While there are numerous strategies for real estate marketing, new investors frequently overlook the most important and effective method, which is utilizing the strength of their personal network, or "sphere of influence".
As a real estate agent in Kenya and anywhere in the world, your "sphere of influence" is the most valuable group of individuals you will interact with, in the industry. Also referred to as "center of influence. The sphere of influence is a cost-effective marketing strategy that sets successful real estate investors apart from those who struggle.
In this enlightening article, we will have a deeper understanding of what sphere of influence in real estate is, how to build it and how to utilize it to propel your success in the industry.
What is sphere of influence in real estate marketing?
The sphere of influence encompasses all individuals, acquaintances, and connections in your network, both within and outside the real estate industry. Simply put, these are the individuals you would acknowledge and engage in conversation with if you encountered them in public. Assume you have a network of 150 individuals who are familiar with you and would endorse your business. And each of those people have their own network of 150 individuals. That equates to a vast pool of 22,500 potential prospects, generated through personal referrals, with little to no cost. That’s just how powerful the sphere of influence is.
Reasons why your sphere of influence is important in real estate marketing.
Your sphere of influence is the paramount aspect of your real estate marketing, offering numerous crucial benefits, as outlined below.
1. Forms the foundation of your career.
Your sphere of influence serves as the foundation of your real estate career. These individuals are the first people you should turn to for referrals, recommendations, and support. By establishing a strong network of friends, family, and past clients, you can build a steady stream of business that can help you establish a successful career in real estate.
2. Trust is already built.
When working with people in your sphere of influence, there is already an established level of trust and comfort. These individuals know you on a personal level and are more likely to trust your recommendations and advice when it comes to buying or selling a home. This trust can make the real estate process smoother and more efficient, leading to successful transactions and satisfied clients.
3. More enjoyable to work with.
Clients in your sphere of influence are typically more enjoyable to work with because they are friends and family. They are familiar with you and your work, and they trust you. This can make the real estate process more relaxed and enjoyable for both parties, leading to better outcomes and more successful transactions. Additionally, working with people you enjoy can make your career in real estate more fulfilling and enjoyable.
4. Increased exposure.
Your sphere of influence can serve as a source of referrals and repeat business, which can increase your exposure and help you reach new potential clients.
5. It’s a cost-effective way of marketing.
Leveraging your sphere of influence is a cost-effective way to generate leads and reach new clients, as it doesn't require large amounts of advertising spend.
6. Repeat business.
People in your network are more likely to use your services again in the future, as they trust and respect you as a professional.
7. Personalized touch.
By leveraging relationships with people you know and interact with regularly, you can add a personal touch to your marketing efforts, which can be more effective in building trust and credibility.
8. Reputation management.
Your sphere of influence can help you manage your reputation by sharing positive experiences and referrals with others in their network.
How to build your sphere of influence.
Establishing your sphere of influence is easier than one might expect. At its core, it requires connecting with individuals who share similar interests. This entails placing oneself in environments where meeting new people is possible. As real estate agents, it is crucial to be active in the community and to foster connections with others.
Here are some ways to build and expand your sphere of influence:
a) Network at industry events.
Attend local real estate events and conferences to meet other professionals and establish relationships.
b) Leverage social media.
Use social media platforms such as LinkedIn, Facebook, and Instagram to connect with potential clients, industry professionals, and other people in your network.
c) Partner with other professionals.
Consider forming partnerships or collaborations with other real estate agents, mortgage brokers, home inspectors, and other industry professionals to expand your network.
d) Volunteer and give back to the community.
Get involved in local community events and organizations, which can help you build relationships and establish yourself as a community leader.
e) Provide valuable content.
Share valuable information, tips, and insights related to real estate on your website, social media, and other channels.
f) Ask for referrals.
Don't be afraid to ask satisfied clients and other people in your network for referrals.
g) Stay in touch.
Regularly stay in touch with your network through email, phone calls, or in-person meetings.
By taking a proactive approach to building and expanding your sphere of influence, you can establish yourself as a trusted and respected professional in the Kenyan real estate market.
Hot to make use of your sphere of influence.
Maximizing the use of your sphere of influence can greatly benefit your real estate marketing efforts. Friends can serve as valuable allies in supporting your business. Here's how you can harness their support.
I. Ask for referrals and testimonials.
People are often more than happy to refer their friends and family to someone they trust and respect. Additionally, social proof in the form of testimonials can be incredibly powerful in building trust with potential clients.
II. Ask for social media support.
Encourage friends to share your listings, posts, and updates on social media to increase exposure. Social media can be a powerful tool for reaching a large audience and building your brand and having friends share your content can help increase visibility.
III. Word of mouth.
Ask friends to spread the word about your business to others in their network. Personal recommendations from friends can be a powerful way to reach new potential clients and increase your exposure.
IV. Introductions.
Ask friends to introduce you to other professionals in the real estate industry to expand your network. Building relationships with other real estate professionals can help you gain new business opportunities and increase your exposure in the industry.
V. Attending open houses.
Encourage friends to attend open houses and spread the word to others in their network. Open houses can be a great opportunity for friends to see your listings and get a feel for your business, and they can also spread the word to others who may be interested in buying or selling a home.
VI. Collaborate.
Consider partnering with friends on real estate projects or collaborations to leverage each other's networks. Collaborating with friends can help you reach new potential clients and expand your network, which can lead to new business opportunities.
Conclusion.
Utilizing your sphere of influence can be a powerful tool in your real estate marketing efforts in Kenya. By leveraging the trust and relationships already established with your network of contacts, you can tap into a vast pool of potential clients and grow your business.
Building and utilizing your sphere of influence is a cost-effective and efficient means of marketing your properties, and with the right strategies in place, it can be a powerful tool for success in the real estate industry.
We hope this article has provided valuable insights into the importance of the sphere of influence in real estate marketing in Kenya. If you have any comments, questions, or personal experiences to share, please leave them in the comments section. Also, consider subscribing to our email to get such informative articles sent to you.
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