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Sign into your accountWho is My Real Estate Sphere of Influence?
January 17 2015
As a real estate agent, one of your biggest challenges is generating enough leads to increase your annual commission. One of the best ways to gain leads is by establishing your Sphere of Influence (or SOI). It's a common term in the real estate industry, but do you fully understand what it means for your business and how to leverage it to your advantage? Let's dig deeper into what a SOI really is and how you can build yours effectively.
What is an SOI?
Maybe you don't consider yourself an "influencer" in your daily life as a REALTOR®, but you do have many opportunities to influence people you come in contact with, who in turn have opportunities to influence those they come in contact with!
Your Sphere of Influence is simply all the people who know you, at least somewhat, and who like you (or at least don't dislike you). Everyone has a network of individuals they come in contact with now and then and for real estate agents leveraging this network properly will make the difference between an "ok" year and a record-breaking year.
Why is my SOI important?
Every Realtor knows that repeat and referral business are the bread and butter of real estate. Maintaining a healthy SOI means more individuals know of your services, use your services and may be referring your services to their own contacts. If your SOI is 100 people and each of them knows 100 people, there are 10,000 opportunities for real estate referrals!
What if you made it a goal in 2015 to prioritize your SOI? Increasing your sphere is an attainable goal that can lead to more referrals, more leads and more commission.