How Much Do You Know About Soi?
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Real estate agents - how much do you know about running an effective Sphere of Influence business? Take this quiz to find out! (answers and explanations follow the quiz)
- 1.SOI stands for Sphere of Influence. Which is the best definition of "Sphere of Influence" from a business-generating perspective?
- A.
Your past clients and current prospects
- B.
Your friends and family
- C.
Everyone you know
- D.
Everyone who knows you
- 2.Your Sphere of Influence could potentially include the following:
- A.
Your renters
- B.
Your husband or wife's family
- C.
The receptionist at your real estate office
- D.
Your ex-wife
- E.
All of the above
- 3.Your friends will enjoy being asked for their business and referrals on a regular basis.
- A.
True
- B.
False
- 4.Offering incentives to your friends in exchange for their business and referrals is an effective way to build your business and enhance your credibility among the people you know.
- A.
True
- B.
False
- 5.Your friends probably won't be comfortable using you or referring to you if you're new.
- A.
True
- B.
False
- 6.Monthly newsletters and annual calendars are the best way to ensure business and referrals from the people you know.
- A.
True
- B.
False
- 7.You must be an extrovert to succeed with an SOI business model.
- A.
True
- B.
False
- 8.Compared to geographic farming (mass-mailing), an SOI business model:
- A.
Is less expensive to implement and maintain
- B.
Is more expensive to implement and maintain
- C.
Typically produces results much sooner
- D.
Typically takes much longer to produce results
- E.
A&C Only
- 9.The best way to remind your SOI that you sell real estate is to:
- A.
Call everyone you know at least once a month and ask for referrals
- B.
Send out a monthly newsletter of your listings
- C.
Wear your REALTOR pin everywhere you go
- D.
Hand a business card to everyone you meet
- E.
Send out a friendly reconnection letter with your business card and maintain contact afterwards
- 10.To succeed in an SOI business model, you should give up your other prospecting activities.
- A.
True
- B.
False
- 11.People you meet on a daily basis are not among your SOI.
- A.
True
- B.
False
- 12.You should strive to hand out as many business cards as you can at every social gathering you attend.
- A.
True
- B.
False
- 13.GoHow many people should you strive to include in your SOI?
- A.
20
- B.
50
- C.
100
- D.
200 or more
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