The Lifetime Value of Relationships – Episode #209

The lifetime value of relationships that you build is far more important than the lifetime value of a ‘transaction’ or a ‘customer’. In today’s episode of Agent Rise, I want to share with you the importance of building lifetime relationships with people that are NOT transactional or contingent on a sale.

People make multiple transactions throughout their life

I have a friend who had been working with a client for about a year. She invested her time into showing them houses and in the end, they bought from a close family friend. She was devastated and couldn’t understand what went wrong and why she lost the sale. Should she have had them sign a buyer agency agreement?

I reminded her that she can’t be ashamed or place shame on them.

People make many transactions throughout their lives. They may not have gone through you this time, but if you continue to cultivate that relationship—they may go through you next time. I encourage you to treat these people well. They may not have bought through you, but you can continue to serve them, be there for whatever they need, and make sure they know you just want to see them happy.

You never know what referrals they may be able to send your way because of how well you treat them.

The lifetime value of a lead

You may come across people who are looking for their future home but are very clear that it will be quite some time before they’re ready to make a purchase. Don’t simply put them on an email list and make a note to check back on them in a year. Place value on the relationships you can build with the potential clients.

So what can you do?

Get there search criteria and get them into a matchmaker system. Every time you come across something that you think they’d like—give them a call and let them know about it. It’s far more personal than an email and you can remind them that you know they aren’t ready, but that they are constantly on your radar.

Build into that relationship.

Listen, I truly care. I want them to be happy and I want to offer them the best service I can. People take note of that. They may not be primed and ready to take the leap—but perhaps the coworker that sits next to them is. Or a family friend is ready to buy. You never know what opportunities may come your way if you focus on the relationship, NOT the transaction.

Put your emphasis on the value of relationships

I’ve threaded this through the entire episode and I will reiterate it here. The value is in the relationships you build.

I had done something in the community of the Village of DeForest and the president at the time took note. He knows my Dad and knows many clients that I’ve worked with and he was a raving fan of mine. Though he never bought a house with me, he referred person after person to me.

I called and thanked him personally for every person he sent my way.

What can you do to make clients feel appreciated?

How can you show them you value their relationship?

What is one step you can take to move away from a transactional relationship and towards a friendship?

Never lose sight of the lifetime value of relationships.

Outline of this great episode

  • [0:35] It is all about a lifetime relationship
  • [2:25] Move away from transactional relationships
  • [5:20] The lifetime value of a lead
  • [9:00] Using a neighbor as an example
  • [10:45] Invest in the post-closing relationship
  • [12:05] The lifetime value of relationships

Recommended Resources

Resources and Links mentioned in this episode

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