One of a realtor’s best and most useful tools is his or her sphere of influence (SOI network). But what happens when your SOI seems to have dried up?
Keeping in touch with your SOI can be tricky. No one wants to pester friends, family, and former clients over and over.
How to Know Your SOI Network is Tapped Out
If you have 250 people in your contact database that you consistently stay in touch with and build a relationship with, who do you think those people will call if they have a real estate questions or referrals? Even if only 10% of those people ended up resulting in a listing, what would that mean for your income?
It’s worth the effort even when you feel you’ve drained your SOI dry.
Here are four signs that your sphere of influence is not working for you and what you can do about it.
1. Your family and friends sound annoyed when you ask them for referrals.
Start a touch marketing campaign in which you only contact them every 21 to 35 days. This is far enough apart that you won’t annoy them, but often enough to keep your business top of mind. Use methods that are comfortable and fit the relationship. If they are close friends, a text or phone call might be appropriate. For acquaintances, an email is probably better. Send out updates on new listings or the status of the real estate market. Make these contacts friendly and casual.
2. You have run out of things to say.
The solution to this is to provide useful content. A great way to keep your business top of mind with existing contacts is to send out a newsletter or other content on a regular basis. Start with a holiday newsletter with tips about preparing their home for guests, decorating for the season, or other home-related content.
3. You simply don’t know who else to talk to.
Consider people you haven’t thought of. Anyone you have contact with is a potential client or referral. Don’t limit yourself to only people you know well. Some of the less obvious people you could include are:
- College friends
- Organizations you belong to
- Children’s coaches, teachers, and other school staff
- Healthcare providers – doctors, dentists, optometrists, orthodontists, etc.
- Beauty providers – hairdressers, manicurists,
aestheticians - Members of your religious congregation
- Social media connections
Actively increase your SOI. Get involved in the community. Volunteer. Make meaningful and personal connections with as many people as possible and hand out your business card to everyone you meet.
4. You know you are forgetting someone.
Get your list organized and in one place. Keep track of past, current and future clients. Losing track of clients is a surefire way to lose out on business. Use a database program, spreadsheet, or index cards – whatever works for you.
Maintaining and strengthening relationships is one of the best ways to increase and grow your real estate business. Your sphere of influence is a great place to start. For more information on how to generate leads, improve your SOI, increase sales, and overhaul your bottom line, contact The REDX today.
