Producers: What Does It Take to Make 50k Plus Your First Year?

[bonsaikc]

I'm kind of done in the automobile business having done it for 20 years and seeing so much crap I just don't want to deal with the hours any more. Can anyone who has done it tell me what it takes to make that $50k the first year as a new agent?

I'd love to know the top two or three things needed to get the job done (stipulating the never give up, positive attitude things--I'm talking nuts and bolts.) I would appreciate any help anyone would share.

 

[JimmyUt]

I'm kind of done in the automobile business having done it for 20 years and seeing so much crap I just don't want to deal with the hours any more. Can anyone who has done it tell me what it takes to make that $50k the first year as a new agent?

I'd love to know the top two or three things needed to get the job done (stipulating the never give up, positive attitude things--I'm talking nuts and bolts.) I would appreciate any help anyone would share.

What lines of insurance are you considering selling. Knowing that will help with the advice you get.

 

[somarco]

You need money in the bank.

Agents fail for two reasons.

They aren't willing to work.

They don't have enough in reserve to get things moving along. You should be able to support yourself for at least 6 months without spending any commissions on living expenses if you really expect to make it.

 

[Cornelius]

Before you leave your current job get licensed and consider starting out part-time. That's if your looking on the life side.

 

[bonsaikc]

Before you leave your current job get licensed and consider starting out part-time. That's if your looking on the life side.

Looking at home/auto to start.
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You need money in the bank.

Agents fail for two reasons.

They aren't willing to work.

They don't have enough in reserve to get things moving along. You should be able to support yourself for at least 6 months without spending any commissions on living expenses if you really expect to make it.

Define "willing to work." I read another thread that said working hard was about six hours a day. Seems pretty light to me...However reserves are a real problem.

 

[somarco]

Let me define willing to work in this way.

I have been in this industry since 1975 and have never worked a 40 hour week. Not unusual to work 50, 60 or 70 hours even now.

I work 6 days a week in good years and bad, and always have.

If reserves are a problem you may not make it.

 

[Josh]

Define "willing to work." I read another thread that said working hard was about six hours a day. Seems pretty light to me...However reserves are a real problem.

To make money it's much more than six hours a day, especially to start.

If the reserves are a real problem, this probably isn't a good time for you to hop on.

To look at this another way, very, very, very few agents make more than $40k their first year.

 

[5starfinancialhealth]

There's a reason some people in this industry are successful and there is a reason others aren't, simply what it boils down to is what you put in it. I made 50k my first year, I also worked 12 hours a day, 65 hours a week. work 9-5 make 9-5 money. I recommend working for a local brokerage(i hate that word) if there is any in your area. Its not horrifically hard to make 1k a week if your dedicated.

 

[shepnerd]

I made $50k in a call center my first year selling indy health. Acutally started way higher than that and was way lower than that when I left that hellhole last year.

You might want to look at working for someone to learn a few things and have something resembling steady income when you start. You shouldn't quit your job with no experience, no marketing budget and no cash reserves. That's ripe for disaster. (Ask me how I know this) Get licensed and find someone to teach you the ropes before starting indy. You can do some things part time, and should- there is more to this stuff than most people think.

What kind of insurance are you looking at? Pretty easy to hit $50k if you are selling annuities and have rich relatives that like you, almost impossible if you are selling indy health and your warm market is 22 year olds just getting started in life.

 

[CaptiveGuy]

With minimal marketing and overhead, if you produce $400k - $500k in personal lines premium (based on 15% commission) you can take home $50k.

I don't know if it's realistic for someone with no experience to do it but anything is possible with the right marketing plan. Most first year p&c agents are lucky to sell $250k in premium.