Are you staying memorable and relevant to your sphere of influence?
Industry-leading coach Tom Ferry once said the best place to find listings in a low inventory market is your sphere of influence. This is especially relevant in today's low-supply, post-pandemic market. Even with all of the lead generation technology out there, the majority of our business still comes from the people we know.
What was the last interaction your contacts had with you or your brand? This is a critical question you should periodically ask yourself. When you consider the high quality of business that comes from your SOI (direct or referral), committing to SOI marketing should be a foregone conclusion. This article will outline several strategies to be remarkable and top of mind with your sphere of influence.
JUST SOLD OR PROOF OF PRODUCTION
A common misconception for Realtors is assuming the people we know understand the current real estate market. Real estate professionals eat, sleep, breathe, and discuss real estate. It’s a passion, but this isn’t the case for the vast majority. We must consider that our SOI may not know exactly what is going on in the market.
Proof of production or “proof of market'' marketing can be a great way to educate them. Get your friends, family, co-workers, past clients, and more excited about the market with informational highlights on recent sales like, “21 offers in one day, sold 110% asking price” or “Sold in one day, 18 offers.” This type of marketing is perfect for social media posts or a postcard campaign and will demonstrate that the real estate market is alive and well. Find this marketing item here.
Phone calls and text messages
You have an incredibly powerful tool in the palm of your hand that connects you instantly to your SOI. Making intentional calls or sending thoughtful text messages to your SOI is both effective and cost-effective. Consider reaching out for birthdays, home purchase anniversaries, or even a post-sale follow-up call at 90 days. Think about calling in the afternoon when your contact may be driving home from work or other times of the day when they may be less busy. Your SOI will be happy to hear from you.
LETTER FROM THE HEART
While this may not be for everyone, we believe in the timeless adage that consumers choose agents who they “know, like, and trust.” A letter from the heart generally takes the form of an update on your life events, both personal and professional. This can be mailed or emailed to your SOI. Email is more cost-effective, of course, but receiving it in the mail may give it a more personal, sentimental feel.
STATE OF THE MARKET ZOOM HAPPY HOUR
A great way to engage your sphere safely during the pandemic is by hosting a Zoom happy hour to talk about what’s happening in the real estate market. You can create a simple ten-slide presentation that focuses on current inventory, typical inventory, what low inventory means for buyers or sellers, how to navigate multiple offers as buyers or sellers, and a few personal stories, plus a Q&A session.
You can use a casual message to invite your clients to your Zoom Happy Hour, such as, “Many of my friends are asking me how real estate has been doing since the pandemic. I thought I would invite everyone to discuss this crazy market over our favorite drinks!”
LEVERAGE SOCIAL MEDIA
Connect with your SOI on Facebook, Instagram, and LinkedIn. Make the effort to engage authentically with them and their lives. Write thoughtful comments or replies on their Facebook or Instagram posts. Reach out on LinkedIn and congratulate them on their new job or promotion. Finally, don’t be afraid to message them with an offer to make professional introductions—after all, you’re one of the most well-connected people in town!
WHAT’S YOUR HOME IS WORTH
If you want to give your clients a financial incentive to sell, then send them a market analysis of their home. You can send your SOI one per day to get some great conversations started. Use this type of dialogue when you send the analysis, “Many of my friends have been asking me what their home might be worth in today’s crazy market. I thought I would run a quick market comparison for your home in case you were interested too. Check out how much your home might be worth if we sold it today!”
When you make the effort to be invested in your SOI’s lives, they are much more likely to think of you when it comes to buying or selling a home. After all, who better to counsel them through one of life’s biggest decisions than an agent (or even better, a friend) who is familiar with their specific circumstances?
Many businesses carefully calculate their cost of acquisition as it relates to getting each new customer. This is a key metric that directly influences the profitability of a business. While some marketing methods, like direct mail or events, have an investment cost, others, like phone calls or social media reach-outs, are free. A healthy balance of all these methods will help you build and maintain quality relationships with your SOI, keeping your pipeline—and your pocketbook—full.
Check out the links below to help you achieve your SOI goals!
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