Being a real estate agents is one of the most exciting things to do, but trust me when you realize that you are not getting any commissions up until closing, the excitement may not last long. Fortunately, there is something to bridge the gap and give you a reason to smile; commission advance. It is a financial service that allows realtors to sell their pending commission in exchange for instant cash. So, at the end of the day, who says you should wait for months to get paid your commission?
Truth is, business expenses should not steal your joy just because the closing is taking longer than expected. You should not burry yourself in business debt either. All you need is a commission advance from your pending commission to keep you going and also keep the business afloat. That said, keep reading for some steps to finding a commission advance company that meets your needs:
- Find a company that does no credit checks – In an ordinary financial institution, credit checks are mandatory. However, most commission advance companies do not care about your credit ratings. So, if you do not have a great credit score, ensure that you find a commission advance company that will not do a credit check before approving your application.
- Find out if there are any hidden fees –The only fee that you should be charged is the discount fee. Since you are opting for commission advance because it is the cheapest offer on the table, stay away from companies out there that charge application fees, wire fees, administrative fees or any other type of fee that is not a discount fee.
- Look for a same-day approval company – Why wait for a day or two when there are so many commission advance companies for realtors that can approve your application the very same day you submit it? Furthermore, the application process is simple. It should take a good commission advance company less than 24 hours to deposit the money into a realtors account. So, find one that will deliver.
- Look for easy application – Since there is no paperwork with the application for commission advance, the application should be quick and easy. Your commission advance company should therefore offer you concise and simple application forms for you to fill in and submit for approval.
- Find a company that does not give you an ultimatum on the amount of commission you wish to advance – Commission advance companies should be cheaper and reliable. Butputting a minimum or maximum amount of commission would be a bad idea for these companies. And since it should be a win-win situation at the end of the day, there are those companies that will not impose such on their clients; find such a company.
- Find a company that can advance more than one deal – We all know being a real estate agent may involve working on different deals all at the same time. Although most companies will not approve more than one deal, there are well established companies that do not give any restrictions whatsoever. This means that you can advance more than one deal. However, ensure that each deal is treated and assessed separately.