Career change and a new industry (1 Viewer)

[slackjawedyokel]

Folks, I'm looking for advice but also using FFA as a sounding board.

Here's the scoop and a bit of background. Approaching mid 30s and I am 5 years in as an insurance agent working for a brokerage. My upside is limited at about 50k annual when I consider my commission splits and the captive agency limitation as well. Bottom line is I need to really consider the long term with kids at home and not much hope in my current situation. I have no college degree for what it's worth. I have very little in savings with a wife and kids depending on me. I have a few opportunities presenting themselves, here are some options:

1. Stay put.

PROS: Stable income. Not required to invest time and money into growing a business.

CONS: Low ceiling. Working for someone else (boss not completely stable as a person). Commute.

2. I can start my own agency and be my own boss with the insurance company I currently work with or even branch out and become an independent agent.

PROS: Independence. Licensing in place. Knowledge of products and industry. Economically resilient. Higher upside.

CONS: Time and money required to invest in launching an agency. Boring industry, cannot envision myself selling insurance for life.

3. I have been strongly considering transitioning into retail real estate sales. I have been picking the brains of agents around town, visiting open houses, researching firms, etc.

PROS: I have an interest in the industry. I can see myself working in real estate as an agent and investor for many years. Financial upside is enormous. Compliments future interest in RE investing. Independent.

CONS: Need to acquire a license first. Can take awhile to close deals initially while building business, which means months without pay. Also carries expenses to get started. It's technically a new industry although connected to my prior experience in construction and insurance.

I've had a couple real estate firms press me to join them. Currently there is a lot of tension around the office and a couple staff members have resigned within the last week. Morale is down. I want change and any advice is immensely appreciated. It's a football forum but I respect the experience of the group here. Thanks!

 

[gianmarco]

3 seems like the easy choice given your desire to change.

 

[eoMMan]

3, but it will take awhile to get established and income will be very inconsistent. Maybe find an RE office that will let work part time until you get established?

 

[bentley]

I work for an insurance company. Lots of guys makes piles and piles of money working in an agency even as a producer. You must suck at it.

 

[cstu]

3, but it will take awhile to get established and income will be very inconsistent. Maybe find an RE office that will let work part time until you get established?

I wouldn't suggest quitting your job to be a RE agent unless you already have a stream of clients lined up. Get your license and then start building your network. It's not a part time job but it takes time and money to get started.

 

[fantasycurse42]

Get your RE license taking night courses and then start working weekends... When you're comfortable with it, start doing it full time.

 

[pantherclub]

Folks, I'm looking for advice but also using FFA as a sounding board.

Here's the scoop and a bit of background. Approaching mid 30s and I am 5 years in as an insurance agent working for a brokerage. My upside is limited at about 50k annual when I consider my commission splits and the captive agency limitation as well. Bottom line is I need to really consider the long term with kids at home and not much hope in my current situation. I have no college degree for what it's worth. I have very little in savings with a wife and kids depending on me. I have a few opportunities presenting themselves, here are some options:

1. Stay put.

PROS: Stable income. Not required to invest time and money into growing a business.

CONS: Low ceiling. Working for someone else (boss not completely stable as a person). Commute.

2. I can start my own agency and be my own boss with the insurance company I currently work with or even branch out and become an independent agent.

PROS: Independence. Licensing in place. Knowledge of products and industry. Economically resilient. Higher upside.

CONS: Time and money required to invest in launching an agency. Boring industry, cannot envision myself selling insurance for life.

3. I have been strongly considering transitioning into retail real estate sales. I have been picking the brains of agents around town, visiting open houses, researching firms, etc.

PROS: I have an interest in the industry. I can see myself working in real estate as an agent and investor for many years. Financial upside is enormous. Compliments future interest in RE investing. Independent.

CONS: Need to acquire a license first. Can take awhile to close deals initially while building business, which means months without pay. Also carries expenses to get started. It's technically a new industry although connected to my prior experience in construction and insurance.

