bayoubelle
New Member
- 14
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Am I Getting Hosed? (1099 Producer Question)
- Thread starter bayoubelle
- Start date
- 977
Any commission-only gig sounds like a bad deal to someone who wants a guaranteed income. I don't mean that in an unkind way, but I've seen it before. On the other hand, someone with the proper mindset will see it as an opportunity and run with it, and make pretty good money.
The point here, it doesn't sound like this is what you really want to do, and that's ok. No shame in that, just find something that pays hourly.
In the event I'm wrong about that assumption:
I'm not sure what to make of the leads thing, they kind of are and kind of are not providing leads. Sure, it's something to start with, but they are old leads. If you were to pursue this position, I'd take the 50/50 split on any of the leads they provide, but look for something more like 60-70% if you got the business all on your own. I'd also agree with the sentiment not to pay for a leads list. Sure, it'll provide you something to do, and you might close a few, but the good leads come from referrals. Whether it be from the prospect's friends and family, or a professional referral (mortgage broker, car lot, tax office, etc.) Work those referral relationships, because they can potentially send you a lot of business over a long period of time, and these are prospects with their insurance at the front of their mind, as opposed to someone you have to convince to think about it.
The point here, it doesn't sound like this is what you really want to do, and that's ok. No shame in that, just find something that pays hourly.
In the event I'm wrong about that assumption:
I'm not sure what to make of the leads thing, they kind of are and kind of are not providing leads. Sure, it's something to start with, but they are old leads. If you were to pursue this position, I'd take the 50/50 split on any of the leads they provide, but look for something more like 60-70% if you got the business all on your own. I'd also agree with the sentiment not to pay for a leads list. Sure, it'll provide you something to do, and you might close a few, but the good leads come from referrals. Whether it be from the prospect's friends and family, or a professional referral (mortgage broker, car lot, tax office, etc.) Work those referral relationships, because they can potentially send you a lot of business over a long period of time, and these are prospects with their insurance at the front of their mind, as opposed to someone you have to convince to think about it.
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bayoubelle
New Member
- 14
Understood thank you. I will keep the relationship with them as a "side gig" but I am fully aware that commission only sales isn't the best way to sustain a minimum wage in income in any industry. I'd have to write $2400 a month to get that. It is very possible but...with 2nd tier carriers who have no name-recognition it will be rough going to start. I'm fully aware it takes an independent producer a couple of years to hit a decent stride.
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- #4
bayoubelle
New Member
- 14
After several months in...and thousands of cards distributed, email flyers to hundreds, I have yet to bind one policy.
I'm done with 1099 producing as a non-owner.
I'm done with 1099 producing as a non-owner.
I missed the opening post, However I would say based your comments 2nd tier carriers is the first red flag while being paid commision only.
Probably wasn't making enough money to pay for help so the owner was looking for 1099 to get people working
Here's the deal If you don't know the buis it may be best to work at a company with salary even though it is not best in the long run. When you are confident and know what to expect go independant. its commission only but you make your own way, Good carriers, Great carrier in the long run even though its tough to start out, and no one else is in control of leads carriers you sell and direction except you.
Probably wasn't making enough money to pay for help so the owner was looking for 1099 to get people working
Here's the deal If you don't know the buis it may be best to work at a company with salary even though it is not best in the long run. When you are confident and know what to expect go independant. its commission only but you make your own way, Good carriers, Great carrier in the long run even though its tough to start out, and no one else is in control of leads carriers you sell and direction except you.
- 977
Sorry to hear it didn't work out. I wish you the best in whatever you pursue in the future.
Just out of curiosity, how did you go about distributing cards? Were you handing them directly to prospects, or just going to realtors, car lots, etc. and giving them a bundle of cards and telling them to call you? You've got to be intentional in what you do, can't afford to be passive in this business.
Also, not sure what you mean exactly by "second-tier" carriers. As in, carriers with no name recognition? Nonstandard carriers? Were they competitive in your market? At the very least, perhaps we could help you keep this from being a total loss by making sure you understand WHY it didn't work out, so you know what to avoid in the future.
Just out of curiosity, how did you go about distributing cards? Were you handing them directly to prospects, or just going to realtors, car lots, etc. and giving them a bundle of cards and telling them to call you? You've got to be intentional in what you do, can't afford to be passive in this business.
Also, not sure what you mean exactly by "second-tier" carriers. As in, carriers with no name recognition? Nonstandard carriers? Were they competitive in your market? At the very least, perhaps we could help you keep this from being a total loss by making sure you understand WHY it didn't work out, so you know what to avoid in the future.
