How Do You Start an IMO?
- Thread starter Raider123
- Start date
ok, so you want to start hiring and recruiting.... are you indy now? are you selling now? your comments make it sound like you are now going out on your own and you want to recruit.... I suggest being indy first get confrontable with the indy process and then consider if having agents is the way to go.....
- 26,131
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- 15,041
There are enough clueless IMOs as is. What are you going to bring to the table that they aren't?
- 742
Staff, technology, developers, lots o money. go get a PPGA contract and write business and recruit slowly. UNless you have something cooler to offer than those out there today you will quickly become a "Has anyone signed on with X agency? I can't find anything good about them."
Everything thinks there is tons of money in recruiting. It takes years to make any money as most agents will take 2-3 years before they send you their "good stuff." Problem is with nothing to offer, they wont stay with you for 2 years.
IMOs have case managers, underwriters, cost for technology etc. Unless you have a ton of capital it isnt likely you are going to get past your first 3 months.
- 11,997
So much laughing at this comment.
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At best you'd be starting an agency. You'd need a production history in the millions to even begin talking to carriers about starting a true IMO.
If you just want recruiting contracts and to start building your own downline, that's pretty easy. You could give Todd King a call and be good to go inside of a few weeks. The real challenge would be recruiting agents and providing them with the tools they need to actually produce business.
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- Thread starter
- #7
- 11,997
Chicken or the egg...In order to gain trust, you have to prove it. In order to prove it, you have to work with them. In order to work with them, they need to trust you and around and around we go.
Building a good reputation takes a lot of time, expertise and money.
Take Josh's advice and build a downline first.
I have found that building a book first would probably be the best advice. It takes a lot of time to train new agents-time away from your own production and you aren't likely going to recruit existing agents to bring their book over unless you have something very impressive. If you don't have your own stream of money coming in and you simply think recruiting agents to do all the work for you (and by you I am referring to the one who opened this thread) and you are going to start making money hand over fist, I wish you the best of luck 'cause it ain't going to happen!
