Re: Agency Splits - Condidering Opening Agency
Go to Top
Interesting.
I'm amazed that a local producer won't get you what you need in a timely fashion. In my area (the Western United States, but more specifically, California), agencies will do whatever it takes to keep title companies happy. Heck, if there is enough business, I would even have someone in your office to make sure it happens.
This leads me to wonder if maybe the breakdown is somewhere else. Closings don't happen overnight. I prefer to work with the mortgage broker, since you can get everything in place before the 11th hour, and things go much smoother. I do occassionally work directly with the title company though, and can still usually meet any reasonable requirements they have.
To be done right, it takes about 4 hours to bind homeowners coverage. Are you seeing delays beyond this? Is it a rural area (usually takes longer)? Most companies require the agent physically see the house prior to issuing a binder. Some agents will work with the appraisal, some won't. Some agents know neighborhoods pretty well, and know what houses in their area are uninsurable, some neighborhoods are to big, and pictures are needed.
Since you didn't articulate why the local agents aren't meeting your needs, it's hard to give much advice on this. I'd just be leary that if you've tried several, and they still aren't meeting your needs, maybe you're needs are a bit unrealistic. Perhaps not, but since most agents would love to write this type of business, something just doesn't seem right.
That said, if you have a producer that works directly for you, sometimes you provide a salary and a small commission, or a larger commission and no salary. It's somewhat rare that a producer working for you would pay you directly, outside of a cut on the commissions. You also have to work out terms on renewals and who owns the book of business. There are no real standards.
Or perhaps you are talking about splits between the agent and the title company / mortgage broker. If so, this is actually more rare than most people realize. There simply isn't much money to split, and it's hard for an agent to pay their bills with everyone elses hands in their pockets. There are agents that will pay for the referrals, but for some reason in my experience, they tend not to be the better agents. They buy the business, rather than earn the business.
Dan
|
Linear Mode
