Many people in real estate are not aware of their sphere of influence. Your sphere of influence is the group of people you have contact with daily. It can be friends, family, co-workers, and other personal contacts. There are plenty more groups outside those four that anyone in real estate may come into contact with.
The goal is to broaden your sphere so that you can attract more clients by speaking knowledgeably about the property market in your area.
What is an SOI?
A sphere of influence is the group of people you consider within your reach.
It will include those that you currently know, as well as those that you can meet through friends and family. Some of them may not be potential customers – instead, you can grow your SOI by using your contacts to spread the word about what you do in real estate.
The theory behind SOI is quite simple. The more contacts you have, the more likely you will meet someone who may want to work with you on a property in your area.
Although you may not be selling as much as other agents, selling to someone in your sphere will make up for it.
How to Build Your SOI If You Are a Real Estate Agent?
It’s pretty standard for people to think that you have to have a large sphere of influence to sell lots of property. However, that is not always the case. You can still use your contacts to grow your sphere of influence and sell more property than you could by yourself.
Use your contacts as a way to build your sphere of influence. For it to be effective, you need to show respect and gratitude towards those in your sphere. It would be best to consider how you would benefit from them.
2. Speak to your contacts regularly so that they can be aware of current property trends in your area. It will help you build trust and earn their respect, essential for building a successful network.
3. Keep yourself updated with the latest real estate advice, especially those that are available online. It will mean that you can be the most educated agent and have more knowledge in your sphere of influence than others.
4. Use your sphere of influence to book more appointments than you could by yourself. It will mean that you are building trust and respect and finishing more tasks for each client in less time.
Keys to Consistently Stay in Contact With SOI?
It is essential to know how to maintain a good relationship with people in your sphere of influence.
1. Don’t always give up on people when they do not want to work with you. It would help if you were persistent to flourish and grow your sphere of influence.
2. Be honest with people about yourself to trust that you are not being false or deceptive. It will improve your reputation and make it easier for them to trust you more than others.
3. Keep your contacts aware of what is happening in the property market in your area. The more that they are aware of this, the more likely it is that they will be interested in working with you to find a solution to their problems.
4. Take responsibility for yourself. If you let other people do everything for you, you may not build your sphere of influence effectively and efficiently.
5 Things You Need to Know About Your Real Estate SOI
1: Your sphere of influence does not have to be limited to people that already know you.
2: You should never give up on people when they do not want to work with you.
3: You can still use your contacts that are not interested in working with you, as long as you keep them updated about property trends in your local area.
4: A large sphere of influence is not always the best option for a real estate agent. People will get more excited about working with you if they see how far your sphere of influence extends over time.
5: You should treat your sphere of influence as an asset. It means that you will get more clients and more money in the future.
Why do You need to be Able to Maintain Your SOI?
Many agents do not realize why having a wide sphere of influence is essential for the growth of your business. Here are some reasons why you need to maintain your sphere of influence.
1. A large sphere of influence can help you find more clients than working alone. It is easier to sell properties further away from where you live because people will not be as familiar with you in another area.
2. Your clients can also sell your services to others with the help of their sphere of influence. It means that you will get more clients and more potential customers.
3. It is easier to find work when you have a larger sphere of influence than if you are limited to your contacts, especially if they are not cooperative.
4. Your reputation will build up in the industry and among your contacts, which will mean that people will be much more interested in working with you again in the future.
Strategies of Sphere of Influence
There are three main spheres of influence strategies that you can adopt. The most common is building on the likes and dislikes of the people who already know you well. In other words, it is about becoming a trusted expert for them. You should choose social media platforms such as Facebook to represent yourself in this way because it is easy for your contacts to reach out to you via these channels.
The second strategy is to choose friends, relatives, and colleagues as people you are focused on. It means that you should treat your sphere of influence as representing your network.
The third strategy that many real estate agents will adopt is to purposefully build their sphere of influence within their local area by using face-to-face strategies such as events and parties.
Sphere of Influence Through Social Media
Social media is a great way to promote yourself as a real estate agent because you can interact with people interested in working with you. Here are some ways to use social media to promote your sphere of influence as a real estate agent.
1. Follow your contacts on social media to get their attention. It will make them more likely to be interested in working with you.
2. In addition, you should give something in return for the following. It means that you can gift a free consultation, free ad, or free report to your contacts who follow you on social media.
3. You can use online communities such as Facebook and LinkedIn as a way of connecting with people who will be interested in working with you as a real estate agent.
4. Take your recommendations one step further and send out personalized postcards for realtors in your contacts. If they are not interested in meeting you, they will remember your face. The postcards for realtors are the best way to get your name out there and remind your prospects of the services that you offer.
If you want to be a successful real estate agent, you need to take your sphere of influence seriously. Make sure that you are always looking for ways to increase the size and strength of your sphere of influence as a real estate agent. It is essential to ensure that your contacts are well qualified and interested in working with you as a real estate agent for all this work.