Considering Becoming Farmers Reserve Agent

[dcorrp]

MIkeL is being a negative Nancy. Don't worry about the way Farmers recruits. Just worry about what you are going to do to be successful if you decide to make the leap into becoming a business owner. Both State Farm and Farmers will give you the tools you need to be successful. It will be very hard work and you will not be making a ton of money, and the money you will be making will be put back into the business. You will definitely be at an advantage having experience in insurance and sales. Also, there are a lot of ways to get free leads or cheap leads when you are starting out. Go door to door in your neighborhood. Introduce yourself as their neighbor and a new agent. I choose a few newly developed communities where I live and had a lot of successes. I found Farmers rates almost unbeatable on new homes (at least in California).

 

[cjones]

I am new to the business as well, but not with Farmers. My advice is to call Farmers and 3 or 4 other companies in your area to get a home and auto quote so you can see how their rates compare. 98% of the people will only switch if the price is right. In my area Farmers is one of the highest if not the highest priced.

 

[PRColorado]

Colorado- My agent has given me quite a few leads so far. I can't tell you an exact number, but it's a fair amount. My DM did not tell me he would give me a certain number of leads and I also don't have the option to purchase any from him. That is up to each individual DM how they handle it. He does subscribe to a lead site though and divides the leads equally for all of the new agents, but there is not a limited number I'm entitled to. My situation is also a bit unique in that I am inheriting a book of business from a retiring agent, so I am guarenteed a steady income from renewals once I am a career agent. Hope this answers some of your questions.

Just curious... how were you able to inherit an existing book? Did it belong to a family member?

 

[agentjaf]

Just curious... how were you able to inherit an existing book? Did it belong to a family member?

No, actually I just got in at the right time. One of my good friends is also an agent with Farmers and she knew that the book was going to be distributed to 3 new Reserve Agents and told me I should do it. I simply got lucky...

 

[LibertyChoiceLV]

Here is their recruitment strategy in a nutshell. Hire everyone that applies and its sink or swim time. 5% will swim, and 95% will sink.

Say, for instance, Farmers was hiring lifeguards for their corporate office swiming pool.

Recruiting pitch: We at Farmers have the BEST POOL, the warmest and cleanest water, and we pay more than you will make anywhere else. Also, you will get a FREE tan, and free views of BOOBS!!!!! Just give it a try...

This would be their "1 week training"

20 new recruits show up for "training" Monday morning, and they teach you CPR, applying sunblock, how to climb up into the lifeguard chair, , you know, lifeguard things, and how to spot a turd vs. a Snickers Bar floating in the pool, etc.

At the end of the week, they walk all 20 of you to the 10 foot deep end of the pool, shackle a 100 pound weight around your necks, and push all of you in the pool while chanting GO. GO. GO, you can do it.!!

19 of the "trainees" drown, but 1 figures out how to remove the shackels, and he swims to the surface and survives.

Unfortunately, the "drowning" of many of the "agent trainees" will last about 3 to 6 months, not 3 to 6 minutes, which would be more humane.

Get the picture????????????

coming from Farmers I would say that is a pretty accurate description. Dont forget, if you make it out of the "pool" the subsidy could still kill you.

 

[MikeLentini]

MIkeL is being a negative Nancy. Don't worry about the way Farmers recruits. Just worry about what you are going to do to be successful if you decide to make the leap into becoming a business owner. Both State Farm and Farmers will give you the tools you need to be successful. It will be very hard work and you will not be making a ton of money, and the money you will be making will be put back into the business. You will definitely be at an advantage having experience in insurance and sales. Also, there are a lot of ways to get free leads or cheap leads when you are starting out. Go door to door in your neighborhood. Introduce yourself as their neighbor and a new agent. I choose a few newly developed communities where I live and had a lot of successes. I found Farmers rates almost unbeatable on new homes (at least in California).

Anytime you tell the truth here, you are labled NEGATIVE. Note, she did not deny or rebut anything I said.

Unless the "retiring" agent was fired, he would sell his book back to Farmers, and, just like they tell everyone (another recruiting tactic) that they give away the book of business. That is a bunch of crap, but I guess you will have to find out for yourself.

RULE #5 NOTHING IS FREE IN THIS WORLD.

 

[wfs]

Does each Farmers "agent" have an office (and need to buy expensive furniture) like SF? From what I can tell, these outfits seem to be very similar. I've never worked for either of these companies, just curious.

I have a friend who started with SF and got his "contract" after 1 year of very hard work. Even though he got a subsidy, I think it was a very risky move on his part.

I heard that Farmers subsidy is only $60,000 the first year. Plus if you have to buy all of that furniture and maintain an office staff, why bother? You will be better off going independent with minimal expenses, high contracts and flexibility.

 

[PRColorado]

wfs... Farmers does not require agents (especially new ones) to have their own office. For the first 2 years, the new agents (at least here) are housed in the district office. After that, I understand that it is up to the agent what he/she wants... work out of home, rent office space/executive suite, etc.
I work for a SF agent, and they are required to lease office space (store front). In this area, office space is pretty pricey (over $3000/month) plus they have to purchase the furnishings.
thanks!

 

[Lyn]

wfs... Farmers does not require agents (especially new ones) to have their own office. For the first 2 years, the new agents (at least here) are housed in the district office. After that, I understand that it is up to the agent what he/she wants... work out of home, rent office space/executive suite, etc.
I work for a SF agent, and they are required to lease office space (store front). In this area, office space is pretty pricey (over $3000/month) plus they have to purchase the furnishings.
thanks!

Farmers will tell you that you can use the District Office space for the first two years, but once you move from Reserve to Career you will begin paying rent to them at a rate set by the District Manager. You also begin paying for your group E&O (during Reserve period you are just included in the DM's cost) and for me that was $139 per month. However in my area, you are really expected to move on pretty quickly after signing the career contract. They also will push you to hire a contact manager, CSR, and possibly a producer, which is pretty hard to do if you don't have your own store front. Subsidy is $1500 per month for the first 6 months of the career program, after that it is a match to your folio after the first $500.