Many of you probably remember how getting the business of a baby boomer in the late ‘70s led to big time success for your business, especially if you turned that person into a lifelong customer. Well, now it’s time to focus on bringing millennials into your store to set your business up for success in this decade. And guess what, millennials accounted for 45% of all mortgages written in 2019 (Realtor.com Housing Forecast 2019). These 22-37-year-olds are buying houses and primed for some serious furniture purchases. So how do you get their business?
The short answer: get to them first. Imagine receiving a furniture gift card the very moment you close on a new house, when you have new spaces to fill and a desire to make your home perfect in every way. That’s the power of building relationships with a realtor.
As marketers, we have tried different avenues over the years to collaborate and coordinate with realtors, but the logistics have been cumbersome and the associated costs (brochures, mailings, physical gift cards, etc.) steep. That’s where technology can help. R&A has worked with our retail partners to develop a totally digital system that benefits them and realtors in the area with minimal overhead.
Here’s How It Works
With the realtor rewards program, not only does a realtor partner have the ability to give something truly valuable to their own customers at the time of closing, they also get to brag about partnering with other local businesses. According to the Placester Real Estate Marketing Strategy Survey Report, 2018, “53.6% [of realtors®] think adding more locally focused content to their real estate website will make it more appealing.” The report also states that 31.5% of brokers and real estate agents plan on spending more than $400 a month on real estate marketing. By fostering relationships with realtors and becoming true partners, you can also make their advertising dollars work in your favor. And remember, that’s on top of increasing sales by bringing their clients into your store to spend their gift card!
Want to see Realtor Rewards in action? Visit Miller Waldrops Realtor® Rewards website to see how one of our partners utilizes the technology.