I've had a couple real estate firms press me to join them. Currently there is a lot of tension around the office and a couple staff members have resigned within the last week. Morale is down. I want change and any advice is immensely appreciated. It's a football forum but I respect the experience of the group here. Thanks!

figure out a way to get a nursing degree. It takes like 3 years. Good pay, always get a raise, work anywhere in the USA. You can work shifts (3 on 3 off type deal, or work weekends and making extra $) or regular office hours. 3 of my friends have done this mid career and they all love it. One is a OR nurse and the doctors love him because they prefer working with guys in surgery. One guy was in his mid 40's working in marketing and just quit one day to go back to school. Most CC have a program. The Surgery nurse is contemplating going back to school to get his masters and transitioning into administration and those people make bank. Worth checking out

Dont do real estate dude, that will drive you mad and pull you away from your family even more

 

[jon_mx]

Real Estate profession is easily the most back-stabbing business there is. Other agents will steal your customers any chance they get. It takes a decade to build a reputation where you will be someone people seek out and have any kind of repeat business. Less than 20% of agents make any kind of a living at it. Most just try to leech money off their friends and family when they want to sell their house. Maybe 5% make a real good living at it. If you are in a high dollar area like California, those numbers might be better.

 

[pantherclub]

I agree with Jon, stay the hell away from real estate.

 

[comfortably numb]

I got my RE license last year and practice part time for now.

I enjoy the aspect of helping people and having an opportunity to make sizeable extra income.

Haven't been in it long enough to go through the bad experiences with back stabbing and don't rely on the income to worry about the instability.

I enjoy it.

I would recommend getting your license and doing it part time to make sure you enjoy the parts of basically babysitting your clients, dealing with working off business hours and relaying on many other pieces of the puzzle to do their job to assure your deals properly close.

 

[Abraham]

Doing RE part time to start seems like a no brainer.

 

[Tom Hagen]

I agree with the idea of getting your RE license and starting part time before jumping in. The time it takes to get your first commission check can be substantial. Also, be aware that there is a lot of downward pressure on RE commissions and technology is making it much easier for buyers and sellers to connect without involving an agent. I don't think the industry is going away but I think it's going to get even more competitive.

Opening an insurance agency sounds like a good option but I would be cautious about starting a business in an industry you find boring. Self employment often requires a lot of work and you need to be sure you are committed.

 

[Alex P Keaton]

Real Estate profession is easily the most back-stabbing business there is. Other agents will steal your customers any chance they get. It takes a decade to build a reputation where you will be someone people seek out and have any kind of repeat business. Less than 20% of agents make any kind of a living at it. Most just try to leech money off their friends and family when they want to sell their house. Maybe 5% make a real good living at it. If you are in a high dollar area like California, those numbers might be better.

Sounds like Mary Kay

 

[slackjawedyokel]

3, but it will take awhile to get established and income will be very inconsistent. Maybe find an RE office that will let work part time until you get established?

General consensus seems to be getting licensed and starting part-time. Here in CA, the big brokers all seem to accept part timers although it's usually looked down upon. Probably the way to go. Anyone have opinions on specific companies in Nor cal? Any Realtors?

 

[slackjawedyokel]

I work for an insurance company. Lots of guys makes piles and piles of money working in an agency even as a producer. You must suck at it.

You're probably right. It has nothing to do with the fact that my commission split is 40% and the captive agency is stuck selling an overpriced product. But yes, option 2 would be branching out and launching my own agency, where we I could disconnect from the captive company and sell whatever I want.

 

[slackjawedyokel]

3, but it will take awhile to get established and income will be very inconsistent. Maybe find an RE office that will let work part time until you get established?

I wouldn't suggest quitting your job to be a RE agent unless you already have a stream of clients lined up. Get your license and then start building your network. It's not a part time job but it takes time and money to get started.

Thanks. Are you licensed? What's a realistic startup cost in real estate? I've seen everything from 1k to 10k for mls, signage, etc.

 

[slackjawedyokel]

Get your RE license taking night courses and then start working weekends... When you're comfortable with it, start doing it full time.

This seems to be a great idea, and maybe the most obvious.

 

[slackjawedyokel]

Folks, I'm looking for advice but also using FFA as a sounding board.

Here's the scoop and a bit of background. Approaching mid 30s and I am 5 years in as an insurance agent working for a brokerage. My upside is limited at about 50k annual when I consider my commission splits and the captive agency limitation as well. Bottom line is I need to really consider the long term with kids at home and not much hope in my current situation. I have no college degree for what it's worth. I have very little in savings with a wife and kids depending on me. I have a few opportunities presenting themselves, here are some options:

1. Stay put.

PROS: Stable income. Not required to invest time and money into growing a business.

