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Sign into your accountSuccessful Brokers Measure Repeat Business, Not Just Closed Transactions
September 21 2012
Life would be simpler if we could gauge business success solely by closed transactions. Unfortunately, your success as a real estate brokerage is all about repeat business, and closed transactions won't tell you whether or not your customers will be coming back.
Why Does This Matter?
According to NAR (as reported by RISMedia), "Repeat business accounted for a median 19 percent of activity in 2011 and is higher for those with more experience – for members with 16 years or more in the business, that number rises to 38 percent. Referrals accounted for an additional 20 percent of business activity."
If your business falls below this level, you face an even bigger challenge in these already-challenging times.
Are They Coming Back?
Here are a few ideas for gauging how many clients will return to your brokerage for future transactions.
1) Ratings and Reviews
Online ratings and recommendations can indicate the performance of individual agents and your team overall. Don't just request feedback from happy customers. Make a commitment to surveying everyone. Unless you look at the whole picture, you're doing yourself a disservice.