Thanks for the Gold Star yesterday for my first SOI 101, AR Gods! So, to continue the message, here's SOI 101 Lesson #2 - The SECRET to running a successful SOI business model.
Sphere of Influence = The People Who Know You.
Here 't'is.
The secret to running a successful SOI-based business is to be a great real estate agent who loves her job and knows her market and stays in touch with the people she knows, without ever pestering them for business or referrals.
That's it! That's the secret! To be a great real estate agent who loves her job and knows her market and stays in touch with the people she knows, without ever pestering them for business or referrals.
Let's take these items one by one.
You're a great real estate agent
This is huge. When I say that you need to be a great real estate agent, I don't mean that you need to be a great real estate prospector, even though that's what most of our training tends to imply. I mean that you take great care of your clients as your first priority, not as an afterthought when your prospecting is done. Doing business this way helps you on so many levels. First, obviously, you'll have happy clients who will be delighted to refer you to everyone they know. Second and third, you'll be proud of the work you do and confident in the work you do, which will lead to the second requirement -
You love your job
When you're good at what you do and you know it, you'll probably absolutely love your job. And that excitement and enthusiasm is contagious to those around you.
When you're able to hold your head up high and announce that "I'm a Real Estate Agent and it's the Coolest Job in the World!" people will be drawn to you - as one agent I know puts it - they want some of what you're smoking! When the topic of real estate comes up in a social setting and you're able to say those magic words "I'm a real estate agent and it's the coolest job in the world!" people will ask YOU for your business card. It's beautiful.
Which leads me to the third requirement:
You know your market
The best way I've found to build rapport with strangers is be master of your market. If you know your local real estate market, and you KNOW you know your local real estate market, you'll find opportunities to share that knowledge all over the place.
It's amazing how much confidence this gives you and it's pretty easy, to strike up a conversation with a total stranger about real estate... if you know what you're talking about. You'd be surprised how many people will ask YOU for your business card if you sound like an expert. I get a lot of my business this way - not from prospecting to strangers, but just from being confident about my competence - a big part of which is a good understanding of my market.
So, for someone who needs to build an SOI from scratch, they need to spend some quality time learning their market and put themselves in social situations where they can share their knowledge with people who are interested.
You stay in touch with the people you know
This, of course, is really important. If you know a whole bunch of people, but you never make any effort to have a personal interaction with any of them (above and beyond drip campaigns), your sphere of influence efforts will crash and burn. To be someone's favorite real estate agent, you either need to have done a fantastic job for them in the past (and stayed in touch) or make an effort to be in touch with them on a somewhat regular basis. Especially if someone hasn't used your services before, it's really easy for another agent to swoop in and take your place!
Just know that yes, if you intend to generate business and referrals from the people you know, you will need to take time to talk to them.
You never pester anyone for business or referrals
The last requirement is that you never pester the people you know or the people you meet for business or referrals. This is a tough pill to swallow for many agents. We're trained to ask for business and to make sure that everyone we know and meet is aware that we are desperate for business. I know, that's not what we say - but it's how it comes across. When we constantly or even sporadically remind the people we know that We Love Referrals, we send a message that is counterproductive to our goal of actually generating referrals.
Sooooooo.... Are you a great agent... who loves your job.... And knows your market.... And stays in touch with the people you know without ever pestering them for business or referrals? Yeah? Then get off the computer and go SOI!
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Great post thank you so much for your great stream of important information
That you for the Spere of Influence reminder. The most important thing in this business.
Thanks- this is worth printing. I am going to take your test. I do talk to myself in the mirror every morning telling myselft how much I love my job and what a great Real Estate agent I am!!!
Jennifer, I really agree with this. My strategy is to do a video blog showing me being active in the business and just talking real estate as I'm driving in my car. I'm hoping to give people a glimpse into my business life and to be seen as someone who is good at what he does and someone who likes what he does.
Thanks Jennifer....I am always impressed with your train of thought on the SOI when like you stated...it's not they way we are necessarily taught.
We not only have to woo our clients, we need to WOW them as well! I think many of us have done a good job WoW-ing them but have not been great at the staying in touch... Out of site, out of mind unfortunately..
Now I remember why I follow your blogs....because they are GREAT!
Awwwwww, shucks!!!!!!
Jennifer, loves your job, knows your market, and stays in touch with the people you know sounds like a great formula to me.
It really helps to be young and good looking too!!
Very nice Jennifer. I agreed with each and every word you here. Thank you.
Jennifer, I agree....have to love your job, and love working with people. This is key! The gift from this all is the special relationships you form. Thanks for your time. I'll definitely keep this. Olga
Hi Jennifer.
Yes I am.
Thanks for writing,
Ken
Nice post. I never even heard of SOI until two months ago when I started in Real Estate. I knew I had one, I just didn't know what it was called.
I've never been particularly comfortable asking for referrals. Why do so many books, coaches and trainers stress that we should be asking for them at every possible opportunity?
Jenny - it's funny - most people aren't comfortable, and therefore, they're terrible at doing it. I'm often amazed at how many trainers completely discard common sense when creating their material and insist that you should do something that you know in your gut is wrong... but do it anyway!
Jennifer - good post. I liked the test too and I did good. I have an SOI database and process but it never hurts to learn what others are doing to see if I can add to my own process. Thx :)
This formula is ideal....I intend to make it work for me!
Jennifer, I am another agent who agrees with your post. In fact, I've always thought along the same lines - but it was great readying your post. I also do not feel comfortable asking for referrals and have been surprised how much agents are told that we need to do this practice - which is definitely not for me. Thanks for a great post.
Jennifer, I agree. Be an expert and the business will come to you!