Thinking about adding P&C insurance to my real estate business — looking for input
Hey everyone, looking for some honest feedback from people in the insurance world.
I’m currently a realtor in Ohio doing both residential and commercial real estate. I have no issue talking to people, networking, and building relationships, but for whatever reason seller leads have been few and far between lately. Since the recent buyer-side changes, buyer leads have slowed down too.
One thing I do have is a strong commercial network. I currently work with a large book of commercial clients who collectively own 150+ hotels, convenience stores, truck stops, and gas stations, plus I have connections with other commercial business owners.
Because of that, I’ve been seriously considering keeping my real estate license while getting my P&C license and adding insurance as another income stream.
I spoke with a local independent (non-captive) broker in my town who said I could come on as a 1099 producer and split a percentage of my commissions with him. He also mentioned he’s working on expanding more into commercial lines, which is what interests me most.
My questions:
Does this sound like a smart move given my existing network?
How difficult is it to break into commercial P&C compared to residential personal lines?
For someone with relationship-building and sales experience, what does the ramp-up realistically look like?
Would you focus on commercial accounts first if you already had those connections?
Anything I should watch out for in a 1099 producer arrangement with an independent broker?
I’m trying to figure out if this is a legitimate opportunity I should pursue or if I’m underestimating the learning curve.
Appreciate any advice from people who’ve been in the business.