Maximize Real Estate Success: Grow Your Sphere of Influence

In the competitive world of real estate and mortgage lending, maintaining and expanding your sphere of influence is key to long-term success. By effectively nurturing your network and staying top-of-mind with current and potential clients, you can drive more referrals and secure more business. Explore some essential strategies and how Adwerx can help streamline and enhance your efforts.

The Importance of Growing Your Sphere of Influence

Whether you're a seasoned real estate or mortgage professional or just starting out, the key to success lies in consistently staying in front of and growing your sphere of influence. Maintaining these relationships and earning their trust is essential for future real estate transactions.

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In real estate and mortgage industries, your sphere of influence refers to the network of contacts you've built and maintained over time. This network includes personal and professional connections—friends, family, colleagues, and other industry professionals.

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Expanding your sphere of influence means more people will think of you when they're ready to buy or sell a property. Strong personal connections can also boost your chances of closing deals, as people are more likely to work with and recommend individuals they know and trust.

Successful agents generate 64% of their annual deals from their sphere of influence. Therefore, maintaining and growing this network is crucial for sustained success in the real estate or mortgage business. However, many agents and mortgage brokers become complacent, neglecting to nurture their networks, which can lead to a decline in sales and a deteriorating sphere of influence. It’s also worth noting that your sphere may intersect with those of your competitors, making it even more important to stay top of mind.

Understanding the 4 Levels of a Sphere of Influence
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1. The Entire Database: A Broad Foundation
   
   This level encompasses everyone in your database for whom you have contact information, such as phone numbers, email addresses, or physical addresses. The depth of your relationship with these individuals may vary—from neighbors to parents of your child’s teammates to your closest friends. Continuously adding to this list can expand your sphere of influence and increase your potential for winning more listings. Simply put, if 64% of your business comes from your sphere of influence, the more people you add, the more business you’ll generate. 

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2. Acquaintances: Building the Upper Funnel
   
   As you delve deeper into your database, you'll find three distinct levels, starting with Acquaintances. This group consists of people you know casually but aren't close friends or former clients. This level is where you will start to build the upper funnel of your sphere of influence. They could include members of a community group or local club, colleagues from a previous job, or neighbors. Building a wide range of contacts at this level expands your database, increasing the likelihood of generating sales through your sphere of influence.
   
   The Acquaintance level is particularly critical. These individuals already know and like you, and if you can gain their trust in real estate transactions, you’ll establish a consistent source of business.
   
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3. Clients: The Core of Your Business
   
   This level represents the most valuable connections within your sphere of influence—those who have previously done business with you. These clients have chosen you for their real estate needs, establishing a strong foundation of trust. Given that 68% of sellers engage an agent recommended to them, ensuring that you are the agent they recommend is key to growing your business.
   
   However, only 12% of clients who say they would use their agent again actually do. Therefore, it's crucial to maintain consistent engagement with this group through brand advertising. The more you interact with them, the better your chances of securing repeat business.

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4. Friends and Family: Your Most Vocal Supporters
   
   This group includes your closest friends and family members—those who are genuinely invested in your success. They are your most vocal supporters and are likely to recommend you to others. Despite this, many agents and brokers tend to overlook this demographic. Consistently keeping your brand in front of them will ensure they think of you first for any real estate needs.
   
   ‍According to Nielsen, 84% of consumers trust recommendations from colleagues, friends, and family, making these peer recommendations the most trusted source of information. Nothing beats a referral like, “Oh, you’re thinking of moving? You need to use my cousin Beth. Her ads are all over CNN and ESPN, and she even advertises at the upscale shopping plaza downtown. She’ll get your home in front of everyone and secure the best offer.”

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Act Now: Why Consistent Engagement Is Crucial for Your Success

In the fast-paced world of real estate and mortgage lending, time is of the essence. Especially in the wake of the Sitzer-Burnett case, it’s crucial to differentiate yourself from your competition. Your sphere of influence is a valuable asset, but without consistent engagement, you risk losing potential business to your competitors.

The Urgency of Nurturing Your Network

Every day you delay reaching out or advertising to your contacts, your competitors are seizing the opportunity to step in. The real estate market is highly competitive, and your contacts are constantly being courted by other agents. If you’re not actively engaging with them, you're effectively leaving the door open for others to make the first impression. Don’t let your competitors become the default choice when your contacts are ready to buy or sell.

