July 14, 2020
By Rebecca Batisto
Part of the challenge of being an insurance agent is breaking into new industries.
While some insurance agents specialize in a single industry, branching out can be an excellent way to get new clients and build your knowledge base. Agents should always be looking for new opportunities, so we’d like to suggest a place where you may not have thought of: property management.
Employees at property management companies have a surprising array of roles. There are the people who work in the office, the individual building managers, salespeople, the supers… Each of these roles puts different demands on the employee, and all of them need workers’ comp insurance. If even one person was injured on the job, it could be catastrophic for the property management company.
So, if you’re looking into a new industry to offer insurance to, why not check out property management? Here are some ideas on how you can reach new clients in this industry:
Cold calling potential clients can be nerve-wracking, but it’s also an excellent way to get your name out there.
Thankfully, it’s easy to find property management companies. You simply hit your computer and pretend that you’re looking for an apartment! You shouldn’t only be looking for residential property management, though. Branch out into commercial property management, as they need insurance just as much as their residential counterparts.
During a cold call, you want to go into the conversation with purpose. You don’t necessarily need a “script” for cold calls, but it can be helpful to have some notes in front of you, so you don’t miss anything. Cold calling is a skill, just like any other, and practice makes perfect. Your first few times cold calling might be terrifying, but as you get better at it, those nerves are going to calm down, and you can instead focus on landing the client.
If you’re trying to break into providing insurance for property management companies, you need to know as much as possible about their industry.
Truth be told, this is the same for any industry you’re trying to enter into. If you don’t know the types of risk that their employees face, you’re not going to be able to offer them the comprehensive insurance they want and need.
With property management companies, you should be looking at the various types of employees they have. Many are full-time, salaried workers, but they might have workers compensated with rent reduction. Often, an on-site employee requires an entirely different level of coverage than someone who works in the head office. Occasionally, supers have this type of on-site living arrangement. What risks do they face when they are on the job, repairing everything in the building?
It would be best if you had the answers to all of these questions before contacting a property management company to inquire about insurance. Doing your homework can make the difference between landing a new client or walking away with nothing.
While many people feel awkward when asking for a referral, it can be one of the best ways to build your client base. If you already work with property management companies, it might be an excellent idea to see if they know anyone who could also benefit from your services. If you’ve developed a strong relationship with your current property management clients, they will want to see you succeed. At best, they put you in contact with them. At worst, they at least mention you. Either way, word about you will be getting around in the Property Management community, and that could result in new leads in no time!
Entering into the property management insurance market could be a massive opportunity for insurance brokers at all stages of their careers. If you are looking for even more opportunities, you might want to explore becoming an agent with Normandy Insurance. If you’re interested, drop us a line here!