The Myth of Floor Time: Part Two

By
Real Estate Agent with Resources Real Estate

Why Floor Time Is Bad for The Agent



Ask any listing agent, "Who is the most logical agent in this office to handle calls about your listing?" and the answer is always the same: "I am."  


And yet so many "traditional" real estate companies continue to operate with floor duty where agents respond to calls on other agents' listings.

Not only does it poorly serve the client (see Part One: "Why Floor Time is Bad for the Client"), most company floor time policies don't serve the agent very well either.

Think about it:

  •     You work hard to acquire a listing, shouldn't you directly benefit from that hard work? 
  •     Why would you want another agent to be the beneficiary of your lead generation? 
  •     When the office phone rings because of one of your listings, shouldn't you be getting the call?
  •     Do you think your production might be higher if all calls on your listings were forwarded to you?

Of course.

At Resources Real Estate we don't have floor duty. And we believe in rewarding agents for a job well done.

One of the most important ways we do that is to direct call-ins on available properties to the listing agent.  That agent gets a direct benefit for their listing efforts: buyers.  It helps that agent sell more and it frequently helps get the listing sold faster.  (It also prevents those embarrassing calls when an agent on floor duty can't answer any questions regarding the company's own listings.)

One agent I know (me, before I became a partner) closed five sides from one listing: the seller, the buyer and three other buyers who bought something within a short period of time. Every listing is of value.

Who doesn't benefit?  The agents whose "strategic" planning is nothing more than passively waiting for a seller or buyer to be given to them.  (Hey, we have leads too, we just don't believe in taking them away from the one who's got the active listing that's generating them.)
 
Curious about a different way to do real estate?  Contact Thomas McCormack, Managing Partner-Broker at Resources Real Estate. 112 E River Rd, Rumson, NJ 07760, 36 Beach Rd, Monmouth Beach, NJ 07750, 4A W Front St, Red Bank, NJ 07701.  732-212-0440.  www.ResourcesRealEstate.com. tom@resourcesrealestate.com

Posted by

Thomas McCormack
Managing Partner - Broker
Resources Real Estate
Rumson, NJ  |  Monmouth Beach, NJ  |  Red Bank, NJ
ResourcesRealEstate.com
732-212-0440

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 12/10/2012 05:42 AM
Topic:
Real Estate Best Practices
Groups:
Realtors®
MonmouthNewJersey
Tags:
lead generation
floor time
floor duty
agent recruiting

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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

In our office and in most offices that I know of if the listing agent is in they get the call on their listing when it comes in . Thomas why would anyone do floor Time if they did not get any calls ???

Dec 10, 2012 05:42 AM #1
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Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

Floor time is a great way to waste time. Unless of course the agent is doing other tasks to lead generate during this time block.

Dec 10, 2012 05:42 AM #2
Rainmaker
85,091
Stacey Mayer
Snohomish-Homes.com - Everett, WA
Snohomish-Homes.com

I agree completely.

Anytime there's another layer between the seller, or buyer, and the listing agent, you increase the chance something won't be conveyed accurately, and, you surely increase the frustration involved!

Dec 10, 2012 05:45 AM #3
Rainmaker
58,620
Thomas McCormack
Resources Real Estate - Rumson, NJ

Hannah: We don't have floor time for that very reason. But many offices in our area require the agent to perform 'unpaid receptionist' duty in the hope that they may get a lead. Its not very productive and very short-sighted on the part of the brokerage, in my opinion. 

Dec 10, 2012 06:03 AM #4
Rainmaker
58,620
Thomas McCormack
Resources Real Estate - Rumson, NJ

Doug: Agreed. If you have to do floor time then by all means make it productive.  Open houses can be a waste of time too but you can make the best use of that time if you prospect while waiting for buyers to show.  

Dec 10, 2012 06:04 AM #5
Rainmaker
58,620
Thomas McCormack
Resources Real Estate - Rumson, NJ

Stacy: It's true. Sometimes I think as realtors we are just grown-ups playing 'post office'... the message that gets delivered often bears little resemblance to the message uttered. 

Dec 10, 2012 06:06 AM #6
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3,156,874
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington - Tacoma, WA
South Puget Sound Washington Agent/Broker!

We use our direct line numbers on our listings. Why confuse the prospect with an agent who has to fumble around looking up the listing....

Dec 10, 2012 06:46 AM #7
Rainmaker
737,805
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I started to write my comments and before I know what happened I had written a new post on the subject of floor time. Stuff happens!

Dec 10, 2012 07:43 AM #8
Rainmaker
58,620
Thomas McCormack
Resources Real Estate - Rumson, NJ

Paul: In New Jersey it's required that the brokerage have their phone number on the sign (and larger type size than agent's number).  Our office has a (paid) admin assistant who answers all the calls, routes them to the proper agent and gets assistance for the caller if the listing agent is not available.

Dec 10, 2012 10:17 PM #9
Rainmaker
58,620
Thomas McCormack
Resources Real Estate - Rumson, NJ

John:  I'm glad the subject sparked a creative fire!  I enjoyed your post and commented on it as well. 

Dec 10, 2012 10:18 PM #10
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