CONS: Low ceiling. Working for someone else (boss not completely stable as a person). Commute.

2. I can start my own agency and be my own boss with the insurance company I currently work with or even branch out and become an independent agent.

PROS: Independence. Licensing in place. Knowledge of products and industry. Economically resilient. Higher upside.

CONS: Time and money required to invest in launching an agency. Boring industry, cannot envision myself selling insurance for life.

3. I have been strongly considering transitioning into retail real estate sales. I have been picking the brains of agents around town, visiting open houses, researching firms, etc.

PROS: I have an interest in the industry. I can see myself working in real estate as an agent and investor for many years. Financial upside is enormous. Compliments future interest in RE investing. Independent.

CONS: Need to acquire a license first. Can take awhile to close deals initially while building business, which means months without pay. Also carries expenses to get started. It's technically a new industry although connected to my prior experience in construction and insurance.

I've had a couple real estate firms press me to join them. Currently there is a lot of tension around the office and a couple staff members have resigned within the last week. Morale is down. I want change and any advice is immensely appreciated. It's a football forum but I respect the experience of the group here. Thanks!

figure out a way to get a nursing degree. It takes like 3 years. Good pay, always get a raise, work anywhere in the USA. You can work shifts (3 on 3 off type deal, or work weekends and making extra $) or regular office hours. 3 of my friends have done this mid career and they all love it. One is a OR nurse and the doctors love him because they prefer working with guys in surgery. One guy was in his mid 40's working in marketing and just quit one day to go back to school. Most CC have a program. The Surgery nurse is contemplating going back to school to get his masters and transitioning into administration and those people make bank. Worth checking outDont do real estate dude, that will drive you mad and pull you away from your family even more

Last line is a red flag. Because I am already overworked, I'm looking for ways to be more flexible for the family and it seems like RE is an avenue to make that happen. What's been your experience to suggest that? I'd love to hear more. Good idea on getting into medical industry.

 

[slackjawedyokel]

Real Estate profession is easily the most back-stabbing business there is. Other agents will steal your customers any chance they get. It takes a decade to build a reputation where you will be someone people seek out and have any kind of repeat business. Less than 20% of agents make any kind of a living at it. Most just try to leech money off their friends and family when they want to sell their house. Maybe 5% make a real good living at it. If you are in a high dollar area like California, those numbers might be better.

Thanks. I am in CA, and those top 20% of agents make very good money... As in 150 to 500. The rest trickles down but there really are a good chunk that do it part time or on the side which is also a consideration. 6 transactions per year would put me in a better position than now. Is the client theft any different than insurance? I have to fight against dishonest insurance agents saying whatever they feel like to steal business on renewals :/

 

[slackjawedyokel]

I got my RE license last year and practice part time for now.

I enjoy the aspect of helping people and having an opportunity to make sizeable extra income.

Haven't been in it long enough to go through the bad experiences with back stabbing and don't rely on the income to worry about the instability.

I enjoy it.

I would recommend getting your license and doing it part time to make sure you enjoy the parts of basically babysitting your clients, dealing with working off business hours and relaying on many other pieces of the puzzle to do their job to assure your deals properly close.

Where is your market? I like the idea of slow playing my reliance on RE while continuing to pay for living thru the doldrums I'm already used to.

 

[pantherclub]

Folks, I'm looking for advice but also using FFA as a sounding board.

Here's the scoop and a bit of background. Approaching mid 30s and I am 5 years in as an insurance agent working for a brokerage. My upside is limited at about 50k annual when I consider my commission splits and the captive agency limitation as well. Bottom line is I need to really consider the long term with kids at home and not much hope in my current situation. I have no college degree for what it's worth. I have very little in savings with a wife and kids depending on me. I have a few opportunities presenting themselves, here are some options:

1. Stay put.

PROS: Stable income. Not required to invest time and money into growing a business.

CONS: Low ceiling. Working for someone else (boss not completely stable as a person). Commute.

2. I can start my own agency and be my own boss with the insurance company I currently work with or even branch out and become an independent agent.

PROS: Independence. Licensing in place. Knowledge of products and industry. Economically resilient. Higher upside.

