Residential Real EstateWays to Blow it with Your Sphere of Influence (SOI)
I love SOI*. It"s my thing; it"s my passion. I think every self-employed salesperson oughta include a little SOI in their arsenal. Or a lot. During my real estate days, my business was nearly 100 percent SOI with a few random floor calls, walk-ins and web leads tossed in as gravy.
But if you"re gunna SOI, you better do it right! Not everyone does. In fact, most don"t. Not because they"re stupid or incompetent or insensitive, not at all! Rather, because most salespeople have never been shown the right way to do it. When done right, an SOI business model actually changes the way the salesperson views his business ... and his world.
Most experienced real estate salespeople claim to embrace an SOI philosophy. They support the idea of generating business and referrals from the people they know. But the reality is that the vast majority of real estate agents fail miserably in their SOI efforts. Even worse, they manage to alienate many of their friends and family members along the way!
And then they proclaim that "SOI is a lousy way to run a business!"
Well, they"re wrong. And, they"re right. They"re wrong that an SOI strategy is a poor business model, but they"re right that it was a lousy business model for them. Because they didn"t understand how to do it right.
If you"re gunna SOI, you better do it right. If you"re gunna do it wrong, don"t do it at all. The personal relationships in your life are far too important to risk!
Here are twenty ways to blow it with your SOI:
Ask a friend to lunch and give her your sales pitch (every time)
Call your friends on the first Monday of every month and ask if they have any referrals for you.
If they don"t, ask them why not.
Angrily (or tearfully) confront your friends and family if they use another real estate agent
Take on business you aren"t qualified to handle
Blow off your friend"s housewarming party, but expect her to be loyal to you
Attend your friend"s housewarming party and sales-pitch everyone to death
Tell everyone you know how lousy the real estate market is
Tell everyone you know how overwhelmed you are
Tell everyone you know how depressed you are about your real estate business
Send out an announcement letter with typo"s and misspellings
Send your friends frequent "forward this on for good luck or else" mass emails
Pepper your language with four-letter words
Borrow money or books or tools or whatever and don"t return them in a timely manner
Don"t return social phone calls or RSVP"s
Try to hijack referral fees from your family"s pre-existing real estate relationships
Ignore your SOI in favor of mass-advertising projects (then get your feelings hurt when they use someone else)
Contact your friends only when you"re looking for business
Offer bribes to your friends for referrals
Sell real estate "on the side"
*An "SOI" (sphere of influence) business strategy means to generate business and referrals from the people who know you.