How Much Do You Know About Soi?

13 Questions | By Jenniferallan | Last updated: Mar 21, 2022 | Total Attempts: 460

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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)

Questions and Answers

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