I Can See the Potential...

[RonSmith1984]

Hey Folks,

Been poking my head around for the past few days reading every article on here I can find in regards to FE.

Currently I am not in the ins. business, but can see the good earning potential behind selling FE.

I have kicked around the idea of a career change and this appears as tho it has the potential to keep me in the same earning bracket I am in now, but with the ability to be home more often than I currently am. (sleep in my own bed MAYBE 8 nights out of a month if im lucky)

It looks as tho there are a lot of options for a newcomer with different FMO/IMO that offer training, support, leads ect, so thats a plus.

what I gather by the numbers I have seen kicked around that if one wants to make $3k per wk, they would need to close approx 5 leads which should be attainable on a 20 lead week...is it realistic to think that should one want to double that, and earn $6k per wk is it do-able? meaning is it realistic to think an IMO/FMO could consistently provide the amount of leads per wk (lets say 40?) that it would take to reach that? and If an agent were to hire someone to set his appointments, based on your experience, could an agent sit with 5 prospects per day 5 days a week?

I ask cause I am considering a career change. Im the type that if im in, then im ALL in, I would go stir crazy sitting at home while I could be out sitting with clients and closing deals. I would want to see clients 5-6 days a week and keep turning more and more....Im not the type to think that if I have a good day and make $3k then I made my money for the week and now I can relax....I want to make as much as I can as often as I can.

also, once set up with a leads company, how long does it generally take before its "figured out" and the desired amount of leads are steady and constant?

all input is appreciated as I consider my options in making a career change, or develop a back up plan should something go south with the one Im in.
Thanks and take care.

 

[Newby]

If you do it as an independent, you are the one figuring out your lead flow. You just need to over mail at first and see how many leads you can handle per week.

FMOs generally don't do much for you other than give you the initial contract.

If you go through a marketing group such as Equita or Securis, they will assist with much more and that is probably where you read about figuring out an area's lead returns.

 

[Rearden]

Ron,

It takes around 4-6 weeks for the IMO to get lead flow consistent to your liking, while also getting a feel for return rates.

Getting 40 leads per week, consistently, will be tough. You'll have to work a much larger territory. But that sounds like something you're not worried about doing.

You'll also need to door-knock unworked leads in between appointments and no-shows.

This is a simple business which really centers around getting out there and "seeing the people."

Also, feel free to check out my EFES thread. I've been in the business for 6 months now. I think it's a good primer on what to expect.


-Dave

 

[BenS]

In theory you could be out in the field 5 days a week, but aside from setting appointments, you would need somebody to take care of your admin work as well. There is all the faxing/scanning, plus staying on top of your business. A lot of times the carrier might require more info from you, etc.

I suppose if you have a significant other at home, that could really help with that type of thing.

 

[Todd King]

Ron,

There are several ways to get leads. Mailers, Telemarketed leads, and cold-calling yourself (with a dialer).

With that being said, I do have the ability to set you up with one or all of the above techniques along with the contracts. I do offer higher contracts than most, but there may be one factor that you need that I don't offer as a direct service; hands-on training.

If you go with a company that offers you a lower contract in exchange for a "discount" on your leads, you going to find it harder to make that 3K that you're looking for. If you get the higher contract and about the same discount on the leads you'll be better off and be more likely to reach your goals.

 

[jdeasy]

Hey Folks,

Been poking my head around for the past few days reading every article on here I can find in regards to FE.

Currently I am not in the ins. business, but can see the good earning potential behind selling FE.

I have kicked around the idea of a career change and this appears as tho it has the potential to keep me in the same earning bracket I am in now, but with the ability to be home more often than I currently am. (sleep in my own bed MAYBE 8 nights out of a month if im lucky)

It looks as tho there are a lot of options for a newcomer with different FMO/IMO that offer training, support, leads ect, so thats a plus.

what I gather by the numbers I have seen kicked around that if one wants to make $3k per wk, they would need to close approx 5 leads which should be attainable on a 20 lead week...is it realistic to think that should one want to double that, and earn $6k per wk is it do-able? meaning is it realistic to think an IMO/FMO could consistently provide the amount of leads per wk (lets say 40?) that it would take to reach that? and If an agent were to hire someone to set his appointments, based on your experience, could an agent sit with 5 prospects per day 5 days a week?

