I've been hitting hard with cold calling and have mastered that well enough to have built a $1MM book just on that. However Its not enough to drive my book and income up fast enough and I would like some ideas. People talk about meeting mortgage brokers and realtors but how do you get them to remember to call you? What is your secret sauce? Do any of you place advertising as passive activities? If so where and how is that working out? I don't bother with car dealerships because It's hit or miss with that. I want clients with assets who have better potential for package polices. I visited home builders repeatedly but never got a call. Open to ideas. Thanks.
Beyond the Call
- Thread starter GXR2
- Start date
I have a huge network of realtors and mortgage brokers. I provide a "sample" home quote for each of the realtors listings. They pass them on to the buyer. I write a ton of these! The realtors love them! Mortgage brokers call all the time. They have to get premiums down to be able to fit their clients into a mortgage. I jump right on these and the brokers love the speedy response. From there I cross sell all the other lines to the clients.
Mortgage brokers are the key from my short experience. I really like this idea. I have mortgage brokers and real estate agents that work with me exclusively. I'm wondering if you've used this concept to reach out and make new connections. Have you just looked at the MLS listings and sent quotes to agents that you never worked with before?
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You need to be an IA to capture this market. Otherwise, you won't capture/maintain it w/ just 1 company.
- Thread starter
- #6
HCCIA...
I'm an IA... Many factors influence rate like insured's age, gender, insurance based credit score. etc ..
Few questions ...
When doing the blind quotes for realtor and broker listings that yet to have a buyer, who do you use as the named insured?
Do you complete a full replacement cost estimator on each property (more accurate) or just a quick quote?
Do you provide a full quote with coverage limits to the brokers or just the price?
I'm an IA... Many factors influence rate like insured's age, gender, insurance based credit score. etc ..
Few questions ...
When doing the blind quotes for realtor and broker listings that yet to have a buyer, who do you use as the named insured?
Do you complete a full replacement cost estimator on each property (more accurate) or just a quick quote?
Do you provide a full quote with coverage limits to the brokers or just the price?
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Well it's a good that I'm actually listening to your advice and shedding my chains of captivity.
Yes age and credit will affect price, but I just shoot out an estimate that is fairly accurate. Sometimes more credits can apply like alarms etc. sometimes they simply won't qualify due to credit. But once they are in the door, my competitors will be more most often.
I do a quick RC estimate. I use 123 Main St. Sample Quote as named insd. I quote out the full limits ABCDEF. Deductible. RC dwell/conts. And the estimated premium.
I put a disclaimer in. You may be eligible for more credits and discounts etc or you may not be eligible for all credits.
I even go on google earth street view and put a color pic of the house on our quote. Makes it look professional.
I can generally do this all within 10-15 mins each. It is WELL worth the effort!
- Thread starter
- #9
That is a great idea. However I think our agency managers may have a problem with us doing that. They might feel it is an improper quote without a real person, a real age, a real credit score, etc. It could become an ethics issue that I'm offering a false low rate to garner business, like bait and switch. If they wanted to make an issue out of it, it could be grounds for reprimand or getting fired. 
My other concern would be .. What happens when the property has a buyer and they call you and now you put in the real buyers name, age, insurance score, etc., and the rate jumps higher than your "blind" quote to the broker? Don't you now have a home owner and broker disappointed at the higher rate?
You might overcome this ethics concern by putting a disclaimer in the quote that reads:
"Home insurance for this property AS LOW AS $______ Per year. Rates subject to individual qualifying factors and will vary. Contact me for your exact quote".
Help me out here. I like the idea, and would like to use it, but I want to do so without operating unethically.
My other concern would be .. What happens when the property has a buyer and they call you and now you put in the real buyers name, age, insurance score, etc., and the rate jumps higher than your "blind" quote to the broker? Don't you now have a home owner and broker disappointed at the higher rate?
You might overcome this ethics concern by putting a disclaimer in the quote that reads:
"Home insurance for this property AS LOW AS $______ Per year. Rates subject to individual qualifying factors and will vary. Contact me for your exact quote".
Help me out here. I like the idea, and would like to use it, but I want to do so without operating unethically.
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I am going to steal your idea about the realtors.
And also, "Mortgage brokers call all the time," how did you connect with them from the get-go? And what did you "promise" or how did you "entice" them to have them be your guy?
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