A good customer relationship management (CRM) program has an impressible image in the market, leading to an effective relationship between the customer and the business. When we are talking about real estate, the connection between the business and the customers holds its importance at a different level. A good relationship with customers gives you great returns in both ways, monetary as well as your corporate image in the market. In any line of work, a good relationship with the clients can turn into customer loyalty which has numerous benefits. In real estate, customer loyalty can work either in making your business reach its pinnacle of success or can completely drive you into the anonymous pit.
Customer loyalty cannot be earned in a fortnight; it takes time and effort to build a dynamic and loyal customer base. It is not something which a real estate person can ignore. According to a study, in most real estate companies which are running successfully, 80% of their business comes from 20% of their existing loyal customers.
There are a number of benefits which a business can get through customer loyalty in the real estate industry. Creating a strong bond between you and your loyal customer is a win-win situation for both of you. Through them, you will get your business and your clients will get satisfactory service from your side.
Let’s have a look at the benefits that customer loyalty provides to the real estate business.
Customer loyalty for life:
It is human nature when stated that an individual will approach an agent or a business when they are confident about their service and quality. As soon as the client realises that your service is incomparable with any other organization, they will not choose anyone other than your company. A report shows that 25% of loyal customers have gone back to their previous organization for buying and selling their home.
Customer loyalty attaches a lot of importance on the benefits, with pricing being one of its major benefits. If they love your service and are happy with it because of the priority and importance you gave them, they will not bother to pay you the demanded price. On the report of a well-known source, if the customer is loyal to you, they become immune to the changing price. With every purchase they make, the chances of them coming back to you rises by 50%, which will keep increasing with every buying or selling experience.
No advertisement cost:
If your customers are happy and satisfied with your service, they will become a medium for your advertising efforts. Loyal customers are like an evangelist for your business. Not only will they come back to you after your great service, but they will also definitely refer their family and friends who are in need of a really good real estate organization. According to a survey, 39% of customers have found their real estate agent via a friend or family member.
Opens a door for growth:
Customer loyalty brings an open door for the growth of your company. The more loyal customers an organisation is acquiring, the chances of its growth increases by a good percentage. In a simple proverb, it definitely opens a door for growth in any organization.
Well, customer loyalty programs do take your time and effort, but they are certainly worth it. The returns you will get after implementing a proper customer loyalty program will be overwhelming.