Would you like to make one million in commissions by maximizing your sphere of influence? When it comes to making money in real estate with your sphere of influence, it’s about mindshare. In other words,you must stay top of mind and front and center with the people in your SOI.
In a recent Pat Hiban’s Real Estate Rockstar Radio podcast, Joshua Stern explained how to skyrocket your real estate commissions by following a simple, yet effective, prospecting-based marketing-enhanced system which keeps your sphere of influence delivering referrals. This is the exact same system that pulled in one million in commissions for Joshua.
Let’s dive in, touch on some highlights and get you started one down the path towards making your first one million in commissions from your sphere of influence.
Before going there, however, we have a quick question. Do you think you would make more money if you started taking every listing you wanted? You know the answer to the question and here’s how you can start winning more listings. Sign up now for our Certified Listing Agent FREE Trial.
Step 1 to Make One Million in Commissions from Your SOI
Step 1: Cementing the Relationship – The first step involves cementing the relationship after first meeting someone in person or over the phone. You will sort these individuals into a Tier 1 lead or Tier 2 lead.
What’s the difference in these two tiers? Well, a Tier 1 lead is when you only have part of a person’s contact info (e.g., name and phone number but not email address. Tier 2 lead is labeled so because you have all contact information. Your goal is to quickly move all new contacts into Tier 2.
Your main goal, however, when cementing the relationship is to activate your 8 by 8 system. This system involves 8 touches in 8 weeks. You will use a number of platforms to create these 8 touches – video blogs, direct mail, telephone, emails with customized videos, etc.
Step 2 to Make One Million in Commissions from Your SOI
Step 2: Maintenance System – After completing the 8 x 8 and moving all leads into Tier 2, you then move on to the maintenance system. Joshua’s team based this on the principle of creating 33 touches a year – forever. As Joshua mentions, “We don’t weed our database. We feed our database, we water our database, and we grow our database.”
As you’ll hear in the podcast, his team’s 33 touches is actually closer to 47 touches. These touches involve the following: 2 video blogs per month, 1 mail newsletter monthly, a year at a glance calendar at end of year with a personal note, 4 client appreciation events per year (with an invitation and a phone call), and 2 text messages per year.
The gasoline in the engine of this prospecting-based, marketing-enhanced system is making sure you are making a quarterly phone call to talk in person with individuals in your SOI at least 4 times a year. That’s why Joshua’s team has client appreciation events as it gives them an excuse to make the phone call without seeming like they have an ulterior motive.
How well does this 2-step system work? Well, we’ve already shared that it helped make one million in commissions for Joshua Stern. But here is another important statistic that shows the ROI of this system. Joshua receives a 6 to 1 return on 8 x 8 and 33 touch system. In other words, for every 6 people you stay in touch with using these steps, that sphere of influence will give you 1 transaction.
Now you know exactly how to make one million dollars in commissions by maximizing your sphere of influence. Want to hear even more so you can start making more money with referrals from your SOI?