Is a Sphere of Influence Business Model Effective in a Second Home/Resort Market?
Can you rely on your Sphere of Influence (SOI: the people you know) to keep you in business? Yes, with a few tweaks.
First, obviously, there are people who do live in the community, who know you and know that you sell real estate. You should definitely apply the principles of SOI to them. Remember that they are the gatekeepers to everyone they know, which may very well include some out-of-town homeowners or future homeowners.
Second, you will likely need to do some marketing to strangers, both directly to absentee owners as well as local advertising to attract buyers. Check out what other successful agents are doing... and do it more creatively.
Many agents in resort markets prospect heavily to expired listings, and there may be plenty of those. Perhaps you can create a better, more creative expired listing campaign and incorporate it into your prospecting plan.
Obviously, a local blog is a must. People buying second homes will almost certainly begin their search online. Be there.
If you decide to reach out to strangers, you can still apply the principles of SOI to your efforts. For example, make your advertising interesting, relevant and non-salesy. Create a website that reflects your personality, not just a boring boilerplate site. Use your blog to demonstrate your familiarity with your area as well as to showcase your sparkling personality.
Consider doing a postcard mass-mailing to absentee owners with a fun blurb about your blog (and make sure your local sphere knows about it). If you advertise in local real estate magazines, don't just showcase listings; create a fun, attractive ad for your blog. Create an online referral directory for out-of-town homeowners.
Return phone calls and online leads promptly - and when you get online leads, pick up the phone instead of simply replying via email.
Spend time learning even more about your market so that when A Stranger Calls, you are able to speak intelligently and confidently about the market. Be particularly conversant about the more desirable properties - be familiar with and know how much it costs to live on the beach, the slopes or the river. But also know how much you can save by buying a block or two away.
When you're out and about, have your antenna up and a smile on your face, but keep your business cards to yourself unless asked. Don't risk being that annoying real estate agent who always seems desperate for business.
The ultimate goal of a sphere of influence-based business is to ensure that everyone you know and everyone you meet thinks of you as their favorite real estate agent. When you work in a resort market, you may have to reach out beyond the city limits to find your clients, but the goal is still the same!
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