If you are taking a look at the current real estate market, you will quickly realize that we are living in unprecedented times. Inventory is at a record low, interest rates are in the toilet, and there are many people who are looking to buy a home right now, particularly those who were not able to purchase a home in 2020 due to the coronavirus pandemic. If you take a look at the market at this time last year, you will quickly realize that nothing lasts forever. That is why it is important for you to pay close attention to your sphere of influence real estate agent.
Housing Market Statistics
First, it is important to take a look at a few statistics that highlight the current housing market. These include:
- Close to 20 percent of people are currently behind on their rent
- There is nearly $10 trillion in home equity in the United States
- The unemployment rate is a lot higher than many people think
- Nearly 3 million people are facing mortgage forbearance in the near future
- More than a third of people have a credit score under 680, which could make it hard to qualify for certain loans
What this means is that the current real estate market is volatile at best. As a result, there are many real estate agents who are looking for ways to improve their spheres of influence. In this article, we are going to discuss how you can:
- Use networking to help you improve your sphere of influence and real estate referrals
- Use social media to help you build a stronger sphere of influence and boost real estate sales
- Prioritize your time with your followers to build your real estate business
- Take advantage of local news publications to boost your real estate career
- Use direct mail marketing
- Use events to help you grow your sphere as a Realtor
- Help the people in your agent’s sphere
Take a look at the strategies below, and learn more about how you can use them to improve your own real estate sphere of influence.
1. Never Stop Networking
You may think that you are so busy that you will never have time to go to another networking event. Of course, being busy is good; however, if you do not keep track of your sphere of influence and work on it by networking, your business may begin to suffer.
Therefore, you should try to attend networking events, even if they are virtual. This is a great way for you to take advantage of new opportunities that you may have otherwise overlooked.
When you do go to a networking event, you may think the goal is to collect as many cards as possible. This is actually not going to be helpful because you are not going to remember anything beyond what is on those cards. You can collect those business cards virtually if you want them.
Instead, you should spend your time visiting with several people in a one-on-one manner. Take a few minutes to really get to know them. Once you feel like you have established a personal connection, ask them for a business card. Then, send a personal note to them.
Follow up with them after the event. That is how you can really add someone to your sphere of influence.
2. Take Advantage of Social Media
It is not exactly a secret that there are hundreds of millions of people who use social media on a regular basis, such as Facebook and Twitter. Even though this is a great tool for staying in touch with family members and friends, this is also an essential business tool that you have to use.
You need to take a look at the people you are connected with on social media. See if there is anyone who should be receiving marketing pieces as a part of your tip of a marketing plan. Sometimes, we connect with individuals electronically; however, they are not receiving our regular emails and marketing tools. If they are not receiving them, they are not actually in your sphere of influence. Make sure you do not fall into this trap.
There are helpful tools you can use to expand your social media influence. You should view social media as a way to connect with people personally, as this is a direct line you have to the device in their pocket.
You need to make sure you take full advantage of this tool by maximizing the reach of your digital marketing campaign.
3. Pay Special Attention to Those Who Matter Most
If you are a seasoned real estate agent, then you know who is most impressed by your work. It is important for you to stay connected with your real estate clients. That is why social media is helpful. Then, you need to make sure that you pay special attention to your ideal client.
For example, if you see that someone in your sphere of influence has recently adopted a dog, make sure you congratulate them on that adoption. Ask them about the dog. Ask them how the yard is working out. Then, see if they will need assistance finding a spot that has more room.
Given that the vast majority of people in the younger generation are looking for a house to help them make room for their pets, this is something that you may find yourself doing regularly. If you pay special attention to the people who are most impressed with your services, you can increase your sphere of influence drastically. This may also help you earn more business.
4. Diversify Your Outlets
It is also important for you to diversify your outlets. For example, if your local area has a business journal or a local newspaper, it is time for you to subscribe to this outlet. That way, you stay in the loop on what is happening in the local area.
Then, you may want to share information you learn in these business journals with your potential client. This is a great way for you to demonstrate that you are knowledgeable about the local area. If you demonstrate that you are an expert in the local area, you will have an easier time converting your clients. You might even want to use a real estate CRM. This is an important lead generation tool in the real estate industry that can help you add that personal touch.
If you really want to make a positive impression, then you may even want to publish in these journals. This can make a significant difference in your overall reach, as more people will read your content.
5. Take Advantage of Direct Mail Marketing
Yes, it is true that most people use the internet when they are looking for products and services that they require. However, there is always something that feels special about holding something from your mailbox. Don’t hesitate to put this to work for you.
For example, if you get a referral from someone who is in your sphere of influence, make sure you send them a thank-you note. You may also want to include a gift card to the local coffee shop. That way, they know that you appreciate the referral.
If you happen to get a very big deal with the help of someone else, you may want to reward them with a special gift. Make sure you select something that shows just how well you know them. You may get another referral in the future, growing your sphere of influence.
6. Host an Event from Time to Time
Even though you are probably used to throwing a holiday party, you do not have to wait for this time of year if you really want to impress the people who are in your sphere of influence. For example, you may want to host a simple summertime cookout. Or, you may want to rent out a special menu for the evening. Then, make sure you invite people to hang out with you for your charge.
This is a great way for you to expand beyond your sphere of influence, as many people are going to bring their family members and friends. This is one of the easiest ways that you can dramatically expand your sphere of influence. If you throw a great party, you definitely want to put this to work for you.
7. Go Deep With Your Sphere Of Influence
One of the best ways to improve your sphere of influence in real estate is to build deeper connections with the people you already know. Many agents stay surface level and don’t think about the personal touches or special things they can reach out to people in their sphere for.
Remembering anniversary dates, birthdays, and other significant events in your sphere’s lives goes a long way. By reaching out and sending gifts you generate a raving fan rather than just another number in your database. I like to use Mailbox Power for sending birthday and anniversary gifts to my sphere of influence.
This raving fan then tells their close connections about you which in turn builds your sphere of influence.
Frequently Asked Questions About the Sphere of Influence
A few common questions people ask include:
What is a sphere of influence?
Your sphere of influence our first to everyone who is in your network, personal and professional, who values your opinion.
Why is a sphere of influence important?
Your sphere of influence is important because you can use it to attract new clients who may be able to help you grow your business.
What can I do to grow my sphere of influence?
There are a lot of ways you can grow your sphere of influence including networking with other people, taking advantage of social media, and going out of your way to help other people who are in your sphere.
Would You Like To Partner With Me?
I’ve helped hundreds of real estate agents, team leaders, & brokers all over the country increase their sales, online presence, and create scalable systems. I would love the opportunity to work with you. Together, we can make this year your best yet!