Prospecting Commercial Property

[VolAgent]

^ office 1st floor apartments above.....deli 1st floor apartments above...restaurant 1st floor apart above

habitational is all apartments. Mixed hab throws in other occupanices. In my area these are typically older or converted buildings etc. Huge PITA.

Gotcha. Mixed development, either the "cool" older building that just got revitalized or the new development that is going to be "cool and hip"?

I can see how that would be a pain. Just listening most companies either gravitate towards retail/office properties or residential and here someone is mixing the two and does a company want to take the risk that is in the middle.

 

[Rick Deckard]

Seems like a bad way to approach prospecting....

Hey Matt, I read what you are saying but the OP(orig poster) says that he is looking to build up his book. I read that to be someone who hasn't done 100 Commercial transactions yet. So on top of prospecting I just thought they might need some advice on how to actually build a system...that is not an easy thing to do IMHO(in my humble opinion)

You see anyone who is knowledgeable on Commercial, I figure they already know how to do a 5-10 mile radius search from their office location according to SIC codes based on the National Public Library and it's A to Z Database Search...or am I expecting too much here?

I agree, some specifics on what they are truly looking for helps. How are you?

 

[mr_furly]

That's because almost nobody knows what they are doing with enough degree of certainty to really be of strong help here. You get a lot more "Commercial is tough" and it sounds like Baldwin making fun of sales people in Glenngary Glennross.



Commercial might be vague but since you either go after personal lines or commercial lines, it clears about 50% of the field down.

-Office BOP, Manfufacturing, Construction, there are lots of SIC codes for everything but in general when someone says Commercial and they are checking in here, you kinda know what they are aiming at. At least in these forums.

This thread will die a slow death like every other Commercial thread I searched and pulled up, never a clear path IMO.

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1. Try Youtube, many of the Carriers have videos with step by step on how to go out and quote Commercial, don't think because it is on Youtube that everyone has seen it because in fact very few have and even fewer take action on the good information they uncover. Most get excited for a minute, daydream about all the money they will make and then go home and watch TV until it's time to go to bed and start over the next day...you get where I'm going here I hope.

2. Type into Google "How to prospect Commercial Insurance" or some variant, that will take you days to sort thru and read it all.

Just start there, you will have a notebook half filled by lunch, Cheers!

This.

Ive found the same.
You're not going to get any concrete information on how to prospect commercial clients.
Probably because there really isnt a magic script.
Youre not supposed to cold call on price...but unless you know the niche youre going after really well...its pretty hard to talk about anything else.

I say just make your calls...and learn as you go.
The more people you talk to in a certain niche...the more youll get a feel for what they are looking for.

 

[sternbe]

So I'm a newer indy agent and I'll tell you whats worked for me. I bought a subscription from Lexis Nexis for their prospect plus web application that lets you search x dates for work comp by zip code or county. I choose the categories I'm interested in and start making calls. I've set up dozens of appointments this way and closed business. Its a numbers game...but you'd be surprised how many people will let you give them a quote. The smaller businesses with premiums below $20k seem too be my sweet spot. None of the bigger agencies like BBT, Wells Fargo call on them and I'll knock these down all day long. That's my approach but would love to hear others...its really all about the hustle as I work on my networking and referral strategy. Hope that helps.

 

[Rick Deckard]

So I'm a newer indy agent and I'll tell you whats worked for me. I bought a subscription from Lexis Nexis for their prospect plus web application that lets you search x dates for work comp by zip code or county. I choose the categories I'm interested in and start making calls. I've set up dozens of appointments this way and closed business. Its a numbers game...but you'd be surprised how many people will let you give them a quote. The smaller businesses with premiums below $20k seem too be my sweet spot. None of the bigger agencies like BBT, Wells Fargo call on them and I'll knock these down all day long. That's my approach but would love to hear others...its really all about the hustle as I work on my networking and referral strategy. Hope that helps.

Greetings Stern, welcome to this forum. I am deeply impressed with your 1st post. It's filled with good info, it has a heartbeat/pulse/energy that I enjoy reading. I could not agree with you more. It might not feel sexie but knocking down a $5k-$10k commercial account once a week to add into what an agent is already trying to do hustling personal lines, that's gotta be a decent cake mix for newbies.

Stern, please don't be a stranger and I would key in on folks who have rather large post counts. I checked in here November when I was simply cold calling for a licensed agent, after I wrote him a bunch of business with my lead generation I realized I needed to get licensed and was fully licensed end of March(2-20). Things are not going as smooth as I would like, mainly because there is ZERO leadership in the Sales Dept so I am having to do everything...oh gawd I sound like I'm griping and I shouldn't, my life is blessed in many ways.

You keep moving forward Stern, many of us could learn a lot from you. I think you gave plenty of breadcrumbs for an opening post, big props from the Blade Runner

 

[mr_furly]

hey Rick...
...as far as leadership from your sales team.

