Hi all!

I am currently making my SOI list and I know quite a few people, problem is they are a bit spread out through my state. The broker I will be working for is in one area and I do know some people in that area, but again, I know lots of others that are in more distant places.

Do I focus solely on the ones in the direct area that my brokerage is? Or can I market myself to those outside of it as well?

None of them. Family and friends are a terrible source of business, despite everything you are probably being told. Plan on marketing yourself to new clients who you do not know. Believe it or not, most of the people you are friendly with or related to really do not want to deal with you in a business setting. They will not want to list their homes or buy their homes through you. Why? You are a new agent and they know it.

Also, if you have any sense, you would would not want to victimize friends and family with your newbieness. You are going to make thousands of mistakes in your first 100 deals. Make those mistakes with strangers, not friends and family.

Plus, it is just never a good idea to mix business with friendship and familyship. That's just common sense in any profession.

So I should discount my SOI all together? Does that mean when my best friend refers my services to so and so I should avoid it? I think I am a bit confused...

No you can take the business but most family and friends won't use you. You might get some business but don't expect that to carry you.

All head brokers know new agents have 1 to 3 deals in them before they putter out and quit the first year or go (part-time). Most of these deals are from your SOI or the little prospecting you have done.

Why do you think brokers put you on a fat split the first few deals? They know you will peter out and want that big paycheck.

good luck

I'd focus on the ones that are unhappy with their current surroundings. It may well be that none of them are going to be moving in the next 10 years, despite the fact that you are now in the business.

You're lucky that you have so many Friends. The best you can do is make sure that sooner, or later, they come to know that you're in the business. And periodically allow the subject of Real Estate to drift into your conversations with them.

Don't mistake a casual interest in the subject to be an indication that they're ready to list, or look at listings. Everyone has a casual interest in Real Estate. If they're not receptive, then let it drift back out as fast as it came in.

Everyone lives in Real Estate; but not everyone is a prospect for buying or selling anytime in the foreseeable future . . . . and there's nothing you can do to change that.

People need to grasp the idea that SOI is much more than just family and friends.

You should contact Jennifer Allan - she is the SOI expert.

Over time you will master the art of people doing casual conversion or expressing an interest to do something in real estate. When I first started out I would get excited when someone asked a real estate question thinking it would mean immediate business.I would talk for 30 to 40 minutes to find out they were just picking my brain or not serious.

Now I will answer one question quickly.If they keep picking for info I will tell them let's set up a meeting to move forward. If they are serious they will set a meeting. If they were trying to use information from you they will make up some excuse blah,blah,blah as to why they can't do that.

Now you know to change the subject which I do quickly. I do this in less than a minutes time from asking them asking the question.

You will learn after awhile time is very valuable and don't let people use your expertise or information for free. You only work with serious sellers and buyers that will pay for your time with a listing or showing properties after the buyer has been qualified properly.

I do very well using this system and on my off time answer NO real estate questions for users. I love when some use to ask for advice when they have an existing agent. They are paying them for being ignorant.I make them break the agreement and then I will help them.

Perky - Exactly... your SOI is FAR more than friends and family and to a very small degree, I agree with Navarac that some of your friends and family may be a bit suspicious of your newbie-ness. It really depends on your past relationship with each person and whether or not they perceive you as a Reasonably Competent Human Being. If they do, they'll be comfortable since most people think real estate is easy. But if they think you're generally a flake, then you'll have some repair work to do before they'll use or refer you for real estate business.

Another thing - there's a big difference between Friends and Family. Many new agents find that their families do not support their real estate businesses nearly as readily as their friends will.

But yes, Perky, you are correct. SOI is NOT all about friends and family; if it were, the business model would fail miserably.

To answer the OP's question... every one who knows you and knows that you sell real estate is in your SOI, so yes, that includes people who don't live down the street. However, your goal should be to expand your SOI to at least 200 locals who know you and know you sell real estate. It's not that hard to do if you keep your antenna up and a smile on your face. And, as you get a better handle on your SOI marketing, you'll get a feel for which sorts of things are appropriate to use with the different groups in your sphere.

Don't overthink it... trust your gut and you'll be fine.