By Maddie Jostol, Senior Marketing Manager
Timing is everything. 75% of sellers and 68% of buyers end up working with the first agent they get in touch with (NAR). So, unless you’re already in flow with someone, it’s unlikely you’ll win their business. And that’s out of pure lack of visibility. You weren’t their first. It’s no longer good enough to be able to be found, but instead, you need to be actively communicating with your sphere of influence (SOI) in order to stay top-of-mind. This way, the next time one of your contacts is even toying with the idea of making a move, you’re the first one they’ll call, and you’ll be there to help before they even consider working with another agent.
Growing and nurturing your sphere of influence is a key tactic to business growth in today’s competitive landscape. Focusing on driving repeat and referral business could make all the difference in reaching your income goals and growing your business. A typical REALTOR receives 12% of their business from repeat clients, and 17% through referrals (NAR). Agents who do not make the effort to market to their sphere of influence are likely leaving money on the table. Growing and maintaining your personal database is a high-quality source of business that shouldn’t be overlooked.
Tips for reaching your sphere of influence
The art of long-term nurturing can feel daunting, but it doesn’t have to be as all-consuming as it may seem. The key is to apply a combination of timely, personal touchpoints with set-it-and-forget-it marketing programs. In order to effectively stay top-of-mind with your sphere of influence, the first step is to get a system in place that will support all of your marketing and sales activities. Embrace a system, whatever that system is. Any technology tool is only effective if you actually use it. If you’re just getting ramped up with MoxiEngage, here are some resources for getting started.
An easy set-it-and-forget-it marketing method that is a no-brainer for agents is to sign your contacts up for automated market snapshots. If you’re a MoxiEngage user, you know this as Neighborhood News. This type of automated marketing keeps you in flow with your contact database in a relevant, useful way, without you having to do a thing. When consumers receive market snapshots of their local market with your face on it, they’ll be reminded of who their real estate expert is and be appreciative of the high-value report that keeps them in touch with what’s happing in their own neck of the woods.
For more personal touchpoints, leverage data to keep tabs on everyone in your sphere of influence and build stronger relationships. Typical agents have hundreds of contacts in their database, so keeping up with what’s happening in everyone’s lives isn’t quite realistic. Insights, for example, is the predictive analytics tool available to MoxiEngage users that augments an agent’s database with public records data so they can get to know everyone in their sphere of influence better, faster. Most importantly, it pings you when someone in your sphere is likely to list so you can prioritize who you follow up with. When you have hundreds of people to stay in flow with, it’s vital that you find a way to prioritize who you should reach out to, check in on, and follow up with today in order to win more business tomorrow.
Special dates are another a great excuse to reach out to your old clients and contacts. Holidays and annual reminders are a great set-it-and-forget-it tactic, while reaching out to congratulate them on personal special dates such as house-versaries, birthdays, and anniversaries reminds them that they’re a priority.
To closing and beyond with your sphere of influence
Closing a sale is only the beginning. Once you delight your clients with outstanding service, you want to stay in touch with them long after the sale, remaining their go-to real estate expert so that next time they’re thinking of buying or selling a home (or they’re talking to a friend who is), you’re the one who comes to mind. Get a system in place, along with scalable marketing tactics, that enables you to effectively keep track of everyone in your sphere of influence, so you can grow that influence, and in turn, grow your real estate business.