As a real estate agent, you must know that you are your own business at this point. You are the expert people come to for information, tips, and advice when they want to buy, sell, or invest.
But like any other business owner, you probably struggle with the question, “how can I achieve long-lasting success?”
Well, the answer is simple. You will need to create an excellent sphere of influence, otherwise known as an SOI. In this article, you will learn exactly what a sphere of influence in real estate is, why it is crucial to becoming a top-tier agent, and, more importantly, how to improve your SOI.
Let us get to it.
What Is Sphere of Influence in Real Estate?
A sphere of influence is essentially a group of people you know and have an influence on by virtue of being a real estate professional. These people can include friends, family, former schoolmates, previous clients, and sports friends.
Purchased leads and all other leads that come across your business because of your marketing efforts are also a part of this group.
Now, for a successful real estate career, you should try and develop a strategy to grow your SOI real estate and implement it diligently. With time, a good sphere of influence can easily become a reliable source of repeat or referral clients.
Why SOI Real Estate Is Crucial to Becoming a Top Tier Real Estate Agent
A sphere of influence in real estate is important because it is a cost-effective audience for you to market your properties to. You do not have to dig deep into your pocket to keep the circle of people who already know and like you.
Another reason why having an SOI in real estate is essential is it helps you generate steady business. How? It allows you to have a system in place that ensures you are engaged with your sphere while reaching out to new leads organically. This ensures that your business is always thriving.
How to Improve Your Real Estate Sphere of Influence
Building a great sphere of influence will definitely take some work. Some surefire ways to improve yours include:
Organize Your Current Lead List
Organizing your current lead list allows you to keep track of everybody you have at the moment, whether old leads or former clients. Update your current lead list so you can easily tell where your leads are in the buying or selling process or where they might be soon.
An organized list also enables you to personalize communication so you can relay your message to each person effectively.
Participate in Social Community Events
Get involved in community events and interact with people. In the small talk and introductions, you will get an opportunity to talk about your real estate business. Ensure you use it well.
Utilize Your Email Contacts
Keep tabs on your email addresses and send monthly or quarterly emails or newsletters. This way, you remind your SOI that you are still in business.
Want a Successful Real Estate Business? Start Working on Your Sphere of Influence!
The real estate space is becoming more competitive with each passing day, and it is easy to fall behind. Thankfully, that is not about to happen to you.
All you need to do is to consider significant aspects of your business such as your budget, sales, marketing, and business objectives to have a clear picture of the growth you want to achieve. How do they tie into your sphere of influence and which aspects need improving?
This will enable you to fine-tune your sphere of influence so you can steer your real estate business to success.