- 1,473
Allstate is a great company. But for you I would not bother with it. You need a lot of capital and from what I read you seem not to have what they will require of you.
Becoming an AllState Agent, Should I Do It?
- Thread starter newkidontheblk
- Start date
- 241
As Sales71 said, they will require you to have capital. During your processing they will check your bank account you will have to show anywhere from $25K to $50K on hand.
I recently sold my BOB after 28 years and I have no ax to grind. But I started during different times, always had good numbers and was fortunate to get top dollar when I sold.
Starting today you must be devoted to build you book no matter what financial burden it takes. You don't seem to have the funds to be able to invest in building a business after the initial purchase money. So be careful you don't over leverage yourself.
As far as what you should pay for your 1.1 million book...that depends a lot on demographics. you can expect to pay anywhere from 1.5x to 3x. Try to get the seller to hold a personal note if you have a decent down payment, otherwise, if your credit is good you might be able to get Allstate Bank to get you a 10 or 15 year loan at about 8%.
You will get excellent training at Allstate. But it is not for everyone. You will have to give them what they require every year or you may be subject to possible harrassment and threats if you fail to do so.
Also, you will be required to get your Series 6/63 license within 2 years. If you fail to pass the test during the time...you are out. Keep this in mind.
Feel free to PM me and if I can help you I will do my best to give you some advice. You may want to speak with some Allstate agents that have anywhere from 3-5 years with the company. This may also help you make an informed decision.
Good luck!
I recently sold my BOB after 28 years and I have no ax to grind. But I started during different times, always had good numbers and was fortunate to get top dollar when I sold.
Starting today you must be devoted to build you book no matter what financial burden it takes. You don't seem to have the funds to be able to invest in building a business after the initial purchase money. So be careful you don't over leverage yourself.
As far as what you should pay for your 1.1 million book...that depends a lot on demographics. you can expect to pay anywhere from 1.5x to 3x. Try to get the seller to hold a personal note if you have a decent down payment, otherwise, if your credit is good you might be able to get Allstate Bank to get you a 10 or 15 year loan at about 8%.
You will get excellent training at Allstate. But it is not for everyone. You will have to give them what they require every year or you may be subject to possible harrassment and threats if you fail to do so.
Also, you will be required to get your Series 6/63 license within 2 years. If you fail to pass the test during the time...you are out. Keep this in mind.
Feel free to PM me and if I can help you I will do my best to give you some advice. You may want to speak with some Allstate agents that have anywhere from 3-5 years with the company. This may also help you make an informed decision.
Good luck!
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