How to Break into Home-Owners Market

[Bertolinoins]

The more hands you shake, the more money you make. Network with realtors, mortgage brokers, escrow officers, etc. Join your local association of realtors and participate. Sponsor happy hours and take people to lunch. If one of my realtors gets a big listing and I know the brokers open house will be well attended, I will offer to get it catered knowing I will get cards for 30+ other high end realtors.

 

[Mark]

Welcome Insurance Agents-How to Find New Home Owners

 

[JimmiDrums]

I used to buy internet leads and I think they take up to much of your time and are not worth it. I have had the best luck trying to get a few realtors and loan officers to refer you and then hit them up with a $5 gas card or something.

Be careful when offering anything of value (i.e. $5 gift cards) to real estate related professionals in connection with referrals. This is a violation of RESPA. It seems like not too many insurance professionals are familiar with RESPA.

 

[infoe]

Be careful when offering anything of value (i.e. $5 gift cards) to real estate related professionals in connection with referrals. This is a violation of RESPA. It seems like not too many insurance professionals are familiar with RESPA.

respa is for home mortgages and If I am correct it has nothing to do with receiving compensation for home owner insurance. Insurance regulations regulate the value they can receive of gifts to be a total of $25 per year.

 

[djs]

Respa does cover the home loan process, which realtors are a part of. Homeowners insurance is covered under respa though, but it's never clear (that I've found) that the realtor can't accept a 'gift' for referring insurance. I know several realtors I've talked to have been told not to accept gifts or referral fees to make sure they don't violate respa.

In more specific language:

[SIZE=+0]Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback or anything of value in exchange for referrals of settlement service business involving a federally related mortgage loan. In addition, RESPA prohibits fee splitting and receiving unearned fees for services not actually performed.[/SIZE]

(pasted from HUD RESPA: More Information). This can obviously be interpreted pretty much however you would like.

Dan

 

[Guest]

you have to remember, YOU have to abide by insurance regulations, and the realtors or mortgage people have to ABIDE by their rules and regulations, they are all different

 

[Sales71]

If you referred a client I wil not pay you $25 then. I do not want to violate RESPWaqQwrtygfrf....