You know that old saying about it's not what you know, but who you know?
Well, in the world of real estate, truer words were never spoken.
Because at the end of the day, your sphere of influence (SOI) – that living, breathing network of personal and professional contacts who know and trust you – could just be the most powerful lead generation asset in your entire arsenal.
We're not just talking about some stale database of vaguely familiar names here.
Nope, your SOI is a constantly evolving web of allies, advocates, and potential evangelists who can drive a tidal wave of referrals and word-of-mouth marketing your way when properly nurtured.
The Takeaway:
SOI (Sphere of Influence) in real estate refers to leveraging your personal and professional network to generate leads. Building and maintaining relationships within your SOI can be a highly effective and organic way to grow your business and secure referrals.
Ylopo AI Text:
The pioneering 24/7 AI real estate assistant that actively converts leads 365 days a year.
Chapter 1: The Role of SOI in Lead Generation
You know that old saying about making friends and influencing people? Well, that's the heart and soul of what your sphere of influence (SOI) is all about.
It's not just some dry database of contacts – it's a living, breathing network of allies who can supercharge your lead generation efforts.
Think about it: these are folks who already know you, trust you, and are rooting for your success.
When their friends or family need a stellar real estate agent, who do you think they'll recommend?
Think about it: these are folks who already know you, trust you, and are rooting for your success.
When their friends or family need a stellar real estate agent, who do you think they'll recommend?
That's right – you! A well-nurtured SOI can be an endless stream of high-quality referrals, the kind that money simply can't buy.
But… It’s 2024!
But let's be real for a second. Here at Ylopo, we often emphasize how important it is to leverage new tech like AI to amplify what you do.
And from time to time we get people asking us if they wouldn't need to do SOI or SEO or these other marketing tactics if they have our service.
Note that the key word there is "amplify," not replace.
With AI assistants, hyper-targeted ads, and a dizzying array of prop-tech solutions at your fingertips, you might be wondering if good old-fashioned relationship-building still matters.
Yes they do.
In fact, we always say that the AI is there to make you more productive, meaning new tech lets you do more work and at scale.And at the very end of that chain is more opportunities for SOI outreach and connection.
AI can automate repetitive tasks and run laser-targeted campaigns, but it can't nurture the genuine trust and rapport that keeps people coming back to you time and again.
So don't think of digital solutions as replacements for SOI-building; think of them as complementary tools that free you up to focus on what really matters: making meaningful connections with the people who will drive your business forward.
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Chapter 2: Building and Expanding Your SOI
Okay, so we've established that a robust SOI is worth its weight in gold.
But how exactly do you go about building and expanding that invaluable network?
Here are some tips and strategies to get you started.
Networking and Building New Relationships
Never underestimate the power of simply putting yourself out there. Attend industry events, join local associations, and strike up conversations with fellow professionals.
You never know where that next big connection might come from!
Real Estate Conferences and Meetups: These are prime hunting grounds for meeting colleagues, swapping tips, and maybe even landing a few new clients.
Partnerships with Local Businesses: Mortgage brokers, home inspectors, interior designers – look for complementary services that cater to your shared clientele. There could be some sweet referral action waiting to happen!
Community Involvement: Support local causes, attend neighborhood gatherings, and simply be an active, friendly face around town. Word-of-mouth marketing starts with being a valued part of the community.
And remember, networking isn't just about what you can get – it's about what you can give.
Be genuinely interested in others, share your expertise freely, and focus on building real rapport. Those authentic human bonds are what SOI magic is made of.
Leveraging Existing Connections
Why start from scratch when you've already got a wealth of potential SOI members right under your nose? Dust off that old contacts list and start reaching out to:
Friends and Family: Sure, they might give you a hard time about always talking shop, but who better to brag about your latest listing to?
Former Colleagues and Classmates: You've got shared history – leverage it! Let those old connections know you're still killin' it in real estate.
Past Clients: They've already experienced your awesomeness firsthand. Remind them you'd love their referrals, and make it worth their while with incentives.
The beauty of activating your existing network is that the groundwork of familiarity and trust is already laid. All you need to do is give people a gentle nudge to get them solidly in your SOI court.
Leverage Technology Thoughtfully
Look, I'm not about to go all doom-and-gloom about the rise of the machines. The fact is, strategic use of technology can be a total SOI force-multiplier in today's real estate world.
