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Started By
Message
Any State Farm Agency Owners Here?
Posted on 4/8/14 at 10:44 am
Posted on 4/8/14 at 10:44 am
Or to expand, anyone an owner agent for any of the large insurance firms? SF, Farmers, Allstate... Etc.
Tell me about your business, it's successes, outlook, obstacles, personal compensation potential and a typical day in the life of, if you will be so kind .
On the verge of taking over an agency in N. Dallas and would like pros and cons. Thanks.
7
Posted on 4/8/14 at 10:46 am to Sao
quote:
On the verge of taking over an agency in N. Dallas and would like pros and cons.
Interesting ...I know a guy from BR that was at an Agency in Denham doing the exact same thing in the exact same area
I own my own Independent Agency btw
I left State Farm in order to open my own Independent agency...
This post was edited on 4/8/14 at 10:50 am
Posted on 4/8/14 at 10:56 am to Sao
"Can I get a hot tub"
Posted on 4/8/14 at 11:00 am to Sao
Posted on 4/8/14 at 11:01 am to Sao
I work for my dad he has been a state farm agent 40 years what you want to know. I have been doing this 15 years now.
Posted on 4/8/14 at 11:04 am to Sao
you're in a great position (much better than south LA where you basically can't write home owners except in certain zip codes...and you can finally write some commercial policies)
Dallas is a great market, and to my knowledge, you'll be able to write most if not all lines of business.
Make it about the client. I heard about some young punk arse agent in LA who said it's his goal to never meet with a client...just bring in the account and have his secretary deal with the relationship management. That is shitty IMO...otherwise, you're basically another geico or progressive.
There is a bit of political-ness about the company in terms of what they'll encourage you to sell. Bottom line...network A LOT. cold call...do whatever it takes to keep activity high and you can be very very successful in the dallas market. You should work about 12 hour days or so for the first several years. Then you may have the ability to significantly control your schedule and amount of flexibility. It's all about the first 5 years in building your own brand within state farm.
TRY TO CALL ALL OF THE EXISTING CLIENT BOOK AND MEET WITH MAJOR POLICY HOLDERS. You do not want to lose them. They might know another agent within or outside of state farm, and they will leave if they feel they don't have a certain level of service.
The obstacles are primarily forcing yourself to get uncomfortable in a sales capacity...because it is a sales job first. And you won't always have the best product out there.
Compensation potential is great in the long term (I don't know how they structure things concerning compensation these days with giving young agents books of biz from retiring agents). Back in the day, it was all on you to build from zero.
Dallas is a great market, and to my knowledge, you'll be able to write most if not all lines of business.
Make it about the client. I heard about some young punk arse agent in LA who said it's his goal to never meet with a client...just bring in the account and have his secretary deal with the relationship management. That is shitty IMO...otherwise, you're basically another geico or progressive.
There is a bit of political-ness about the company in terms of what they'll encourage you to sell. Bottom line...network A LOT. cold call...do whatever it takes to keep activity high and you can be very very successful in the dallas market. You should work about 12 hour days or so for the first several years. Then you may have the ability to significantly control your schedule and amount of flexibility. It's all about the first 5 years in building your own brand within state farm.
TRY TO CALL ALL OF THE EXISTING CLIENT BOOK AND MEET WITH MAJOR POLICY HOLDERS. You do not want to lose them. They might know another agent within or outside of state farm, and they will leave if they feel they don't have a certain level of service.
The obstacles are primarily forcing yourself to get uncomfortable in a sales capacity...because it is a sales job first. And you won't always have the best product out there.
Compensation potential is great in the long term (I don't know how they structure things concerning compensation these days with giving young agents books of biz from retiring agents). Back in the day, it was all on you to build from zero.
Posted on 4/8/14 at 11:09 am to LSUgolf
I know who this is then lol
Posted on 4/8/14 at 11:11 am to LSUgolf
quote:
I work for my dad he has been a state farm agent 40 years what you want to know. I have been doing this 15 years now.
congrats on the coattails, bro
Posted on 4/8/14 at 11:23 am to LSU_Holla
quote:
I know who this is then lol
who are you?
This post was edited on 4/8/14 at 11:28 am
Posted on 4/8/14 at 11:27 am to mostbesttigerfanever
quote:
congrats on the coattails, bro
ride it as long as i can. i will not play polititcal games to get what my dad started from scatch.
Posted on 4/8/14 at 11:27 am to Sao
SF Bank is paying damn good CD rates.
Tell your customers.
Now!
Tell your customers.
Now!
Posted on 4/8/14 at 11:29 am to N2cars
quote:
SF Bank is paying damn good CD rates. Tell your customers. Now!
i had to look there terrible
Posted on 4/8/14 at 11:46 am to mostbesttigerfanever
Good info.
This situation involves an established location w a current book of business. Policies would remain and roll in w the deal. I have to think that is incredibly generous and miles in front of starting an agency with no written biz from day one.
Still fleshing it out.
Posted on 4/8/14 at 11:48 am to N2cars
quote:
SF Bank is paying damn good CD rates. Tell your customers. Now!
I hope this is a joke
Posted on 4/8/14 at 11:48 am to Sao
Know 2 guys that have been owning for 25 years and both day they wouldn't get into it today
Posted on 4/8/14 at 11:50 am to Phil A Sheo
quote:
I hope this is a joke
Well they all suck, but SF's suck less.
1.1% over 13 months, IIRC. Pretty good relative to the overall market.
Posted on 4/8/14 at 11:53 am to yellowfin
quote:
Know 2 guys that have been owning for 25 years and both day they wouldn't get into it today
I don't know what company your talking about. But SF with new contract for agents is not good. they want you to work for nothing.
Posted on 4/8/14 at 11:55 am to LSUgolf
quote:
But SF with new contract for agents is not good. they want you to work for nothing.
This is why I left
Posted on 4/8/14 at 12:00 pm to LSUgolf
quote:
But SF with new contract for agents is not good. they want you to work for nothing.
Read it again, I'm agreeing with you....both guys that have been around forever told me they wouldn't start with state farm today.
Posted on 4/8/14 at 12:02 pm to Phil A Sheo
quote:
quote:
But SF with new contract for agents is not good. they want you to work for nothing.
This is why I left
That's a shame. It used to be like being granted a license to print money.
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