If you want to sell insurance, but you don’t want to give up your real estate sales career, it’s completely possible. You need a couple of certifications under your belt—you can work toward them as you continue selling real estate. Here are a few common types of insurance licenses that agents hold: homeowners, auto, life and health (these can be sold individually or in combination).
Keep in mind that if you decide you want a license, then depending on which state you live in, obtaining one can take anywhere from two months to six months. Here are some tips for selling real estate and insurance simultaneously to maximize your success in both areas.
Can Someone Simultaneously Sell Real Estate and Insurance?
Before you get started
Before selling both real estate and insurance, you must be licensed in your state as a broker for each type of business. In most states, selling one without being licensed in both is illegal, so don’t try it! Also, it’s not enough to have your license; you must join a local board of Realtors® or real estate brokers before making sales.
So what do you need to become a real estate broker? To become a real spouse broker in most states, you need more than just a general contractor’s license; you also need specialized training through an approved program.
This typically requires around 3 years of education, including classroom learning and actual sales experience.
Figure out you’re why
Before you can figure out how you need to decide why to start a business that sells real estate and insurance simultaneously, you’ll need a concrete purpose.
Are you running your firm? Staying close to home? Keeping clients happy? Make sure you know exactly why before you decide how. This will help keep you from second-guessing yourself throughout your starting a new business and selling both real estate and insurance simultaneously.
You won’t regret it if it’s something important or meaningful to you, like making money or keeping people in your local community happy.
Know yourself first
The ultimate advice for anyone looking to sell real estate and insurance would be: to know yourself. I’m going to assume that you have a pretty good grasp of who you are as a person, so I’ll focus on what that means when it comes to selling real estate and insurance.
If you can keep your personal goals in mind while navigating through these two career paths, you’ll be set up for success in either one of them. So let’s talk about where your unique skillsets lie first. Let’s break it down.
Do your market research.
If you want to double your income, first find out whether people will be willing to pay for it. Please don’t assume that they automatically work well together because you’re offering two valuable services.
Please do your research, contact some real estate agents who also sell insurance and see what they think of a real estate agent who tries to sell them both at once. If they don’t like it, don’t do it—it just doesn’t make sense for them or your clients.
Where do you start?
One of your first steps is to become licensed in both sales fields. Every state has different requirements, but it’s usually pretty easy (and inexpensive) to do, so don’t let that hold you back. Most states require you to pass a test complete an application and submit a few documents—that’s it.
To help make sure you are fully prepared for selling real estate, insurance or both, let’s look at some things you’ll need to consider.
It’s tempting to try selling real estate when you know there’s an abundance of interested buyers who can afford your property. However, it’s important to remember that you have as much to gain from marketing your property as you do selling it.
If your house isn’t on the market, how will you get any offers? Before settling on a realtor or company, ask if they have experience marketing listings.
Check out their other listings in similar neighborhoods; if they don’t have a comparable listing nearby, you might want to look elsewhere. The same holds for insurance sales: before signing with an insurance broker, look at their track record and what kinds of clients they typically work with.
Finding your network and referrals
The first thing you need to do when starting a business is find your network. You’re not going to start a successful business in isolation; it needs support, referrals, and contacts to help you out. If you’re doing some marketing or advertising campaign (and you should be) the chances are good that at least one of your clients is a natural fit for another service you offer.
Take advantage of that by making them an offer they can’t refuse – refer them to some new business! If they enjoy their work with you, why wouldn’t they want to share your name with others? And vice versa: if someone does end up referring new customers your way, there’s no reason not to send them some business in return.
Frequently Asked Questions
Is it possible to work as an estate agent while also selling insurance?
Yes. Most people sell properties and owners’ insurance, eliminating the need for another salesperson and increasing your chances of earning a profit since you are already viewed as trustworthy.
Is it feasible to work as a property manager and an insurance agent simultaneously?
Yes, if you’ve done it before. It’s nearly impossible anymore, given the tougher regulations, if you’re a new manager in both industries.
Can you sell both insurance and property at the same time?
You may surely do so! But then why would you want to? For your efforts trying to reach many of the correct individuals who are likely to purchase the product and employ you as a service supplier, you must prospect to a specific consumer in a segment that you designate. Unless the business suddenly falls into your lap, you’re dividing your focus and, as a result, your energies in two distinct directions.
Is it illegal to sell property and insurance simultaneously?
I’m not familiar with the legislation of all fifty states however presuming there are no stated limitations, selling both property and insurance is technically legal. However, I would advise you to become a specialist in one field before moving on to another.
I’ve worked in both areas and can tell you that they’re both quite complicated—and attempting to be a jack of all trades dramatically increases your chances of making a mistake. Even when there is no apparent misconduct on your part, you may potentially face conflict of interest allegations.
Therefore, only because you could do something doesn’t mean you should.
You can sell both insurance and real estate legally (of course, after acquiring the license and other legal formalities) simultaneously. Still, according to experts’ advice, one should become s specialist in one field only to excel. Both fields can be hard to pursue as a career simultaneously, but it is permissible if you want to do so.