Last week I worked with several groups of real estate agents on various topics; getting back on track, prospecting, listing presentations. With each group the conversation turned to a huge topic: Sphere of Influence (SOI).
What I’m about to say we all know…cultivating your SOI is 8 times more profitable than any other form of prospecting (mainly because if a prospect already trusts you the sales process can be skipped). Even with that amazing stat most of us have no system for consistently contacting our SOI. Instead we choose to use our time and energy on leads much harder to convert like those purchased from one of the many Internet list providers.
I’ve got nothing against Internet leads. These can be a great asset to a well-structured business. But just using that form of prospecting is like just eating french fries all the time; really yummy when they are hot but they get cold quickly, have no nutritional value, and eating them exclusively will lead to a premature death.
So why don’t we all communicate with our SOI? The reasons are many. For example: it’s a big project and it feels overwhelming, you are uncertain about what to do/send/say, and finally, you don’t want to appear pushy. Note that these examples are mental barriers and as many of you know I dedicated multiple chapters in my book, “Pushy” to those barriers because they are so hard.
Even though I outline a system of contact in my book, today I’m going to challenge you to start by following these 5 easy steps:
5 Easy Steps to Implement a Contact System:
- Make a list of 5 people who you have assisted with their real estate needs but have not contacted since the closing.
- Each day, for the next 5 days, call just one of them.
- Say something like this…”I was thinking about you and realized how long it has been since we spoke. Really I’m very embarrassed but decided that the only thing worse is letting time to continue so I picked up the phone. How is everybody?” There is no obligation in this call to say anything about real estate. This is a re- connect call.
- After you get off the phone, write them a note.
- Put the name in a database with notes about the conversation.
Be prepared that they are going to ask you things like, “How’s business?” or “How’s the market?” Think about this….
“How’s Business?” – Be authentic and yet opportunistic.
For example, “Business is going well. I am very fortunate to have clients who send me referrals and I pride myself on taking special care of those families. Who do you know that needs a caring a competent real estate agent?” Note that the last question is open-ended (Who do you know….) vs. close-ended (Do you know….), which requires a “yes” or “no” answer.
“How’s the market?” – Your single goal here is to sound professional
Sound like you know what you are talking about. Don’t say the market is smokin’ good if you live in a market that is struggling. Also, know your stats. With my area in mind I might answer, “It’s a really interesting time right now. Inventory is low, which is really good for the seller. At the same time prices are just starting to go up. That with great interest rates makes a really smart time for buyers to buy. Who do you know that could benefit from this market?”
The benefits to you?
First, people will really appreciate hearing from you. I know you have the opposite running through your head right now but that’s not true.
Secondly, you will find this activity is easier than you thought. Just a few minutes a day chatting with someone you like. Easy!
Third, you now longer have to live the shame of losing contact with a client.
Lastly, you will get results. Seriously, you will be surprised at the people who offer you leads.
Now it’s your turn…do you have any system/process for regularly reaching out to your SOI? Please share it.