Commercial Property/building Owners

[Jerbond]

I have a question for the seasoned veterans. I want to get into the commercial property lessors risk. How do I break into that market? I have called some property brokers, but they all say the same thing- our purchasers have their own insurance contacts. Well, I guess that cuts me out of the new sales. How do I get into contact with actual property owners? Not only do our carriers have great rates on lessors risk, but I also have some other opportunities. I know a guy that can depreciate buildings ($1 million and up) for huge tax rebates- who doesn't want extra money in this bad economy? Anywho- how do I break into this market? Please advise.

 

[Bertolinoins]

Owners and Property Managers. I find building owners through through the property tax records... the person who pays the property tax usually handles the insurance.

 

[Air Jer]

I hate to sound naive but on this issue I am. Where do I go to find the property tax records?

Also, what kind of response do you get? I spent a lot of fruitless hours about a year ago calling property management firms for xdtes.

 

[Bertolinoins]

There is a company named Dataquick that provides the info in my area.

Property Managers are used to being wined and dined by vendors... phone calls are a waste of time. Pick a property you have the info for (zillow, prior or current client, etc) and visit the PM with gifts/food/gift cards/etc. Ask for a chance to quote a few properties to earn their trust. It takes time and patience but it is worth it if done correctly. An agent in my office recently took over 59 accounts on a BOR for a PM that he has been working on for 4 years. Total premium is right under $500k.

 

[Daisy Bates]

Interesting read! I wrote a bit about this on my website after reading–it's an interesting topic to be sure!

commercial property insurance

 

[markschneider86]

Surprisingly, cold calling works pretty good on the medium sized accounts. I have never ran across an account that big before. The biggest I have quoted is 50k. But You know I will be picking up the next year to re quote them..

 

[Air Jer]

I have never run across...

 

[saieddie]

There is a company named Dataquick that provides the info in my area.

Property Managers are used to being wined and dined by vendors... phone calls are a waste of time. Pick a property you have the info for (zillow, prior or current client, etc) and visit the PM with gifts/food/gift cards/etc. Ask for a chance to quote a few properties to earn their trust. It takes time and patience but it is worth it if done correctly. An agent in my office recently took over 59 accounts on a BOR for a PM that he has been working on for 4 years. Total premium is right under $500k.

BOR is a lazy way to sell insurance. Couldn't the agent shop it on his own?

 

[Bertolinoins]

BOR is a lazy way to sell insurance. Couldn't the agent shop it on his own?

When there is a $500k+ account in play the last thing on my mind is being sporting or trying to work harder than necessary. For large complex accounts it is a lot easier and more accurate to be working from the inside with accurate information.

 

[Insurance-Guy]

BOR is a lazy way to sell insurance. Couldn't the agent shop it on his own?

OK! Not to be disrespectful but you are nuts...if the current agent is doing his JOB you will never get a BOR! I do my fair share of BOR changes...usually after spending a lot of time explaining things that their current agent never explained to their client. The funny thing is when I see a policy that has low limits and I ask when the last time they have talked to their agent half the time I get…Uhh…to be honest I don't know…the other half when I got the policy. When I explain why they should have different coverage's than they have or explain the policy to them so they understand it the client almost all of the time wants to deal with me and not their current agent that just issued a policy. Most of the time I have comparisons quotes worked up for them with other companies too...but IF "I" feel it is in the best interest of the client to stay with the current company I will BOR the account in a blink of an eye!

When there is a $500k+ account in play the last thing on my mind is being sporting or trying to work harder than necessary. For large complex accounts it is a lot easier and more accurate to be working from the inside with accurate information.

Don't blame you a bit! On another note I bet the Agent you took it from is PISSED…