Networking with Mortgage Offices

[todd02]

Ok, so this subject has been hit on here and there... I'd like to get a thread going of not only what works, but what you tried and Failed at AND why you thought it failed.

I've built a successful P&C shop based on internet leads and telemarketing. However, now I have the time/money to go to what of course are the best types of leads, referrals.

I've kind of pieced together some scripts and ideas from other threads.

1. Got a drop by or cup of coffee script.
2. Going to drop by or get a cup.
3. Use RECAMP program to add different value than other agents. (will this work on mortgage brokers for referrals you think? I don't see why not.)
4. Have a consistent drop by program, dropping off pens or what not's.
5. Be Johnny on the spot with promptness when getting the leads and making sure I keep the mortgage broker on where I am at in the process and that we were able to help their client.

I am a captive agent with Farmers. I know that a big factor is having multiple mono-line home policies available which I don't... Only Farmers and Foremost. I was thinking my way around this is to partner up with an indy agent in my area on things I can't write so I won't hurt the relationship.

What about you guys, what's worked and hasn't worked?

Also what about giftcards? Another Farmers agent I know gives a $50 gift card for every home policy they write. Yes this is sharing commissions... but most agents don't care as you can't actually tie it to a sell.

 

[VolAgent]

Who are they giving the $50 giftcard to, the consumer or the referring mortgage broker? If it is the mortgage broker, it isn't rebating but sharing commissions with an unlicensed entity if conditional upon the sale. I'm not sure which the DOI would consider worse, rebating or sharing commissions.

That said, it is extremely unlikely the DOI would ever find out unless they were auditing your books for another reason. That or some mortgage broker ratted you out for some reason.

Completely up to you, but it would be illegal in most states to share insurance commissions with an unlicensed entity.

 

[nyc2phi]

Ok, so this subject has been hit on here and there... I'd like to get a thread going of not only what works, but what you tried and Failed at AND why you thought it failed. I've built a successful P&C shop based on internet leads and telemarketing. However, now I have the time/money to go to what of course are the best types of leads, referrals. I've kind of pieced together some scripts and ideas from other threads. 1. Got a drop by or cup of coffee script. 2. Going to drop by or get a cup. 3. Use RECAMP program to add different value than other agents. (will this work on mortgage brokers for referrals you think? I don't see why not.) 4. Have a consistent drop by program, dropping off pens or what not's. 5. Be Johnny on the spot with promptness when getting the leads and making sure I keep the mortgage broker on where I am at in the process and that we were able to help their client. I am a captive agent with Farmers. I know that a big factor is having multiple mono-line home policies available which I don't... Only Farmers and Foremost. I was thinking my way around this is to partner up with an indy agent in my area on things I can't write so I won't hurt the relationship. What about you guys, what's worked and hasn't worked? Also what about giftcards? Another Farmers agent I know gives a $50 gift card for every home policy they write. Yes this is sharing commissions... but most agents don't care as you can't actually tie it to a sell.

Todd,

Get into a networking group such as BNI or LeTip. This can open the door for some great relationships.

I met a mortgage broker in mine that over sees 60 brokers. I haven't earned a ton of business off it yet but it is a start and I met her in my group.

I haven't yet picked up a mortgage broker or realtor off a cold tactic. To me I believe it needs to be a warm start from the beginning such as a referral or group that I mentioned.

 

[todd02]

Bump* Seriously... Anyone give good or bad experiences with Mortgage/Realtor networking P&C?

 

[VolAgent]

Bump* Seriously... Anyone give good or bad experiences with Mortgage/Realtor networking P&C?

Seriously...

Follow NYC's advice. A good BNI group is a goldmine. Although they are difficult for P&C guys to get into as the seat is usually already taken.

 

[Milkman1265]

i contacted maybe over 50 BNI lol no dice for P&C guy, go for core groups that are forming and lock in your place now.

 

[Italianik]

IMHO Realtors mostly blow smoke up your a$$ and want to something in return for their referrals. I have been asked directly and indirectly what I kickback before- Which is nothing. I take care of their client. I get the deal closed. I get their client's claim paid in a loss.
I have only a few that send me biz and don't want something in return. They are gems.

Also, by the time they need EIO, the realtors are generally sure they are getting paid. So the mtg banker is really the one who needs you to close the loan.

SO0- mtg guys and ladies are the ones to really develop relationships with. Let them go after the realtors. Introduce them to the realtors you know, that is how you can warm the relationship with them even more.

It may be my market or just me, but thats my 2 cents.

 

[plewi003]

Giving a $50 gift card is not something I can do. All it takes is one call to DOI and fines and possible losing a license. The mortgage broker may not rat you out but a competing agent would if they found out. Not worth the chance.. However here are some other ideas:
1. You could see if the owner or manager would get P&C licensed so you can give them a split of every referral.
2. If they are not going to be licensed you could structure a deal where you are paying them "rent" per month. For example, for every 10 polices I will pay 400 I rent for the month. This could get tricky but I know several agents that were successful in doing this.

 

[agentinsouth]

Ok, so this subject has been hit on here and there... I'd like to get a thread going of not only what works, but what you tried and Failed at AND why you thought it failed. I've built a successful P&C shop based on internet leads and telemarketing. However, now I have the time/money to go to what of course are the best types of leads, referrals. I've kind of pieced together some scripts and ideas from other threads. 1. Got a drop by or cup of coffee script. 2. Going to drop by or get a cup. 3. Use RECAMP program to add different value than other agents. (will this work on mortgage brokers for referrals you think? I don't see why not.) 4. Have a consistent drop by program, dropping off pens or what not's. 5. Be Johnny on the spot with promptness when getting the leads and making sure I keep the mortgage broker on where I am at in the process and that we were able to help their client. I am a captive agent with Farmers. I know that a big factor is having multiple mono-line home policies available which I don't... Only Farmers and Foremost. I was thinking my way around this is to partner up with an indy agent in my area on things I can't write so I won't hurt the relationship. What about you guys, what's worked and hasn't worked? Also what about giftcards? Another Farmers agent I know gives a $50 gift card for every home policy they write. Yes this is sharing commissions... but most agents don't care as you can't actually tie it to a sell.

What is RECAMP?........

 

[munson]

Giving a $50 gift card is not something I can do. All it takes is one call to DOI and fines and possible losing a license. The mortgage broker may not rat you out but a competing agent would if they found out. Not worth the chance.. However here are some other ideas:
1. You could see if the owner or manager would get P&C licensed so you can give them a split of every referral.
2. If they are not going to be licensed you could structure a deal where you are paying them "rent" per month. For example, for every 10 polices I will pay 400 I rent for the month. This could get tricky but I know several agents that were successful in doing this.

The gift cards have to be given based on just providing leads, not just on ones you sell. Then it is ok.