pisby
New Member
Hey guys! It’s good to be networked with so many experienced people. I’ve made the decision to move to P&C and open my own independent agency. I’ve been searching for the best directions to go, and isn’t it the truth, that what you don’t know is what hurts you the most?
I’ve been in mortgages for 12 years and loved it. The last 2 years my income has been cut substantially even though rates are phenomenal. The business has gotten so restrictive that I find myself telling 4 out of 5 guys no! Unacceptable
I’ve made the decision to go independent based on conversations with local Allstate agents, and the % of clients they refer out based on lack of product. I want to go into P&C mainly because of the residual income part, and I’m not a believer in the whole life products being the best rout for customers. (I kick myself for not getting into insurance instead of mortgages 10 years ago).
Any help in the following areas would really be appreciated
1- Am I foolish to think that I can get appointed with carriers and run a successful agency with zero insurance experience? I have years of professional mortgage experience in addition to a furnished office thanks to my loan company. I plan on telemarketing for new business in addition to marketing to a good book of mortgage clients that I have a relationship with. I have an automated dialer, and am not afraid in the least of the phone. Do all appointments insist on cross selling? How many should I get appointed with?
2- From the agents that I’ve talked to that work at agencies, the average commission split is like 50%!!!. I don’t see how I could make a living in the first 2 years with a split like that. Not to mention the agents seem at the mercy of their employer, and have no control if they decide to leave. It almost seems like a bondage situation.
3- I thought about trying to find an established agency with appointments in place that would let me pay them a small % of my earned premiums (like 20%)and maintain my own space etc, they would still need to mentor a bit and show the tricks of the trade. None have seemed too thrilled about that. The way I see it is it’s like free money to them so I don’t quite understand why they don’t show more interest. Maybe the insurance business is more owner control and less agent control ( the mortgage business is exactly the opposite loan officers usually pay a small % but are responsible for everything)
Please let me know what your thoughts are, I’d really appreciate advise, feedback etc.
Thanks,
Kevin Mansouri
SLC UT
I’ve been in mortgages for 12 years and loved it. The last 2 years my income has been cut substantially even though rates are phenomenal. The business has gotten so restrictive that I find myself telling 4 out of 5 guys no! Unacceptable
I’ve made the decision to go independent based on conversations with local Allstate agents, and the % of clients they refer out based on lack of product. I want to go into P&C mainly because of the residual income part, and I’m not a believer in the whole life products being the best rout for customers. (I kick myself for not getting into insurance instead of mortgages 10 years ago).
Any help in the following areas would really be appreciated
1- Am I foolish to think that I can get appointed with carriers and run a successful agency with zero insurance experience? I have years of professional mortgage experience in addition to a furnished office thanks to my loan company. I plan on telemarketing for new business in addition to marketing to a good book of mortgage clients that I have a relationship with. I have an automated dialer, and am not afraid in the least of the phone. Do all appointments insist on cross selling? How many should I get appointed with?
2- From the agents that I’ve talked to that work at agencies, the average commission split is like 50%!!!. I don’t see how I could make a living in the first 2 years with a split like that. Not to mention the agents seem at the mercy of their employer, and have no control if they decide to leave. It almost seems like a bondage situation.
3- I thought about trying to find an established agency with appointments in place that would let me pay them a small % of my earned premiums (like 20%)and maintain my own space etc, they would still need to mentor a bit and show the tricks of the trade. None have seemed too thrilled about that. The way I see it is it’s like free money to them so I don’t quite understand why they don’t show more interest. Maybe the insurance business is more owner control and less agent control ( the mortgage business is exactly the opposite loan officers usually pay a small % but are responsible for everything)
Please let me know what your thoughts are, I’d really appreciate advise, feedback etc.
Thanks,
Kevin Mansouri
SLC UT
