Real Estate

How Real Estate Agents Can Build Their Sphere of Influence

4 Mins read

When it comes to generating leads in real estate, there are a variety of avenues one can take. Regardless of the method, one of the main goals is to build a Sphere of Influence over time; the more people you can connect with, the better your chances are of having a successful career selling real estate.

In this article, we will delve into what a Sphere of Influence is, and how to build one effectively.

The meaning of Sphere of Influence (SOI)

A sphere of influence (SOI) refers to a group of people you can influence due to your familiarity with one another. it may include your family, circle of friends, business partners, workmates, churchmates, or even club members.

Best Way to Work with Existing SOI

Existing SOI are the best investment your real estate agency can own. It consists of friends, mates, and family you have a recent interaction with. It can also be people you share a common interest with, such as your weekly golf foursome.

The best approach is to group them into various categories that you identify with them for ease of communication. This may be in terms of former classmates, churchmates, former lecturers or family. Ensure to check out your social media platform and compile the list of your friends and their contact details.

Send out direct messages, emails and can proceed to give them a direct call informing them if your new real estate agency and what services it may offer to them. Request to have a catch-up meeting or share most information on their email or via text messages.

Most of your circle will be willing to listen to you and offer the support them can. Ensure you send a message appreciating them for their continued support.

How to grow your SOI

1. Seek referrals

Kickstarting and growing your SOI in your real estate business is a critical stage and requires a well-executed strategy. Failure to strategize on how to maintain existing relationships while widening your net could result in loss of business. The bridges you build with current and former clients determine the number of referrals likely to come knocking on your door.

Referrals are ranked high in registering a high number of new clients. It may be from parents, friends, workmates, churchmates, or former clients. In most cases, younger clients do referrals compared to the older group of clients. Therefore, ensure to identify and group your existing SOI based on age. Maintaining keen attention to younger clients who are mostly renting a house as they work to own one is crucial.

2. Market your Agency on Social Media Platforms

In the new era of social media, visibility around social media for businesses plays a crucial role. It expands the market reach and maintains a business relationship with former clients. The platforms have captured most potential clients globally and therefore act as a great podium to share your agency’s products.

Come up with groups and pages that will connect your current and existing clientele. Moreover, use the public, groups, and pages platform to also post various articles and periodic updates on real estate management. Expound on scenarios buyers and renting clients may force and best strategies to handle similar situations.

Subscribe to paid features of the social media to reach more people either geographically or age factor. Any of the features you prefer to narrow down your marketing is available on the platforms. Make maximum use of cheap social arenas to improve your agency’s visibility.

3. Organize to attend networking events

Networking events include home expo, real estate management conference, real estate policy review and amendments, home selling shows. They bring together real estate stakeholders into one platform to share and discuss factors directly or indirectly affecting the industry.

The events work as a strategic area to market your presence and products. Appearing in your branded hoodies, banners, or t-shirts will capture the attention of events’ participants and leave a memorable image of your agency.

Besides, active participation in the event by asking questions or giving a speech helps boost your points in the eyes of prospective buyers. Ensure your agency image speaks on its behalf.

4. Start Mailing Market Updates Postcards for Realtors

Postcards for realtors mostly communicate information about buying and selling houses. However, sharing news and the latest updates on real estate within a specific neighborhood stands out as unique and of more value to prospective home buyers and sellers.

Identify an area or neighborhood (s) with potential for agency business. The area may be an upcoming town or district. Start mailing postcards outlining market valuations and real estate management trends. The goal is to share with many home and property owners to increase your probability for acquiring agency business from the pool.

Consistency in mailing real estate postcards may capture a few potential clients. Consistency creates reliance on either monthly, weekly, or biannual updates. Ensure to maintain the updates on their mailboxes and you might lock new leads into your SOI.

5. Organize Free Home Valuation Tea break

After sending postcards, organize tea break events within a neighborhood to share more information on home and property valuation. The objective of the event is to create trust on the accuracy of your agency’s valuation figures.

The event serves to market you as a professional and honest agent therefore creating a rapport with the prospective clients. Identify at least two homeowners from the pool of clients and offer either free or reduced-price valuation on their homes. Ensure to share a comparison with market values.

Offer them a snack during the event to appreciate them for creating time to attend the event. It goes a long way in getting noticed in the real estate agency field.

How to Efficiently Maintain Contact with SOI

1. Set a Schedule

Ensure to have a schedule of specific days of communicating with your clients on social media, text messages, email response and feedback. Clients become loyal with predictable and reliable updates and communication.

Try sending out posters and marketing discounts probably every start of the week. The clients get to register it in their mind of weekly updates and will be looking forward to it.

2. Bulk Messaging

Bulk messaging involves sending out texts and emails to all your established customers at the same time. The technology allows a business to track successfully delivered and undelivered messages. It helps save a lot of time.

Subscribe to efficient and quick methods of communicating with clients. Bulk texting and email to established SOI helps save time in passing information. Unlike traditional methods of manually sending text messages to clients, this technology opens for spontaneous communication with your clients.

3. Share your New Listing

At every moment you close a deal with a real estate client on either buying or selling their homes, ensure to update on your listing. Some prospective clients wait until when you have a sample of listed clients before they can feel confident to work with your agency.

Ensuring your listed clients also share their testimonials of working with you works tremendously in convincing buyers to work with you. Some level of confidence and trust is developed.

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