Ok, now that you’re a Realtor® for a week, a month, a year, or over a decade. It is time to visit or revisit your Circle of Influence. This is where I find most agents are the most comfortable. Of course, you should be, these people know you, right?
We have a list on TheEXITpro.com where we give you ideas on the best way to gain new sources of business. Of course, every new agent has heard the admonition they absolutely must contact everyone in their circle of influence when they start out. This is certainly good advice because when you are just starting out, you are going to have a tough time getting clients, but it should not stop there. Your COI can and will produce an absolute great ROI (return on investment) if you work it correctly.
A Great Place to Start
As a new agent you may not have past clients to recommend you or signs with your smiling face all around town. Who is going to know your name? Oh yeah, people you do business with. The dry cleaners, the folks at the store, or your favorite restaurant, that’s who. I think that is one reason we need to have our picture on our cards. People may not remember our name, but they will remember our face!
A new agent’s exposure is limited until you get some listings and signs out. You will have to work with what you have got, ( I just heard a collective, oh great!) and what you have got is a vast collection of friends, relatives, and acquaintances you can look to for additional business. This is your circle of influence (COI), and should never be discounted.
So, where to begin? One of the first things you will want to do is begin compiling your contact list, or get it out and knock the dust off of it. The list should include everyone listed above and anyone else you can think of. Do not forget past co-workers, people you went to school with, and casual acquaintances you know from your bank, and as I said the grocery store, the dry cleaners, etc. Make sure to note as much information about each of them as you can.
You will want:
- their name
- address
- email address
- social networks – their FaceBook Information, do they use Twitter?
- phone numbers
- birthday and anniversary dates
- any other information you want to include or think is pertinent
A standard tool for agents, and one you really cannot do without, is some type of contact manager software. Check out the recommendations from the technology specialist Ben Roberts at www.TheExitPro.com there are many different choices on the market and they range in price from free to several hundred dollars. You can start for free with a Zoho.com product or start off with something like Top Producer.
Whatever you end up with, you will want to start using it ASAP. If your goal is to start making some money, then start by making a decision. You will have the ability to upgrade later, but the idea here is just get going.
Get Rolling on it… Today.
Maybe you are limited to basic name and address information but this can help you address your letters for mailing. Make sure you hand write the address on the outside of the envelope. This helps separate your letter from the junk mail everyone receives. Y
our first letter should announce your new broker affiliation, and do not forget to include a few business cards, I say a few because the question you ask in your letter of introduction will make them think of who they can pass along one of your cards.
Something you should keep in mind whenever you are mailing anything is that you can improve the response immensely if you follow up with a personal phone call or visit. The rule is never send anything to anyone if you are not going to follow up with a visit or phone call. In fact, you should mention that you will be touching base with them and you are looking forward to visiting with them in your letter.
You need to mail as many letters as you can follow up on as soon as possible. One process is to mail out just the first 25 letters so that you can schedule follow up phone calls with each and everyone. Direct mail, even to friends, has a notoriously low response rate so make sure you do everything possible to be remembered. Get creative, use words and phrases that will make them read the whole thing. A good contact manager will help you maintain control of this database of friends and acquaintances, making follow up much easier and efficient.
The reason you will tell them you will be following up is twofold:
- First, they will not be surprised by the call, and they might look forward to your calling if you created a sense of anticipation with the letter.
- Second is to make yourself accountable to your COI, and to the process. Bottom line, if you say you’re going to do it, do it !
Think Career, not Job
You must make a decision to not push yourself on these people harder than you might think proper. Be careful with your approach. Remember you are in this for the long haul and it will certainly do you no good to make a pest of yourself. We are in the relationship business, so gauge your technique with the response you are getting. If it is generally negative, tone it down a little, but keep in mind, not pushing hard enough can be just as bad.
Remember contacting your circle of influence is just one of the many ways you will be prospecting for clients but it just might turn out to be the one that gets your career started or kick started in the right direction. It may be just what the doctor ordered to get the maximum ROI from your COI.
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