Sphere of influence (SOI) is a code word for “the source of most sales.” A strong, organized database makes the most of the names in that list.
NEW YORK – Carl Medford, CEO of The Medford Team, believes that agents’ sphere of influence (SOI) should be the single most important component of their business. He estimates that 50% to 60% of his company’s business annually comes directly from its database.
To build and maintain an effective SOI database, include as many people as possible – the more the better. If someone doesn’t like being included, they can ask to be removed. It’s better to be over-inclusive than overlook someone in an SOI. An effective database should have a minimum of 200 contacts.
Some agents avoid adding friends and family to their database, but they should actually be the SOI’s inner core. Clubs and service organizations with a lot of members can also be a source of names for the database. Unless a group has a specific “no-advertising” policy, agents can consider all individual members part of their SOI.
To organize an SOI, it helps to use a customer relationship management (CRM) system. For sole agents, their broker’s CRM will be sufficient, and some MLSs and Realtor associations provide CRMs at little or no cost. Other options include platforms such as Wise Agent, Follow Up Boss, LionDesk, Top Producer and Realvolve. Once agents start to grow a team, they will need a more robust solution such as Brivity or BoomTown.
To maximize their SOI, agents should create a continuous contact regimen that includes phone calls at least four times a year, along with emails every other week, special promotions such as vendor discounts, a monthly newsletter, restaurant specials and free home evaluations.
Source: Inman (08/01/22) Medford, Carl
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