Here’s something you don’t see every day… especially in this era of social media! Some recent research shared by Inman from the Texas Association of Realtors suggests it may be time to revisit this old standby, Floor Time or “Opportunity Time”.
As you already know, many of the brokers in our office have done millions of dollars of volume from the contacts they received while doing floor time. So here are some great guidelines for you to use during your Your productivity during floor time depends upon how how effective you are at converting leads into actual appointments.
Three important reasons for taking floor time:
- It is an additional opportunity to make money.
- Floor time generates both buyer and seller leads.
- Floor time helps you keep in touch with pulse of market.
The challenges with floor time:
The primary challenge with floor time is that it is a passive prospecting activity. This means you are sitting at the up desk either waiting for the phone to ring or for someone to walk into your office. The best lead generation activities are those in which you actively control how many leads you contact. However floor time does give you an additional prospecting center and you can accomplish other meaningful tasks while on floor.
Questions to ask prospective buyers:
The first four questions below can help you convert more buyer floor time leads into actual clients. When you receive a call, qualify potential buyers in terms of the type of house they are searching for, the neighborhoods where they may want to live, as well as what is attractive to the buyers about those locations.
Also, remember that many younger buyers purchase the lifestyle, not just the property, so be sure to probe for that as well. Here are some examples of what to ask:
- Describe the type of house you are searching for, including the price range and the location.
- What is it about the lifestyle in that area that you find to be attractive?
- Do you have to sell another property in order to purchase?
- Have you spoken to a lender about being pre-approved, not just pre-qualified?
Questions to ask seller leads:
If your floor call turns out to be a seller lead, you can probe more deeply by asking any of these five questions. Remember, your ultimate goal is to schedule an appointment rather than keeping them on the phone.
- How long have you owned your present home?
- What do you like about the neighborhood?
- When are you planning on moving?
- Where will you be going?
- What is motivating you to sell?
Summarizing what the floor lead says:
One of the most important skills you need for floor time is the ability to listen and then to summarize what the caller or walk-in has told you. Here are some of the transitional phrases you can use to keep the conversation going as well as to reconfirm that you’ve heard what the lead really said.
- So what I hear you saying is that …
- If I understand you correctly …
- So it appears that …
- So what you are telling me is that …
- So one of the things you are looking for is …
- So what’s important to you is …
- Is that a correct assessment of what you have told me?
- Is that right?
Floor time is a waste if you cannot get the caller’s phone number, schedule an appointment, and then close that lead to work with you as either a buyer or a seller.
Is floor time right for you?
The only way to tell is to monitor your conversion ratio: How many leads are you generating for the number of hours spent?
If other prospecting activities are generating more leads, then focus on your more dollar-productive activities. On the other hand, if you consistently produce closed transactions from floor time, make this old standby an important part of your lead generation activities as often as possible.
–Shari Kruse, Sales Manager Seattle