State Farm Team Member VS. Farmers Agent VS. ???

[agentpeke]

I decided I no longer have interest in my post and don't know how to erase them.

 

[tins]

Most of us start out with an agency in the beginning. It is a great way to learn the business.
Make sure the person leading your team is teaching you, rather than just using you to build his book of business. Each person's situation is different. This could be the opportunity you've been looking for.

 

[xrac]

The SF position would interest me more than Farmers.

 

[Guest]

Ever heard of paragraphs? Thats too difficult to read....

Oh wait, I am sorry, am I being TOO HARSH??

 

[xrac]

There, I edited it for ease of read. I suppose it was a bit harsh to the eyes. I do ask for anyone seasoned to help me out with my dilemma. I am wracking my brains here.

I am leaning towards just sticking it out with State Farm for now so I don't fall over my head in debt, and maybe even prove my worth so I can demand more pay and better commissions. I am kinda disappointed that my Agent at State Farm claims he only gets 25% commission on Life and of that I could only make 80% of those commissions only if I sell 10 Life policies or more. It decreases 10% at 7 policies and 60% of his earnings at 5 policies. With Home policies, the starting Bonus structure is only $60 bonus if I earn $3000 in commissions and the most I can make is $500 if I sell over $10,000 in commissions. Does this seem fair at all? with Auto, it breaks down to 40% of his commissions if I earn 15,000 in premiums.

I just feel like all these numbers are way low and not reasonable. Whereas at Farmer's I'll be earning way more but I need to have more money at hand to buy leads and pay for monthly expenses.

Get licensed, gain some experience, and look for a better opportunity maybe with an independent. Once you gain experience start your own INDY agency.

 

[Denise509]

If I decide to go for the State Farm Team Member position to gain experience, should I still write policies for my close friends and family? Will I be able to write them insurance at a later time if I don't own my book of business? What are the ways around this. I would hate to sign everyone I know up and all my friends and social contacts and then a year or two be told I am not allowed to sign them later with another company or my own agency. I haven't seen any contracts yet from my Agent but I was told I can not take my book with me.

My advice to you is this: work with the state farm agent.....for a few months only. I worked for one for over two years and gained a lot of experience.....I wish I would have quit sooner. DO NOT write your friends and family. Once you decide to leave, nobody will take care of their policies (trust me).
Make sure that if you do work for him, you have him sign a contract stating EXACTLY what/how/when he's going to pay you. I had sooooo many headaches caused by the way the SF agent paid me. Remember, when you work for an agent you are an employee of theirs NOT the company. So if he promises you paid sick days and vacation make sure he SIGNS a paper that says that.
Once you learn the business, go and work for an independent. Get as much experience as possible before you venture out. I worked for an independent, SF agent and even did the farmers reserve agent program (refer to my previous posts lol) and now I'm getting ready to open my own Indy agency. Yes, working for somebody else sucks but it will give you the experience you need to succeed. And hey why not work for your future competition? You'll know their weaknesses when you go on your own!

 

[xrac]

If I decide to go for the State Farm Team Member position to gain experience, should I still write policies for my close friends and family? Will I be able to write them insurance at a later time if I don't own my book of business? What are the ways around this. I would hate to sign everyone I know up and all my friends and social contacts and then a year or two be told I am not allowed to sign them later with another company or my own agency. I haven't seen any contracts yet from my Agent but I was told I can not take my book with me.

Put this one thing in your mind. It is not your book of business it is his.

 

[Norwayguy]

(not to mention I believe he might have some sort of Bookie/Gambling thing on the side which bothers me a bit).

You might just be getting his, if all things don't just just right he doen't get his permanent contract and the new contract is enough like gambling.