For many businesses, your ability to retain and continue doing business with an existing client base is essential. It’s costly to find and win over new customers as opposed to working with existing clients. Contrary to some opinion, real estate is no different. Buyers are hard to obtain, why not consider your tenant database?
While it’s true that you can’t deal with the same clients repeatedly in quick succession like other industries, obtaining someone’s business twice or more in real estate offers an immense amount of value for your agency. Property is often the biggest purchase we make in our life. The process is thereby slower and more considered.
Taking Advantage of the Real Estate Life Cycle
Most agents segment their database to separate prospects and clients based on whether they’re a tenant, a first home buyer, a vendor or investor. It’s important to remember there is a buyer cycle agents can take advantage of. Tenants in your database may become first home buyers, who may in future become your sales listing opportunity.
Tenants who have already engaged with your brand are easier to target and nurture. Look for tenants 1 to 3 months away from their lease expiry as a great source of buyer enquiry. If you don’t want to approach them directly, re-target tenants who may become potential buyers where they spend the most time, i.e. digital platforms like Facebook and Instagram.
Put Your Data to Work
You can predict periods where a tenant may be making the move to a first home buyer based on their lease period. You can also make estimations using demographics and other information. For example, tenants over 30 are more likely to transition to a buyer. You can also use things like census data to leverage complex insights into buyer behaviour.
In Melbourne for example, suburbs such as Brunswick, Richmond and St Kilda are popular for renting for people in their 20’s for study, work opportunities and lifestyle factors. Meanwhile, people in their 30’s move away to outer suburbs like Truganina, Tarneit, Laverton and Ferntree Gully as they look for affordable property or to up size when starting a family.
Follow the Customer Journey With Digital Targeting
With the right tools, you can effectively target people based on where they are in the customer journey. Instead of manually capturing, segmenting, managing and updating your data, software solutions like those provided by Plezzel can automate the process.
This means you can find out when people in your database have changed their profile, e.g. switch from a tenant to a buyer. At Plezzel, we can streamline your marketing strategy and make it easier to manage ongoing relationships with your clients as they move through the real estate life cycle, thereby protecting your future business growth.
Unlike other major services, we don’t share your data with third parties like removalists and cleaners. Your data is uploaded straight into your CRM and stays there exclusively where it is protected, ensuring a positive relationship with your prospects.
Need assistance with social media marketing or digital marketing strategy for your agency? Get in touch with the experts at Plezzel.
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