*SOI = Sphere of Influence = People Who Know You
I'll bet you're thinking this is going to be a looooong blog, full of sappiness, self-serving propaganda and holier-than-thou pronouncements.
Nope. Not in the mood to be sappy, self-serving or even holier than y'all today.
So, I'll cut to the chase.
SOI might be right for you if:
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You are willing to put the needs of your clients first. This means that you have the TIME and DESIRE to go above and beyond what's expected, not just provide "good customer service."
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Your real estate career is your priority career (see above).
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You know your stuff. You aren't just a friendly and responsive party-animal, you are an excellent real estate agent.
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You know people and are willing to make an effort to meet more (and yes, we introverts can excel at this too. In fact, we're a step ahead of the social butterflies in that we're good at keeping track of the people we know and meet!)
I'm sure I'll think of more and please feel free to add to this list.
So, is SOI right for YOU?
copyright Jennifer Allan 2007
I do, and yes, it works!
Speaking of introverts getting out there. I started going to networking groups. Last night was my first night. Now I can add 5 more people to my SOI. That's a lot at one time for this introvert. HA!!
John, I should start playing my luck number 925 for my birthday September 25th. ;)
Most people who find themselves in this business excel at woo (being extroverted and winning others over) or relator (introverts who like to go deep with people). Both can excel with their SOI, just in very different ways. We have found that those that dedicate themselves to working their SOI get a minimum of a 15% yield in year one (15 closed transactions from their SOI per 100 people in their SOI database), their yield will climb to as high as 40-48% by the end of year 3. Imagine what business you had if you got 45 closed transactions from every 100 people who know you, like you and trust you.
Great post!
In person I'm fairly outgoing. But growing up I've often considered myself to be a bit of an introvert. Well, I've just written my first very revealing post: My Johari Window
I'm ready to share me with the rest of the world!
Chris - when you say "we have found" who are you referring to? I'd love to use those stats and that concept! Tell me more!!
Maggie - I'm here when you're ready!
Ricardo - GO YOU!
Allen & Stephen - you both raise good points that I should have made clearer..
I should have called the blog "Is an SOI Business Model Right for you?" I talk about SOI so much that I've shortened the whole concept into those three letters!
Stephen - that is an excellent question and the answer is important. Your Sphere of Influence is Everyone Who Knows You and Knows that You Sell Real Estate. It's NOT just your friends & family, NOT just your client database, and certainly not "everyone you know." It's a fine distinction -- and the goal of your SOI strategy is to make sure Everyone You Know becomes Everyone Who Knows You and Knows that you Sell Real Estate. As long as you let them know in a subtle and respectful way of course!
Jennifer, thanks for the distinction. I really like the idea of working your SOI. You made a comment "let them know in a subtle and respectful way of course!"
How? Can you give an example of subtle and respectful?
Stephen - in a nutshell, the way to let people know what you do "subtly and respectfully" is to strive to be a really nice guy who is reliable and competent, who also happens to be a real estate agent. Someone who doesn't pester others for business, but is so happy being a real estate agent that he naturally draws others into his enthusiasm. When you have the right attitude, you shouldn't have to ever beg for business or even ask for referrals. For specific ideas - you might want to go through my SOI blogs which you can find neatly organized under the "soi" tag on my blog page. However, from what I know of you, Stephen, I'll bet you do "subtle and respectful" naturally.
Roberta - Selling real estate changed my social life. I've always been selfish with my time and very much a loner, but once I saw the value in personal relationships, I went out and made friends. Yes, it started out as a business-building initiative, but ended up enhancing my life in many wonderful ways! Wow! I actually have FRIENDS! What a concept.
Hi Jennifer,
I know SOI is for me and thanks for your help and insight!
Doesn't that blow you away? Most agents I know have let their SOI slide and they claim that they "don't have time" or "don't have the money." I've been out of real estate for two years and still get referrals from my SOI. It's such a gold mine!!!
How do you stay in touch with yours?
The irony is, staying in touch with one's SOI can be the least expensive way of prospecting! Emails, handwritten notes and phone calls are all free and quite easy to do. A couple of months ago, I started putting together a list of upcoming holiday events in our area; there are many wonderful programs here during Christmas that, while free, do require tickets. I put all that info together in an email and sent out to my SOI distribution list; you wouldn't believe the flurry of emails that generated from my SOI, who were tickled to get the list! Cost me nothing but time. The possibilities are endless!
I had a call Saturday morning from a client I helped buy a home this summer; he was referring me to a neighbor who is thinking of selling. Long story short, by the end of my one hour conversation with the neighbor, she was telling me she had a friend who is also selling this spring and asked if it were okay to pass along my contact info. How cool is THAT? I could have mailed to her every month for a year and never gotten that phone call.
You just cannot beat this SOI stuff!! But then, you already knew that. ;-)
George - I know you have. It's a wonderful way to run a business!
Vangie - I wrote a blog about the difference between Friends... and Family... http://activerain.com/blogsview/90533/Using-Reverse-Psychology-with
Susan - As always, you're so right. Once you "get" it, it's so obvious. The hurdle is getting over the paradigm shift that you CAN combine business with pleasure.
Hey Jennifer,
I love my family but they are the worst clients on the earth. The worst, they whine, cry about the marketing fees, want you to go way beyond your normal duties. And if everything doesn't go their way, they exagerate the truth, and so on.
I have my apprehensions in dealing with family and even friends. I personally don't think the that working with family and friends and real estate go.
What I do for that SOI, is I market differently and if the want to sell and buy, I refer them to a realtor I trust. And even that sometimes can backfire and they will still blame you for everything.