Running Your Own Business Part 5 - Building Your Client Base Part II

The Principles of Running Your Own Business – Part 5 – Managing Client Base Part II

In the last article, we placed emphasis on the need to establish a Client Base to ensure future business and long term success. Indeed, it's the only way to escape the roller-coaster ride, the unpredictable ups and downs, that come with a career in Real Estate. But once you establish a Client Base, it is important to maintain that Base. So this month, let’s look at managing that Client Base.

PRINCIPLE 4 – Managing a Client Base

Another advantage to establishing a Client Base is that it brings the cost of advertising under control, especially the cost of your Image Advertising. Image Advertising or self promotion is, in effect, trying to convince people who do not know you to take a chance on you with their real estate plans. It needs to be high quality and high impact, and this usually comes with a high cost. However, when you have a Client Base, this type of advertising is usually not required. They already know you, like you and trust you… so much so that they will refer their friends and relatives to you!

The main challenge with a Client Base, or sphere of influence, is to maintain regular contact with them. This can be achieved by consistently providing valuable Real Estate related information. Generally, this will include information that directly affects the value and enjoyment of their home. After all, your prospects home is probably their biggest investment! All of this information should come to them in the form of a Newsletter from their trusted and well informed Real Estate Agent – you!

The Newsletter:

Whenever you select a prospecting tool for your Client Base, you will need to promote the advantages that come to them with having their name on your mail or e-mail list. Firstly, always ask them for their permission to provide them with Real Estate information that might not otherwise be available to them. Privacy regulations require that you obtain permission.

Your Newsletter should be personalized as your Newsletter. You can give it a name of your choice. The secret to successful Client Base prospecting is not to provide too much information and keep longer intervals between mail outs. As once-a-month tends to be too frequent, it is generally better to schedule bi-monthly or quarterly releases, and limit each to a couple of easy to read pages.

Content is not hard to find. Most Real Estate Boards or Associations provide Realtors with good statistical information on a regular basis. These include the current market activity, price trends, and also market trends. They usually even provide graphs to support the stats. This information can be passed on to your Client Base. They will see it as valuable information and you will get all the credit. You can also include other information such as recent decisions and updates made by city councils and administration, mainly business that relates to Real Estate such as proposed zoning changes, proposed developments and property taxation issues. Add your comments and opinions, if you wish. Keep your eyes and ears open. There’s content available everywhere and you'll soon be recognized as an authority on Real Estate in your market.

One word of advice, refrain from including personal information. You do not need to impress them with your own sales and listings statistics. The Newsletter space is for their benefit, not yours. Try to exclude the cute things like jokes and recipes. This should essentially be a business communication.

You will, of course, incur some costs for printing and distribution, but you will get the best and most lasting return on your dollar. You will not be forgotten the next day!

Try this and see if it works for you. I've seen it work for others.

Successful marketing to you!

Coach