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My point was that I sold that $1 million from phone duty alone. I don't think thats all bad for just having fun on the phone. Add that $1 million to $6 million and I'm pretty happy with my FUN JOB!
Vicki
Those "fun day" are soon to be over in the business, even in NC. Enjoy it while it lasts, every penny of it! Things have a tendency to change quite
fast in this business, sometimes when you would least expect it!
In our office, floor duty is offered 2X year, it is expected all new agents will work floor, only the top agents can reject. We get about 4-5X monthly, 2 - 4 hour shifts. I also did 1.4MM this year from floor, so it was good for me, but it always has been a crap-shoot. Same as another poster, any call or walk-in who doesn't specifically ask for a realtor is fair game. We have 2 agents on floor on the weekends, and they decide at beginning of shift how they want to divy up the customers.
I'd like to clarify what I posted earlier about everyone in our office doing floor duty, including the broker/owners (I am one of the two). There are several good reasons for us to do it:
1. None of us should ever think we are too good to do it-that is an attitude problem that can infect us all with the dreaded "entitlement syndrome"
2. We are the ones with the most experience and we can sometimes capture calls and turn them into real, live prospects better than less experienced agents-a large part of our job as brokers is to teach and lead by example, not just recruiting live bodies
3. Rather than its being the idea of "competing" with the other agents we usually turn over our captured prospects to other agents to handle and with our assistance if necessary (but not for a fee commision split or referral fee)
4. In our print advertising there is no distinction as to who is the listing agent. We pay for all of the advertising and even though the brokers/owners have the majority of the listings we want the agents to have an equal playing field for all call-ins
5. There will always be "fun days" in real estate if you are focusing on the profession and not how much money you have-the money follows the work
I definitely don't have all of the answers to any of these complicated questions posted on here, but I do have opinions that I offer freely for what you think they are worth. If you think they are junk, then read on. It won't hurt my feelings-I got over myself a long time ago!
Those "fun day" are soon to be over in the business, even in NC. Enjoy it while it lasts, every penny of it! Things have a tendency to change quite
fast in this business, sometimes when you would least expect it!
Oh socrates...you may want to hop over to the Florida rooms to spread your gloom and doom. Raleigh just never had those inflated appreciation rates of 10% per MONTH!
We have a nice slow and steady 6% appreciation each year.
Yes, the builders overbuilt. And so what if we just remain level this year? I've always told my buyers that buying and selling within a year or two is NOT going to make you money.
What you seem to forget is that most buyers are buying a HOME, not an investment.
My two clients that bought last week, bought HOMES. They needed places to live and raise their families.
I sold houses in the early '90s when interest rates were 12% to 14% and I'll sell them next year too.
You don't know ME. But I feel sorry for YOU. Take the risk. Buy a HOME. Try to be happy.
We might have anything from one to two a week duty times. The day is split in two so first time is from mornig till around 12:30 and the rest of the day is the second duty person. We get whoever calls as a potential unless it is for a 100% broker then all those calls go to that broker. If a caller requests antoher broker or mantions the listing with the brokers' name then that call goes to that broker.
In our office, floor duty is offered 2X year, it is expected all new agents will work floor, only the top agents can reject.
Technically, isn't it illegal to FORCE any agent to work floor duty, since real estate agents ARE NOT employed by the broker, and the agents are a commissioned based employee?
It is illegal in all 50 states to work (or to be forced to work) by any company or individual without proper compensation or payment for the time that is worked.
As an independent agent, who is self employed, and a commission based contractor, by law, no broker can mandate nor require any agent that is not on their payroll as an hourly or salary based employee to forcibly work for free and without proper compensation.
On another note: I agree with the fact that all agents must do what they need to do to try and get prospects, since their income is commissioned based, and many times, agents will do many things that take up their time and that they do not see the payoff until they sell a listing....... but it is illegal to force any agent to work floor duty for free.
Technically, isn't it illegal to FORCE any agent to work floor duty, since real estate agents ARE NOT employed by the broker, and the agents are a commissioned based employee?
It is illegal in all 50 states to work (or to be forced to work) by any company or individual without proper compensation or payment for the time that is worked.
As an independent agent, who is self employed, and a commission based contractor, by law, no broker can mandate nor require any agent that is not on their payroll as an hourly or salary based employee to forcibly work for free and without proper compensation.
On another note: I agree with the fact that all agents must do what they need to do to try and get prospects, since their income is commissioned based, and many times, agents will do many things that take up their time and that they do not see the payoff until they sell a listing....... but it is illegal to force any agent to work floor duty for free.
Dave
More accurately, most real estate agents are "Statutory Non-Employees" and are not treated as employees for federal tax purposes: "There are three categories of statutory nonemployees: direct sellers, licensed real estate agents, and certain companion sitters. Direct sellers and licensed real estate agents are treated as self-employed for all federal tax purposes, including income and employment taxes, if:
Substantially all payments for their services as direct sellers or real estate agents are directly related to sales or other output, rather than to the number of hours worked, and
Their services are performed under a written contract providing that they will not be treated as employees for federal tax purposes."
Functioning as a Statutory Non-Employee gives the brokerage more control over the agents' activities, as it should since the agent is working under the license of a firm employee.
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