One Simple Question

[Matthew Campbell]

Is State Farm paying you or are you collecting on the new and renewal business?

I am not certain but i think it would mainly be on new and renewal and a few starting bonuses but like I said I havent been offered anything or know exact contract details just from what people have said is the normal way things are done.

 

[fed up]

I think your best bet is to ASK the retiring agent and get all of the details so you know how much rent, salary, bills are going out the door before YOU get paid

 

[Allen Trent]

Why can no one answer that question? It is not like it is something crazy to ask and it definitely matters to someone considering entering the career field. You dont have to say your personal earnings but what someone would estimate. Not very hard

what is the take home pay of a person opening a coffee shop? Some will make $100k & others will lose $250k they borrowed from their home equity, spouses 401k, file bankruptcy & get divorced.

it is not as simple as you make it out to be because it isn't getting a job/career. it is starting a business & becoming self employed. in business & self employed, you are the biggest deciding factor in the outcome & we don't know you, your track record, your ability or your cash stockpile to get it going.

I will give you a range: between a negative $40,000 & a positive $50,000 after expenses, investment, taxes

 

[fed up]

Here is some simple math: A $1,000,000 book of business will generate approx 100,000 in residual income each year. In order to make the math easier to understand that would be approx $10,000 per month. From that you are going to pay rent, approx 25000 per year, taxes on the business, utilities, E&O insurance, at least 1 salary for a producer or CSR. You are left with 25-30K for you if you don't sell a thing. If you sell some policies you will be rewarded with 10-15% of the premium and you MIGHT make a bonus. Of course you are going to lose customers each month, you are going to have new customers get terminated and you will receive a charge back of the commission you were paid, and you MIGHT get terminated if you don't achieve certain goals. Sell some Life Insurance with your policies and you will make a lot more. Have a great year.

 

[goillini52]

I know it varies between agents but I am hoping someone will be brave enough to just post what an agent can expect to make through the years? Thank you.

Vic beat me to it.

 

[myinsurebiz]

Why can no one answer that question? It is not like it is something crazy to ask and it definitely matters to someone considering entering the career field. You dont have to say your personal earnings but what someone would estimate. Not very hard

LOL - with your smart ass replies you will be lucky to have someone answer your questions.

Be kind. Not very hard.

 

[vic120]

LOL - with your smart ass replies you will be lucky to have someone answer your questions.

Be kind. Not very hard.

You might even say Very Simple

 

[Matthew Campbell]

LOL - with your smart ass replies you will be lucky to have someone answer your questions.

Be kind. Not very hard.

Read next post, thanks!

 

[tikibarrister]

would say my sales ability is above average but I know thats probably the hardest area to quantify.

Above average...based on what? i.e. do you have an insurance sales track record, other sales track record, or no track record?

Not perfectly quantifiable but somewhat indicative.

Also, have you search the forum on SF agency owner opinions? There's not a lot of love for the SF opportunity...

 

[myinsurebiz]

Above average...based on what? i.e. do you have an insurance sales track record, other sales track record, or no track record?

Not perfectly quantifiable but somewhat indicative.

Also, have you search the forum on SF agency owner opinions? There's not a lot of love for the SF opportunity...

Where is Lost dollar when you need him most

@LostDollar