as an extension of themselves.

Real estate agents have already begun the transition to technology-driven marketing initiatives. NAR’s research found that 81 percent of Older Millennials, 80 percent of Younger Millennials and 78 percent of Generation X found their home on a mobile device, compared to 68 percent of Younger Boomers. Real estate agents also cited social media as the best source for generating high-quality leads, followed by multiple listing service (MLS) websites.

But real estate agents have yet to harness the full potential of technology to interact with clients on a whole new level.

Digital experiences extend the life of your client interactions and enhance your reputation as a trusted real estate agent, increasing referrals, retention, and overall client growth.

Websites, social media, and email are a part of a competent digital marketing plan, but after closing, interactions become limited and often non-existent. An interactive app can boost your client retention percentage through continued engagements with different touch points and enhanced experiences.   

Furthermore, a higher percentage of return clients also generates more referrals as current clients can present positive experiences to potential clients, but they will only do so if real estate agent stay top of mind. An app that consistently delivers value to a homeowner serves as a constant reminder of an agency’s high-quality service and places the agency in a key position to be that necessary referral.     

Partnering with a digital home management solution

vipHomeLink offers real estate agents a way to enhance their agent-client relationships. Our interactive app helps homeowners to manage their new-to-them homes through tailored recommendations for improvement, personalized reminders for maintenance, and a home profile that keeps all the home’s important information (inspection reports, warranties, insurance policies, and of course, real estate agent’s contact information), all in one, secure place. By partnering with vipHomeLink and offering this service to your buying clients, agents demonstrate an extra level of care and help their clients through the entire ownership experience, not just the transaction itself.

vipHomeLink also amplifies a real estate agent’s current digital marketing effort to raise the percentage of re-engagements. Providing an interactive app through co-branding initiatives positions agents as digitally-savvy and showcases them to Generation X and Millennials as a modern partner in today’s technology-advanced market.

Together, we can give a better homeownership experience to new home buyers who will maintain their homes, enjoy their homes, and keep their homes in good-working condition for a potential resell opportunity.  

With the pace of tech in real estate picking up, real estate agents need to keep up with today’s speed of market and deliver a digital home management solution to modern buyers. Enhance your marketing strategy through an interactive app and retain clients through continued engagements, helping you to generate new levels of growth.

Learn how vipHomeLink can help enhance your relationship with current and potential clients, visiting vipHomeLink.com/realtors or send me a message to learn more!