Referal Network

[jahyatt]

To all that respond, thanks in advance for the advice, in the past it has proved very helpfull.

I am a new agency. I am trying to focus primarily on Comm. P &C however, want to also do some home and life policies. Maybee use selling home as a segway to sell life, auto, etc.

I have done direct mailing, internet, telemarketing, and am trying to develop a referal network.

I have given a lot of thought to going to bank reps. / morgage brokers/ real estate agents with maybee a small gift, in the $10-$20 range and just giving them my card so they can possibly recommend me to home buyers as a way to get referalls. Or maybee again a small gift for the reps. at apartment complexes to recomend me for renters.

Has anyone tried something along this line? Had any success? Failure? Waste of Money?

 

[djs]

You'll need followup, a true referral management system. Stopping by with a small gift every once in a while won't get you much. Explaining to realtors/mortgage brokers how you can help them is the winning formula.

Skip bank reps, I don't know anyone who does this successfully. If you have an 'in' at a bank, you can do okay, but usually they have their own insurance centers now.

Apartment complexes for renters policies tend to be a waste of time unless you have a strong cross-sell system. I only say this because how much do you make on a renters policy? $20? How much of your time are you willing to spend to make this?

Dan

 

[jahyatt]

"Explaining to realtors/mortgage brokers how you can help them is the winning formula"

Can you expound on what you mean by this some? Do you mean refering people/business back to them?

Thanks again,

Justin

 

[djs]

Well, I don't have a magic bullet here, but you have to gain their attention. These are not recommendations, just thoughts and options:

- Pay them for referrals. Everyone loves cash. You'll go broke and have to watch rebating rules.
- Do some co-marketing with them. You'll have to find a win-win strategy here.
- Offer to help them out with open houses. Heck, a good open house could provide you with a few prospects as well.
......

The sky is the limit, you have to decide what you are willing to do and if it is worthwhile. Take a couple of realtors to lunch and brainstorm with them. Be open about cost constraints for yourself. They may be open to how you can help them.

Dan