Missed Opportunities Can Be Costly

Consider this: each missed touchpoint with a contact is a missed opportunity for a referral or repeat business. Studies show that staying consistently visible to your sphere can significantly increase your chances of securing deals. The cost of acquiring new clients is substantially higher than nurturing existing relationships. By neglecting your sphere, you’re not just missing out on immediate business—you're also spending far more on less effective lead acquisition strategies.

Staying Top-of-Mind Is Non-Negotiable

In a crowded market, being memorable is crucial. If your brand isn't consistently in front of your sphere, it's easy for you to be forgotten. The goal is to be the first name they think of when they're ready to make a move. Adwerx Sphere ads ensure you remain top-of-mind, keeping your brand visible and your contacts engaged.

Maximize Your ROI by Leveraging Your Existing Network

Investing in your current sphere of influence is a smarter strategy than constantly pursuing new leads. With Adwerx’s targeted ads and innovative tools, you can efficiently nurture your relationships and see a higher return on your investment. By focusing on your existing network, you not only save on acquisition costs but also build a more robust and reliable source of business.

Don’t Wait—Start Nurturing Your Sphere Today

The longer you wait, the more opportunities you risk losing to your competitors. Take action now to maintain your presence and strengthen your connections. Adwerx offers tools designed to streamline and enhance your engagement efforts, helping you stay ahead in this competitive market.

Effective Strategies for Expanding Your Sphere

Nurturing your sphere of influence is an ongoing effort and is crucial for sustaining business growth. Acquiring new clients typically requires 7-8 times more time, energy, and money than gaining referrals or business from existing clients. Therefore, it’s vital to focus on building and maintaining strong relationships with your current network with strategies like:

1. Regular Follow-Ups: Schedule regular follow-ups with your contacts, whether through phone calls, emails, or personalized messages. Adwerx’s Ads for Your Sphere can help automate and manage these touchpoints, ensuring you stay consistently in front of your network.

2. Offer Value Continuously: Share valuable content and insights related to real estate or mortgage markets with your sphere. This can include market updates, home maintenance tips, or financial advice. Providing value helps reinforce your expertise and keeps your contacts engaged.

3. Host Events or Webinars: Organize events, webinars, or informational sessions that cater to your sphere's interests. These events can be educational or social and provide opportunities to interact and strengthen relationships in a relaxed setting.

4. Personalize Your Communication: Tailor your interactions based on individual preferences and past interactions. Personal touches, such as remembering significant dates or personal milestones, can deepen connections and make your communications more impactful.

5. Utilize Social Media: Engage with your sphere on social media platforms by sharing relevant content, celebrating their achievements, and participating in discussions. Adwerx’s Digital Out-of-Home advertising can also complement your social media efforts by increasing your brand visibility in locations where your prospective clients spend their time.

Even if you have someone's contact information, remember that other agents may also be in touch with the same individuals. For example, you might know Wendy through tennis, while a competitor might know her husband through hockey. To ensure that you remain the first choice when Wendy and her husband decide to sell their home, it’s essential to maintain consistent, long-term contact with them.

How Adwerx Can Help You Grow Your Sphere

Expanding your sphere of influence has never been easier with Adwerx. Our Ads for Your Sphere make it simple to stay top-of-mind by targeting your customers and prospects across top social networks, mobile apps, and premium websites.

And now, with our new Video Ads, you can stand out even more. Create engaging custom video content in minutes using our easy-to-use templates—no prior experience needed! With 85% of sellers preferring agents who use video and only 9% of agents currently leveraging it, this is your chance to get ahead.

Want to take it a step further? Our Digital Out-of-Home ads allow you to display your brand on digital screens in high-traffic areas like restaurants, gyms, malls, and stores, helping you reach even more potential clients.

Now’s the perfect time to level up your marketing. For a limited time, we're offering 15% off your Sphere campaign. Just enter win15 (expires 9/30/24) at checkout and finish the year strong. Don't miss out—boost your brand’s visibility with Adwerx today!

Ready to talk with an expert? Book a free 15-minute consultation with one of our Adwerx Advertising Consultants using the form below—no strings attached.

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