Sphere of Influence Meaning for Realtors®
Your SOI is an invaluable asset because it includes individuals who are already familiar with and trust you.
Research from the National Association of Realtors (N.A.R.) reveals that 82% of people prefer to do business with someone they already know and trust. As a real estate agent, this statistic highlights the immense value of your Sphere of Influence (SOI)—the network of people you already have a connection with. Whether they are friends, family, past colleagues, or community members, this group should be your primary target for generating leads and growing your business.
What is Your Sphere of Influence (SOI)?
Your SOI encompasses everyone you know and who knows you. This network extends across different aspects of your life and is one of the most powerful tools for business growth. Consider the following categories when identifying your SOI:
Current and Past Employment: Colleagues, supervisors, and business connections
Organizations and Clubs: Members of groups or clubs you’ve participated in
Community Involvement: Church members, sports leagues, and volunteer organizations
Educational Contacts: Former classmates, teachers, and school associates
Personal Connections: Friends, family, and their extended connections
Service Providers: Your doctor, dentist, barber, accountant, and other professionals
Why Your SOI Matters in Real Estate
Your SOI is an invaluable asset because it includes individuals who are already familiar with and trust you. This offers several advantages:
Higher Conversion Rates: People are more likely to do business with someone they trust, increasing your chances of converting leads into clients.
Consistent Engagement: Regular communication with your SOI—through direct mail, digital marketing, and personal interactions—keeps you top of mind.
Referral Potential: Satisfied clients and contacts can refer friends and family, expanding your reach exponentially.
Effective Strategies to Grow and Leverage Your SOI
1. Compile and Organize Your SOI
Start by listing everyone in your SOI and gathering their contact information. Use a Customer Relationship Management (CRM) system to keep this information organized. Managing a comprehensive database is one of the biggest challenges for real estate professionals, but it is essential for successful outreach.
Learn More: Clean, Accurate, Up-to-Date, and Complete Database for Realtors®
2. Daily Outreach: Strengthen Relationships
Stay in touch with your SOI by aiming to call or text at least five people daily. Simple check-ins, holiday greetings, or casual conversations can reinforce relationships and keep you top of mind.
3. Expand Your Network
Actively seek opportunities to grow your SOI by joining local organizations, attending networking events, and engaging in social activities. Every new connection is a potential future client.
4. Leverage Your SOI for Real Estate Success
Your SOI database should be a key component of your marketing strategy. Here’s how you can use it effectively:
Send targeted marketing materials via email, direct mail, and social media.
Provide valuable real estate insights through newsletters and market updates.
Host events such as client appreciation gatherings or home-buying seminars.
Use referral incentives to encourage your SOI to introduce you to potential clients.
5. Optimize and Maintain Your SOI Database
Keeping your SOI database clean and updated is essential for effective marketing. If managing your database feels overwhelming, professional services like America’s Best Marketing can help by:
Consolidating your contact lists from emails, social media, and other sources.
Removing duplicates and outdated entries to ensure accuracy.
Updating missing information to create a complete and actionable list.
The Path to Significant Growth
A well-maintained and nurtured SOI database is a goldmine for real estate success. By consistently engaging with your network and implementing a strategic marketing approach, you can unlock sustainable business growth and increased referrals.
Take the Next Step with America’s Best Marketing
At America’s Best Marketing, we help real estate agents streamline their SOI management and execute data-driven marketing campaigns. Don’t leave your success to chance—harness the full potential of your Sphere of Influence today!
Contact us now for a free consultation and start maximizing your real estate business.
