Gaining Business from Realtors/Mortgage Companies with Insurance Services

[cjgosnell23]

Having gotten my license and hit the road searching for referrals, I'm running into a major barrier. A lot of the places I have gone either don't give me the time of day or they kindly respond with "We already have an insurance resource. Thanks for reaching out." If everyone had an insurance resource, there wouldn't be a competitive market for agents all the time. My question is how do I respond to those claims? Obviously this is a relationship building business but if you don't get a response from anyone or they tell you they're not interested because they have an insurance resource already, your book of business is empty.

I have managed to set up only two appointments with realtors/loan officers. Is this a case of the ripple effect? Where these two contacts help me reach out to other referral sources. Or is there a word of advice on the next steps of approaching these companies? Cold calling is only a time filler means of business. I am looking for something with more substance and flow. Networking is the best way to do that(which I have looked into joining groups, but again, same problem: everyone has an insurance agent already). So my only idea is to network with these other professions who have their own constant flow.

 

[LAD]

Keep at it and do a little bit of cold calling, networking in groups, and hitting the financial planning/loan officers. Not everyone is happy with their insurance agent.

Keep your head up.

 

[AgentStone]

Start with who you know first. Make a list and contact everyone …family, friends, neighbors, college mates, old coworkers and so on. Update them on what you are currently doing, ask for an opportunity to provide them with a proposal and ask them for referrals too.

This was part of my training when I first started as an agent. A bit intimidating contacting people you know but a great place to get some practice and get a few sales under your belt. Good luck!

 

[walthamny]

I used to do this with mortgage brokers after failing to get any referrals using your method. So I changed my approach. I call them and say, I am financial advisor and I don't have anyone in your area that I can refer my clients for a mortgage broker. I was hoping we could get together so that I could refer you future business as they come in. Ask for a 5 minute appointment. During the 5 minutes ask them how the company works, what type of clients do they have, what is the best way for you to introduce new business to them. How can you sell their company and products to your clients, where is their competitive advantage. If sparks fly, and they seem to be interested in you, stay another 3 minutes and tell them how you want business referred to you, how is your business philosophy and so on. If things are going well, because you already have 80,000 insurance clients, you have to leave, so just book a breakfast or lunch with the owner 2 weeks out.

If you don't like them in the first 5 minutes, obviously don't spend time trying to sell yourself. Move on. Let me know the results or objections you get. You are going to book a lot more appointments using my method.

 

[cjgosnell23]

I used to do this with mortgage brokers after failing to get any referrals using your method. So I changed my approach. I call them and say, I am financial advisor and I don't have anyone in your area that I can refer my clients for a mortgage broker. I was hoping we could get together so that I could refer you future business as they come in. Ask for a 5 minute appointment. During the 5 minutes ask them how the company works, what type of clients do they have, what is the best way for you to introduce new business to them. How can you sell their company and products to your clients, where is their competitive advantage. If sparks fly, and they seem to be interested in you, stay another 3 minutes and tell them how you want business referred to you, how is your business philosophy and so on. If things are going well, because you already have 80,000 insurance clients, you have to leave, so just book a breakfast or lunch with the owner 2 weeks out.

If you don't like them in the first 5 minutes, obviously don't spend time trying to sell yourself. Move on. Let me know the results or objections you get. You are going to book a lot more appointments using my method.

Wait, are you saying I should lie about my occupation? I mean, in a way, the job is that of an adviser but obviously I don't have 80,000 clients otherwise I wouldn't be in this predicament. What happens when I tell them I'm actually an insurance agent? They think I'm something else. Unless I'm just not following what you're saying.

Either way, the issue has been getting these appointments period. I get the response of "we already have an insurance guy" or "we already are affiliated with someone." I'm assuming, as mentioned in the other comments, that it's a matter of really bothering the heck out of them until they give me a shot with referral.

 

[BYSFG]

Be very careful about claiming to be a financial advisor, to me its still a blurred area as far as Im concerned.

Well of course unless you have the required securities licenses and etc., then go crazy.

 

[walthamny]

If you are an insurance agent, just say that. As for the 80,000 clients, that has to be your mind set. If you book the appointment for 5 minutes, don't go and stay 3 hours. You have to act busy at the beginning even if that is your only appointment in your book that week. If you need heart surgery and they referred you to the heart surgeon, and when you called he was available 7 days a week 18 hours a day for the next 10 weeks, you won't feel so good. If they said 3.25Pm on a certain date, you would think he is so busy he must be good.

You script is sounding like I am new, I need business, can I stop by and give you my business card.

Mine is saying I am busy and successful, I am looking for the best (whatever business) so that I can refer my clients comfortably to you in the future.

If this is uncomfortable try this. Call realtors who have listings around your neighborhood. You can get their numbers and name while you drive around. Call them and say I am new insurance agent with ABC company. I just started out. I am trying to build my business with mortgage brokers. Can you refer me a good one. Once you get a name and number call them and tell them who referred you. Tell them you are new insurance agent trying to build business and ask for a short meeting. You will get better results than cold calling because the mortgage broker knows you found them through someone they know. after the meeting, write a thank you to the realtor who gave you the name, and ask him how you can help him in the future.

 

[Jbar]

I'm newer as well and I do feel that it is important not to come off as desperate, you want to seem like you do have other things to do when setting an appointment off of a cold call always give options for the appointment.

Example: "Would Wednesday or Thursday work best for you next week? Perfect, I've got a 11:15 & a 2:45 open that day which works best for you?"

Instead of just; "What day can I stop by next week?"

Also it never hurts to just drop into a Real estate or mortgage office with some coffee or treats like donuts. And followup just because they say the already have somebody it doesn't mean to give in maybe after your 3rd visit in 6 weeks to their office to check in they will remember that their current agent hasn't bothered to even call them to check in.

 

[Cash]

What type of insurance?

If you have two appointments I would think that is pretty good.

 

[ins 4 LOWE cost]

If you are an insurance agent, just say that. As for the 80,000 clients, that has to be your mind set. If you book the appointment for 5 minutes, don't go and stay 3 hours. You have to act busy at the beginning even if that is your only appointment in your book that week. If you need heart surgery and they referred you to the heart surgeon, and when you called he was available 7 days a week 18 hours a day for the next 10 weeks, you won't feel so good. If they said 3.25Pm on a certain date, you would think he is so busy he must be good.

You script is sounding like I am new, I need business, can I stop by and give you my business card.

Mine is saying I am busy and successful, I am looking for the best (whatever business) so that I can refer my clients comfortably to you in the future.

If this is uncomfortable try this. Call realtors who have listings around your neighborhood. You can get their numbers and name while you drive around. Call them and say I am new insurance agent with ABC company. I just started out. I am trying to build my business with mortgage brokers. Can you refer me a good one. Once you get a name and number call them and tell them who referred you. Tell them you are new insurance agent trying to build business and ask for a short meeting. You will get better results than cold calling because the mortgage broker knows you found them through someone they know. after the meeting, write a thank you to the realtor who gave you the name, and ask him how you can help him in the future.

If that is uncomfortable, I'd wonder if if you're in the right industry.