Creating loyal, raving fan customers is the most important rule for growing a long-term business. Those deep relationships are what separates the massively wealthy agents from the struggling agents year after year.
Historically, the real estate industry has never been great at focusing on this business aspect -- at least not since the invention of the internet lead.
The industry has been overwhelmed with an onslaught of companies and vendors, all promising the magic bullet to bring the riches. In reality, it's often that the results are made up of a complex string of marketing and software fees, continuously threatening profitability.
In addition to reduced profits, the worst outcome is that the overall experience of the customer is hurt due to the lack of focus, which drastically hurts the possibility of referrals.
Technology can significantly reduce customers' pain points if implemented appropriately.
Pain Point No. 1
The customer feels disconnected and unsure of what happens next in the sales process. This begins to have a negative impact on their experience and impacts their overall opinion of the transaction.
It’s the last impression the customer has leading up to closing.
Technology Solution: Set up a CRM or feedback system to both streamline communication and automate it as much as possible. Make sure you set expectations early and clearly outline what happens in the process.
Use milestone updates and workflow automation to make sure the right people are involved in each stage of the process and with the communication cycle. It’s a good rule to make sure the loan officer and title closer are in sync with timelines and communication.
At a basic level, set task reminders, reminding you to check in with customers. Anything you can set up to help the customer feel like they know what is happening brings a better experience.
Pain Point No. 2
The customer's experience with the lender or the closing company isn't as positive as the experience with the agent. This could reflect poorly on the agent, especially if the agent referred the lender or title company.
Technology Solution: When selecting both your lending and title partners, make sure you ask thorough questions.
Ask how they keep the customer informed. Ask what technology they use and if milestone updates will be sent out to all parties in the transaction.
Some buyers prefer to keep in digital by using file sharing apps. Faxing paperwork seems like it's on its way out the door. It's important to make sure the customer understands and feels comfortable throughout the entire process.
Make your expectations clear and let them know what your minimum standard is for making the customer experience great. If customers are frustrated, they acquire a negative taste about the whole experience.
That's made worse when it's pointed back at the agent.