A Fresh Approach to Real Estate Rookie-hood with Jennifer Allan

"Dear Jennifer,

I've been reading your blogs about SOI and my heart is sinking. I think I've blown it with my Sphere of Influence by constantly asking them for business and referrals. Is there a way I can redeem myself with my friends, or do I have to go make all new ones?

Bill"

I get this question a lot! Mostly from new or newer agents who have been brainwashed into believing that an SOI (Sphere of Influence) business model means that they're supposed to drive their friends nutso with constant reminders of their love for referrals. Most tell me that:

1) they felt it was wrong, but were convinced to do it anyway, and/or
2) they've felt their friends pull away and suspect they're avoiding the agent's calls.

Oops. Not at all good for business OR your social life!

Here's what I tell these distressed agents.

There are a couple of things they can do. If it suits their personality, they can address it head-on with an apology letter - very sincere, not too sappy, but friendly & apologetic, with a "let's move on" tone. I'm not convinced this is the best line of attack, but it might be effective if done well.

Of course, then the agent needs to follow it up with action - he needs to BE a non-referral-begging friend who happens to be a real estate agent. Coffee dates, casual emails, dinner parties - whatever socializing feels comfortable with the various members of his SOI. Oh, and he doesn't mention his real estate career unless it's appropriate, but strives to come across as a happy, enthusiastic, reliable, dependable, generally cool person who is probably a fabulous real estate agent, as well.

If the apology letter doesn't feel right, then he can just make a concerted effort to reconnect with his SOI, as above, and if the opportunity arises and it feels appropriate, give a little apology in person.

The other thing he can do is strive to build his SOI by meeting new people and NEVER breathing a hint of referral-begging with them. He can meet new people thru his existing SOI and by being out there in the world with his antenna up. I consider my SOI strategy to be more about meeting people THRU my SOI, not necessarily generating business directly from the people I know.

Of course, the best approach is to not annoy one's friends in the first place, so that there's no need for apologies or redeeming one's dignity after the fact!

The SOI Starter Kit - Everything You Need to Implement Your Own Sphere of Influence Business Model
SOI Starter Kit

I've never had much (any?) luck with mass-advertising (newspapers, bus benches, SEO), at least, not that I could tell. One year I took out over $20,000 worth of newspaper ads which resulted in, get this, ZERO phone calls. Enough of that nonsense.

However, I'm starting to think about the effectiveness of "advertising" to your SOI. Here's where my brain is going.

I live in a trendy, hip neighborhood that has barely noticed the recent doom & gloom of the real estate market. People still want to live here and decent homes sell quickly. (Although there's plenty of overpriced crap on the market that isn't moving, for good reason.) I also happen to know a lot of people who live here in the ‘hood with me - probably 20-30 members of my core SOI are neighbors. We're such a hip, trendy crowd...

So I'm thinking... would it be effective to advertise in the local (neighborhood) newspapers - not necessarily to attract the business of total strangers, but rather to reinforce my name recognition among the people who DO know me, or have at least heard of me?

I remember many years ago, there was an agent in town who advertised heavily on bus benches. I thought she must be a Top Dog because it seemed her name was all over the place. When we finally met (and became friends), I was shocked to discover that she was newer than I was and did significantly less business. But the perception I had of her was that she was very successful.

Here's my point... If I were a consumer, would all those bus benches have inspired me to call her up and hire her on the spot? Not a chance. BUT, if I'd met her, at an open house, at a party, wherever, would she have already had some credibility with me, due to her advertising efforts? Probably so, especially if she were professional and credible in person (which she was).

So... I'm wondering if the point of local advertising might be to put you in a position of credibility should you ever have the opportunity to meet those who have seen your advertising. Or, of course, to remind those who already know you of your existence, if they've forgotten...?

Is this a big DUH question?

 www.sellwithsoul.com