Referrals are the most sought out and lucrative forms of business for any real estate agent.
Think about everyone that you know. It doesn’t matter if they will lead to a deal now or in the future, just who your inner circle is comprised of. These people or what your database is made out of. The ultimate goal should be to make sure everyone in your SOI knows you are in real estate.
Think of your SOI as your referral database. They already know and love you, trust you, and respect you. They are therefore likely to be willing to help you.
Initially you may not have a large client database, however once you start to meet new clients, and build a relationship, your SOI will grow and produce more referrals on a consistent basis going forward. This is one of the easiest ways to increase your business, year over year. Every new kept appointment should also be added to your database.
Who Should Be in My Database?
Think about your inner circle, as they will be there to help and support your business by referring clients your way. The majority of your business during the first year of real estate can very well originate from your inner circle.
Think about your relatives, neighbors, friends, co-workers, sports, church, clubs, PTA, services, parents of your kids’ friends, classmates, previous neighbors, etc., and start making a list using the following exercise.
Often times agents make the mistake of being a secret agent. They forget or neglect to tell their friends, family, and acquaintances that they are in real estate, and miss out on business opportunities.
As you build your SOI, this now becomes your client database. This database is one of the most valuable assets in your business, and you should keep an up to date database with as much contact information as possible including mailing addresses, phone numbers (both home and cell), email addresses, and social media account names if possible. You want to be able to connect with your SOI quickly and conveniently, and in a variety of ways.
Building your database should become a daily habit. I recommend you add 10 people to your database with complete contact information each and every day.