It's all about using the right tools in the right ways:
Social Media Mastery: Platforms like Facebook, Instagram, and LinkedIn give you a direct line into the lives (and networks) of countless potential connections. Share insightful content, engage with your audience, and watch your digital footprint grow.
CRM Power Tools: A kick-ass customer relationship management system is THE way to track every important detail about your leads and SOI members. You'll never miss a beat when it comes to timely follow-ups and custom-tailored communication.
Marketing Automations: With a little upfront setup, you can "set it and forget it" when it comes to keeping your SOI nurtured and engaged. Scheduled emails, text reminders, social media posts – the works!
But remember, technology should support your SOI efforts, not take over entirely. Use it as a productivity multiplier and relationship enhancer, not as a substitute for genuine human interaction.
Struggling agents:
End the vicious cycle of wasted time and money on dead-end leads.
Chapter 3: SOI and Your 2024 Real Estate Marketing Strategy
Hopefully by now I've convinced you that SOI isn't just some outdated concept – it's an integral piece of the modern real estate marketing puzzle.
But how exactly do you fold it into a cohesive, well-rounded strategy for 2024 and beyond?
Let's take a look at some key tactics.
Old School, Meet New School
There's something to be said for the tried and-true SOI-builders that have worked for generations of real estate pros. Things like:
Referral Programs: Incentivize those SOI superstars to spread the good word about your services. Maybe it's a nice gift card, maybe it's a finders fee – just make it worthwhile!
Direct Mail Marketing: In an increasingly digital world, a personalized letter or market update in the mailbox can leave a lasting impression.
Print Newsletters: Forget "new issue of Vague Corporate Newsletter!" – focus on sharing engaging, hyper-localized content that adds value.
BUT – and this is a big "but" – don't just rely on the oldies. An innovative 2024 marketing plan needs to merge traditional SOI techniques with new-school digital outreach:
Email Marketing Mastery: Speaking of newsletters, put those puppies in inboxes as well as mailboxes! Just make sure you're offering serious value (think market insights, home prep tips), not just smashing the "send" button.
Social Media Engagement: Don't just broadcast, spark conversations! Ask questions, share personal stories and advice, and really flex that community-building muscle.
SEO Content Strategy: Write blogs, upload videos, start that podcast – create the kind of content that draws new eyeballs while giving your SEO rankings a hearty boost.
The goal? Use modern channels to exponentially expand your reach and visibility, while leveraging old-reliable tactics to nurture those mission-critical SOI relationships.
Nurture Your Nurturers
Here's the thing about lead-generation – it's not just a bunch of one-off transactions.
Every prospect, every SOI member, every past client is part of an ongoing relationship cycle that you need to proactively cultivate.
In other words: nurturing needs to be a top priority!
Get Personal with Emails and Mailers: Use those CRM insights we talked about earlier to segment your SOI into targeted lists. Then, create hyper-relevant content experiences for each group based on their unique situations and interests.
Leverage Social Proof: Your clients' glowing testimonials and online reviews are some of the most powerful trust- and credibility-builders in your arsenal. Highlight that social proof whenever you can!
Add Value, Value, Value: Everything you send out – every email, every piece of content – should be designed to measurably enrich your SOI's lives and real estate journey. Map it all back to how you're being helpful.
Ultimately, nurturing is about keeping those SOI connections feeling appreciated, understood, and confident that you've got their back every step of the way.
Play that long game, and you'll earn raving, referring fans for life.
Supercharge Your Sphere of Influence With Ylopo
Your sphere of influence is critical to your success in the industry, and there are a lot more indispensable tools and strategies to help you extend your impact other than the ones we talked about today.
Do you know what they are? We do.
You see, we have a community – a powerful network of realtors, like you. This community, combined with our in-house industry experience, has given numerous realtor clients an edge, expanding their reach and driving their success.
We believe in the power of your SOI, and we have the tools to help you leverage it.
So, are you ready to level up? Your journey towards real estate success begins with a single step - clicking the button below. Contact us today.
About the Author
Aaron “Kiwi” Franklin
Head of Growth
Aaron "Kiwi" Franklin is the Head of Growth at Ylopo and an innovative technologist and serial entrepreneur who has over 25 years of experience creating digital solutions for major brands and pioneering companies at the intersection of technology and real estate. His depth of expertise stems from leading development of the first website for Apple to founding a global community of over 1,000 elite athletes. Connect with me