Maximizing Your Real Estate Commission: A Guide to Building Your Sphere of Influence (SOI)

To become a prosperous real estate agent and earn higher annual commission, it is crucial to enhance the number of leads. One of the effective ways to achieve this is by focusing on your sphere of influence (SOI), which is a list of all your acquaintances and connections. It acts as a marketing database and guarantees a consistent flow of opportunities. If you are new to leveraging your SOI in real estate, don’t worry. We have a brief guide to help you understand the concept and build your SOI.

What is SOI in real estate?

Rather than buying real estate leads, you can leverage your sphere of influence (SOI) as a cost-free means of generating new leads. Your SOI consists of your contact database, which primarily comprises your past and current clients as you advance in your profession. If you’re a novice in the field, your SOI will include everyone you know, and you must not undervalue any potential connection that could lead you to your next transaction.

Why is SOI important?

In times of low lead generation, reconnecting with past clients and maintaining strong relationships with them can help you remain a prominent figure in their minds. As a trusted real estate professional, you can assist them in buying or selling their next property by providing your expert guidance. It is important to prioritize nurturing your existing network for potential future business opportunities.

Who is in your real estate sphere of influence?

When building your sphere of influence (SOI), it is important to begin with the individuals whom you are familiar with and have an established connection. This includes family members, friends and other close associates. You can expand your SOI by including people you interact with on a regular basis, such as your barber, landscaper and other acquaintances. As you build stronger relationships with those in your existing circle, you may also gain access to their network. Additionally, it is worthwhile to consider including individuals from a provided list:

• Previous coworkers
• Your spouse’s friends and coworkers
• Members of clubs or groups you regularly attend
• Neighbors

Remember, everyone can be a potential client. Be genuine and professional in every interaction you have. You never know who may need a real estate agent!

Easy ways to build SOI

To expand your real estate network, begin with a simple approach. Create a list of all the individuals you know, starting from your acquaintances and relatives. To increase your sphere of influence, assess your social media followers and their connections, and continue the process. You can collect contact details by requesting visitors to provide their information at real estate events such as seminars, workshops, or open houses, and then store them in CRM software. It’s also vital to participate in real estate networking events such as local meetings or conferences. So that other busy real estate agents may refer potential clients to you. Finally, remember that social gatherings you attend can be an excellent chance to meet new contacts.

Make your real estate listings shine

Havah acknowledges the importance of having high-quality real estate photography to entice potential clients quickly. Offering distinctive features such as 3D tours and drone images can make your listings stand out and expand your network of contacts. You can book a photography session with Havah now.