In real estate, the sphere of influence (SOI) is a term used to describe the people with whom you have a contact who could potentially buy or sell a property. Your SOI includes family, friends, past clients, and anyone else you know in the market. A large SOI can help you quickly and easily find buyers and sellers. This blog post will teach you the benefits of having a solid real estate SOI.
1. Increased Exposure to Potential Buyers and Sellers
You are exposed to more potential buyers and sellers when you have a vital sphere of influence in real estate. Your SOI includes many people already interested in buying or selling property. Here are some ways in which SOI brings you more business opportunities
The people around you are more likely to know about several new listings before they hit the market. It is because your near and dear ones will often tell you about new listings before they are listed on the MLS. It gives you a chance to show the property to your buyer clients before other agents have a chance to do so.
2. Easier Transactions Due to Pre-Existing Relationships
People already know each other in pre-existing relationships, and the trust factor already exists. There are very few apprehensions about the deal. Since everyone is familiar with each other, the transactions are smoother. Real estate transactions involve a large amount of money transfer.
Many real estate transactions fail due to a lack of trust, suspicion about agent motives, and lack of proper communication. There is no place for such factors in pre-existing relationships, and there are more chances of closing the deal successfully.
3. More Opportunities for Networking and Collaboration
A strong network in real estate can help you meet more people who might want to buy or sell a house. Your SOI includes many people already interested in buying or selling property.
Furthermore, it can help you network with other professionals in the real estate industry. It is a great way to find new business opportunities and learn about the latest trends in the industry.
4. Greater Market Knowledge and Understanding
It can help you build relationships with other professionals in the real estate industry. It is a great way to gain access to insider information and learn about new trends in the market. Besides, having a solid sphere of influence can help you better understand your clients and their needs. It can help you provide better service and increase your chances of closing a deal.
Overall, having a large circle of friends and acquaintances in real estate has many benefits. If you are looking to grow your business or gain market knowledge, then building a strong real estate SOI should be one of your top priorities!
It can help you build relationships with other professionals in the real estate industry. It is a great way to gain access to insider information and learn about new trends in the market. Besides, having a solid sphere of influence can help you better understand your clients and their needs. It can help you provide better service and increase your chances of closing a deal.
5. Increased Business Efficiency and Productivity
Knowing more people means you already have relationships with the people involved. Therefore, it can help things go more smoothly because everyone is already familiar with each other. It can help you build relationships with other professionals in the real estate industry. It is a great way to gain access to insider information and learn about new trends in the market. Besides, having a solid sphere of influence can help you better understand your clients and their needs. It can help you provide better service and increase your chances of closing a deal.
These are five benefits of having a solid sphere of influence as a realtor. Remember, the real estate business is all about people and connections. The more links you have, the more business opportunities will come your way.