*SOI = Sphere of Influence = People Who Know You
"How can I prospect to first time buyers?"
"How can I meet newly married people?"
"How can I get my name in front of divorcing couples?"
"How can I market to renters?"
And even...
"How can I meet newly dead people (or more specifically, their heirs)?"
These are questions I read every day here on Active Rain and on the other real estate agent forum I moderate (www.agentsonline.net).
Responses are fairly predictable - "Hold buyer seminars, mail to apartment complexes, write to attorneys, attend bridal fairs, prospect to funeral directors and watch the obituaries."
Fair enough.
But here's the thing. The people you already KNOW, know first time buyers, married people, divorcing couples, renters and yes, even dead people's heirs. They also know couples with new babies, investors and relocating families.
So, it's your choice. You can bombard your target audience of strangers with your (expensive) marketing materials, hoping for a hit, or you can reconnect with the people who already know you and guarantee yourself one (or two or three or four or a dozen).
Our industry has made prospecting way too complicated and counter-intuitive. It doesn't have to be. Back up, calm down and use the brains God gave you to find your next clients. They're all around you.
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Jennifer - so it's all about how you treat your friends! What a concept.
You da man. Or er Woman. Themthar hills do have gold in em. I have sold for years on referrals and enjoy great traffic today!
They're so close to us we sometimes don't see them. Thanks for the wake up call.
I agree! Yes, most of my clients started out as "strangers", but when I started reconnecting with my SOI...well, I got a listing appointment within a couple of months.
But I still like mailing to the 119 residents of the apartment complex down the street where I used to live 6 years ago. I KNOW there are some folks in there who will buy a house in the future. And when they get ready, hopefully "Sue Gabriel" will be the 1st realtor they think of. : )
Hi Jennifer,
Just got a lead yesterday from a relative who I found a house for and closed on 3 weeks ago. Her Aunt from the other side of her family is looking now. Hurrah for SOI.
The world around us is our SOI - and everyone in the world *they* know.
Besides, referrals make much better clients than strangers. ;-)
Yes - knowing who "your" people are is important! The idea is to create a business by DESIGN not a business based on LUCK.
Jennifer, if you don't work your SOI first, the people you know, you are missing the best prospects you have.
Gary - absolutely - it really is so simple...
Eleanor - great point! A focused approach versus a shotgun one...
Susan - Oh yeah... preaching to the choir with you, I know!
Paddy - don't you love those phone calls???
Sue - I hope so too...
Kenneth - I've worked with so many agents who say they're too busy to SOI... but then they complain that they don't have any business...
Chip - Yeah!!!!
Penny - seems kinda obvious, doesn't it?
I just don't think I could ever bring myself to check the obituaries. That is just creepy! Some of these methods just seem plain wrong.
Morning Jennifer,
Maintaining contact with those you already know is one of the best lead sources there is. I owned and operated a Home Maintenance Business for fourteen years and never once placed an ad in the paper or telephone boos, etc. All of the business we enjoyed was obtained by word of mouth. When I sold that business this past December, I brought all of my data base into the Real Estate side of my business and have enjoyed an ongoing relationship with our clients.
It is a very cost effective way to do business....there are other ways too, but they are, from my point of view, more costly and don't have the return on investment.
Hal - I agree... obviously. At least, give it a try before dumping loads of time and money into mass-marketing schemes...
Joshua & Kathy - Isn't it, though?
Warm calls beat cold calls any day of the week! They also save time and money.
Yeah . . . not too excited about that obituary stuff . . . We should all know this by now, people do business with people they know and like. Be friendly, be yourself, let people know what you do for a living . . . the business will come.
Jennifer, Excellent advice. My SOI grows daily with each call I get from a friend of someone or a relative of a past client. I barely have time to look elsewhere.
Back up, calm down and use the brains God gave you to find your next clients. They're all around you.
VERY good advice, sister!!!
=-)
The other side of this is to be aware of the people around you. If you're just making time with your friends (and I tend to do that when I get really busy w/ work and family - I spend my time "getting through" things so that I can move on to the next thing) you'll lose out on a lot of opportunities to find business within your SOI - or let it find you.
There was a parent at my son's baseball game who were talking with their neighbors about a 10 acre property with a "scary" house on it. I inserted, "If you ever want to go check it out, let me know! I can get you INSIDE the scary house. <wink>" It's a bank foreclosure, I've wanted to snoop too, and it will show these people that I'm an actual working REALTOR, as opposed to just the sweaty snack mom sitting next to them.
Heather - great point. I spent a lot of time this spring with one person (who incidently is not in a position to refer anyone to me - she's married to a Realtor) because she was a great venting partner and was going thru a lot herself. Not that I begrudge the friendship, but it did distract me from Being Out There in the World with my Antenna up.
My last 4 closings were from my SOI...and I find that amazingly wonderful!! : )
Jennifer - It was great to find your post at a time that I am researching all things SOI. I am going to read your words of wisdom on your other posts. Thank you!......Rich
Yay Sue!!!!!! And once you're on a roll... it just gets better!
Rich - Enjoy - there's a lot of stuff! I just can't help myself...