In today’s real estate market, your sphere of influence can make the difference in whether you get a listing or not. The more people who know about your business, the greater your odds are of getting more listings and making more sales. But how do you expand this sphere of influence? Solution:
Think about your sphere of influence as a circle around your business. If the circle gets bigger and bigger, it means that people within that circle know more and more about your business, which can translate into more listings and sales for you in the future. But how do you increase the size of that circle? Below are ways real estate agents can expand their sphere of influence:
1. Start with your existing SOI
Real estate agents can expand their SOI by starting with the people they already know. This might include friends or family on social media you’d like to contact about your business.
For example, if you want to expand your Facebook SOI, you can search Facebook for people in your target area that might be interested in learning more about buying and selling real estate. Once you find these people, send them a friend request.
That way, they’ll be able to see all of your posts and get to know more about you. Once your SOI has opened up, you can include the people you meet on platforms like Facebook and LinkedIn to expand your social media sphere of influence.
Posting updates on social media is another way that real estate agents can increase interest in their enterprise. For example, if a house you have listed sells in an hour, tell your followers why it sold so fast.
A post like this will increase exposure and open doors for more leads coming through to you in the future. The more attention a post gets on social media; the more likely people are to search it out and follow its source – which means that more people know about your business and circle.
2. Building Your SOI
One of the best ways to expand your SOI is by asking for referrals from your existing clients. It’s easy to reach people already in your target area and interested in your offer.
You can ask for referrals by saying things like: “You mentioned you were looking for a home in [area] – any luck finding one?” or “Would you be able to refer a friend or family member who’s selling their home?” By asking such questions, you show that you know what they want and need, making them more likely to refer their friends and family members.
If you have a Facebook profile, Instagram, Twitter, or other social media accounts, you can use them to grow your SOI. For example, if you’re on Pinterest, you can post about your business and see who re-pins it.
With Instagram, you can tag clients in pictures of homes that they might be interested in buying or selling. You can also join online groups where real estate agents connect and share ideas for marketing their business.
By joining these groups, you’ll be able to expand your SOI and meet new people who might be interested in what you have to offer. Real estate agents can also build their SOI by going through their contact lists and sending them an email inviting them to connect with you on social media.
For example, if you have a customer in mind who would be a great referral, send them an invitation to join your Facebook, LinkedIn, or Instagram account. This will help you reach more people in your area and build real relationships with them.
Additionally, you can send email invitations to connect using an old employer’s email address. This is a great way to meet new people who could become future customers.
3. Attend various networking events
Real estate agents can also create change in their SOI by attending various networking events. For example, if you attend a real estate expo, you’re more likely to meet hundreds of people in your area who are interested in your industry and are excited about it too.
This might lead to more networking contacts for you, which will help increase the size of your SOI. You can also host social media posts at these events, exposing you and your business to more people who want to learn more about it. These events are also a great way to build connections with like-minded individuals who can later serve as references for your business.
4. Find a neighborhood and start mailing postcards with market updates or automated home valuations
Real estate agents can also change their SOI by starting to market their business in one area or neighborhood. For example, if you want to increase your sphere of influence in the beach community, take some time to find out what houses there are selling for and how many days they’re staying on the market.
Then, you can use this information to design a real estate postcard that informs people in the area about real estate trends and updates in their neighborhood. Or you could stop by at a neighborhood association meeting and introduce yourself. This will help you build relationships with others interested in your industry and willing to help promote it.
5. Stay in touch with SOI
Once you’ve expanded your SOI and taken steps to maintain the growth, it’s important to stay in touch with these people and keep in contact them regularly so they can continue to support you when you’re looking for referrals. The easiest way is through social media posts.
For example, if you’re hosting an event at your office, post about it on social media. People interested in learning about your business and keeping in touch with you will see this and become more excited about what you do. It’s also important to keep in touch with people referred to you.
For example, if you’re looking for a referral, contact the person and let them know that you’d love to work with them. Ask them questions such as: “How did they find me?” “What is the price range they’re looking in?” or “What are they interested in purchasing or selling?” Not only will this make your connections feel special, but it will show them that you’re interested in what they have to offer, which can help lure more of them into your SOI.
Though your SOI may seem like a small group of people, it can make a big difference in the growth of your business. Keep expanding it, and you will notice that your sphere of influence also expands. By following the five tips above, you can continue to grow your sphere of influence in real estate and meet new people who have an interest in real estate. These people will support you in the future when you’re looking for new customers and can enhance your business.