Brokerage Offers Bespoke Service

Bespoke is a concept born out of the tailored customization of the haberdashery. In a service industry like real estate, it outlines a special type of service. But let's set down the crystal flute of Dom Perignon for a moment and recognize that all real estate services are bespoke – but they are not packaged as such.

How Focused Are You on Staying Connected with Past Clients?

In 2012, WAV Group began its research on how brokerage firms could leverage big data in real estate. The first paper we published on the topic was in 2013.

Our focus is rooted in the understanding that 80 percent of transactions come from repeat and referral business, but firms do not invest anywhere near 80 percent of their marketing and communications budget to support it. It's quite the opposite. We watch firms spend 80 percent of their budget on new business and often ignore repeats and referrals.

The funny thing is that most brokers have solutions in place for staying connected with past clients, but those tools and services are not packaged up or marketed as such.

Give It a Name and Features

I would be delighted if I ever looked at a CMA or listing presentation and saw a page dedicated to a list of services that the consumer will get after the transaction. The transaction experience in real estate is pretty intimate. The Realtor learns a lot about a homebuyer or seller during the months that span the process from beginning to end.

However, for the most part, that relationship comes to an abrupt end when the keys are passed from one hand to the next. If you really want to put power into your repeat and referral business, you see the first transaction as the first of many. You expect to continue your relationship between transactions by providing valuable and sustained information to your client. It's a customer for life program that delivers monthly value to the consumer.

Coming up with a name for your program should not be hard, but you need to give it a name. Build a page on your website that outlines the features of the program and add a call-to-action to "request access."

Build out the program in a rolling 12-month cycle. This is the bespoke bit. You design the program in a way that aligns with the homeowner's community. Every month should have a theme tied to regular communications. Depending on the number of counties you serve or towns within those counties, this may take a bit of work, but you will be grateful when you see the results. Local knowledge has always been the thing that defines real estate firms. Be sure that your local experience comes through.

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