Real estate agents are vital to the success of any property transaction. They are responsible for managing and leading negotiations on behalf of their clients, which makes them an important resource for any business.
However, real estate agents often find that their sphere of influence is limited to a small collection of neighborhoods, leaving many potential clients unserved or dissatisfied with the service they received from a particular agent. Real estate agents must expand their sphere by establishing themselves as experts to combat this growing problem.
What is a Sphere of Influence?
A sphere of influence is a defined area of influence in which an individual or group has the power to affect the opinions and actions of others. For example, a real estate agent’s sphere of influence can be one city, neighborhood, or even property.
In this case, each person who becomes a client will be within their sphere of influence. This means that agents must know whether they are specialized in a specific neighborhood or property type or if they can successfully service just about any client, regardless of location and property type.
Ways in Which you can Build your Sphere of Influence?
1. Start with your Existing SOI
Your sphere of influence can start with just about anyone you interact with daily. You could start by asking your coworkers and friends to recommend potential clients to you or ask them to create a list of all the people they know who might buy or sell properties in the near future.
This could include your family and friends on your social media accounts such as Facebook and Twitter or even just the people you see on the street daily. Your sphere of influence can be expanded by having these people refer their friends and family to you. This makes all of your interactions with clients your sphere of influence.
2. Building Your SOI
You should be proactive about asking your family and friends to refer their friends and other community members to you. The key is to ask for referrals upfront to know what you need to do with them when they come across again.
It’s primarily about establishing yourself as a go-to real estate agent in the area. The best way to gain followers through social media marketing is to first follow people and then ask them to follow you. It might also help to provide exclusive offers or sales to attract more followers, but that isn’t always necessary since most people don’t like being spammed.
3. Attend Various Networking Events
Business networking events are a great way to establish your sphere of influence as a real estate agent. Networking is one of the most important aspects of being an effective business, and it is usually best to approach it from both sides.
You can start by attending different types of real estate events, such as local open houses or open house sales, or focus on specific types of homes or neighborhoods. You should also attend trade shows to connect with relevant buyers and sellers.
In addition to these activities, you should also attend conferences that target specific areas in which you further build your SOI.
4. Find a Neighborhood and Start Mailing Postcards with Market Updates or Automated Home Valuations
Another way to expand your sphere of influence is through snail mail. Real estate agents are always looking for new leads and clients, and there is no easier way than by mailing postcards you have personally designed.
In preparing postcards for realtors, you can showcase the latest market statistics in the area, such as median income levels and home sale prices, or perhaps you can share some of your thoughts about a particular house or neighborhood. You could also include a list of recent home sales in the neighborhood or a flyer for an open house that is going on soon.
The process to get connected with SOI Consistently
1. Set a Schedule
You should set a schedule for contacting your SOI regularly. This allows you to get your messages out without bothering people or being annoying, and it also gives you an easy way to follow up with clients if they don’t respond to you in the first place.
Weekly emails or newsletters are ideal because they are easy to create and send out. In addition, this gives you the chance to advertise any upcoming events, promotions, or open houses that you might be hosting.
2. Use Technology that Allows Mass Texting and Email
If you are a real estate agent, it’s likely that you are regularly on the move and constantly meeting new people. To be successful, you will need to implement a way of reaching out to your SOI that allows you to do so even while on the go.
Some real estate agents recommend downloading an automated phone call application so that they can leave messages for their SOI when they have nowhere else in particular to be.
These applications allow users to send personalized voice recordings and messages by typing up a simple message or phone number and pressing send.
3. Send emails and Postcards Every Time you Gain or Close a Listing
Unless you want to increase your SOI, send an email or postcard to realtors every time you get a new client or find a property. You could even use an automated reminder system for yourself to make sure you don’t miss any opportunities. You can also send emails periodically to remind people of upcoming sales.
4. Offer Exclusive Deals and Sales
You can use this technique in various ways as well. Perhaps on the side of one of your postcards, you can include a link leading to a Google Hangout with other agents, encouraging them to come with you on the new listing tour or another promotion that they could not find online.
Your sphere of influence should be one of your top priorities as a real estate agent. It’s the first step in reaching out to potential clients and ensuring that you have a constant flow of new clients and listings.
The key is to be active, noticeable, and approachable to all your potential customers. The more people know about you, the more valuable property you can sell and the more money you will make.