If you're keeping an eye on the current real estate market, you'll quickly realize that we're facing unprecedented times. The low inventory, record-low interest rates, and a surge of potential homebuyers, especially those who couldn't purchase a home in 2020 due to the pandemic, have created a unique situation. However, in a market that is constantly changing, it's crucial for real estate agents to pay close attention to their sphere of influence.
The State of the Housing Market
To understand the importance of expanding your sphere of influence, let's look at some key statistics highlighting the current housing market:
- Close to 20 percent of people are behind on their rent.
- There is nearly $10 trillion in home equity in the United States.
- The unemployment rate is higher than expected.
- Almost 3 million people are facing mortgage forbearance in the near future.
- More than a third of people have a credit score under 680, making it challenging to qualify for certain loans.
These numbers indicate the volatility of the real estate market. As a result, real estate agents must find ways to improve their spheres of influence to thrive in this environment. In this article, we'll discuss proven strategies that can help you expand your sphere of influence:
1. Never Stop Networking
Picture: A sphere of influence in real estate group sitting around a table.
You may feel that you're too busy to attend networking events. However, neglecting your sphere of influence can harm your business in the long run. Therefore, make an effort to attend networking events, even if they are virtual. These events offer great opportunities that might otherwise go unnoticed.
Rather than collecting business cards, focus on building personal connections. Spend quality time with people and get to know them on a deeper level. After establishing a connection, ask for their business card and follow up with a personal note. This genuine approach will help you expand your sphere of influence.
2. Utilize the Power of Social Media
Picture: A smartphone with social media apps on a table next to a cup of coffee.
Social media is not just for personal use; it's a valuable business tool. Take a closer look at your social media connections and identify individuals who should receive your marketing materials. Make sure they're not left out of your sphere of influence by failing to include them in your regular email campaigns and marketing efforts.
Leverage social media to connect with people on a personal level. Remember that it provides a direct line to their pocketed devices. Maximize the reach of your digital marketing campaigns by ensuring your social media presence reflects your expertise and offers valuable content.
3. Prioritize Personal Connections
Picture: A close up photo of a dog.
As an experienced real estate agent, you already know who is most impressed with your work. Stay connected with your clients, utilizing social media to maintain those connections. Additionally, pay special attention to your ideal clients.
For instance, if someone in your sphere of influence recently adopted a dog, congratulate them and inquire about their new addition. Show genuine interest in their life events and offer assistance if they need help finding a home suitable for their furry friend. By prioritizing personal connections, you can significantly expand your sphere of influence and potentially attract more business.
4. Diversify Your Outlets
To demonstrate your expertise and credibility, it's essential to diversify your outlets. Subscribe to local business journals or newspapers to stay informed about happenings in the area. Share this valuable information with potential clients to showcase your knowledge and understanding of the local market. Consider publishing articles in these publications to increase your reach and establish yourself as an authority.
Additionally, consider using a real estate CRM to create a personalized touch and enhance your lead generation efforts.
5. Embrace Direct Mail Marketing
Picture: A row of six mailboxes.
While the internet has become the go-to for finding products and services, there's something special about receiving physical mail. Don't hesitate to leverage this sentiment.
When you receive a referral from someone in your sphere of influence, show your appreciation by sending a thank-you note. Consider including a gift card to a local coffee shop to express your gratitude. For significant deals facilitated by others, reward them with a personalized gift. This thoughtful gesture will leave a lasting impression and potentially lead to more referrals, expanding your sphere of influence.
6. Host Memorable Events
Picture: A table with plates, glasses, and flowers. Host events regularly for your sphere of influence in real estate.
Don't limit yourself to holiday parties; host events throughout the year to impress and engage your sphere of influence. Organize simple summertime cookouts or rent a unique venue for an evening. Invite people to join you, encouraging them to bring along their family and friends. By creating memorable experiences, you'll expand your sphere of influence and potentially attract new clients through referrals.
7. Build Deeper Connections
One of the most effective ways to improve your sphere of influence is by establishing deeper connections with the people you already know. Go beyond surface-level interactions and consider personal touches and special gestures for individuals in your sphere. Remember important dates, such as anniversaries and birthdays, and reach out with thoughtful gifts. By fostering raving fans, rather than just contacts in your database, you'll create a positive buzz, expanding your sphere of influence.
Frequently Asked Questions About the Sphere of Influence
Here are some common questions people ask about the sphere of influence:
What is a Sphere of Influence?
Your sphere of influence includes everyone in your personal and professional network who values your opinion and expertise.
Why is a Sphere of Influence Important?
Expanding your sphere of influence allows you to attract new clients and grow your business.
How Can I Grow My Sphere of Influence?
There are multiple ways to expand your sphere of influence, including networking, utilizing social media, and going the extra mile to help others within your sphere.
By implementing these proven strategies, you can enhance your sphere of influence in the real estate industry. Remember, in this ever-changing market, building strong connections is vital to your success.
