Is this a good offer?

[timmybright]

Hey everyone,

I need advice from the wealth of knowledge on this board.

I told my boss that I had gotten my Life, Accident and Health license, and he asked me why I hadn't told him before. He told me he was starting an insurance agency to go along with his company and was about to start looking for an agent. He said he loves my work and would be happy to have me stay on and work for him.

Here's the offer - it's P&C, so he would pay for the schooling (and licensing) and give me the time off (paid) to go to school. Once I'm finished, he would start me at $35,000/year with a small commission to be determined. It would probably be a per deal commission rather than a percentage. The reason for this is the leads are absolutely laydowns. I know this because I've been handing these off to an insurance company we work with for over a year now. That company enjoys a 95% closing rate.

SO... $35K a year, full benefits, and a small per deal commission for p&c with free leads.

Good deal?

 

[somarco]

Who owns the book?

What is a "small" commission and how does total comp relate to an equitable commission split?

 

[Crabcake Johnny]

Yeah, the company has a 95% closing ratio - they just don't count everyone who says no.

 

[moonlightandmargaritas]

As has been discussed many times previously, "free leads" can be some of the most expensive ones going.
- - - - - - - - - - - - - - - - - -
Most successful agents I know really wouldn't get out of bed for 40-50k a year. If you're new though, and can shorten your learning curve...

 

[HomeService]

I have never seen an absolute lay down lead- in this business.

 

[bill3173]

I have never seen an absolute lay down lead- in this business.

I have a company thats partnered with me and sends me lay down leads, and I sell some, but some of them are just laying down.

Most of the time, I'd rather work my book or my own leads. Maybe I tend to look a gift horse in the mouth, or am wary of Arabs bearing gifts, or... can't think of anymore right now.

 

[Tomfromtheshade]

If you know how to market properly to manufacture these lay down leads you are better off doing it for yourself. That is a fact!

 

[timmybright]

From further conversations with my boss, it sounds like when all is said and done, after a 40 hour work week, 9-5 mon-fri, with everything stated above, I'll most likely take in around $40K first year. I won't own my own book, and my commission is extremely small.

It's sounding like from most of you, $40K first year is pretty poor. However, SO MANY PEOPLE I've heard from say that $40K first year is super hard for someone just starting out. I'm looking at it from the stance that I can take the first year guaranteed income, learn as much as I can about the business and selling insurance. Then I can venture out on my own with some money in the bank and some experience under my belt.

There's another opportunity that I'm seriously considering that someone on this board presented me that sounds perfect for me, however it's such a huge financial outlay from the start that I'm concerned with coming up with that much.

I know this is such a specific post, but I want to make sure I don't lock myself into something and really screw myself over. I'm one of those guys who will be ALL OVER making 6 figs if it's there for me, but if it's completely unrealistic first year, then a guaranteed first year of $40k isn't too bad for a 24 year old in a sh*t economy.

 

[bill3173]

From further conversations with my boss, it sounds like when all is said and done, after a 40 hour work week, 9-5 mon-fri, with everything stated above, I'll most likely take in around $40K first year. I won't own my own book, and my commission is extremely small.

It's sounding like from most of you, $40K first year is pretty poor. However, SO MANY PEOPLE I've heard from say that $40K first year is super hard for someone just starting out. I'm looking at it from the stance that I can take the first year guaranteed income, learn as much as I can about the business and selling insurance. Then I can venture out on my own with some money in the bank and some experience under my belt.

There's another opportunity that I'm seriously considering that someone on this board presented me that sounds perfect for me, however it's such a huge financial outlay from the start that I'm concerned with coming up with that much.

I know this is such a specific post, but I want to make sure I don't lock myself into something and really screw myself over. I'm one of those guys who will be ALL OVER making 6 figs if it's there for me, but if it's completely unrealistic first year, then a guaranteed first year of $40k isn't too bad for a 24 year old in a sh*t economy.

This sounds like an ideal opportunity for you. 24, single, and the opportunity to make a good starting salary with no cash up front, you're on top of the world.

Most of the agents on this board making big money, would empty their bank accounts for that opportunity if they could be 24 again.

I would personally empty Somarco's bank account to be 24 again.

 

[HomeService]

Did you rule out Mutual of omaha? you talked about that before... I think you could go there as a newb and make 40K, and then build on it... but whatever you find, good luck! success to you!