July 17 2017
In real estate, we talk a lot about the potential of your sphere. But we almost never talk about the individual contacts that comprise your sphere. Within the typical agent's sphere is a broad spectrum of close friends, random acquaintances and even online leads that perhaps only have the name and email address populated within a CRM.
As automated "touch points" prevail over the more personal methods of truly keeping in touch, many agents are finding that their sphere isn't generating them much business any more. Could it be because we're treating all our contacts the same, when, in fact, they have very different potential to bring us business?
Consider these recent NAR statistics: 88 percent of 2016 buyers said would use their agent again or recommend their agent to others. This strong number is in line with the metrics we've seen for years in the real estate industry.
However, in 2016, only 17 percent of repeat buyers did use the agent who previously helped them to buy or sell. A full 37 percent of repeat buyers bypassed their previous agent and went with a personal referral or another agent they knew personally. Among first-time buyers, the referral number was even higher; 52 percent of first-time buyers either hired a personal contact to represent them or were referred to their agent by a personal contact.
What this means is that the power of an agent's sphere is still alive and well. It's even thriving. But in order to capitalize on your potential for word-of-mouth business, you must:
Are you ready to get honest -- and real -- about the health of your sphere? As time permits, review each contact in your sphere to determine if your relationship is strong, average or weak. For most contacts, you should know immediately where you stand.
For those that are a bit murkier, answer in your head these ten questions below to give them a definitive ranking. Give yourself one point for every "yes."
Next, you get to work. Once you've segmented your sphere into Strong, Average and Weak segments, it's time to build on each of those relationships.
Do this by keeping in touch naturally with each contact that represents your Strong segment. These are the people you know best, or the people who have most recently used (and loved) your services, so you shouldn't overthink it. Work to keep in touch as often as you like and thank them vigorously for any business they send your way.
This group represents your highest potential group, as they just need to be warmed up rather than re-introduced to you and your services. Consider inviting your Average contacts to lunch, coffee or on a walk so you can get to know them better. Send them personal emails when you see something that reminds you of them or post a message of congratulations on their wall when they mention a recent achievement. Focus on keeping each interaction natural and don't sell too hard. Sphere building is all about the long game of building lasting relationships.
This segment is, of course, the hardest one to squeeze business from. Whether the contacts within are old internet leads that didn't go anywhere, or the product of a title list of homeowners, you're going to have to work hard to get to know them. Nurture them with low-cost marketing products, add them on LinkedIn or to a Facebook group you have for their market area (using discretion). If you have their email address, try retargeting them with online or Facebook ads so they get to know your name and branding.
SphereTargeting is a new product offering that comes within the SmartTargeting platform. Whether you need to win more business from your sphere, or hope to identify opportunities within your local market area, our predictive analytics, automated marketing and mobile lead follow-up system has you covered. Reach out today to see how you can identify listing opportunities from within your sphere and local geographic market area.
To view the original article, visit the SmartZip blog.