Productivity: Doing More to Get More

By February 14, 2020 No Comments

One of the things we study deeply at AiRE is the quality of the relationships between agents and their customers. The RiTA Engagement analysis shows us how much of the relationship nurture in real estate has been delegated to digital channels, so the question I have is…

Why aren’t real estate agents ‘doing more’ to get business?

In the Contacts Analytics function of RiTA, there is a section devoted to ‘engagement’. Engagement occurs when an agent has a distinctly personal – that is non-generic and non-marketing – interactions with clients.

Most agents have about 85-90% of their database that has NOT had an engagement for more than 5 months.

WHAAAAT? Yep, call it “prospecting” or “outbound” or “relationship management” – you can bet that your competitors are only talking to about 15% of their clients regularly. We call it “The Big Red”. Big red = bad. Big green = good.

If no one is talking to clients, what are they doing?

What we know is that a lot of agents and businesses are delegating client relationships to things like bulk emails, social ads, and other (expensive!) digital channels.

It is about the most expensive way to avoid making genuine human connections with customers through personal channels. 

We know that there is a cost to avoiding those personal connections with clients. The Market Analytics in RiTA will help you work out what this is costing you, specifically, but what we see invariably is that after 90 days the risk of that contact coming onto the market with a competitor increases significantly.

An average business, losing 7 listings a week in this way – is losing the opportunity to add an additional $50,000 a week in GCI revenue.

But what if we halved that loss by better engagement?
That is an extra $25,000 a week.
Or an extra $107,500 per month.
Or an extra $1,290,000 per year.

I mean it is definitely worth a try!