It’s time to get back to basics and examine your business. Are you nurturing your sphere of influence? If not, it’s time to begin. To start, your sphere of influence (SOI) is a list or database of people you know. Agents can greatly benefit from organizing contacts into a CRM or customer relationship management database. Many software programs are available to help everyone from the novice to the expert manage, nurture, and retain clients.
Did you know that according to research conducted by the National Association of REALTORS®, over 60% of real estate agent’s business comes from buyers or sellers who are part of their SOI? Unfortunately, this hot seller’s market with low housing inventory diminishes the listing leads generated from traditional methods. However, here are some ways to build and engage with your SOI to keep your pipeline full of buyer and seller leads. Ready?
Review who you know.
This step is deceptively simple. First, think through people you know from all aspects of your life. And while this seems like a given, veteran agents, don’t forget your past clients on this list.
Systemize.
As you pull together your sphere, a best practice is to use either a CRM or a spreadsheet to categorize your thoughts and contact details.
Plan. Plan. Plan.
Before contacting people willy-nilly, take the time to formulate a plan to reach them. Is email best? Social Media? Text message? A phone call? Make a plan and set timelines for communication.
Be consistent.
It is easy to reach out once or twice to someone, but it usually takes time and consistency to be top of mind with a potential client. Don’t ghost potential clients. Commit to nurturing your sphere, even when it isn’t easy or convenient.
Don’t be afraid to ask for business.
This step can be challenging for many agents, and we get it. But, this is one of the best ways to build your business. While asking for a sale or referral from a potential client might seem counterintuitive, it is worth doing. Combined with your stellar service, being genuinely upfront will go a long way in creating new business.
Keep growing your sphere.
As your business grows, so should your sphere of influence. Here are seven steps to convert business from your sphere of influence!