I ask cause I am considering a career change. Im the type that if im in, then im ALL in, I would go stir crazy sitting at home while I could be out sitting with clients and closing deals. I would want to see clients 5-6 days a week and keep turning more and more....Im not the type to think that if I have a good day and make $3k then I made my money for the week and now I can relax....I want to make as much as I can as often as I can.

also, once set up with a leads company, how long does it generally take before its "figured out" and the desired amount of leads are steady and constant?

all input is appreciated as I consider my options in making a career change, or develop a back up plan should something go south with the one Im in.
Thanks and take care.

You are going about this from the wrong direction. Just getting 20 leads will not get you five applications. It probably won't get you any applications if you don't know how to do the business.

You need to first know how many applications you need to get to the income you want to make. You seem to have done that part. Then you need to find out how many leads you need to get that many applications. Then you find a way to get that many leads.

You need training. You need support. Neither of those are free. How much are you willing to pay for training and support?

There are very few FMO/IMO's out there that offer new agent training, support and leads. In fact, I don't know of any. There are some that claim to do all those things, but you will find that those are empty promises.

You might want to look at a captive situation to learn the business. If you can find a mentor that has already paid the mistake equity and is willing to teach you, that information is priceless.

 

[RonSmith1984]

You are going about this from the wrong direction. Just getting 20 leads will not get you five applications. It probably won't get you any applications if you don't know how to do the business.

You need to first know how many applications you need to get to the income you want to make. You seem to have done that part. Then you need to find out how many leads you need to get that many applications. Then you find a way to get that many leads.

You need training. You need support. Neither of those are free. How much are you willing to pay for training and support?

There are very few FMO/IMO's out there that offer new agent training, support and leads. In fact, I don't know of any. There are some that claim to do all those things, but you will find that those are empty promises.

You might want to look at a captive situation to learn the business. If you can find a mentor that has already paid the mistake equity and is willing to teach you, that information is priceless.

Thanks for the feedback. I understand that I will need to figure out the number of leads needed in order to get the number of applications ect.. The general numbers I mentioned were just numbers that others seem to be producing. Just a generic example.

I know I mentioned there are options with IMO/FMO that offer training, leads support ect. But I apologize I had meant marketing groups not an FMO/IMO... I have zero experience in the Insurance industry but trying to learn.

TRK, $3k a week is not what im looking to make out of this. I want to be at least in the 4-5k weekly range...I know its not easy, but im willing to work my ass off to do what it takes to make it, (if i decide to make the change)

I appreciate everyones feedback and guidance on the forum,

 

[slushpuppyking]

Ron,

There are several ways to get leads. Mailers, Telemarketed leads, and cold-calling yourself (with a dialer).

With that being said, I do have the ability to set you up with one or all of the above techniques along with the contracts. I do offer higher contracts than most, but there may be one factor that you need that I don't offer as a direct service; hands-on training.

If you go with a company that offers you a lower contract in exchange for a "discount" on your leads, you going to find it harder to make that 3K that you're looking for. If you get the higher contract and about the same discount on the leads you'll be better off and be more likely to reach your goals.

Any advice on getting good training if you aren't going captive?

 

[Frank Stastny]

Thanks for the feedback. I understand that I will need to figure out the number of leads needed in order to get the number of applications ect.. The general numbers I mentioned were just numbers that others seem to be producing. Just a generic example.

I know I mentioned there are options with IMO/FMO that offer training, leads support ect. But I apologize I had meant marketing groups not an FMO/IMO... I have zero experience in the Insurance industry but trying to learn.

TRK, $3k a week is not what im looking to make out of this. I want to be at least in the 4-5k weekly range...I know its not easy, but im willing to work my ass off to do what it takes to make it, (if i decide to make the change)

I appreciate everyones feedback and guidance on the forum,

The one thing you may have forgotten to factor in is persistency.

A quarter million a year is a lofty goal especially for a new agent when taking first year cancellations into consideration. Depending on your percent of commission, you may have write an average ten to twelve apps per week that are issued at an average premium of $600 per year. I would think your lead costs would be substantial. JD will be your best source for info like that.

Not everyone who takes a policy with you is going to keep it for the full twelve months.

 

[nfl72]

The only way a new agent in this business is going to make 5K a week is to go to work at NAA. If you don't believe me, just ask them!