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I do a bit of posting on Insurance Forums. The most common private message I get from people over and over has to do with this question "how did you create relationships with mortgage brokers?"
Back round is that I worked for State Farm for 4 years doing everything from car insurance, bank loans, mortgages, IRA rollovers, Life insurance, etc...
Prior to State Farm I dabbled in merchant services and for about 2 months finding loans for a mortgage broker.
After 4 years at SF it was time to jump and fly solo. So I planned and planned and planned then quite my job. Started an independent agency from home with a stay at home wife, a baby girl, and 0 clients. I found myself buying leads that sucked, knocking on doors in up scale neighborhoods because that was the clientele I wanted, and trying to get SF agents to send me their left overs. Never the less it was hard work. One day I had just taken a prospect to lunch which I paid for but could not afford. I came back out to my car and an Edward Jones agent had put a flyer on my car. I called him to see if he would refer people to me. He asked if I was interested in coming to an informal networking group once per week. I agreed and showed up. At the group was a mortgage broker. I got to know him and got to understand what he needed and his thought processes. Soon enough he was sending me everyone of his clients to at least get a quote. My closing ratio was like 85% on those referrals. I quickly re-equipped myself and began meeting with mortgage brokers for coffee 2-3 times per week until I had about 5 or 6 sending me business on a regular basis. This kept me busy writing great rounded accounts. I was doing home, auto, and life insurance for most of these people.
Soon I hired someone (also working from my home) and taught him the same way to get referrals. Instant success and he had 5 - 6 brokers sending him business on a regular basis within a month or so. Very quickly we were quoting 6 house holds per day and writing 2 as an agency. Within 2 years we had written 1.5 million in premium between the both of us.
I now have myself, full time sales agent, account exec, CSR, full time Life agent, full time health insurance agent. We write on average 50 cars, 30 homes, 5 life, 4 businesses, 5 health per month.
Ill will define my mortgage broker process:
The mortgage broker relationship is not difficult. They are used to people like us going by to see them. You must be persistent, confident, be able to present some sort of value to using you. Here is my elevator pitch.
"I don't want to take up too much of your time as I know I have come unexpected or called you unexpectedly. I own a local independent insurance agency here in town and would like to grab a cup of coffee or come by to formally introduce myself. When would be a good time?
you will get 3 responses:
1. I already have a guy but you can come by and drop off some cards if you want. (Go by and drop off cards)
2. I'll be in the office just drop by some time (Go by there)
3. Sure. (you say "how about a quick cup of coffee before your day gets started?)
You may walk in or call in and get the gatekeeper/ processor. They are your best friend. Ask them when a good time to meet the brokers are or when a good time to stop by would be.
Here is your value pitch when you get in front of them:
(I am a local independent insurance agency. We offer multiple carriers to find our clients the best coverage at the best price. I have aligned my agency and carriers to work specifically with mortgage brokers. We understand what you need. A mono-line home insurance policy that comes in at or under budget with the ability to get proof of insurance quickly and ability to update an effective date at the drop of a hat. If you will give me one shot, just try me out I will not let you or your client down. I work with a number of brokers and they are my #1 priority. I put everything down and answer your calls, your clients calls, your processors calls. I can get your proof of insurance In many cases within an hour or same day as long as I have full cooperation with the mutual client. I tell you what, next time your in a pinch give me a call iv got you programmed in my caller ID and will answer your call. Give me a shot to be your new guy.
We do whatever it takes to get them working with us. Just remember, they have to like you, they have to think their client is going to like you, they have to get the I trust this guy from the very first time they look at you. It's like meeting a women for the first time. The women knows whether it's a no or a go from first sight. Before you even opened your mouth to speak they know.
Google all mortgage brokers in your town and just start cold calling, get appointments with them, go see them, network with them, understand their job, what they need, what they struggle with, what drives them crazy when dealing with other insurance agents. Align your business to make them happy. Almost all the brokers we work with we are writing their personal insurance within 2 - 3 months because they start to want what you got. They want a cool ass agent like you b/c theirs is old and busted.
Make sure you have a mono-line home carrier like ASI. We actually multi-line 90% of those homes with auto and life insurance. Just remember the broker does not care about that. All he cares about is price and proof.
