Have you ever wondered how some agents always seem to have their finger on the pulse of the real estate market? They always know about new listings before they hit the market, have a steady stream of referrals and repeat business, and always seem to be closing deals. A strong sphere of influence (SOI) is the secret to their success.
Realtors with a strong SOI have cultivated relationships with people who are likely to refer business their way or use their services themselves. These individuals could be past clients, current clients, family members, friends, or even business associates. If folks want up their real estate game, here are six proven strategies discussed in the post.
However, before jumping in, it’s vital to understand what an SOI is and isn’t. The term should not be confused with one’s farm area or the geographical territory one focuses one’s marketing efforts on. It is the pool of people the companies have some relationship with that those can mine for business. Developing a solid SOI doesn’t happen overnight. Building relationships and turning them into referral sources takes time, effort, and consistency.
Foster Relationships with Past Clients:
If companies have provided excellent service to their past clients, they’ll be more likely to use them again or refer those companies to others they know. Hence, these organizations must stay in touch with their past clients by sending them occasional updates, information about new listings, or invitations to events through postcards, emails, or social media.
As organizations cultivate these relationships, the focus should be on providing value.
Getting Involved in The Community:
One of the ideal ways to meet new people and cultivate relationships is to get involved in the community. Volunteer for a local organization, join a professional organization related to real estate, or attend community events. The companies will make valuable connections and be seen as a leader in their field by getting involved.
Attend Local Events and Meetups:
Local events and meetups are great opportunities to network and build relationships. Make an effort to attend as many as possible and start conversations with the people you meet. You never know when you meet someone who’s in the market for a new home or knows someone who is.
Stay Active on Social Media:
Social media is a great platform to stay top of mind with your SOI. Share interesting articles, post photos and updates about listings, and offer helpful tips and advice. When you post about listings, include photos, Voice over videos, and detailed descriptions to give people a sense of what the property is like.
Share Postcards and Other Marketing Materials:
Postcards are the perfect solutions to reach out and touch your SOI. You can include market updates on these postcards, like what’s happening with homes for sale in this area or an introduction to your latest new listing. You can also use postcards to promote events or host open houses. If you have other marketing materials like flyers or brochures, be sure to include these as well.
Host Events and Open Houses:
One of the most effective strategies to get your network involved is to organize events and open houses. This could be anything from a Neighbourhood Night In, where you invite people in your community to meet and mingle, to an open house for a new listing. Be sure to promote your events beforehand and follow up with attendees afterward to thank them for coming.
Developing and sustaining your sphere of influence takes time, but it’s well worth the effort. By following these six strategies, one will be on one’s way to building relationships that will last a lifetime.