CONS: Time and money required to invest in launching an agency. Boring industry, cannot envision myself selling insurance for life.

3. I have been strongly considering transitioning into retail real estate sales. I have been picking the brains of agents around town, visiting open houses, researching firms, etc.

PROS: I have an interest in the industry. I can see myself working in real estate as an agent and investor for many years. Financial upside is enormous. Compliments future interest in RE investing. Independent.

CONS: Need to acquire a license first. Can take awhile to close deals initially while building business, which means months without pay. Also carries expenses to get started. It's technically a new industry although connected to my prior experience in construction and insurance.

I've had a couple real estate firms press me to join them. Currently there is a lot of tension around the office and a couple staff members have resigned within the last week. Morale is down. I want change and any advice is immensely appreciated. It's a football forum but I respect the experience of the group here. Thanks!

figure out a way to get a nursing degree. It takes like 3 years. Good pay, always get a raise, work anywhere in the USA. You can work shifts (3 on 3 off type deal, or work weekends and making extra $) or regular office hours. 3 of my friends have done this mid career and they all love it. One is a OR nurse and the doctors love him because they prefer working with guys in surgery. One guy was in his mid 40's working in marketing and just quit one day to go back to school. Most CC have a program. The Surgery nurse is contemplating going back to school to get his masters and transitioning into administration and those people make bank. Worth checking outDont do real estate dude, that will drive you mad and pull you away from your family even more

Last line is a red flag. Because I am already overworked, I'm looking for ways to be more flexible for the family and it seems like RE is an avenue to make that happen. What's been your experience to suggest that? I'd love to hear more. Good idea on getting into medical industry.

If you are overworked then I doubt showing houses on nights and weekends is going to work for you.

 

[slackjawedyokel]

Folks, I'm looking for advice but also using FFA as a sounding board.

Here's the scoop and a bit of background. Approaching mid 30s and I am 5 years in as an insurance agent working for a brokerage. My upside is limited at about 50k annual when I consider my commission splits and the captive agency limitation as well. Bottom line is I need to really consider the long term with kids at home and not much hope in my current situation. I have no college degree for what it's worth. I have very little in savings with a wife and kids depending on me. I have a few opportunities presenting themselves, here are some options:

1. Stay put.

PROS: Stable income. Not required to invest time and money into growing a business.

CONS: Low ceiling. Working for someone else (boss not completely stable as a person). Commute.

2. I can start my own agency and be my own boss with the insurance company I currently work with or even branch out and become an independent agent.

PROS: Independence. Licensing in place. Knowledge of products and industry. Economically resilient. Higher upside.

CONS: Time and money required to invest in launching an agency. Boring industry, cannot envision myself selling insurance for life.

3. I have been strongly considering transitioning into retail real estate sales. I have been picking the brains of agents around town, visiting open houses, researching firms, etc.

PROS: I have an interest in the industry. I can see myself working in real estate as an agent and investor for many years. Financial upside is enormous. Compliments future interest in RE investing. Independent.

CONS: Need to acquire a license first. Can take awhile to close deals initially while building business, which means months without pay. Also carries expenses to get started. It's technically a new industry although connected to my prior experience in construction and insurance.

I've had a couple real estate firms press me to join them. Currently there is a lot of tension around the office and a couple staff members have resigned within the last week. Morale is down. I want change and any advice is immensely appreciated. It's a football forum but I respect the experience of the group here. Thanks!

figure out a way to get a nursing degree. It takes like 3 years. Good pay, always get a raise, work anywhere in the USA. You can work shifts (3 on 3 off type deal, or work weekends and making extra $) or regular office hours. 3 of my friends have done this mid career and they all love it. One is a OR nurse and the doctors love him because they prefer working with guys in surgery. One guy was in his mid 40's working in marketing and just quit one day to go back to school. Most CC have a program. The Surgery nurse is contemplating going back to school to get his masters and transitioning into administration and those people make bank. Worth checking outDont do real estate dude, that will drive you mad and pull you away from your family even more

Last line is a red flag. Because I am already overworked, I'm looking for ways to be more flexible for the family and it seems like RE is an avenue to make that happen. What's been your experience to suggest that? I'd love to hear more. Good idea on getting into medical industry.

