Category: Management

How Partnering With a Real Estate Broker Can Improve Your Insurance Agency

Posted by: Cornelia Winn

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As an insurance agent, working with strategic partners to build your clientele can be monumentally beneficial. Real estate brokers, for example, are a great resource as they work directly with new homeowners — many of whom are in need of coverage.

While not everyone will be a good fit, seeking out a real estate broker with the same ideal clients as you can improve your insurance agency in numerous ways. Read on to learn how this partnership can benefit you as well as how you can find the right strategic partner.

Strategic Partnerships Help Increase Leads

One of the greatest benefits of partnering with a real estate broker is a number of leads you can expect to see pour in. Not just any leads either — but high-quality leads along with a high percentage of closing ratios. In fact, studies show that partner-generated referrals see closing ratios around 80 percent.

Why is this? Put shortly, working with a real estate broker allows you to precisely target your ideal customer base. As a result, you can more effectively target these ideal customers, while also essentially doubling your current clientele by tapping into your partner’s’ connections.

Working With Real Estate Brokers Can Boost Your Communication Skills

Selling insurance is all about fostering great relationships with your clients — and doing this requires one thing: impeccable communication skills. While working with a partner can present its share of challenges, there is no better way to improve your communication skills.

Ultimately, when it comes to working with real estate broker, you’re both on the same team. But although you share the same goals, if you don’t communicate, you won’t be able to find the right coverage for your client. Once you find the right real estate broker to work with, you’ll find that your communication skills can improve greatly — skills you can carry with you throughout your entire career.

How to Find the Right Strategic Partners

Working with real estate brokers touts serious benefits, but it’s important to find the right people to partner with if you want to see great results. Not sure how to find the right strategic partners? Here’s how you can get started:

Make a list of influencers

These are real estate brokers who can bring you referrals and leads and vice versa. They target the same audience as you do. Take the time to research multiple brokers.

Reach out

Taking the initiative to reach out to real estate brokers can be intimidating, but it is a necessary step in finding the right partner. Prepare what you are going to say, and make sure to have compelling reasons why he or she should partner with you.

Learn what you need to know about each other’s industries

You’re in expert in your field, but likely don’t know the ins and outs of real estate. Taking the time to better understand the world of real estate and vice versa will help you better serve your clients and their needs.