Drop in Visits with Local Mortgage Brokers and Real Estate Agents

[Still Green]

I'm a fairly new producer (about a year in), and I'm trying to find the most effective and time efficient ways to generate new business.

For the last year I have relied solely on phones and referrals. January has been a HORRIBLE month for me (Is that typical?) and I know I need to start stepping out of my comfort zone and trying something new.

I'm P&C so my first thought was to make "drop in" visits to local mortgage brokers and real estate agencies. Obviously bringing some kind of "treat" along with me so I don't walk in empty handed.

Here is where I'm looking for some feedback; What should my expectations be after walking in the door? What should I say? How can I make my visit worthwhile without coming off to aggressive? Is there a difference in strategy for women vs men? (I'm a woman by the way) What are your experiences with this? Is this approach worth my time or has it become antiquated?

All feedback is appreciated. Thanks!

 

[DHK]

One of the hardest parts of this business is to generate multiple methods of generating business... and focusing on them all simultaneously.

Your idea has merit, but that's what I call "tomorrow prospecting". Generating and building relationships for the purpose of getting future referrals.

Right now, you probaby have some clients that have bought policies from you. I'd review this thread: How Do You Get Referrals? and take a look at Larry Tew's referral piece that he so freely shared. Yes, it's geared towards a life insurance & financial planning practice, but the concepts are sound.

Develop long term strategic methods of generating business, and develop some short term tactical methods of generating business.

To use Stephen R. Covey's Time Management Matrix, short-term can be used as a Quadrant 1 activity - urgent and important. Quadrant 2 activities are not urgent but important. In the beginning, about 90% of your time will be in quadrant 1 and 10% in quadrant 2. Your goal over time, is to LIVE in quadrant 2. That will take YEARS to do... but it's the best way to live and work.

BTW, just because you get a referral doesn't mean that they are ready and willing to buy from you right away. So getting the referral is the first step in Quadrant 2 marketing... but have a plan to CULTIVATE a relationship with that referral over time so that when THEY are ready, you are who they think of. Again, that is a quadrant 2 method of thinking about business development.

 

[djs]

Most realtors are not in the office. Just the way they work.

The best thing to do is find out where the weekly realtor marketing meeting is and attend. They always allow insurance agents in, you will have some time to network and introduce yourself. You will then get an update on the local market. It's well worth your time and you usually get breakfast. Be prepared to pay a few dollars to cover breakfast (my local meeting is $4 to attend).

At that meeting will be a list of the broker tour for the day. Depending on the type of broker tour it is (guided or self guided), pick a few houses and go there to talk to the realtor. You will have a captive and bored audience for 15 minutes, but be respectful if another agent comes in for touring while you are there.

You can talk with 2-3 agents a week this way. Just make sure you know what you are offering. It helps to bring something to their open house, but not completely necessary.

Dan

 

[pcbinsurance]

LinkedIn is a great way to find and network with realtors in your area. Nearly all of them are active on LI.

 

[Bertolinoins]

Get to know the loan processors, they touch every deal during the time when the insurance is purchased and are easier to befriend than Realtors and Loan Officers who are usually running around.

 

[Still Green]

Thanks for all the responses. Good food for thought.

 

[RonRoberts]

Personally, I would wait on the real estate agents since most of them are as hungry as you, spend all their time reading self help books, and may not see their next prospect for months.

As for mortgage brokers, I know from personal experience that a difficult part of the business (unless the broker is dealing with extremely low debt to income ratio clientele is trying to match proposed expenses to actual expenses, and property insurance can possibly nail your deal if dealing with a tight debt to income client. Be prepared to run lots of numbers but if can be an office of 10 or more brokers go to person you can make a good return.