A realtor’s SOI is referring to their sphere of influence, this is definitely something that every salesperson needs to know about and Realtors are no different. Your sphere of influence is people that you know professionally and socially.
What is the first step your Realtors take in leveraging their sphere of influence in real estate?
The First Step that you need to take is you need to identify who your sphere of influence is, so we create a list. At that point we’re thinking about family, we’re thinking about friends, we’re thinking about vendors that we work with, the person who does your dry cleaning, the person who cleans your car, your attorney, your doctor, you know all of these people are people that should be incorporated into your sphere of influence. It should be a very large and healthy list.
Once you develop that list we need to catalog that somewhere. We’re going to put that into our CRM database so that you can plan further followups. That’s ultimately the way that you create the list in the first place.
Why is developing your sphere of influence so important?
It is crucial to your success. Think about it, these folks that are in your sphere of influence they’re kind of like your warm leads. You already have a connection with these folks. A lot of the business that you’re going to be developing as a realtor might be with folks that you have no connection with, so you’re going to be trying to figure out a way to endear yourself to them so that you can have a business relationship.
However, the ones that are in your sphere of influence, these really for most Realtors tend to be their first sales because they do have that connection already. Ultimately it should be an easier conversion to be able to work with your sphere of influence, and that’s why it’s so important.
After a Realtor creates their SOI list, what is the next step?
Engage. You’ve got to engage that list, so you’re picking up the phone and you’re calling each one of these contacts in your sphere of influence, letting them know what you do, letting them know that you’re you’re open for business. Engagement of that sphere of influence list is absolutely the next step.
What should a Realtor say when they reach out for the first time?
Keep it simple, always keep everything simple. You’re making this casual telephone call and you’re asking for their help. You’re saying that this is what I do for business, and I want to grow my business and I’m looking for your help in order to do that. Here’s how I can serve you, here’s how I can serve people that you know, help me develop my business. It’s a very casual conversation.
Once the initial contact is made should the Realtor continue to reach out?
Absolutely they need to continue to reach out, and the great thing is that there’s a lot of different formats that we can use in order to reach out. We made that first casual phone call, the next might be a text message followup, it might be an email followup. We love using newsletters and we send out a monthly newsletter to let our clients know that this is what we’re doing today. It reminds them the business that we’re in. Don’t forget to leverage social media as a great way to stay in front of your clients and let them know what you do as profession.
MY is a suite of real estate businesses designed to serve our clients through all of their real estate endeavors. From first time home buyers to investors to real estate developers, we have a service group tailored to provide you with results. Let us know what you’re looking for.
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