How to Get a Referal Network

[jahyatt]

Thanks in advance. I've been an indpendent P&C and life agent now for about 8 months and have really been able to use the feedback on here to my advantage and more importantly profit.

One area in which I have not had good luck is in getting referals from people other than clients. I have tried a few local real estate agents. Most of the ones that are actually moving property already have an "insurance guy."

My next thought is to go after mortgage brokers. Any suggestions for how to go about that??? What do you try to offer in return for referals?

Thanks,

Justin

 

[Bertolinoins]

It takes time. You have to treat those referral sources like prospects and continue to market to them. Eventually their guy will make a mistake and you will get a shot. The key is consistency. Once they have seen and heard from you for a significant amount of time and on a consistent basis... they will feel more comfortable working with you. Just dropping by the office or calling one time isn't good enough for most professionals to start working with you. They want to see some consistency and follow through.

 

[Guest]

In My area, the Canadians mainly and investors are buying all the houses.......but paying cash.....so mortgage brokers arent a big help right now.

You need 8-10 GOOD real estate agents in your corner, you will have to kiss their ass and spend a fair amount of money on them to get them to use you.

You need to take them to lunches, take them golfing, co-market with them,

On my monthly newsletter, I include a "coupon" from one of my referrals sources every month,

If you think just because you met them, they will send you people, not happening!

Also, get in some networking groups, go to www.meetup.com, type in business networking in your city. Find 2 or 3 good ones, that dont cost more than $100 a year, BNI and such is like $500 a year, they can kiss my ass.

The good ones are the cheaper ones.

For realestate agents, offer to print up their flyers, put a sample quote on the back side of the flyer with your info.

You should be involved with the community stuff, like i do alot with the police department, invite a mortgage person and a realtor, make them your core team, you help them, they will help you.

 

[Air Jer]

Start your own networking group. I am in the process of doing that right now and we start next month. Right now we have a group of 24 to start with.

I echo the thoughts on BNI. The concept is good but expensive compared to the alternatives.

 

[joshb]

I disagree with Red Blooded American. I am a member of networking groups and BNI is the most expensive at $365 per year, but it has given more business than all of the others combined. I keep track of all referrals etc. and in my first year joining BNI I closed a little over 50 sales (home, auto and commercial). Total premium was around $65,000 (I don't have all the numbers in front of me right now so this is off of memory). Going to the meetings can be a hassle, but it has been rewarding to me and my business. I do not recommend BNI to everyone, but I definitely do to P and C agents, they typically do very well in BNI.

I too have a lot of Canadians buying houses in my area (disney area), all paying cash, so I have a few realtors that send me that business.

 

[Air Jer]

Joshb, for BNI it depends on your group.

I know of one BNI group in my area that has almost 50 people and they are constantly setting each other up. I was in another group for a year that had at the most 15 and at one time due to people leaving was down to 9 members and 4 of the 9 were in the insurance business one way or another. I have maintained contact with some of my former BNI chapter members and the common comment is "our group" is stagnant and I think I am going to leave like you did when my membership comes up.

As I said, I like BNI but the success of it depends on the group you are in. I'm glad it worked for you.