First off I want to thank all of you for the wealth of information I found on this site. I have been with StateFarm for 10 years, and just recently got P&C Licensed. I took a job with another agent 6 months ago, with the intension of reviewing my pay based on my performance. I am the Producer/Office Manager and work about 50 hours a week, with some nights until 9pm at home. My first month there generated 40 policies and my average is 54 a month with my highest being 62 policies in a month. Now I work every minute of the day and through my lunch for these policies. The previous agent wrote about 7-10 a month. The book I have is over 2k customers so cross sell is alot easier then cold sales. Cross is about 30 policies a month, and 20-25 cold sales. I know I am a good salesperson and go above and beyond in my job, but I dont know what to say when my pay review comes up. I have been told many times by my boss that I am a rare find and have proven myself many times over to him. So if you had me as an employee what would you offer for pay. I do all P&C writing and manage 2 other unlicensed staff in my agency. I dont want to be greedy but on the other hand, I want to get paid what I am worth. I currently make 30K a year, and my average bonus is $350-$550 a month. Any help/advice would be greatly appreciated. Thanks
First off I want to thank all of you for the wealth of information I found on this site. I have been with StateFarm for 10 years, and just recently got P&C Licensed. I took a job with another agent 6 months ago, with the intension of reviewing my pay based on my performance. I am the Producer/Office Manager and work about 50 hours a week, with some nights until 9pm at home. My first month there generated 40 policies and my average is 54 a month with my highest being 62 policies in a month. Now I work every minute of the day and through my lunch for these policies. The previous agent wrote about 7-10 a month. The book I have is over 2k customers so cross sell is alot easier then cold sales. Cross is about 30 policies a month, and 20-25 cold sales. I know I am a good salesperson and go above and beyond in my job, but I dont know what to say when my pay review comes up. I have been told many times by my boss that I am a rare find and have proven myself many times over to him. So if you had me as an employee what would you offer for pay. I do all P&C writing and manage 2 other unlicensed staff in my agency. I dont want to be greedy but on the other hand, I want to get paid what I am worth. I currently make 30K a year, and my average bonus is $350-$550 a month. Any help/advice would be greatly appreciated. Thanks
Why not work on 100% comm; am I missing something here?
Why not work on 100% comm; am I missing something here?
I'll second that.
One will never make any "real money" as an employee. I think all he has to do is ask any agent on this board if they would rather work on straight commission or work for someone and earn a salary.
Typically, only the ones with no drive or talent are going to choose the salary route.
I'm sure that is not the case with him. I would love to have an agent like him working with me. His boss is right, he really is a rare find.
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One will never make any "real money" as an employee.
Ahh...the voice of reasoned experience...sage post.
To play Devil's advocate; no matter how good his/her's production is, let's face it, the agent they work for is taking all the risk in terms of expenses, etc.
As Frank says, if you want compensation comensurate with your ability, you're gonna have to work for yourself...and take those risks.
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Hi thanks for all your advice. I forgot to mention, I am single mom of 2 kids so that is why I was asking for a salary on top of commission. If I were single with no kids then 100% commission would be the best thing, but at this point I still need to know I have a set income coming in to take care of things. Any how I think I am going to ask for 35k a year and an increase in commission. Thanks again everyone
If you went indy and worked that hard, and sold that much-you could probably make about 100K a year. But, you would not have that book of business to sell to. That's the trade off. Leave to make more commission- and build. Or stay and make less- but the sales come easier because the book is in place.
I am single mom of 2 kids so that is why I was asking for a salary on top of commission. If I were single with no kids then 100% commission would be the best thing, but at this point I still need to know I have a set income coming in to take care of things.
You end up paying dearly for this "perceived security"...
There is no security in working for someone else. What if you got fired? What would happen to your "salary"?
The only true security for you and your kids is working for you (if you're as good as you say you are).
The only reason to sell insurance is to build your own book of business. As far as a "job" in the field of insurance - pulling up a desk for salary - there are 50 other things I'd rather do.
Salary + sales = sucker's bet. Salary is for office pogues. If you're on salary in sales and are a hard worker and good closer you're getting royally screwed. If you're not a hard worker or good closer you're fired. You will NEVER win on salary.
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