Approaching Mortgage Broker & Realtors for Referrals

[Gooner]

There's where you are wrong. I mostly do Life, Disability, and Cancer/Critical Illness Coverage, with Disability coming in a distant 5th.

The reason I do well with Financial Planners is I am not Securities Licensed.

They don't like UW products, and I am not Securities Licensed. I am the "Life" guy, or the "LTC" guy. I am not in competition with them.

Makes since. Thus...why I asked.

 

[emmjer]

Well I tried an experiment today. I went to realtor.com, and made a list of 100 Realtor in my area. To try and make sure I have active agents, I decided to pick the ones that a least put a picture up, as well as gotten certain certification.

Here is my result.

18 ( gave me their email to send more information)
28 Not interested
1 call back
6 phone not working
47 No answer.

Even though many have already stated that they did not get referrals, I wonder if I continue to do this over the whole state, would I see any result. What is your though?

 

[djs]

My experience is it won't be worth your time. Of course, some agents do this successfully, so go after it and give it a try.

What you are up against though is most realtors to get a deal done have to convince a family it is worth the extra $$$$ every month on a new mortgage compared to what they are paying now. This is not easy.

They tend not to want to add to a families expenses until after the deal is done. Then most want to take a break and move on to the next deal.

Now, if you could find a realtor who would pay the first years premium of a term policy for a family when they bought a house, as a thank you gift, you might be able to make something out of it. Your lapse ratio will be high at month 13 though. Also, this might not be legal in all states, or even any states, but its a great idea.

Dan

 

[emmjer]

Honestly, what I am striving for, is to give out the information so they can put it in their care package. Just trying to get some activity going.

If you can give me any other idea, on how get in contact and approach new homeowners, I am open to suggestions. However this the market I have an interested in.

The only two other method I know of is, Direct mail, which is a huge up front expense, and cold calling data lead, which I did last month, calling multiple time with no success. I think part of the reason, because the phone data, was extremely dated. Few people that I called, told me the owner been dead for years.

 

[lgreen]

Honestly, what I am striving for, is to give out the information so they can put it in their care package. Just trying to get some activity going.

If you can give me any other idea, on how get in contact and approach new homeowners, I am open to suggestions. However this the market I have an interested in.

The only two other method I know of is, Direct mail, which is a huge up front expense, and cold calling data lead, which I did last month, calling multiple time with no success. I think part of the reason, because the phone data, was extremely dated. Few people that I called, told me the owner been dead for years.

I happen to have a brokers license also and have you thought of getting one of your realtors to give you the list of homes that have sold on a daily basis. Our local MLS has a daily report of all homes that have closed on a daily basis. Would probably give you a head start on contacting them over your competition. Just a thought.

 

[Guest]

What is the best approach to go after Mortgage Brokers and Realtor for life insurance referrals? I understand know some insurance agents on the Property & Casualty side might have there own method.

I do a lot with realtors and mortgage brokers and have never had one refer someone for life insurance. I cross-sell the life as I sell the home insurance. I also have sold the broker/ realtor life insurance. Don't forget that after the client buys a house, they get flooded w/ mortgage protection offers for months in the mail.

The only reason we get referrals is because home insurance is required for the closing. I feel like there is lower hanging fruit out there for a life guy.

I recently met with a Transamerica mgr. and he showed me their FE lead program. It would take too much time away from my P&C, however, it looked like a great way to jump a life salesman's carrier.... Just a thought.

 

[Thomas NW]

I recently met with a Transamerica mgr. and he showed me their FE lead program. It would take too much time away from my P&C, however, it looked like a great way to jump a life salesman's carrier.... Just a thought.

What was their lead program? Is that something anybody outside of Transamerica could use?

 

[Guest]

What was their lead program? Is that something anybody outside of Transamerica could use?

Basically they front your mailers and you pay them back. If you don't "barrow" from them, the commission and renewals are much better. It also sounded like a lot of cold door knocking from those leads.

 

[Thomas NW]

I see, thanks! That might be a good way to start, if you don't have your own funds for marketing.