New Guy to FE and Mortgage Protection

[Newby]

I'm located in the Charlotte area

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Here is the thing you need to watch out for. With the company supplying leads for you they will take a huge chunk of your commission. And they will be of very low quality because they will be aged leads that other agents have already tried to sell.

Once this becomes apparent and you go to sign up at a regular agency where you get the normal commissions and buy your own leads you will find that the first agency will not release you. Even if you never sold a single policy all your companies you had under them are trapped. Agencies that have the free leads and low commissions NEVER release. No matter what they tell you up front.

To protect yourself, if you decide to go with them anyway, only sign up with ONE company. Americo would be a goid one that has both FE and MP. If that one gets tied up you will never miss them. Then 6-months after you quit writing them you can pick Americo back up and no harm done.



Thanks for the tips. The company I'll be working for provides the leads starting at a 10% commission drop, so it's not major. My only concern is the quality of those leads. Time will tell, I suppose.

10% is marketer double talk. You need the exact grid with the exact numbers. That's the only thing you should accept.

Be sure to do your own math and don't just take them at their word on that 10%. Print out that grid off of our website showing all the commission rates. Then verify line by line with them so if you're contracting with Atetna for instance instead of the 125% you'll be at 115% right? ( i'm pretty sure you'll find that the correct answer will be about 80 or 85% maybe 90%). On Oxford are you going to be at 110% then? I doubt it.

When you're doing your selection of upline and contracting never make assumptions. Always get the math exactly correct. It's fine if you decide you want to sign up at 90% contracts and you know that going in. But don't be going and thinking you're getting 105's and 115's and find out later that you got 90 if you're going in without getting the exact details.

If you sign up with a marketer without getting your exact grid of commissions prior to signing up you're going to be getting screwed. And if they're just fine giving you even less than normal because you got to get these great "free" leads, you are about to learn a very expensive lesson.

But a lot of good agents have gone down that path and got that hard lesson first before they see how important this stuff is.

 

[Oneucb4u]

Hi Pat, welcome to the Forum!
I wish you luck in your endeavor. Based on what you said, you are receiving leads from the company at a cost of 10% of commissions. Read your contract thoroughly and be certain you have no strings attached (ex. sliding commission scales, etc.).
Secondly, have plans for each workday (when to make calls, set appointments, cold calling, setting up your next day activity, any other work-related activity).
With respect to the products you are proposing to market, I have to agree with jdeasy. In addition to the reasons he stated, to try to do both would be somewhat counterproductive. While the core of your FE market will probably be made up of seniors, the MP products are usually desired by young professionals who are homeowners for the first time. Not very many seniors are looking for a home to purchase, and young folks are not too concerned with setting things in order for the next generation.
Learn as much as possible about the craft and products. You HAVE to be willing to adapt and grow. With time, you will acquire the ability to see the value of making every sales call productive! Good luck!!!

Thank you for the advice. I've been kind of on the fence on FE/MP or both based on this type of feedback. Will see what the environment is like once I get started.

 

[ncaggie]

I'm located in the Charlotte area

----------

Here is the thing you need to watch out for. With the company supplying leads for you they will take a huge chunk of your commission. And they will be of very low quality because they will be aged leads that other agents have already tried to sell.

Once this becomes apparent and you go to sign up at a regular agency where you get the normal commissions and buy your own leads you will find that the first agency will not release you. Even if you never sold a single policy all your companies you had under them are trapped. Agencies that have the free leads and low commissions NEVER release. No matter what they tell you up front.

To protect yourself, if you decide to go with them anyway, only sign up with ONE company. Americo would be a goid one that has both FE and MP. If that one gets tied up you will never miss them. Then 6-months after you quit writing them you can pick Americo back up and no harm done.



Thanks for the tips. The company I'll be working for provides the leads starting at a 10% commission drop, so it's not major. My only concern is the quality of those leads. Time will tell, I suppose.

Im a hour north im also new. I have about 1K in mail drops coming in welcome to come with. There is a 6 figure producer that is under SPUR CITY and he is in Charlotte.

 

[Jaymon]

To be successful in Mortgage Protection you have to be the FIRST MP letter in the mailbox before the large "Marketing Groups". Leads must be distributed to the leads to the agents the day they are received...and the biggest part is the agent must contact them asap. Agents must have high contracts....no middle level manager taking 15-25% points, agents need that extra % in order to fund their lead flow.