Archive for February, 2015

How to Spot a Bad Business Broker

February 16, 2015

detectiveWhen selecting a business broker to help sell your business, make sure to watch for the red flags in their business plan. These few tips can help you save time and money during the selling process.

The broker wants a significant or total fee paid up front:

Many brokers have begun taking upfront fees, but generally the total fee is a combination of an upfront fee and commission paid upon sale of the business. An unreliable broker meets with you, runs some quick numbers, tells you that you can get your price or even more for your business, and then asks for a check to get started. In many cases, business owners are so relieved that they’ve found a broker and elated that they’ll write a check on the spot, without checking any references. “They get to ‘take away’ your check when they leave and you may not see them again, if they can help it. (more…)

Determining Premiums for Home and Auto Policies

February 9, 2015

iStock_000011471283XSmallThe age old saying “things just aren’t the way they used to be” still holds true when it comes to how insurance companies price insurance these days. The way it “used to be” was that a company would look at more risk based information when it came to pricing.

For instance, on home insurance policies, the age, location, and features of the home, along with whether or not the prospective insured had suffered any claims over the past 3-5 years, were the sole determining factors when it came to pricing. After determining the rebuild cost of the home to set the amount of insurance, the price for the coverage would be consistent from person to person using this method of pricing. However, this is not so in today’s insurance marketplace.

About 15 years ago, insurance companies began looking at the client more personally, focusing on their credit score, along with other personal information to assign them an Insurance Bureau Score. This score is now used as a determining factor for the price and is more heavily weighted in the pricing system than the risk characteristics mentioned above. The result is the higher a person’s credit score the lower the premium stands to be. Statistics have shown that people with higher credit scores typically are more reliable and responsible when it comes to day to day life. Insurance statistics also show these people are less likely to suffer a loss or file a claim when it comes to non-weather related incidents. Of course no one can predict the weather. However, most all other claims are preventable. (more…)

Working with a Relocation Management Company

February 2, 2015

blog 2At some point in your career, you’ll probably be requested by a corporate transferee to assist them either in a home purchase or home sale transaction. You might be wondering what that means to you. Corporate transferees are customers who have been directed by their employers to make a job transfer. For the most part, they wait until their human resources director tells them what steps they need to make and when, but sometimes the transferees jump the gun and makes decisions on their own that can affect how their employer helps them financially. What does this mean to you and to the customer?

You as the associate and service provider always want to protect the transferee’s benefits, so here are some rules and strategies to make sure you don’t make mistakes that jeopardize their benefits and your commission. (more…)