Ive quickly learned that a lot of the older insurance guys are not sales people.
There network is so large that they havent had to actually sell anyone in so long...so they dont understand whats going on out there...or how to approach someone that doesnt know them.

It probably has a lot to do w/ why so many people drop out of the business.
There is no real guidance outside of learning how to write insurance.
The only people that make it are the ones that are really determined.

Im just trying to keep my head down and keep pushing.

 

[Rick Deckard]

hey Rick...
...as far as leadership from your sales team.

Ive quickly learned that a lot of the older insurance guys are not sales people.
There network is so large that they havent had to actually sell anyone in so long...so they dont understand whats going on out there...or how to approach someone that doesnt know them.

It probably has a lot to do w/ why so many people drop out of the business.
There is no real guidance outside of learning how to write insurance.
The only people that make it are the ones that are really determined.

Im just trying to keep my head down and keep pushing.

Indy Agency I am with is about 15 years old. Several of the original sales staff is here. When they got started in 2003/2004 Florida got hit by several hurricanes, phones ringing off the hook. Several agents built books just answering inbound phone calls. Now the market has changed, Florida hasn't really suffered a major blow in some time and I have an office full of agents with no real sales skills and just trying to hold on to the 1MM-2MM books they have accumulated.

I don't mind doing everything myself but other than the appointments which are vital I have to say, but outside of getting appointments automatically there really isn't much to hang your hat on around here. I bet many agencies are similar.

I did attend a Philadelphia Insurance event here in South Florida last week. I was shocked by how many agencies wanted to talk to me or invite me in to chat about my new budding career in insurance. Grass is always greener the others side though.

 

[mr_furly]

Indy Agency I am with is about 15 years old. Several of the original sales staff is here. When they got started in 2003/2004 Florida got hit by several hurricanes, phones ringing off the hook. Several agents built books just answering inbound phone calls. Now the market has changed, Florida hasn't really suffered a major blow in some time and I have an office full of agents with no real sales skills and just trying to hold on to the 1MM-2MM books they have accumulated.

I don't mind doing everything myself but other than the appointments which are vital I have to say, but outside of getting appointments automatically there really isn't much to hang your hat on around here. I bet many agencies are similar.

I did attend a Philadelphia Insurance event here in South Florida last week. I was shocked by how many agencies wanted to talk to me or invite me in to chat about my new budding career in insurance. Grass is always greener the others side though.

prior to landing at the place im at now...
...I talked to a few agencies (I cold called them all).

It was all the same story.
Been in the business for years...and they were more than happy to bring me along...what do they have to lose?

When I asked what exactly was the pitch to get new business...they all pretty much said the same thing..."I would love to see what we can do for your business/insurance, etc...
and then they would say "you have to network".

Unless you go to one of the big boys...I cant imagine getting much else than this.
This is truly an entrepreneurial journey.

I figure once I get past the first few years...it will be smooth sailing.

The good thing about it is...if you can get good at selling...you should be able to make a killing.
The competition has to be really weak.
A lot of these guys are just getting by w/ relationships.

 

[Mike Siegal]

prior to landing at the place im at now...
...I talked to a few agencies (I cold called them all).

It was all the same story.
Been in the business for years...and they were more than happy to bring me along...what do they have to lose?

When I asked what exactly was the pitch to get new business...they all pretty much said the same thing..."I would love to see what we can do for your business/insurance, etc...
and then they would say "you have to network".

Unless you go to one of the big boys...I cant imagine getting much else than this.
This is truly an entrepreneurial journey.

I figure once I get past the first few years...it will be smooth sailing.

The good thing about it is...if you can get good at selling...you should be able to make a killing.
The competition has to be really weak.
A lot of these guys are just getting by w/ relationships.

This is all fine and Dandy, and i hear you guys, but for beginners like me, how do you learn commercial well enough to go out and quote a prospect? What are you going to do, if you are prospecting a Comm.Biz, and they say "ok...give me a quote for my auto-lot?"

I truthfully don't know what i would do? I guess i could call a "comm.agt" and co-broker it,...but not sure if my agency would let me? These are all good questions and points.

Anyone?

 

[VolAgent]

This is all fine and Dandy, and i hear you guys, but for beginners like me, how do you learn commercial well enough to go out and quote a prospect? What are you going to do, if you are prospecting a Comm.Biz, and they say "ok...give me a quote for my auto-lot?"

I truthfully don't know what i would do? I guess i could call a "comm.agt" and co-broker it,...but not sure if my agency would let me? These are all good questions and points.

Anyone?

This is where a cluster, aggregator and/or MGA would come in handy. You need to find some markets that your carriers are competitive in AND want in your area, then get a crash course so you can have an intelligent conversation and gather the data needed to quote.