How many times have you realized that someone you helped buy a home ended up using another agent to sell it? It happens all the time. Instead of wasting your money on purchased leads, there is a more effective way to maximize your real estate sphere of influence and generate more business.
It's the Time
Working your real estate sphere of influence requires time, more than money, especially in the beginning. As a busy agent, time is a precious resource. However, successful agents who earn over $100,000 per year revealed that nearly one-third of their business comes from referrals from past clients, and 34 percent comes from repeat business^1^. These clients become part of your sphere of influence, but many agents forget to nurture these relationships.
Make it Easy on Yourself
The key to success is to make your CRM (Customer Relationship Management) system work for you. Categorize the people in your sphere of influence, whether they are potential buyers, sellers, or former clients. This allows you to automate customized content delivery to specific groups of leads. Instead of sending generic real estate newsletters, provide valuable content that they will actually read^2^.
Segment your CRM to identify past clients who are most likely to be thinking about moving. These are your "hottest" leads. Once your CRM is organized, you can plan how to make contact with the ones who are most likely to transact in the near future. Start by finding them on social media platforms like Facebook and follow them. This way, you won't miss an opportunity to respond when they post something interesting^3^.
Events for Your Real Estate Sphere of Influence
To jog the memories of your real estate sphere of influence, consider organizing client appreciation events. Even if some of the hottest leads in your sphere of influence aren't former clients, invite them anyway. Another option is to engage in seasonal activities or one-on-one meetings over drinks or coffee. You can even invite them to participate in charitable causes that resonate with them. By organizing such events, you strengthen your connection with your sphere of influence and build loyalty for your brand^4^.
Why Devote More Time to SOI Marketing?
Did you know that 85% of people don't know how to get in touch with their Realtor? This explains why many survey respondents claim they will use their agent again, but few actually do^5^. By investing time and effort into nurturing your sphere of influence, you can avoid losing touch with potential clients. The more you focus on your SOI, the more likely you are to see significant growth in your business^6^.
Get Organized
If your CRM lacks contacts in your sphere of influence, it's time to expand it. Think about all the people you know, including relatives, friends, former clients, and colleagues. Consider joining non-profit organizations, civic groups, or volunteering to meet new people and add them to your CRM. On the other hand, if your sphere of influence has become unwieldy, take the time to pare it down and focus on those who are most likely to engage in real estate deals^7^.
Overcoming the Discomfort
Contacting people in your sphere of influence may be daunting, especially if you haven't been in touch for years. Start by reaching out to those closest to you, like family and close friends. Invite them for lunch or coffee to reconnect. As you gain confidence, progress to other contacts, such as past clients. Utilize direct mail or social media engagement to break the ice and initiate conversations. Remember, consistent communication is the key to building loyalty and generating referrals^8^.
By prioritizing your sphere of influence, you can tap into a valuable source of leads and grow your business effectively. Don't ignore the warm leads within your CRM. Embrace the potential and start working your real estate sphere of influence today!
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