Life in a Day of a Top Producer
- Thread starter jhplat5685
- Start date
This is very helpful, Guru! Thanks for posting it. I'm curious, did you get a business loan to open a brick-and-mortar office as soon as you careered, or did you have to have to save up the capital?
You describe exactly what I know I need to do. But I don't have an office building yet, let alone licensed staff. Were your other two staff members also agents, or were they experienced, pre-licensed producers? (Haven't a clue where to start looking for someone with those credentials that would be affordable! Craigslist, maybe?)
What kind of quotas do you set for them daily? Do you send your producers out to visit businesses or work events?
Apologies for all the questions! I'm new, and I can smell the huge potential in this job -- I just have to know how to work the system. Thank you for sharing your wisdom and insight. (To EVERYBODY!)
mangroveman said:
This is exactly where I aspire to be, fishing where the fish are on a daily basis. My issue is that I come from 15 years in the advertising industry, and the selling I've been doing is soft sells by writing scripts for radio spots. I have yet to develop the instinct to *know* where the fish are biting, which I know comes only from years of experience. As an agent starting his 7th month in the business, my goal has become to get at least one sale every day. That's with me squeezing phone calls, e-mail replies, prospecting, setting appointments, running quotes, checking x-dates, addressing discount or underwriting issues, compiling presentations, attending appointments and closing the deal. I know you guys don't need me to tell you this, but that's a lot! I know it would be so much easier if I could just hire an assistant to manage the admin stuff, but truthfully, my income right now is barely keeping the family afloat.
Do you have any recommendations for where startup agents can likely find the best places to "fish"? Especially early on in the career. What do you find is your single-greatest and most effective method of prospecting? I need to start with one solid method, then build-up from there.
Thanks, Mangrove.
-OW!
MattJohnson
Expert
- 20
I'd like to throw another question in as well. How do you guys approach centers of influence, like a real estate agent if you do not know them? Please, for the love of God, do not say "start with natural market". Assume I do not know one soul on the face of the earth, but I want COIs.
What is the approach? How is it beneficial for them?
What is the approach? How is it beneficial for them?
Matt you can join a referral group such as BNI but insurance slots are kind of hard to come by in those groups.
Ask around about the RE agents in your area. Find one you want to meet and call inviting them to lunch. Have a prospect for them and hope it will turn into a mutual endeavor.
For my first office I got a micro loan from the SBA for $20k and I invested about $40 k of my own money, i also took home a very meager salary for the first 2 years to help me reduce costs. Its fairly easy to get a micro loan from the SBA if you go through a micro loan approved community organization. PM me and I can help you find one in your area
I just got another loan from them last year for expansion and it was even easier this time around, they did want 70% collateral though. But its still the best choice because it is almost impossible to get a start up loan from a brick and mortar bank.
About the incentives, i simply gave them a pay structure that rewarded them and I also wanted to hire folks that wanted to be an agent within 5 years so I told them that I would help them get their office set-up and invest in them when the time came and now one of my LSP's that started with me will be opening his office in 2013 as a partner and I am financing the start up.
By far though, staffing is the toughest part of the business and you need to dedicate a lot of time into it. Im always taking applications and interviewing candidates even when i dont have an open position because you never know when someone will quite on you or you may need to let somebody go.
stalwartprincipal
New Member
- 4
I bring in $20,000-$25,000 of Personal Lines Premium a month right now and I'm only in my second year of a start up agency. I know the key to me doing this is by partnering with private banks, realtors, and mortgage loan officers. I have at least 6-8 leads per day that are given quotes or called upon. We have also added life insurance to our agency to give us up front revenue. If you approach the owner of any of these banks, or realtor offices, you can offer them a percentage of your book or revenue if they are hesitant on doing business with you. I make no cold calls and 50-55% call me on a daily basis. The other half know I"m calling because they are told I will be giving them a call to help them out with their homeowners insurance as it is a requirement. I then lead into the auto and life insurance...etc.
So your giving away a portion of your book because they are sending you referrals?
I have some Realtors that send me business but the most I do is take them Donuts, sponsor open houses for them, gift cards for referals etc but wouldnt ever think of giving them any meaningful revenue or a percentage of my book for referring business. I think thats a dangerous business plan you may have thereSimilar threads
