Can You Rely on Your SOI Even in Today's Market?

*SOI = Sphere of Influence = a business-building strategy based on the personal relationships in your life. In the good old days buyer and sellers were all over the place. Everyone knew someone who was trying to buy or sell a home (and getting outbid, remember?!?) or who had just sold their house with multiple offers. Well, today is certainly, as you are aware, NOT the same. People are simply not buying and selling homes in the volumes of years past. Real Estate is not HOT, HOT, HOT and I will bet many of you have faced that sympathetic look when you tell someone you sell real estate for a living. So, today, CAN you reply on your "SOI" for most or even all of your business? The answer is: A resounding Yes and No. No, traditional "SOI's" where you simply let all your friends know you sell real estate and then send them off into the world to be your marketing department is definitely not going to work today. Why? There is just simply isn't the volume of buyers and sellers today from days of old. Now, it's not unrealistic that the people you know truly DON'T know anyone who needs your services! But to redefine your "SOI" to today's market the answer is a big YES! If you will expand your "SOI" to include every warm body you come into contact with during your day-to-day travels, then yes, most certainly, SOI will work beautifully for you, even in market like we have today. Obviously, this means that you need to try to get your smiling faces in front of as many warm bodies as you can, as often as you can. However, you can't just hit the streets (or the phone) with a smile on your face (although that does help A LOT) and hope that new clients will force themselves upon you. In order to capture the attention of those warm bodies you run into,you need to have something they want! What's that? Information, as in knowledge of your local market and what you will do for them! Facts, figures, benefits, yes, but also a familiarity with specific listings, recent sales and even the overall vibe of our marketplace. When you're out in public and can Talk the Talk confidently and casually, business will be almost magically drawn to you. You won't have to beg for it; you won't even have to ask for it. People will ask you if you have time for them! So, how is this related to an SOI strategy? Well, you have to have an audience with whom to share your market knowledge and the best way to find a receptive one is to be in the company of people you enjoy. Your friends, sure, but also people who live in you neighborhood or attend the same parties, churches, eat at the same restaurant or go to the the same dog park or even shop at the same Wal-Mart! You have it, where do you frequent on a consistent basis? Being a nice-n-friendly guy or gal is great, and can be enough to generate a minimal level of business is a strong market, but today, you need more. In order to effectively generate business from the people you know and the people you meet, you must have something they want! That something is INFORMATION. Master Your Market - and sell your share of it! Originally penned by Realty Times, Jennifer Allen, with excerpts from Lynn Sperry. Lynn Sperry,ABR, CNE, CEG "Exceeding Your Expectations" West USA Realty 480-820-3333 Director of Career Development "May your troubles be less, your blessings be more and nothing but happiness & prosperity come through your door"