*SOI - Sphere of Influence = People Who Know You
I recently wrote about how the "numbers" of an SOI/Relationship Prospecting business model blows away the traditional concept of a "numbers game" in real estate sales. You can read about it here.
Not convinced? Here are some more numbers for you to ponder...
- If you attend ONE social event (wedding, housewarming party, Sunday BBQ) or neighborhood activity (street fair, festival, block party) per week, in a year, that's 52 opportunities you created for yourself to meet people who will have a real estate need in the next six months.
- Of course, it's also an opportunity to touch all the people those new friends of yours know who might have a real estate need.
- If you take ONE friend to lunch per week (and don't bore him or her to death with your sales pitch), in a year, that's 52 GREAT opportunities to touch everyone your friends know. And that "everyone" can number in the thousands.
- If you add just ONE person per day to your SOI contact database, that's... holy cow... 365 new contacts in just a year.
- If you spend ONE hour per month writing an interesting, non-salesy email newsletter to send to your SOI (including all the
NEW friends you're meeting), that's 1,800 times in a year you're touching someone who knows your name and knows that you sell real estate (assuming your contact database is around 150 names). Let me know if you'd like a sample of "interesting and non-salesy."
Some more numbers - that is - dollars and cents...
The Cost to:
- Attend a social event you're invited to: $0
- Attend a neighborhood street fair: $0 - $25
- Take-a-friend-to-lunch: $25 per week, if you pay every time
- Meet one new person per day $0 - ?? depending on how you meet them
- Once-a-month email to SOI: $0 - $100 (if you spring for fancy email stationary)
If you do all these things, I promise your business will explode. And doesn't this stuff sound like MORE FUN than calling up 1,000 strangers or mailing out 1,000 postcards?
Jennifer, you are always right on target! It is all about touching you clients and Sphere on a regular basis with a soft reminder of what you do.
Great post
Rob
Jennifer,
It looks simple, yet too many fail to see the advantages of it......thanks for the great post.
Jenniferm, like Robert I have to say you are right on target again. I think what I see here is be available and be a friend. It is not prospecting, it is friendship building, and when you see everyone as a potential friend instead of a dollar then you start to see what really matters.
Jennifer- Great numbers and it makes a lot of sense. That is why I keep coming back to read your posts!
Stephen - It's SO DARN EASY to meet new people when you're having fun and being yourself. That's much easier to do when what you're doing doesn't feel like work! Cold-calling versus Happy-houring? Which one sounds like more fun? Which will allow you to be yourself and leave a great impression (assuming you don't overdo it on the margaritas...)?
Thanks for the reminder to do something I already know works. I get wrapped up in my own world sometimes and forget to call and invite a friend to lunch, or turn down an invitation to meet up with friends......
Great point, Hope. I once did an SOI presentation to a group of agents who were all pretty hungry - that is - they weren't selling nearly enough real estate to satisfy them. I can't tell you how many of them came back to me saying "But But But But.... I don't have TIME for all this socializing!"
My question to them was (I probably could have been a little more tactful) "What the heck are you doing instead? Is it working for you?" (apparently not)
Jennifer,
As always, wonderful advice!
Jennifer,
Thanks for the great ideas. My market is so very tight (for me) that I am looking for ways to cut costs. In the past I have relied on direct mail but money is in short supply now. So, I will be taking your advice on taking my SOI to lunch. For $100 a month I can touch at least 4 people and possibily garner a referral or two, or ten (lol). All the best to you!
Jennifer, as always you drive home the point and it really is simple and FUN
Jennifer - Thanks for the reminder. When I find my self burried under paperwork in the office I often go for a walk on the beach (lucky me - right behind my office). I can't tell you how often I have come back from one of these walks with a contact for my database or an actual client!
I was part of the SOI Reality Show, and have to say that this technique does work. It's like any other system - you have to work it too. You have to call your friends, you have to attend the social functions, but if you do it, and you go out and have a good time the friends and connections will come. My pipe line is filling up from just doing these things, and I couldn't be happier.
Jennifer,
I would like an sample of an interesting non-salesy email newsletter.
Hi Jennifer-- I like your post. It really makes a lot of sense. I look forward to networking with you. Have A Great Day!!!
Angela - send me your email address and I'll add you to my SOI email list so you'll see what I send out.
Karen - that's exactly right. And when you're SOI'ing at lunch, you DON'T have to pay for the lunches all the time because it's not a business lunch - it's two friends getting together. I lunch-date all the time and sometimes I pay... sometimes I don't.
Robin - Ditto - so often I'll take a break from work and end up meeting someone new. It doesn't always result in business, of course, but I figure the more breaks I take and the more people I meet... just increases my chances of meeting my next client!
Kelly - I'm SO glad to hear it!
Neal- let's do lunch!
Hmmm...Buffini 101?
It does work and works well.... I can't say enough about the process.
Jennifer,
I like your blogs :) that's the reason that I decided to added you, keep the good work and I will keep reading more :)
Ray SAenz
Jennifer, there is an old saying in the networking /relationship world that is, "it is not what you know, but who you know".....my opinion and to your point is frankly, it has to be a combination of both. Knowing people and being an informed, educated and competent professional is the best way to build a network of customers and friends with the highest reward for all involved.....it really is not that complicated......the biggest obstacle most people have is just simply taking the necessary steps to actaully doing it.
Your numbers and tools to get there are awesome!
Thanks
bo