Tips on building a relationship with Mortgage brokers?

[SamQAllstate]

I'm pretty new to selling insurance, I only got my license about 2 months ago. I've been calling and calling individuals one after another, and have a had some moderate success, but I like to work smarter, not harder. Does anyone have any advice for building relationships with mortgage brokers so that they can send me quality leads regularly?
Any advice is very welcomed.

 

[Hawaii Agent]

You'll need to provide value to their business. They're struggling right now because of interest rate increases. You need to show them why they should refer to you. What makes referring their clients to you of value to them? They're thinking WIIFM (what's in it for me?). At the end of the day, they really don't care about you (sometimes they don't care about their clients). They're typically looking to make the sale and move on to the next

 

[SamQAllstate]

Exactly! Thanks Hawaii agent! That's kind of what I was wondering about, does anyone have a good script, or just a few good points that I can bring up to offer some sort of value? I've emailed a few Brokers already, and am trying to stress the speed and accuracy I can bring to the table, but I guess I'm wondering if there's anything else I could mention that would sound enticing to them.

 

[Hawaii Agent]

Unfortunately, most of them don't give a s#!t about insurance. They only care about premiums to keep the client's total monthly mortgage payment down (if they have a bad DTI ratio). I hate dealing with lenders because of this. If you can get realtors on your side, that'll be a better foot in the door, they just have access to a lower number of the clients that you want

 

[fed up]

As much as I don't really care for the concept, get into a BNI group, get to know them, do your presentation for the group, and buddy up to the broker and realtor in your group. If you are an ALLSTATE agent you are already at a disadvantage because your rates suck.

 

[Deborah Armstrong]

It appears that you are P & C licensed. I have those lines of authority but I am mostly life and health. I want to answer the question you initially asked about working smarter and not harder. Do the activities that will bring people to you. You should be in front of people more. Join networking groups, join your local chamber. Download the meetup app on your phone and look for groups that will benefit your business and put you in front of people. You will get notifications of where these groups meet, what days and times. Become good at social media. You can be on social media and get nothing. If that is the case, you aren't doing it right.

 

[scagnt83]

COIs are invaluable if you can get a solid relationship with them.

OP, you have a great idea if you can get it to work.

 

[whatyouwantfinally]

I'm pretty new to selling insurance, I only got my license about 2 months ago. I've been calling and calling individuals one after another, and have a had some moderate success, but I like to work smarter, not harder. Does anyone have any advice for building relationships with mortgage brokers so that they can send me quality leads regularly?
Any advice is very welcomed.

I'll be blunt; this won't work as an Allstate agent. I was a mortgage broker in a past life and built my P&C agency largely through relationships with them. The only things that matter to them regarding insurance are that you're fast, you're cheap and the answer is NEVER "Sorry, we can't cover that."

At Allstate, you're often not going to be cheap and sometimes your answer will be "Sorry, we can't cover that." You don't have what they need (someone with lots of carriers). Even if you talk someone into working with you you'll get dropped the first time you can't deliver.

 

[Al3x Lee]

The only things that matter to them regarding insurance are that you're fast, you're cheap and the answer is NEVER "Sorry, we can't cover that."

This. I have never had luck convincing mortgage brokers that insurance is valuable, they want fast, cheap, and no barriers to entry so they can CLOSE

Unfortunately, most of them think insurance is a scam. I once had one say it was stupid his homeowner's insurance wouldn't give him a new roof when his roof was old. He thought deprecation, wear, and tear should be covered.

For finance industry workers, the majority of them seem pretty dense. You would think insurance is a concept that would resonate better with them than the general public, but that has not been my experience.

 

[whatyouwantfinally]

This. I have never had luck convincing mortgage brokers that insurance is valuable, they want fast, cheap, and no barriers to entry so they can CLOSE

Because it's not valuable in the context of their job/goals. What's valuable is someone who makes sure their deals don't get held up. They see that value once one of their deals does get held up. That's business.

Unfortunately, most of them think insurance is a scam. I once had one say it was stupid his homeowner's insurance wouldn't give him a new roof when his roof was old. He thought deprecation, wear, and tear should be covered.

There are dumb people in all fields. That isn't a mortgage broker thing. I've gotten that same argument from doctors, nurses, mechanics, you name it.

For finance industry workers, the majority of them seem pretty dense. You would think insurance is a concept that would resonate better with them than the general public, but that has not been my experience.

Most people in general are pretty dense. Again, in the context of their job, insurance is just a hurdle/potential hold-up. It's not a knock on them that they realize this. As an insurance agent, I don't care about people's mortgage rates beyond making the insurance I sold them unaffordable. We all have our lanes to stay in.