Client Experience

Seven Ways To Maintain Loyalty of High Net Worth Individuals

Posted by Jack on Mar 26, 2012 | One Comment

Let’s talk about seven ways to maintain the loyalty of high net worth individuals, HNWI’s.

1. Demonstrate to the client what you can do as opposed to talking about your services. For example, create marketing materials in advance of an appointment to show what you can do even before you have a listing. HNWI’s are less interested in what is going to be than in what is. Build a track record.

2. Be a source for the affluent in your market. Do not turn up your nose at small requests. Sometimes we get calls for seasonal rentals for a friend, or a relative or associate. Other times we get requests for an evaluation analysis (CMA), or a referral for a service provider. Fulfill these requests happily and with enthusiasm. The important thing is that they consider you a trusted advisor.

3. Be available. Obviously, none of us work 24/7 even though it might seem that way sometimes. Have a system or process in place to service your clients in your absence. Make sure there is confirmation that the request is understood and that you are on the same page. Keep people posted on your progress as fulfill their request.

4. Again, you want to be their one source for all their information, especially as it pertains to real estate. Think of that Staple’s easy button. It should be a ‘you’ button that they press when they need anything.

5. Eliminate the word ‘no’ from your vocabulary. Also, nix the words, ‘I do not know’. You should substitute it with, ‘I will find out’ or ‘I know somebody who can help me get that for you.’

6. Provide Ritz Carlton level service. Try this experiment the next time you stay at a Ritz: ask directions to the pool or front desk from the lowest person on the employment ladder such as a cleaning or maintenance person. As opposed to just rattling off directions, they will take you to your destination. The Ritz has a philosophy: when a problem from a guest is put on their shoulders, they own the problem until it is solved. Adopt that same mentality. When someone gives you a problem to solve it needs to be your problem until it is solved. Even if you delegate, stay on top of the process, monitor execution and report back. Have a process. When you have a process in your business for everything, things are less likely to slip through the cracks and you be known for Ritz Carlton type service.

7. Lead by example. Take charge. Again, it is okay to delegate, but you need to oversee execution. Then follow up to make sure the client is satisfied.

In conclusion, it is important to recognize that people in the high end find it easy to remain loyal. They do not want to keep changing service providers. They like consistency and it paves your path from expert to trusted advisor.

Until next week, make it a great week. Don’t forget, if you bought my book Selling Luxury Homes you get a 20 minute phone consultation with me. Just fill out the form and fax it back. And if during the week you have questions, send an email to jack@jackcotton.com .