How Much Do You Know About SOI?

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| By Jenniferallan

Jenniferallan

Community Contributor

Quizzes Created: 2 | Total Attempts: 653

Questions: 13 | Attempts: 465 | Updated: Mar 21, 2023

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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
Correct Answer
D. Everyone who knows you

Explanation
While all of the above responses are correct, the best answer is "everyone who knows you." Your Sphere of Influence may indeed include your past clients and current prospects AND your friends and family AND everyone you know... but unless all of these people know YOU, they are not likely to be sources of business for you.

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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
Correct Answer
E. All of the above

Explanation
Your Sphere of Influence can (and should) include every person on the planet who knows you, even if you doubt they'd ever send business your way.

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3.

Your friends will enjoy being asked for their business and referrals on a regular basis.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Believe me, while your friends may care about you and want your business to succeed, they will not appreciate being asked for business or referrals, and may eventually start to avoid your calls.

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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
Correct Answer
B. False

Explanation
Offering incentives to friends to send business your way will make you appear desperate and somewhat unprofessional. If your friends know you'll do a good job for anyone they send your way, they'll be happy to support your business without any incentive to do so. If they don't believe you'll take good care of their business, no incentive will overcome their hesitation to recommend you.

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5.

Your friends probably won't be comfortable using you or referring to you if you're new.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
If your friends think of you as a reasonably competent human being in your day-to-day life, they'll probably assume you're a great real estate, too. Fortunately or unfortunately, the general public thinks our job is easy, so your friends may not be too concerned with your inexperience - again - as long as you seem like a generally intelligent and reliable person overall.

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6.

Monthly newsletters and annual calendars are the best way to ensure business and referrals from the people you know.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
While newsletters and calendars might have a place in your SOI strategy, they shouldn't form the basis of your business model. If the people you know never hear from you on a personal basis, they won't feel much sense of loyalty to you. An effective SOI business model must include periodic personal contact.

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7.

You must be an extrovert to succeed with an SOI business model.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Introverts and extroverts alike can do very well with an SOI business model. You don't have to be a social butterfly to inspire the people you know to care about you and your business; in fact, often introverts are the best SOI'ers!

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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
Correct Answer
E. A&C Only

Explanation
Geographic farming is one of the most expensive and time-consuming ways to build a contact database. Conversely, an SOI business model can be implemented with almost no financial investment and has been known to produce results within days of implementation.

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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
Correct Answer
E. Send out a friendly reconnection letter with your business card and maintain contact afterwards

Explanation
Sending out a friendly reconnection letter with a business card and maintaining contact afterwards is the best way to remind your sphere of influence (SOI) that you sell real estate. This approach allows for a personal touch and shows genuine interest in reconnecting with individuals. By including a business card, you provide a tangible reminder of your profession, making it easier for them to contact you if they have any real estate needs. Maintaining contact afterwards ensures that the connection is not lost and helps to build a long-term relationship with your SOI.

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10.

To succeed in an SOI business model, you should give up your other prospecting activities.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
There are many paths to success in a real estate career, and SOI is only one of them. You may find that SOI is all you need, or you may find that you also enjoy other more traditional prospecting methods. Discover what works for you and do more of that!

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11.

People you meet on a daily basis are not among your SOI.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Everyone you meet has the potential to become your next biggest fan.

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12.

You should strive to hand out as many business cards as you can at every social gathering you attend.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Do this only if you want to be avoided at the next social gathering you attend!

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13.

GoHow many people should you strive to include in your SOI?
- A.
  
  20
- B.
  
  50
- C.
  
  100
- D.
  
  200 or more
Correct Answer
D. 200 or more

Explanation
The more, the better. But 200 seems to be a good number to shoot for. Remember, though, if someone doesn't know you, they aren't in your SOI. So just because someone is in your farm area or made an inquiry on your website five years ago doesn't mean they should be counted in that 200. Strive for at least 200 people who know you and care about you, even if only a little bit.

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Feb 03, 2009

Quiz Created by
Jenniferallan

How Much Do You Know About Soi?

SOI stands for Sphere of Influence. Which is the best definition of "Sphere of Influence" from a business-generating perspective?

Your Sphere of Influence could potentially include the following:

Your friends will enjoy being asked for their business and referrals on a regular basis.

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.

Your friends probably won't be comfortable using you or referring to you if you're new.

Monthly newsletters and annual calendars are the best way to ensure business and referrals from the people you know.

You must be an extrovert to succeed with an SOI business model.

Compared to geographic farming (mass-mailing), an SOI business model:

The best way to remind your SOI that you sell real estate is to:

To succeed in an SOI business model, you should give up your other prospecting activities.

People you meet on a daily basis are not among your SOI.

You should strive to hand out as many business cards as you can at every social gathering you attend.

GoHow many people should you strive to include in your SOI?