If you want to increase your annual commission and be a successful real estate agent, your top priority is to generate more leads.
You’ve probably heard of your sphere of influence or SOI. Your SOI is your central hub of contacts, a marketing database of every person you’ve interacted with, ensuring you always have opportunities for success.
New to using your SOI in your real estate business? Don’t let that intimidate you! If you’re unclear on what SOI is when it comes to real estate and how to build it, we have a quick guide to get you started.
What is SOI in real estate?
Instead of purchasing real estate leads, your sphere of influence (SOI) is your database of contacts and a free way to generate new leads. As you progress in your career, your SOI will be filled with past and present clients.
If you’re new to real estate, it’ll be everyone you know. No, really! Never underestimate who could be a valuable connection to your next deal.
Why is SOI important?
If you’re having a rough patch and need new leads, revisiting prior clients and keeping those connections strong ensures you’re top of mind. And if you’re the go-to for all things real estate, that includes being the expert to help them buy or sell their next home.
Who is in your real estate sphere of influence?
Your SOI starts with the most obvious choices: the people you know and love! From there, you can think of acquaintances, your hairdresser, the person who mows your lawn, and anyone else you regularly interact with. As your relationships with people you already know progress, you’ll likely get to know their circles, too. Also, consider people from the following list:
- Previous coworkers
- Your spouse’s friends and coworkers
- Members of clubs or groups you regularly attend
- Neighbors
Remember, everyone can be a potential client. Be genuine and professional in every interaction you have. You never know who may need a real estate agent!
Easy ways to build SOI
If you want to build your real estate sphere of influence, start simple. Make a list of everyone you know, starting with family and friends. To find more people to build your SOI, see who follows you on social media. Then, see who they are connected with and keep the cycle going.
Do you host open houses, workshops, seminars, or other real estate events? Have visitors fill out their information when they visit your event and store the contact info in customer relationship management (CRM) software.
Don’t forget to attend real estate networking events, like conferences or local real estate organization chapter meetings. Other real estate agents with busy plates may refer you to a potential client.
Finally, remember that the friendly gatherings you’re invited to can be another opportunity to find a new contact or two!
Make your real estate listings the talk of the town
Virtuance knows that having professional real estate photography for your listings is the quickest way to attract new clients. Having unique options, like 3D tours and drone images, makes your listings pop and can help your sphere of influence grow! Schedule a shoot with us today.
SOI in real estate stands for sphere of influence.
In the simplest terms, it is everyone that you know—whether you’ve met them once or they’re a good friend. By expanding your SOI in real estate, you can make connections that will generate more leads to help you close more deals.
Thinking about everyone you know is the key to building a sphere of influence as a new agent.
While you may not have prior clients to rely on, friends, family members, neighbors, or anyone else you know likely has someone interested in buying or selling their home.
