What's in My Best Interest? Guidance Please

BB16

Expert
45
To keep it short and sweet, I want to know whats required to open an independent agency. Ive read a million posts of people saying that the overhead is expensive and most people wont make it. My situation is a little different then most.

We own a mortgage company and real estate agency and deal with around 400 clients a year. I have a pipeline of 5,000+ clients that have been through us. I wil NOT have to buy leads or worry about that due to the position we hold in our community. I already have the office space as well.

Will i need to be a sub agent for a company for a few years before I can open up my own independent agency? Or is it something that I can just open up. I feel like I'm throwing away valuable business each time we refer our clients out to an insurance agent. Also, what other overhead would I have? Please, any input helps. Thanks all!
 
Re: What's in My Best Interest? Guidence Please

To keep it short and sweet, I want to know whats required to open an independent agency. Ive read a million posts of people saying that the overhead is expensive and most people wont make it. My situation is a little different then most.

We own a mortgage company and real estate agency and deal with around 400 clients a year. I have a pipeline of 5,000+ clients that have been through us. I wil NOT have to buy leads or worry about that due to the position we hold in our community. I already have the office space as well.

Will i need to be a sub agent for a company for a few years before I can open up my own independent agency? Or is it something that I can just open up. I feel like I'm throwing away valuable business each time we refer our clients out to an insurance agent. Also, what other overhead would I have? Please, any input helps. Thanks all!

It won't be much added expense for you at all. You just pay licensing fees.

The hard part will be hiring someone who knows what they are doing unless you have a lot of experience and knowledge with insurance.
 
Re: What's in My Best Interest? Guidence Please

It won't be much added expense for you at all. You just pay licensing fees.

The hard part will be hiring someone who knows what they are doing unless you have a lot of experience and knowledge with insurance.

Thanks for the response. What do you mean by hiring someone who knwos what they are doing? As far as hiring sub agents, or receptionists, or what?

And at the moment I dont have a whole lot of experience with insurance, but I do know what it takes to successfully run a business.

Is there any time frame you have to be licensed before opening my own indy agency? For example, I had to work real estate for 3 years under someone else before I could become a broker myself.
 
Re: What's in My Best Interest? Guidence Please

That's what he's talking about . Hiring someone that has knowledge about Ins.

What would I hire him for? I don't really see myself hiring someone to tell me how to run my company if that's what you're saying? I'm confused about that. I do have some VERY close family friends who own agencies that are more then willing to help me. Infact, one family friend is about 70 years old and offered me a job as a subagent out of his office with a 50/50 split, and a possibility to take it over within a few years im sure. But I'm a business man and due to the great set up I have to draw clientele from, I'd rather make 100%. ;)
 
Re: What's in My Best Interest? Guidence Please

You keep asking questions and you keep gettings answers you dont want to hear.

You are INEXPERIENCED and have no one to teach you.

You will do all of your insurance clients a dis-service since you are clueless about insurance.

You wouldnt be able to get any Preferred carriers and if you did, you couldnt meet the "minimum monthly requirements" they want.

You should take the offer to work under the family friend, he probally has all the contracts with the preferred carriers and he will teach you what you need to know.

from the last line in that post of yours, you are an egomaniac who cant work under someone or let someone tell you what to do.

that right there, is a recipe for failure.

I say stick to what you (hopefully) do well and that appears to be mortgages.

P&C insurance is too involved to do part time.

nuff said:no:
 
Last edited by a moderator:
Re: What's in My Best Interest? Guidence Please

Red Blooded American may be harsh but he is correct in his assessment. I have had a life and health license for over 10 years, and just recently got licensed for personal lines insurance. I would never dream of trying to cross-sell my clients without the help of an experienced employee. It is a different animal, even from other lines of insurance. You need the help. That being said, not sure if I would work for you unless you pay well because you sound a little arrogant. Maybe you need to see what happens when you write a policy and start looking into what it takes. It isn't rocket science, but you do need to know what you are doing. And I am referring to personal lines, not commercial. That is a whole different level than personal. Be careful or you may leave someone with a gaping hole in their coverage and you don't want that, especially if you already have a biz relationship with them. Make sure you have good E&O btw.
 
Re: What's in My Best Interest? Guidence Please

OK I just walked in your office. I have an AARP $20,000 policy and my premium just went up to $49 monthly.
Can you beat that?
Do you know what questions to even ask?
 
Re: What's in My Best Interest? Guidence Please

LOL :D You think?

HA HA, my point was he's gonna probably have to use it! Oh, and also, we have thousands of ins clients, but I would have no intention of soliciting them for mortgages or real estate, even if I got licensed with both of those tomorrow, unless I had a really experienced person in my office that I paid well to help me do it. Maybe not even then.
 
Last edited:

Latest posts

Back
Top