Hiring Agents on Craigs List

[warnerins]

Expanding Insurance Agency Looking for Agents (Albuquerque - Westside)

Reply to: [email protected] [Errors when replying to ads?]
Date: 2009-05-02, 11:54PM MDT



Are you an energetic p&c insurance agent, looking for a home. We have the tools, carriers, location, marketing and opportunity that you are looking for.

Here is our operation in a nut shell and complete access granted to the right candidates:

18 auto insurance companies, 7 home insurance companies, access to 7 standard lines commercial carriers, 3 excess and surplus lines bokerage firms, life-DI-LTC access
State of the art agency management system, paperless office, website, e-mail and online office calendar
5 current marketing programs, in house agency contact representative (at your disposal), 3 un-tapped niche markets
All office expenses (supplies, furniture, computers and equipment) covered by agency, E&O covered by agency
Complete freedom to run your day to day operations without supervision

Our requirements are simple: Must be licensed and must produce

• Location: Albuquerque - Westside
• Compensation: 60/40 com. split on new business 50/50 on renewal / non-compete signed within five years and an option to buy out after that
• Principals only. Recruiters, please don't contact this job poster.
• Please, no phone calls about this job!
• Please do not contact job poster about other services, products or commercial interests.

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The purpose of this post is actually two fold:

First - to get your reaction on this add that I placed. Is the compensation fair? If I am providing everything from the carrier access and marketing plans to the paper and ink to write the applications, would this offer be attractive to an agent that needs an opportunity.

My thoughts behind this marketing campaign are that there are so many new agents flooding the market to test the water (real estate agents, mortgage brokers, car salesmen and finance guys) and stagnant agencies out there that are either letting staff go or closing shop all together, why not stick the line in the water and see what bites.

Second - As most of you know me from this forum, I consider myself an agent second and a business owner and entrepreneur first. I spend at least 75% of my time continually trying to fill the pipe with new prospects and making sure that the well never runs dry.

I do all of the things that I think most other agents do (referral programs, constant contact, annual reviews, Etc...) and I even tend to think out of the box, more often than not. Is this a profitable way to grow an agency? What is the down side to expanding through an agent force? Aren't most of the large agencies in your town run this way?

 

[djs]

Tim -

I'd probably offer 70/30 on new business or 60/40 on renewal, but this depends on who is doing the legwork day to day. If the person is strictly a producer and then you are doing the support and service in house, you are probably fine.

My concern is the structure is setup such that it encourages individuals to leave after a period of time. If they are decent producers, they will walk after they figure out how to do it on their own (not everyone can do this, or has a desire to do this though).

I'm interested in how much of a response you get out of this. I've been thinking of doing something similar here.

Dan

 

[Guest]

/ non-compete signed within five years and an option to buy out after that

I don't think anyone with half a brain would sign a 5 year non-compete. I also don't think you could actually enforce it.

What I hear you saying here is that if the guy/gal you bring on wants to leave, they can't be an agent for themselves or anyone else for 5 years? No way that will fly in any court that I know of.

There is contract language that you can use to protect your book... similar to what the wire houses use, but to try to keep someone out of the biz, that's a whole 'nother issue... and good luck with it!!!

Otherwise I think you are offering a fair package. I might raise it to 70% after a certain time or production level.

Al

 

[djs]

Al

I think all Tim was mentioning is non-compete to the households sold, i.e., can't leave and steal the business already written.

You are right, a complete non-compete is totally un-enforceable and runs the risk of voiding other parts of the contract. I don't believe that was the attempt, but you raise a fair point.

Dan

 

[warnerins]

Yes, guys. the non-compete would be with our book of business (not out of the business) and the five years would be probably a little harsh. Not sure if even enforcable.

I don't think that I really care if the agent moves on after stealing all of the agency idea's. Most of the marketing is just me tweaking someone else's ideas anyway. I don't have a patton on any marketing campaigns (that I know of).

I think the goal is to generate activity and create momentum for the agency.
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Thanks for the responses. Interesting thoughts on the pay package. If I get an agent to respond to this add, I'm sure that negotiations would ensue.

the thought is - if I shoot low and am countered with something higher, maybe there is some wiggle room.

Will keep the forum updated as to the progress....

Thanks again.

 

[chakote]

How were the results?

 

[warnerins]

It has been about a month since I posted this on Craigs List and I have received about 4 resumes in the mail. Most of the agents that I have contacted want a salary to start with and would not consider commission only.

 

[myinsurebiz]

Do you only do P&C - or life and health as well?

Tom

 

[Mark]

I would not waste my time doing this on craigslist.

 

[warnerins]

Tom - I have a life, health and investment (in-house) guy that cross-sells all existing clients

Mark - Point me in the right direction. Don't want to spend a ton of money on an idea.