If you are overworked then I doubt showing houses on nights and weekends is going to work for you.

Good point. I'm less bothered by working open houses than I am working 7am to 7pm right now. But yes, those odd hours certainly should be listed in the CONS section.

 

[comfortably numb]

I got my RE license last year and practice part time for now.

I enjoy the aspect of helping people and having an opportunity to make sizeable extra income.

Haven't been in it long enough to go through the bad experiences with back stabbing and don't rely on the income to worry about the instability.

I enjoy it.

I would recommend getting your license and doing it part time to make sure you enjoy the parts of basically babysitting your clients, dealing with working off business hours and relaying on many other pieces of the puzzle to do their job to assure your deals properly close.

Where is your market? I like the idea of slow playing my reliance on RE while continuing to pay for living thru the doldrums I'm already used to.

I'm in NJ.

Startup was about 1500 and yearly maintenance is about 700.

seems like here brokers will hire almost anyone full or partime.

if you call around some places may even offer the course for you or pay for you to get your license

 

[pantherclub]

Folks, I'm looking for advice but also using FFA as a sounding board.

Here's the scoop and a bit of background. Approaching mid 30s and I am 5 years in as an insurance agent working for a brokerage. My upside is limited at about 50k annual when I consider my commission splits and the captive agency limitation as well. Bottom line is I need to really consider the long term with kids at home and not much hope in my current situation. I have no college degree for what it's worth. I have very little in savings with a wife and kids depending on me. I have a few opportunities presenting themselves, here are some options:

1. Stay put.

PROS: Stable income. Not required to invest time and money into growing a business.

CONS: Low ceiling. Working for someone else (boss not completely stable as a person). Commute.

2. I can start my own agency and be my own boss with the insurance company I currently work with or even branch out and become an independent agent.

PROS: Independence. Licensing in place. Knowledge of products and industry. Economically resilient. Higher upside.

CONS: Time and money required to invest in launching an agency. Boring industry, cannot envision myself selling insurance for life.

3. I have been strongly considering transitioning into retail real estate sales. I have been picking the brains of agents around town, visiting open houses, researching firms, etc.

PROS: I have an interest in the industry. I can see myself working in real estate as an agent and investor for many years. Financial upside is enormous. Compliments future interest in RE investing. Independent.

CONS: Need to acquire a license first. Can take awhile to close deals initially while building business, which means months without pay. Also carries expenses to get started. It's technically a new industry although connected to my prior experience in construction and insurance.

I've had a couple real estate firms press me to join them. Currently there is a lot of tension around the office and a couple staff members have resigned within the last week. Morale is down. I want change and any advice is immensely appreciated. It's a football forum but I respect the experience of the group here. Thanks!

figure out a way to get a nursing degree. It takes like 3 years. Good pay, always get a raise, work anywhere in the USA. You can work shifts (3 on 3 off type deal, or work weekends and making extra $) or regular office hours. 3 of my friends have done this mid career and they all love it. One is a OR nurse and the doctors love him because they prefer working with guys in surgery. One guy was in his mid 40's working in marketing and just quit one day to go back to school. Most CC have a program. The Surgery nurse is contemplating going back to school to get his masters and transitioning into administration and those people make bank. Worth checking outDont do real estate dude, that will drive you mad and pull you away from your family even more

Last line is a red flag. Because I am already overworked, I'm looking for ways to be more flexible for the family and it seems like RE is an avenue to make that happen. What's been your experience to suggest that? I'd love to hear more. Good idea on getting into medical industry.

If you are overworked then I doubt showing houses on nights and weekends is going to work for you.

Good point. I'm less bothered by working open houses than I am working 7am to 7pm right now. But yes, those odd hours certainly should be listed in the CONS section.

If you are only making $50000 working 12 hour days then yeah you probably should look for another job.

 

[slackjawedyokel]

I got my RE license last year and practice part time for now.

I enjoy the aspect of helping people and having an opportunity to make sizeable extra income.

Haven't been in it long enough to go through the bad experiences with back stabbing and don't rely on the income to worry about the instability.

I enjoy it.

I would recommend getting your license and doing it part time to make sure you enjoy the parts of basically babysitting your clients, dealing with working off business hours and relaying on many other pieces of the puzzle to do their job to assure your deals properly close.

