jfrancis6
New Member
I'm new to the whole IMO, Fmo scene. I was wondering if there are any up front fees involved when contracting with an IMO, FMO, or a carrier. If so how much does it usually run?
Contracting Fees
- Thread starter jfrancis6
- Start date
No fees, they make their money on the back-end.
(side note- Senior Advisor Indiana also makes his money from his back-end.)
- Thread starter
- #3
jfrancis6
New Member
Lol...I know quite a few salesmen that do that
- - - - - - - - - - - - - - - - - -
I had an IMO quote me a fee of $295 to contract with them
- - - - - - - - - - - - - - - - - -
I had an IMO quote me a fee of $295 to contract with them
Last edited:
That is insane. Most will give you certain perks (ie. marketing dollars or hand holding or leads...etc.) to get you to sign up with them, so they can make overrides on the business you write. Go a different route.
- Thread starter
- #5
jfrancis6
New Member
Thanks! It seemed a little strange, but in today's marketplace even the bizarre can start to sound normal.
- 2,758
On a semi-related topic I would also add that while most insurance companies will pay your state appointment fee (for example it is $60 in Florida) there are some that don't. Settlers will make you pay your own but they will deduct it off your first sale.
- Thread starter
- #7
jfrancis6
New Member
Ok. I'm in Washington state. Will be getting my license in January. I used to sell insurance years ago. Decided its time to go back and do it again.
Even if I had to pay appt fee, that's cheap compared to $295.
Even if I had to pay appt fee, that's cheap compared to $295.
- 2,758
Tis true...I think Florida is one of the highest on that. I've seen some as low as $10.
...just found a link that may help you on Wash State fees. You know about the other hoops you have to jump though, right?
- 15,319
Wow! $295 is a ripoff.
For $150 I'll point you to marketers that don't charge a fee.
Rick
For $150 I'll point you to marketers that don't charge a fee.
Rick
- 19,648
Since this is in the FE forum I would guess you are talking FE IMO's.
Some charge a contracting fee. EFES has start up fee that used to range from about $200 to $1000 depending on how many leads you got with your start up package. I say"used to" because I haven't chaecked on it in quite some time.
I think Securus has a start up fee but you would need to ask them.
If an IMO is simply going to your contract carrier with no leads or support then there should not be a fee.
When I started with EFES a little over 4 years ago there was just one fee. $300 that included your first 15 leads, a box of business cards and a picture ID. Leads at that timne were $15 so the fee was actually $75 less when you take out the business cards.
I don't believe they have a fee for their broker side.
Similar threads
