Where We Get Business - Business Planning #4

Maximizing Your Sources of Real Estate Business in Cleveland and Beyond

As a real estate agent, one of the most common questions you’ll face is: “Where can I find new business?” The answer is simple but profound—opportunities are everywhere. The challenge lies in identifying the best sources of business for your personality, strengths, and market.

I’m Mike Ferrante with Century 21 HomeStar and the 21 Mike Team, serving Greater Cleveland, Northeast Ohio, and Central Ohio. Together with Tony Geraci, Broker/Owner of Century 21 HomeStar, we’re diving into one of the most critical aspects of business planning: identifying your sources of real estate leads.

Whether you’re a seasoned professional or a new agent, this comprehensive guide will help you build a pipeline of opportunities and grow your business.

The Core of Real Estate: Conversations

Real estate success boils down to one thing—talking to people. Whether it’s phone calls, texts, emails, open houses, or marketing efforts, it all leads to conversations. The question is, who do you talk to?

Today, we’re breaking down the two primary categories:

People you know (Sphere of Influence or SOI).
People you don’t know (new prospects).

Starting with Your Sphere of Influence (SOI)

Your SOI is your foundation for real estate success. These are the people who already know, like, and trust you, making them the easiest to connect with.

Who is in your SOI?

Past and Current Clients: If you’ve worked in another industry, leverage those relationships.
Friends and Family: Don’t hesitate to remind them that you’re in real estate. They likely want to help you succeed!
People You Pay: Your barber, landscaper, mechanic, and others you do business with are potential referral sources.
Service Providers: Think loan officers, title agents, and insurance professionals. These partnerships can be mutually beneficial.
Business Networks: Join local groups like BNI, chambers of commerce, or community organizations to expand your reach.

Pro Tip: Download your phone contacts, email lists, and social media connections to build a comprehensive SOI database. Reach out to these people consistently—ideally four times a year.

Building Relationships with Business Partners

Strong business partnerships can lead to consistent referrals. Focus on these professionals:

Loan Officers and Title Companies: Ensure you’re on their short list of trusted agents.
Insurance Agents: They often work with clients who are buying or selling homes.
Builders and Developers: If you’re interested in new construction, these relationships are invaluable.
Accountants and Financial Advisors: They work with clients making significant financial decisions, such as buying or selling property.

Networking for Success

If you’re not naturally outgoing, networking may feel daunting, but it’s a powerful way to grow your business. Focus on smaller groups or one-on-one interactions to build trust over time.

Some great networking opportunities include:

Community organizations.
Parent-Teacher Associations (PTAs).
Local events or volunteer opportunities.

People You Don’t Know: Expanding Your Reach

Once you’ve tapped into your SOI, it’s time to reach out to new prospects.

Top Sources of Leads from People You Don’t Know

Geographic Farming: Focus on a specific neighborhood. Knock on doors, send mailers, and sponsor local events to become the go-to agent in that area.
For Sale By Owners (FSBOs): These sellers need help, whether they realize it or not. Have a strong script to show them the value of working with an agent.
Expired Listings: These homeowners often feel frustrated and need guidance to successfully sell their property.
Distressed Sellers: Estates, divorces, and pre-foreclosures are opportunities to help people in need. Approach these situations with empathy and professionalism.
Relocation Services: Build relationships with relocation companies and HR departments to assist employees moving to or from your area.

Leveraging Technology and Tools

Stay ahead of the game by utilizing technology:

Sign up for real estate portals and directories, such as Zillow and Realtor.com, to receive leads.
Consider purchasing leads if you’re starting out or expanding into a new market.
Use your MLS tools to track market trends and identify potential leads, such as absentee owners or recently expired listings.

Special Focus: Open Houses

Open houses are an excellent way to meet potential buyers and sellers. If you don’t have your own listings, partner with other agents in your area. Offer to host open houses for their listings—it’s a win-win for you and the listing agent.

Homework: Narrow Your Focus

With so many potential sources of business, it’s easy to feel overwhelmed. Instead of trying to do it all, focus on one to three sources that align with your strengths and interests.

Outgoing agents: Consider open houses, networking groups, and FSBOs.
Introverted agents: Focus on geographic farming, social media, and referrals from your SOI.

Once you’ve identified your sources, create a plan to consistently reach out and build those relationships.

Final Thoughts

Real estate is a relationship business. Whether you’re connecting with people you know or expanding your network, consistency and authenticity are key.

As Tony Geraci reminds us: “Any relationship can only help, never hurt. Stay consistent, persistent, and focused, and your efforts will pay off.”

From all of us at the 21 Mike Team and Century 21 HomeStar, happy prospecting! If you’re ready to take your business to the next level, visit 21Mike.com or schedule a call with us to discuss how we can help you grow. Don’t forget to subscribe to our YouTube channel and follow us on social media for more training and updates!