The Perfect Sphere of Influence (SOI) Strategy for Real Estate
Starting a career in real estate can be a daunting task.
With so many agents vying for clients, it can be difficult to stand out from the crowd. This is why many agents turn to the Sphere of Influence (SOI) strategy. The SOI strategy is all about reaching out to people you already know and leveraging your existing relationships to gain new clients. In this article, we'll explore why the SOI strategy is so effective and how you can use it to succeed in real estate.
Why the SOI Strategy Works
Sales are all about talking to people. The more people you talk to, the more likely you are to make a sale. But, what if you could talk to people who already know and trust you? This is where the SOI strategy comes into play. When you reach out to your SOI, you're already starting with an advantage. These people already know you, trust you, and are more likely to listen to what you have to offer.
In fact, a recent study by Dale Carnegie found that 71% of customers would rather buy from someone they trust than from someone who offers the lowest price. And, 77% of those customers said they were likely to recommend a trusted salesperson to their family or friends. This shows that trust is key in sales and is why the SOI strategy is so effective.
How to Use Your Real Estate SOI the Right Way
Now that you understand why the SOI strategy works, it's time to go through the steps to make it work for you. Here are six simple steps to help you get started.
Identify Your SOI
The first step to using your SOI is to identify who these people are. Your SOI should include anyone with whom you connect on a regular or semi-regular basis. This includes family, friends, neighbors, coworkers, colleagues, acquaintances, and professional contacts. Don't be afraid to cast your net wide and include everyone who comes to mind.
Write Down Your SOI Contacts
Once you've identified your SOI, it's time to write down their information. You can use a CRM, project management software, or even an Excel spreadsheet. The important thing is that you have all their information in one place and can easily access it.
The information you want to include for each person in your SOI is:
Name
Phone number
Email
Birthday
Renter or Homeowner
Mailing Address
Housing situation (renting, just bought, just moved, ready to move, etc.)
Don't worry if you don't have all this information right away. Reach out to people on social media and ask questions to get the information you need. Just be respectful and avoid being pushy.
Reach Out to Your SOI
Before you can help anyone, they need to know that you're available. Reach out to your SOI through emails, phone calls, texts, social media DMs, or whatever way you feel comfortable. Let them know that you're a real estate agent and that you're building on your career. Share the value you can offer that other agents can't.
Follow Up, Follow Up, Follow Up
Staying in touch with your SOI is crucial if you want to succeed. Keep them informed about changes in the real estate scene, from new listings to market developments. Let them know that you're keeping up to date on real estate and want to help them do the same.
In conclusion, nurturing relationships is vital for personal and professional growth. Strong relationships provide support, encouragement, and guidance, helping individuals navigate life's challenges. By investing time and effort into building and maintaining relationships, individuals can reap numerous benefits and create a fulfilling life filled with meaningful connections.
