How to Get Leads from Sphere of Influence in Real Estate
Regardless of your time in real estate, you have likely heard of the importance of building your real estate sphere of influence (SOI). In today’s post, we’ll break down why an SOI is important, how to build your SOI, and how you can use an industry-leading CRM like Vulcan7 to maximize the value of your sphere of influence in real estate.
SPHERE OF INFLUENCE: OVERVIEW
The SOI is a crucial concept in real estate, emphasizing building and maintaining relationships within your personal and professional network. Here are a few key points to get us started:
- Definition of SOI: The SOI refers to the network of people you already know or have connections with within your personal and professional life.
- Importance of SOI in Real Estate: Your SOI is a valuable asset because these individuals are more likely to trust and engage with you. People prefer doing business with those they know and trust, making your SOI a fertile ground for potential clients and referrals.
BUILDING A SPHERE OF INFLUENCE
Building an SOI as a real estate agent involves strategic networking, relationship-building, and consistent communication. Here are practical steps to help you build and expand your Sphere of Influence:
- Identify Your Current Network: Start by creating a list of your existing contacts, including friends, family, colleagues, neighbors, and acquaintances. These are the people who already know you. Here’s a partial list:
- Friends and family members
- Church members
- Neighbors and friends of neighbors
- Former high school or college friends
- Parent-teacher groups
- Book clubs
- Country clubs
- Personal service people: hairdressers, house cleaners, mechanics, etc.
- Utilize Social Media: Leverage social media platforms to connect with community members. Join local groups, participate in discussions, and share valuable content related to real estate.
- Attend Community Events: Actively participate in community events, neighborhood meetings, and local gatherings. This provides opportunities to meet new people and establish connections.
- Join Clubs and Organizations: Become a member of local clubs, organizations, or business groups. This not only expands your network but also positions you as an active community member.
- Provide Value: Offer valuable information and resources to your network. This could include market updates, home improvement tips, or guides to the local real estate scene.
- Host Events or Workshops: Organize events or workshops related to real estate, homeownership, or community issues. This positions you as an expert in your field and allows you to connect with attendees.
- Personalized Communication: Regularly communicate with your contacts through personalized messages, emails, or even handwritten notes. Show genuine interest in their lives beyond real estate.
- Ask for Referrals: Don’t be afraid to ask for referrals from satisfied clients and members of your network. Let them know you appreciate their support and are ready to assist anyone they refer.
- Stay Top-of-Mind: Stay in touch with your SOI consistently. This could include sending newsletters, birthday wishes, or regular check-ins to maintain the connection. Top producing agents often designate a portion of their prospecting day to connecting with people within their SOI.
- Collaborate with Local Businesses: Build partnerships with local businesses. This could involve cross-promotions, joint events, or simply recommending each other’s services to clients.
- Be Authentic: Authenticity is key in building lasting relationships. Be genuine in your interactions and build trust with your network.
THE VULCAN7 DIFFERENCE
If you’re a Vulcan7 client, you are lucky to have an industry-leading CRM system to keep yourself organized. Many top-performing agents devote time each day to SOI outreach. And remember, every person in your VULCAN 7 SOI database has their own network of friends and acquaintances, meaning you have exponential opportunities for referrals because nearly everyone knows someone who needs a real estate agent at one time or another. Some top agents estimate that as much as 50% of their revenue comes through SOI referrals or recommendations in a year.
Let’s take a moment to review one of the features of Vulcan7 that will play an essential role in helping to manage your SOI: the Contacts Page.
Because you’ll spend 90% of your time on the Contact Page, we’ve gone out of our way to make it clean, organized, and straightforward. Here are some of the key features:
- Folders are organized to maximum efficiency. We have default or existing folders that include up-to-date information for:
- Under my contacts, you can organize your folders to best suit your needs.
- When you click on a contact, the screen reveals all pertinent information relative to that contact: contact info (phone, email), property details, and whatever other details you would like to add.
- Vulcan7’s CRM makes it easy to import your own contacts into a new folder.
We are all familiar with the power of video in today’s communication ecosystem. People are more likely to engage with a video than any other form of outreach.
But imagine reaching out to your real estate SOI with a personal video email. As a Vulcan7 client, you can create and distribute personal emails to your SOI through the StoryTellr platform. A video email is an awesome way to connect personally with your sphere. StoryTellr makes it simple to create, store, and send personal videos to your sphere. Learn more about StoryTellr HERE.
So, what are you doing to build and nurture your real estate sphere of influence?