Real estate is more than just buying and selling properties, it's about building meaningful relationships. In this blog post, we'll explore the importance of your Sphere of Influence (SOI), a term that may sound fancy, but is really all about the people in your personal and professional network. Inspired by our sales meeting discussion hosted by Molly Hamrick, President & COO of Coldwell Banker Premier Realty, featuring insights from our expert panelists, Tricia Kiefer, Mike Moretti, and Jessie Sorani.
Your Sphere of Influence encompasses the people within your personal and professional network. These individuals may include friends, family, colleagues, past clients, neighbors, acquaintances, and even your social media connections. What sets them apart is the existing relationship or connection they share with you.
Why is your SOI so valuable? Let's break it down:
Trusted Relationships: Trust is crucial in real estate, and your SOI gives you a head start. When people know and trust you personally, they're more likely to work with you.
Referral Opportunities: Referrals are like gold in the real estate world. If someone in your network knows someone looking for real estate help, they're more likely to recommend you. That's a win-win! Referrals often lead to high-quality leads, which can be a game-changer for your real estate career.
Repeat Business: Past clients in your SOI might become repeat clients. When they need real estate help again, they'll remember the positive experience they had with you.
Staying Top of Mind: Regularly interacting with your SOI keeps you on their radar. Having a strong online presence and engaging with them ensures you're the one they think of when they're ready to buy or sell.
Organize and Categorize: Use tools like CRM software or a spreadsheet to keep track of your contacts. Categorize them into groups like "past clients," "friends," and "family.
Regular Communication: Keep in touch through phone calls, emails, social media, and in-person meetings. Share useful info about the market, home improvement, and local events.
Personalization: Remember important details like birthdays and preferences. Show you care about their well-being.
"Just Checking In": A simple message asking how they're doing and if they need real estate help can go a long way.
Exceptional Service: Go above and beyond to ensure satisfaction when doing business with someone in your network.
Ask for Referrals: Don't be shy about asking for referrals. Let your SOI know you appreciate their recommendations.
Your SOI is more than just a list of contacts; it's a treasure trove of opportunities. By putting time and effort into nurturing these relationships, you can unlock the full potential of your SOI in the world of real estate. Happy networking!
Watch the complete panel discussion below.