Where is your market? I like the idea of slow playing my reliance on RE while continuing to pay for living thru the doldrums I'm already used to.

I'm in NJ.

Startup was about 1500 and yearly maintenance is about 700.

seems like here brokers will hire almost anyone full or partime.

if you call around some places may even offer the course for you or pay for you to get your license

Great info. KW reimburses school costs once first transaction closes. A few others have similar setups. Also, with experience in sales it's relatively easy to be hired on at these RE companies. Several are active suitors wanting me to come on board. It makes sense since there is little to risk yet a ton to gain for RE companies.

 

[slackjawedyokel]

Folks, I'm looking for advice but also using FFA as a sounding board.

Here's the scoop and a bit of background. Approaching mid 30s and I am 5 years in as an insurance agent working for a brokerage. My upside is limited at about 50k annual when I consider my commission splits and the captive agency limitation as well. Bottom line is I need to really consider the long term with kids at home and not much hope in my current situation. I have no college degree for what it's worth. I have very little in savings with a wife and kids depending on me. I have a few opportunities presenting themselves, here are some options:

1. Stay put.

PROS: Stable income. Not required to invest time and money into growing a business.

CONS: Low ceiling. Working for someone else (boss not completely stable as a person). Commute.

2. I can start my own agency and be my own boss with the insurance company I currently work with or even branch out and become an independent agent.

PROS: Independence. Licensing in place. Knowledge of products and industry. Economically resilient. Higher upside.

CONS: Time and money required to invest in launching an agency. Boring industry, cannot envision myself selling insurance for life.

3. I have been strongly considering transitioning into retail real estate sales. I have been picking the brains of agents around town, visiting open houses, researching firms, etc.

PROS: I have an interest in the industry. I can see myself working in real estate as an agent and investor for many years. Financial upside is enormous. Compliments future interest in RE investing. Independent.

CONS: Need to acquire a license first. Can take awhile to close deals initially while building business, which means months without pay. Also carries expenses to get started. It's technically a new industry although connected to my prior experience in construction and insurance.

I've had a couple real estate firms press me to join them. Currently there is a lot of tension around the office and a couple staff members have resigned within the last week. Morale is down. I want change and any advice is immensely appreciated. It's a football forum but I respect the experience of the group here. Thanks!

figure out a way to get a nursing degree. It takes like 3 years. Good pay, always get a raise, work anywhere in the USA. You can work shifts (3 on 3 off type deal, or work weekends and making extra $) or regular office hours. 3 of my friends have done this mid career and they all love it. One is a OR nurse and the doctors love him because they prefer working with guys in surgery. One guy was in his mid 40's working in marketing and just quit one day to go back to school. Most CC have a program. The Surgery nurse is contemplating going back to school to get his masters and transitioning into administration and those people make bank. Worth checking outDont do real estate dude, that will drive you mad and pull you away from your family even more

Last line is a red flag. Because I am already overworked, I'm looking for ways to be more flexible for the family and it seems like RE is an avenue to make that happen. What's been your experience to suggest that? I'd love to hear more. Good idea on getting into medical industry.

If you are overworked then I doubt showing houses on nights and weekends is going to work for you.

Good point. I'm less bothered by working open houses than I am working 7am to 7pm right now. But yes, those odd hours certainly should be listed in the CONS section.

If you are only making $50000 working 12 hour days then yeah you probably should look for another job.

Yep. I do a lot for the firm I currently work for and while I'm thankful for the job, the commission split is laughable and forces me to work too much for too little. Cost of living is fairly high here as well in N Cal.

 

[bushdocda]

As a new agent, it can take you years to have enough sales to make a good income in RE. I don't see a move in that direction being a good idea at all.

 

[mr roboto]

The reason why only 10-20% of RE agents make a good living doing that work is precisely because of the 'try it part time' mentality many have. IOW lots of people have their licenses, far fewer of them truly try to make it a full time career. Kinda like people who join MLMs. Many flame out or simply do it for the inherent discount or family and friends.

Look into Redfin. They have more of a corporate structure to their RE model (if they are in your area).

 

[rockaction]

I work for an insurance company. Lots of guys makes piles and piles of money working in an agency even as a producer. You must suck at it.

Wow. How's it feel to be a ##########?

