The National Association of Realtors, America’s largest trade association, representing 1.2 million members has mentioned that 75% of a real estate agent’s business is derived from word-of-mouth and referrals.
In the Singapore context, real estate agents can generate business from a wide range of marketing channels such as client referrals, online marketplaces like PropertyGuru and 99.co, social media like Facebook and Linkedin, professional networking with other agents, email marketing, purchasing leads or traditional media ads.
Agents have traditionally been focusing lots of their time and money on online marketplaces. However, the cost of client acquisition via a referral from an existing client is likely to be much cheaper since it is simply a by-product of the interactions with your existing clients.
Since there are the 30,000 agents in Singapore, what would it take for your clients to refer you to their other contacts, risking their personal reputation if you are unable to deliver?
You need to impress them.
All your clients will be looking for the same qualities in an agent.
- Price: They expect you to fetch the best price for them, as high as possible for the home seller or landlord and as low as possible for the home buyer or tenant.
- Speed: They expect speed in sourcing tenants for landlords, buyers for sellers and properties for buyers.
- Knowledge: It will be a given that you know the process and applicable regulations extremely well but it will be a big bonus if you are able to demonstrate your expertise by advising on pricing, location and common pitfalls like buying west-facing flats.
- Service: You have to be committed to providing the best possible service for your clients to remember you for a long time. Other than basic things like being punctual, polite and professional, you can also impress them being very diligent and efficient in your documentation, such as the inventory checklist. This will increase the transparency of the process and prove to the landlord that you are taking good care of the property.
Rejig is developing a mobile app that can be downloaded by the agent, tenant, and landlord, enabling the onboarding, referencing, agreements and inventory check-in/out processes to be executed and managed on a single platform.
Differentiate your service, get remembered and increase your referrals with Rejig.
Sign up for our pilot here!