New Agent Question

[good4lyf]

yeah 3400 will pay all expenses and whatever my wife brings in would be money to live on.

i dont expect this to be easy. i agree that anything worth keeping takes a lot of hard work.i'm no stranger to hard work, if this pays off, i'm willing to put the effort.

i know i'm in over my head but no regular job out there will pay my bills. i need something commission based so the more i work the more i get.

again, thank you everyone for the quick responses, keep them coming =)

 

[Mark]

You could change it over to doing something like selling cars or new homes or a ton of different things.

You will get told by companies that you can make tons of money and that anyone can do it. You will earn that it is one of the best kept secrets that not many people know about.

Can I sell cars and start making that kind of money that fast? I hear some people do it.

 

[jdeasy]

Banker is just flat out lying to you. I don't know the answer to your problem, but I do know that the answer to more problems for you is to go with Bankers.

 

[DHK]

Banker's is probably just as desperate to contract you as you are to "feel good" that you have a "job".

Trust, but verify.

Ask to be introduced to every experienced agent that your hiring manager has in mind to do joint work with. Sit down with them and just ask them some questions.

Fresh leads does not mean that they are necessarily ready to buy today.

 

[BTFuzz]

yeah 3400 will pay all expenses and whatever my wife brings in would be money to live on.

i dont expect this to be easy. i agree that anything worth keeping takes a lot of hard work.i'm no stranger to hard work, if this pays off, i'm willing to put the effort.

i know i'm in over my head but no regular job out there will pay my bills. i need something commission based so the more i work the more i get.

again, thank you everyone for the quick responses, keep them coming =)

You're young enough to have the energy to put in the hard work necessary to succeed. He!!, I was once in your shoes minus the outrageous bills and I now have a nice business going.

There is a misconception about this business that you can basically just start doing things and the money will start to roll in. Nothing can be further from the truth, especially today with all the competition and the lousy economy.

All I'm saying is be careful what you believe because some of the reps in these companies will tell you anything.

 

[good4lyf]

i really appreciate the feedback everyone. not what i wanted to hear but, thanks for being honest.

 

[Bob Klee]

I'd have a two job approach.

I used to be in the Honda/Yamaha motorcycle business [told you all I'd been around for a while] with lots of friends in the automotive business in SoCal. At a good volume new/used dealer you can be average and make $70k a year. Outstanding & you can make $200k a year. Plus you can ramp up to average in just a short time if you learn fast. Used typically has better margins to work with. [I don't like the ethics of many dealerships, but there are good ones. Don't compromise your values for a fast buck!]

Then I'd get in part time as a P&C agent. Why? All those cars need insurance & in many states they can't roll off the lot without proof of insurance if they are financed. How many folks pay cash for a car? When I started out in P&C, who do you think I made best friends with? Heck, I'd have Pizza parties once a month for the salesmen/F&I guys-gals on Saturdays. [they typically can be so busy they don't have time to take off for lunch.] Get 3-4 dealers feeding you referrals & you can make $3400 a month Easy. By working at a dealer for a while, you get to understand the people & what motivates them: Cash & food

If you learn fast you won't be selling cars long. Car sales will burn you out faster than anything I know so don't make it your long term goal.

 

[good4lyf]

I'd have a two job approach.

I used to be in the Honda/Yamaha motorcycle business [told you all I'd been around for a while] with lots of friends in the automotive business in SoCal. At a good volume new/used dealer you can be average and make $70k a year. Outstanding & you can make $200k a year. Plus you can ramp up to average in just a short time if you learn fast. Used typically has better margins to work with. [I don't like the ethics of many dealerships, but there are good ones. Don't compromise your values for a fast buck!]

Then I'd get in part time as a P&C agent. Why? All those cars need insurance & in many states they can't roll off the lot without proof of insurance if they are financed. How many folks pay cash for a car? When I started out in P&C, who do you think I made best friends with? Heck, I'd have Pizza parties once a month for the salesmen/F&I guys-gals on Saturdays. [they typically can be so busy they don't have time to take off for lunch.] Get 3-4 dealers feeding you referrals & you can make $3400 a month Easy. By working at a dealer for a while, you get to understand the people & what motivates them: Cash & food

If you learn fast you won't be selling cars long. Car sales will burn you out faster than anything I know so don't make it your long term goal.

It's funny you say that. I came out of an interview with CarMax today. I was not sure if I should take that or go with Bankers Life. I figured Bankers would be a higher income per month so I have been leaning towards it. But, I was doing the math that working for CarMax if I make 5 sales a week, it adds up to 70k a year (not including warranty commission). I know an insurance sale is more than $150 commission usually (leff often) but with chances of hitting a lucky sale here and there.

I highly considered going with CarMax but I know that is slave work for a set commission. With insurance, I can get bigger sales if I put the effort and get lucky enough for the customer to buy.

Anyway, thanks again for feed back, everyone. Keep them coming please. Thanks!

 

[Chazm]

i really appreciate the feedback everyone. not what i wanted to hear but, thanks for being honest.

Unfortunately my advice would be to find other employment. You need money too fast. I've talked to many past agents of BLC and was trained by BLC managers. You will most likely make somewhere near $20k your first year. You will not get fresh leads. Your leads are a list of numbers. Here in FL you will be trained to set appointments based on "changes in Medicare" and then try to cross sell Final expense, LTCi and annuities. Their products are over priced and you aren't vested until year 5 I believe.

Run, don't walk. Believe me when I tell you that within 2-3 months you will make little sales and eat through your savings. Eventually leaving BLC only to be in the same situation as now, except with even less money.

 

[good4lyf]

I'd have a two job approach.

I used to be in the Honda/Yamaha motorcycle business [told you all I'd been around for a while] with lots of friends in the automotive business in SoCal. At a good volume new/used dealer you can be average and make $70k a year. Outstanding & you can make $200k a year. Plus you can ramp up to average in just a short time if you learn fast. Used typically has better margins to work with. [I don't like the ethics of many dealerships, but there are good ones. Don't compromise your values for a fast buck!]

Then I'd get in part time as a P&C agent. Why? All those cars need insurance & in many states they can't roll off the lot without proof of insurance if they are financed. How many folks pay cash for a car? When I started out in P&C, who do you think I made best friends with? Heck, I'd have Pizza parties once a month for the salesmen/F&I guys-gals on Saturdays. [they typically can be so busy they don't have time to take off for lunch.] Get 3-4 dealers feeding you referrals & you can make $3400 a month Easy. By working at a dealer for a while, you get to understand the people & what motivates them: Cash & food

If you learn fast you won't be selling cars long. Car sales will burn you out faster than anything I know so don't make it your long term goal.

It's funny you say that. I came out of an interview with CarMax today. I was not sure if I should take that or go with Bankers Life. I figured Bankers would be a higher income per month so I have been leaning towards it. But, I was doing the math that working for CarMax if I make 5 sales a week, it adds up to 70k a year (not including warranty commission). I know an insurance sale is more than $150 commission usually (leff often) but with chances of hitting a lucky sale here and there.

I highly considered going with CarMax but I know that is slave work for a set commission. With insurance, I can get bigger sales if I put the effort and get lucky enough for the customer to buy.

Anyway, thanks again for feed back, everyone. Keep them coming please. Thanks!