Working With Real Estate Agents

Aug 17, 2015

  1. JohnWalker
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    I'm looking for some insight on marketing to real estate agents and mortgage brokers for homeowners insurance leads. I have a few questions:

    Are there any agencies that still make a do a lot of referral business this way or am I beating a dead horse?

    I'm sure these guys get hit up all the time for insurance referrals and most likely already work with a friend or have a "guy". How hard is it to add value to agents and win over their business?

    With the average homeowners premium in California around $700 and commission at 13%, I pretty much have to cross sell other products to come close to breaking even. Does anyone have any advice for increased profitability?

    Thanks in advance!
     
    Last edited: Aug 17, 2015
  2. insurance1822
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    If you're Indy w/ solid representation including powerful monoline carriers (thus giving you the ability to close 99% of what's referred..) it's the ONLY way to go.

    If not...you'll never be able to solidify the relationship.
     
  3. walthamny
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    Being indy helps, you also have to have a good story on how you add value. The realtor is making good money on a large commission. They are interested in working with people who wont mess up their sale. Otherwise, they could just refer everyone to cheapPCInsurance.com. Make sure you position yourself as someone who will add value to their sales process.
     
  4. insurance1822
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    Everything I write is real estate or mortgage referral. I have mastered this market. What solidifies the relationship & results in them referring everything all the time is being able to have a solution & be the best priced all the time.

    They will refer problem situations. Vacant homes undergoing renovations before moving in, flip properties for investors, homes in flood zones, homes in bad protection classes, homes where people have poor credit & the homeowner's cost is killing the debt to income etc. The only way to always pull through is be indy with a bunch of companies. If not, you'll just be turning away more then you can actually write.

    They want the consistent problem solver & they don't care about anything else. Once you solve problems all the other idiots can't, they realize how good you are.
     
  5. JohnWalker
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    How are you approaching these guys and get them to send you referrals in the first place? I've been working on a strategy to solicit them but keep running into the scenario where they say they are interested but just don't have anyone to refer today. Then it's send an email and don't hear back.

    I am indy with access to a high number of markets so I know I can handle the business.
     
  6. cgreene
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    It's simple help them grow their business, separate yourself, and they will send you everything.
     
    cgreene, Aug 17, 2015
    #6
  7. indienoise
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    How do you get that foot in the door?
    How do you make an impression vs. every other agent in town trying to get their business?
    I realize getting a couple mortgage brokers in your corner will make all the difference in the world, I just want to know what some of you guys are doing RIGHT in order to get there.
     
  8. cgreene
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    Sponsor their events, push them on social media, do sales meetings together.
     
    cgreene, Aug 17, 2015
    #8
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