Developing and Engaging Your Sphere of Influence

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.

March 2024 Market Trends

Welcome to our latest real estate market trends update, where we examine the current housing market landscape. As we provide the trends of the present month, we will also share a comparison with the same period in previous years. This market analysis focuses on Single Family Homes, Condos, and Townhomes, in the vibrant Charlotte metropolitan area. Whatever you are in the market for, our analysis provides a valuable snapshot of market trends year over year.

In the ever-evolving world of real estate, understanding the nuances of market shifts is a paramount priority for both buyers and sellers alike. Join us as we analyze the data and gain insight into the current state of the market, providing valuable context for those navigating property transactions. Whether you’re seeking to buy, sell, or simply stay informed, we hope that this overview provides value.

New Listings

In March 2024, new listings in the Charlotte area remained relatively stable, with a slight increase from 3,902 in March 2023 to 3,918. This minor uptick suggests a continued level of market activity, providing both buyers and sellers with opportunities in the real estate market. Despite fluctuations, the Charlotte area maintains a resilient housing landscape, offering a range of options for those entering the market or looking to make a move.

Pending Sales

In March 2024, pending sales in the Charlotte area declined, dropping to 33,091 compared to 36,366 in March 2023. This downward trend suggests a decrease in market activity over the past year, indicating potential shifts in buyer demand or economic conditions. Despite these changes, the Charlotte area’s real estate market remains dynamic, offering opportunities for both buyers and sellers.

Sales Price

In March 2024, the median sales price in the Charlotte area continued to show stability, reaching a median price of $395,000 compared to $397,000.00 in March 2023. This figure reflects a marginal decrease from the previous year, indicating ongoing resilience in the market despite potential fluctuations. Over the past twelve months, median sales prices have remained relatively steady, highlighting the consistent value of properties in the Charlotte area.

Days on Market

In March 2024, the median days on market in the Charlotte area decreased to 10 days, compared to 12 days near the end of 2023. This is still elevated from a median of 7 days in March 2023, but indicates a modest improvement in market efficiency in recent months, with properties spending slightly less time on the market before being sold. Despite fluctuations, the median days on market have remained relatively stable, suggesting a consistent pace of transactions in the Charlotte area’s real estate market.

In conclusion, our analysis of the housing market trends for March paints a picture of a resilient landscape. While new listings and median days on market indicate healthy market activity, stable median sales prices suggest a balanced pricing environment. Additionally, the slight decrease in new listings from the previous year reflects ongoing changes in market dynamics, signaling a modest adjustment in buyer demand. Overall, these insights offer valuable perspectives for buyers and sellers navigating the housing market in the Charlotte area.

As we navigate these trends, we’re here to support you every step of the way. Whether you’re a prospective buyer eager to find your dream home, a homeowner considering selling, or simply seeking more information about the market, we invite you to reach out with any questions or assistance you may need. Our team of experts is dedicated to providing personalized guidance and expertise tailored to provide you with results. Let us know what you’re looking for.