At IACFB, we have long understood that success as a freelance broker is often quickly attributed to how they broker sets up the business. Since the vast brokers tend to be industry “part time” operators, they also tend therefor work alone. These industry loan consultants eventually work to become full time brokers over time as they build clientele and in short, this is “how it’s done”. But for those individuals that are simply too impatient to wait for industry success, there’s another way. And that is the creation of a factoring broker agency.
What is a “Broker Agency”?
It in this industry, all brokers and consultants find it beneficial to develop “leads” through networking. Brokers and consultants routinely provide cash payments for leads that become funded commission generating accounts and let other professionals such referrals can expect this to the norm. What is different, however, is how regular “referrals” are handled. Though regulars referrals are usually the result of a local profession such as a banker, accountant, or similar you routinely meet locally, agents are completely different. For factors, “agents” are those individuals that are seeking to earn a periodic home-based commission from generating leads for you. Agents are a “step up” referrer who…
- are seeking a home-business but on an a VERY part time basis
- source leads by giving away information to business owners
- earn a portion of the commissions earned by their “sponsoring” full time consultant
Explorer the $100,000 Agency Concept
For professional factoring consultants, building a network of agents is, by far, one of the easiest and fastest method of building your consulting business quickly and successfully. That is why we refer to as “agencies” as “100,000 networks” and is why we are now providing more information and a full column for brokers in Commercial Finance Consultant Magazine.
Building an agent network as a way of quickly building a professional business as a freelance factoring consultant. It is very similar to building a downline in multi-level marketing. A downline is a term generally used in multi-level marketing (MLM) to describe the consultants or representatives who work under another representative. For example, if a MLM Broker “Joe” begins working for a company and then recruits five others to work under her for the same company, those five people are his downline
For professional freelance consultants, part-time agents are recruited, just like MLM representatives, to work under the full time freelance broker. Agents are strictly part-time, provided with basic training, use a WordPress Landing Page rather than a website, and then just generate periodic leads for his sponsor. Typically, consultants share commissions earned from leads on a 50 / 50 basis and usually enjoy residual benefits (monthly payments).
Training for agents is provided at IACFB’s Academy, a “lighter” version of the IACFB’s Campus. To find out more about the Sponsored Agent Program, you can explore the program at the Academy at www.iacfb.academy