What to Know About what Your Entitled To?
- Thread starter Agent1357
- Start date
If you read my first post I am not speaking about what FMO or IMO's get but more what is being offered as average commission.
Like I said in first post, When I first started in this buis after leaving a brokerage an associate I had worked with previous offered me an opportunity as an independent, I did not know what street commission was only that I was offered more then I had when I worked for a company, also I did not understand the cost of doing business.
Had I not found this forum and speak to other FMO's I would not have lasted more then a few months and I could not keep paying for leads with the commissions I had received, At that time I was looking for another industry to work
Instead I got educated on what was fair commission and that I was getting ripped off. I was then able to negotiate good contracts and change of hierarchy that was Fair and aligned with market value.
Doesn't matter what is in the IMO pot. One IMO might have a smaller pot but offer you higher commission simply because he has less overhead or is willing to operate on a smaller margin than another. You negotiate based upon what you need, want or desire and what you can bring to the table.. Not what the other guy has.. If they can't meet your desires, you move on to another IMO or another market.
I don't mean what IMO or FMO I am talking about what is going rates.
I am saying there are people and FMO's who will take advantage of new agents and If some one takes like you said an attitude of I don't care what the next guy gets paid then they become easy targets.
It is important to know whats fair and what going rates are its the same reason people shop for Ins
Here's the deal. A new agent (and even an agent who is experienced but entering a new market) doesn't know what he doesn't know.
I recall when I decided to start in the Med Supp market. I called a well known FMO who promptly sent me contracting paperwork. Imagine my surprise when I found out after the fact that it was below street. We got that corrected VERY quickly. And guess who doesn't get anymore business from me?
The only reason an agent should get below street is if they need hands on training or the FMO is providing leads.
So I agree with Vic here. We at least need to know what street level is so we know a base from which to negotiate.
I recall when I decided to start in the Med Supp market. I called a well known FMO who promptly sent me contracting paperwork. Imagine my surprise when I found out after the fact that it was below street. We got that corrected VERY quickly. And guess who doesn't get anymore business from me?
The only reason an agent should get below street is if they need hands on training or the FMO is providing leads.
So I agree with Vic here. We at least need to know what street level is so we know a base from which to negotiate.
I don't disagree but asking what the "street" is and what the IMO makes are two different questions.. But that is not what caught my attention was the word "entitled". We live in a world with an entitlement mentality which normally is translated "give me something". That may not be what the OP had in mind but it is what is implied.
Vic wasn't talking about the FMO/IMO. At least he doesn't appear to be. And he wasn't the one who used the word "entitled".
OK.. I wasn't criticizing Vic, even agreed a person should research and know what the market will bear before he goes into negotiations. I was trying to compare what Vic was talking about.. Knowing what "street" normally paid and the OP wanted to know... how deep the IMO's pot is. And, I sated it was the OP that used "entitled" .. (Hurts me to even type that word-
)OK.. I wasn't criticizing Vic, even agreed a person should research and know what the market will bear before he goes into negotiations. I was trying to compare what Vic was talking about.. Knowing what "street" normally paid and the OP wanted to know... how deep the IMO's pot is. And, I sated it was the OP that used "entitled" .. (Hurts me to even type that word-
I understand, no issues
I understand your point as well too many people today want everyone to do for them for nothing
I to am tired of hearing how that evil McDonald's does want to pay $20 hour type attitude.
It is not that McDonald's doesn't want to pay it, it is that the people don't want to invest the time, effort, etc. to acquire the skills to qualify themselves to be able to bring $20 per hour worth of value to the company. They want it because they think McDonald's owes it them just because they show up every now and then when scheduled. If you aren't happy with what you are making, develop marketable skills and take them elsewhere..
