We are a new agency getting ready to start working on recruiting new producers. I wanted everyone's opinion on the best salary / commission structure to be competitive in the South Florida market. Any suggestions?
Since you mentioned "new agency", are you continuing off someone else's book or building your own from scratch?
Recruiting agents with no current book of business can pose some immediate troubles unless your agents are hired on 1099 commission pay only.
It may be different in Florida, but I would not hire any new staff until there's a good flow of business that can support and justify their compensation.
New agency recruiting. Not a good idea. Get your business going and marketing in place. Once you figure out what works for you then start recruiting. I pay base salary plus 40/30 split. Also give equity ownership once they write certain amounts of policies.
Out of 50+ employees I've had maybe 2 good producers. You'll lose more money than you'll make finding good producers. Make sure your base is set up before you start depending on other people for your success is what I'm saying.