 

[bentley]

I work for an insurance company. Lots of guys makes piles and piles of money working in an agency even as a producer. You must suck at it.

Wow. How's it feel to be a ##########?

Beats me. Maybe you should ask the guy who is whining about the workload, hours and pay in an entry-level commission based sales job and whose solution is to get an entry-level commission based sales job...but in another field.

 

[rockaction]

I work for an insurance company. Lots of guys makes piles and piles of money working in an agency even as a producer. You must suck at it.

Wow. How's it feel to be a ##########?

Beats me. Maybe you should ask the guy who is whining about the workload, hours and pay in an entry-level commission based sales job and whose solution is to get an entry-level commission based sales job...but in another field.

Well, guess it's all bigger in Texas. Good luck and don't step in dog####.

 

[slackjawedyokel]

I work for an insurance company. Lots of guys makes piles and piles of money working in an agency even as a producer. You must suck at it.

Wow. How's it feel to be a ##########?

Beats me. Maybe you should ask the guy who is whining about the workload, hours and pay in an entry-level commission based sales job and whose solution is to get an entry-level commission based sales job...but in another field.

Well, guess it's all bigger in Texas. Good luck and don't step in dog####.

Eh I took no offense, despite the unnecessarily brash comment. The reality is that it is my current pay structure working for another agent that limits my upside and I cannot blame the boss so long as I continue to keep my position. I COULD earn double if I did it myself so it's not a lack of skills or smarts... It is situation. Which ultimately is the reason why I am actively considering other outlets for a career. 40% commission split is quite low and any insurance producer can understand that.

 

[Dickies]

I just started in the insurance industry about 6 months ago. It took a while to get started, but I am doing well for myself. Long, irregular hours, but a few good sales pays the bills. Honestly for a long time I have also considered real estate. Seems like easy money up here in NorCal, but I understand it will take a while and a lot of work to get established.

That said, even though I basically worked my first couple months for free while I was learning the ropes, I have made over $25k in my first 6 months and I still feel like I have a lot to learn. 40% commission split is indeed low, but it also depends how many people you have access to. I'd trade a lower commission split if I could get in front of more leads. What lines of insurance do you sell?

 

[EYLive]

Are you currently doing personal lines insurance? In commercial lines, the commission is more like 30-33%. But the premiums are larger, of course.

 

[slackjawedyokel]

I just started in the insurance industry about 6 months ago. It took a while to get started, but I am doing well for myself. Long, irregular hours, but a few good sales pays the bills. Honestly for a long time I have also considered real estate. Seems like easy money up here in NorCal, but I understand it will take a while and a lot of work to get established.

That said, even though I basically worked my first couple months for free while I was learning the ropes, I have made over $25k in my first 6 months and I still feel like I have a lot to learn. 40% commission split is indeed low, but it also depends how many people you have access to. I'd trade a lower commission split if I could get in front of more leads. What lines of insurance do you sell?

I do mostly personal lines and life insurance, some commercial. I enjoy life insurance the most because I love helping people solve problems. The big name company I work for pays the worst on life insurance to agents (48%), and then as a producer I only earn 40% of that. So a $50/month policy is barely worth $100. Same policy with a big life company would be $500 commission, but that's again just my situation. I have less than 10 leads per month provided by the brokerage, and am mostly expected to generate my own business. It would be fantastic if they had a marketer bringing in opportunities, which would justify the split.

 

[slackjawedyokel]

Are you currently doing personal lines insurance? In commercial lines, the commission is more like 30-33%. But the premiums are larger, of course.

Yeah mostly PL and life. With the big-name I work for, they pay agencies anywhere from 6% (large accounts) to 14% (on dinky accounts). There are no broker fees either, since it is a captive company. My commission would still be 40% of the 6%-14% to the agency, but generating my own business means I am my own marketer. I'm basically giving up the other 60% to have someone in the office click a submit button, process a payment, and mail out a thank you note.

 

[nirad3]

I'm not trying to go all bentley on you here, but where the heck in Cali are you that you're able to live off 50k a year? Something tells me that RE sales is going to be a lateral move financially if you're out in the boonies.

I agree with others' sentiments here: start doing the real estate thing on the side first. I wouldn't work for a giant like Keller Williams. You're going to experience many of the same headaches you currently have. Find a smaller shop that doesn't bleed you dry just for the "big name".

