← Glossary
Agents and brokerages
Sphere of influence (SOI)
The people an agent already knows: friends, family, past clients, neighbors. It's where most repeat and referral business comes from.
Also called: SOI, sphere, database, past clients
Related terms
CRM
Software that keeps track of contacts, leads, notes and follow-ups. Agents use it to stay in touch with their sphere and new leads.
Farming
Working one neighborhood over and over with mailers, door knocking and events, so you become the agent people there call.
Lead generation
Finding people who may buy or sell soon. Examples: online ads, open houses, door knocking, expired listings and buying leads.
Referral fee
A share of the commission paid to an agent who sends a client to another agent, often 25% to 35%. It must be paid broker to broker.