Many Realtors understand very early in their career that building market share is important. The question is, for many who are new to the industry, “how do I go about creating market share for my own business?”
Two Strategies
One strategy incorporates the view that there’s always another customer “around the corner,” and as I’m closing the one that I’m working with, I’ll simultaneously move on to the next. If the first closing leads to more business down the road, great. If not, I’ll simply generate more business. Although there reputation may not be the greatest, there are many Realtors who have lead very successful careers utilizing this approach.
Customer Share
Another approach attempts to maximize the business from each customer that one works with. Not only do you want a customer’s current business, you place a big time priority on their future business as well. Unlike the strategy above, repeat business is the bloodline of this Realtor’s model.
Additional Benefits
Additionally, this approach seeks the potential business that a particular customer has influence over. The Realtor wants their client’s children’s business, their parents’ business, the business of their co-workers, their neighbors and their acquaintances. The agent strives to create such a strong relationship and loyalty on behalf of the client, that the client is essentially in the market prospecting for her, even if they don’t actually realize it.
Commitment
Relationships such as these require a commitment to hard work, quality service, consistent follow-up and making the client’s needs your top priority. To capture share-of-customer, a focus on closing the deal is substituted with the mantra that “A satisfied customer is the real bottom line.”
Many believe that this mindset shift actually results in more closings and builds a much more lucrative career in the long run. If nothing else, it’s the right thing to do. After all, isn’t your reputation worth it?
If you think so, you might want to consider a strategy that creates customer share as opposed to market share.
What percentage of your closings are from repeat business?
How much business do you generate from your sphere of influence?
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