I hope that all this is able to help someone, encourage someone, enable someone to take the leap and go on their own, or launch their business into over drive.
Miles
Back round is that I worked for State Farm for 4 years doing everything from car insurance, bank loans, mortgages, IRA rollovers, Life insurance, etc...
Prior to State Farm I dabbled in merchant services and for about 2 months finding loans for a mortgage broker.
After 4 years at SF it was time to jump and fly solo. So I planned and planned and planned then quite my job. Started an independent agency from home with a stay at home wife, a baby girl, and 0 clients. I found myself buying leads that sucked, knocking on doors in up scale neighborhoods because that was the clientele I wanted, and trying to get SF agents to send me their left overs. Never the less it was hard work. One day I had just taken a prospect to lunch which I paid for but could not afford. I came back out to my car and an Edward Jones agent had put a flyer on my car. I called him to see if he would refer people to me. He asked if I was interested in coming to an informal networking group once per week. I agreed and showed up. At the group was a mortgage broker. I got to know him and got to understand what he needed and his thought processes. Soon enough he was sending me everyone of his clients to at least get a quote. My closing ratio was like 85% on those referrals. I quickly re-equipped myself and began meeting with mortgage brokers for coffee 2-3 times per week until I had about 5 or 6 sending me business on a regular basis. This kept me busy writing great rounded accounts. I was doing home, auto, and life insurance for most of these people.
Soon I hired someone (also working from my home) and taught him the same way to get referrals. Instant success and he had 5 - 6 brokers sending him business on a regular basis within a month or so. Very quickly we were quoting 6 house holds per day and writing 2 as an agency. Within 2 years we had written 1.5 million in premium between the both of us.
I now have myself, full time sales agent, account exec, CSR, full time Life agent, full time health insurance agent. We write on average 50 cars, 30 homes, 5 life, 4 businesses, 5 health per month.
Ill will define my mortgage broker process:
The mortgage broker relationship is not difficult. They are used to people like us going by to see them. You must be persistent, confident, be able to present some sort of value to using you. Here is my elevator pitch.
"I don't want to take up too much of your time as I know I have come unexpected or called you unexpectedly. I own a local independent insurance agency here in town and would like to grab a cup of coffee or come by to formally introduce myself. When would be a good time?
you will get 3 responses:
1. I already have a guy but you can come by and drop off some cards if you want. (Go by and drop off cards)
2. I'll be in the office just drop by some time (Go by there)
3. Sure. (you say "how about a quick cup of coffee before your day gets started?)
You may walk in or call in and get the gatekeeper/ processor. They are your best friend. Ask them when a good time to meet the brokers are or when a good time to stop by would be.
Here is your value pitch when you get in front of them:
(I am a local independent insurance agency. We offer multiple carriers to find our clients the best coverage at the best price. I have aligned my agency and carriers to work specifically with mortgage brokers. We understand what you need. A mono-line home insurance policy that comes in at or under budget with the ability to get proof of insurance quickly and ability to update an effective date at the drop of a hat. If you will give me one shot, just try me out I will not let you or your client down. I work with a number of brokers and they are my #1 priority. I put everything down and answer your calls, your clients calls, your processors calls. I can get your proof of insurance In many cases within an hour or same day as long as I have full cooperation with the mutual client. I tell you what, next time your in a pinch give me a call iv got you programmed in my caller ID and will answer your call. Give me a shot to be your new guy.
We do whatever it takes to get them working with us. Just remember, they have to like you, they have to think their client is going to like you, they have to get the I trust this guy from the very first time they look at you. It's like meeting a women for the first time. The women knows whether it's a no or a go from first sight. Before you even opened your mouth to speak they know.
Google all mortgage brokers in your town and just start cold calling, get appointments with them, go see them, network with them, understand their job, what they need, what they struggle with, what drives them crazy when dealing with other insurance agents. Align your business to make them happy. Almost all the brokers we work with we are writing their personal insurance within 2 - 3 months because they start to want what you got. They want a cool ass agent like you b/c theirs is old and busted.
Make sure you have a mono-line home carrier like ASI. We actually multi-line 90% of those homes with auto and life insurance. Just remember the broker does not care about that. All he cares about is price and proof.
I hope that all this is able to help someone, encourage someone, enable someone to take the leap and go on their own, or launch their business into over drive.
Miles
