Arizona – Insurance & Mortgage?
Aug 19, 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
Hebert W on August 19, 2009 at 7:10 pm
I found a online directory of Arizona insurance agents. http://www.findinsuranceagency.com/Arizona-Insurance-Agents.html I’d try visting a few of them and see if they can assist you. A licensed agent should be able to help.
mbrcatz on August 19, 2009 at 7:10 pm
You’re going to have to get LICENSES to sell insurance and broker mortgages, AND, you’ll have to get E&O for both lines, AND, you’ll have to find companies willing to let you sell their insurance. The last, for someone who’s only doing it as a sideline, will be almost impossible.
You’re best off passing the tests & getting the license, then getting into a broker arrangement for a commission split with a local, independent agent. You’d probably make about 8% of the annual premium for each policy – so how much you make, would depend on how many policies you sell. For homeowners.
Keep in mind, many states won’t allow you to have an insurance license, AND a mortgage license – it’s a conflict of interest.
primericaisbad on August 19, 2009 at 7:10 pm
It IS legal in AZ.
However, you would be surprised at how much business you’ll lose all around because clients will be nervous about a few things:
-Jack of all trades, master of none?
-They feel they’re putting too much trust in one person for some very large financial decisions.
Take it from someone licensed in both, just pick one and run with it. The added time/expense you take isn’t worth your investment.