 

[EYLive]

Are you currently doing personal lines insurance? In commercial lines, the commission is more like 30-33%. But the premiums are larger, of course.

Yeah mostly PL and life. With the big-name I work for, they pay agencies anywhere from 6% (large accounts) to 14% (on dinky accounts). There are no broker fees either, since it is a captive company. My commission would still be 40% of the 6%-14% to the agency, but generating my own business means I am my own marketer. I'm basically giving up the other 60% to have someone in the office click a submit button, process a payment, and mail out a thank you note.

Unfortunately, that's what I've observed as well. You give up a big chunk to have the company stationary and back end admin support. Have you thought about shifting over to commercial lines? One or two big accounts a quarter and you're all set. (well not really, but you get what I'm saying).

 

[slackjawedyokel]

I'm not trying to go all bentley on you here, but where the heck in Cali are you that you're able to live off 50k a year? Something tells me that RE sales is going to be a lateral move financially if you're out in the boonies.

I agree with others' sentiments here: start doing the real estate thing on the side first. I wouldn't work for a giant like Keller Williams. You're going to experience many of the same headaches you currently have. Find a smaller shop that doesn't bleed you dry just for the "big name".

I'm in a great market for real estate (Central Valley near Sacramento). It's very tough to live on these wages, thus the need to transition out of here. I mean it's not at poverty level by any means at 50k, but I should be able to earn more in this industry or real estate. The median home price in my area is $340k, so building business in real estate is a realistic avenue for someone already dealing with a lower wage. If I were in an established situation with 80k+, it would be a much harder move.

 

[slackjawedyokel]

Are you currently doing personal lines insurance? In commercial lines, the commission is more like 30-33%. But the premiums are larger, of course.

Yeah mostly PL and life. With the big-name I work for, they pay agencies anywhere from 6% (large accounts) to 14% (on dinky accounts). There are no broker fees either, since it is a captive company. My commission would still be 40% of the 6%-14% to the agency, but generating my own business means I am my own marketer. I'm basically giving up the other 60% to have someone in the office click a submit button, process a payment, and mail out a thank you note.

Unfortunately, that's what I've observed as well. You give up a big chunk to have the company stationary and back end admin support. Have you thought about shifting over to commercial lines? One or two big accounts a quarter and you're all set. (well not really, but you get what I'm saying).

Good suggestion. I'm no pro at commercial sales and our appetite is very limited, but I am pushing commercial and life in this 1st quarter. You're right on just needing a couple big deals. This company won't competitively write anything over 75k premium. Biggest accounts last quarter were 20k and 45k which were purely sold on salesmanship, not even close on price. :(

 

[Otis]

Doing RE part time to start seems like a no brainer.

This. Why not 2+3

 

[PinkydaPimp]

sales is sales. If you arent good at selling insurance, wont that also translate to selling real estate? Maybe the play is to invest in your sales skills?

 

[slackjawedyokel]

sales is sales. If you arent good at selling insurance, wont that also translate to selling real estate? Maybe the play is to invest in your sales skills?

Hey, not going to argue with this. There is always room for improvement, even if already successful to some degree.

 

[nirad3]

I'm not trying to go all bentley on you here, but where the heck in Cali are you that you're able to live off 50k a year? Something tells me that RE sales is going to be a lateral move financially if you're out in the boonies.

I agree with others' sentiments here: start doing the real estate thing on the side first. I wouldn't work for a giant like Keller Williams. You're going to experience many of the same headaches you currently have. Find a smaller shop that doesn't bleed you dry just for the "big name".

I'm in a great market for real estate (Central Valley near Sacramento). It's very tough to live on these wages, thus the need to transition out of here. I mean it's not at poverty level by any means at 50k, but I should be able to earn more in this industry or real estate. The median home price in my area is $340k, so building business in real estate is a realistic avenue for someone already dealing with a lower wage. If I were in an established situation with 80k+, it would be a much harder move.

I'm in Cali and in real estate development so quite familiar with the Central Valley. It's on the upswing.

Question - can you do both? I know of some folks that are Realtors that also have the ability to sell insurance. The industries - as you likely know - play off one another quite well.

Good luck.