sphere of influence
Issue 123 - February 17th, 2023
One of the most powerful forces in the world for a salesperson is their “sphere of influence”.
Real estate agents are in a unique place in the world: every single person you know is a potential client - weird to think about but super true because everyone needs a place to live.
Your “sphere of influence” is an incredible place to compound your network slowly but surely as you start out your career and continue to grow with every single successful sale or lease transaction.
Real estate agents can leverage their sphere of influence to find new clients by using the following 5 strategies that always helped me when I was an agent:
Building Relationships: A sphere of influence is a network of people who know, like, and trust you. Building relationships with people in your sphere of influence is key to finding new clients. This involves staying in touch, being responsive, and being helpful.
Staying Top of Mind: Staying top of mind with your sphere of influence is critical. This can be accomplished by sending newsletters, market updates, and other useful information that keeps you and your real estate services top of mind.
One way I always did this as an agent was to send handwritten letters on a regular basis - sometimes something as simple as “Hey (name) - hope all is well with you. If I can ever be of assistance in the real estate world for yourself or anyone in your network, I would love the opportunity! Have a great day - Sam”
Hosting Events: Hosting events is a great way to expand your sphere of influence and get in front of potential clients. Consider hosting events such as client appreciation events, open houses, or community events.
Referrals: Your sphere of influence can be a great source of referrals. Encourage your clients and other contacts to refer you to their friends and family members who may be in need of real estate services.
ASK, ASK, ASK! Ask your past clients and friends/family for referrals; they don’t know you want them - be direct and go for it and see what happens.
Compound your relationships and grow your sphere with every single successful lease or sale!
Social Media: Use social media platforms such as LinkedIn, Twitter, Facebook, and Instagram to connect with potential clients. Share useful information, engage with your followers, and be active on the platforms.
By leveraging your sphere of influence, you can build a strong network of contacts and grow your real estate business.
The easiest place to find new business is from happy customers and people in your network who respect and admire your work. SO many agents FAIL in this part of their business when this should be a key source of strength for your growth.
I have said this before in other newsletter posts and in podcasts, but DON’T be the agent who gets mad when you see a former client list their home with someone else because you have not spoken to them since the day you sold it to them - this happens all the time. It is easy to overcome this but you have to put in the work to make your SPHERE a top priority and not an afterthought.
Ask for the business - it is an art form to be top of mind without being intrusive but the best time to start is right now.
Newsworthy Links To Share
Inside the Bro-tastic Party Mansions Upending a Historic Austin Community:
Austinites say the proliferation of short-term rentals is turning their community into a gentrified “theme park” for hard-partying tourists.
A breakthrough in home shopping for the visually impaired:
“Finding Homes” is an Alexa-based tool that could revolutionize real estate for blind and visually impaired consumers. Read more
WSJ News Exclusive | Texas Ranch With Hundreds of Exotic Animals Lists for $60 Million:
The roughly 3,300-acre property outside Austin also includes a deer-breeding facility and a herd of whitetail deer.
H-E-B shows off different kind of store near Lake Austin (ABJ)
NYC Wealth Exodus Drives Billionaire’s Bet on South Florida Boom:
Related’s Ross is looking beyond Miami and West Palm Beach to meet the growing demand for offices in the region.
WSJ News Exclusive | Mormon Church’s Investment Arm Under Investigation by SEC
The $100 billion portfolio of the Church of Jesus Christ of Latter-day Saints was long a secret in the investment world.
Renters need EV charging at home. These companies aim to provide it:
Neither tenants nor landlords want to pay for EV chargers. Maybe third-party infrastructure finance can solve the conundrum.
Why it's the ‘single best time’ to invest in real estate startups:
The founder of real estate marketplace Trulia and general partner at NFX weighs in on investing in real estate startups in 2023.
The 5 markets with the most potential multifamily distress:
St. Louis, followed by the tech hubs of Seattle and San Francisco, could face the most problem loans.
