Arizona – Insurance & Mortgage?
Aug 23, 2009
in
Commercial Property Loans
I am a licensed commercial real estate agent in phoenix, az, and am interested in providing insurance and mortgage services to my clients,essentially I want to be able to shop 5 lenders/insurance companies to provide my clients the best deals.
How do I identify 5 banks/insurance companies that do commercial transactions?
How much money can I make by providing these additional services assuming that all transactions are more than 300K ( for loans + insurance)
Thanks
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3 comments
Wall Street on August 23, 2009 at 2:26 pm
insurance website:
http://insurance6.cn
Zarnev on August 23, 2009 at 2:26 pm
There are only two ways that you can legally make money with this service. First is to be licensed to sell insurance and mortgage services yourself and then you can share commission with anyone you can find that will do this. The other is to outright sell your clients information to those 5 companies without any guarantee that any of those 5 will make a sale. This will require getting permission from your clients to sell their information.
Other types of remuneration are illegal.
mbrcatz on August 23, 2009 at 2:26 pm
1. YOU can’t get quotes on behalf of clients, without a license to sell insurance.
2. Go to your state insurance department website, and it will give you a list of insurance companies that sell property insurance in your state. I don’t know of any insurance companies that sell homeowners policies, but don’t sell commercial policies – HOWEVER, it’s much harder to place a commercial risk.
3. Commission on commercial property policies runs around 15% of the policy premium. Premiums run all over the place, and can’t even be estimated – as the occupancy of the buildings is crucial. Oh, and HABITATIONAL commercial properties are pretty much considered JUNK – high claims, hard to place.
Lastly, even with a license to sell insurance, you’re going to have a very hard time getting property appointments for the type of insurance you want to sell. With no experience, no underwriting, and no existing book of business to roll over, you’re best bet is to get a side job as a producer with an existing agency. You’ll have to split the commission with them, but they’ll teach you how to underwrite and write commercial property insurance.