Being into real estate can be exciting for sure. However, what is not amusing is knowing that it might take you weeks and sometimes months before you can get your hard-earnedcommission on a sale. This is some rude reality that you must come to terms with about being a real estate agent. Not to worry though; delayed payments should not come between you and your business. So, let’s talk about commission advances for realtors.

A commission advance is a financial transaction for realtorswhere they sell a portion of their pending commission at a discount for them to have immediate cash flow. So now, beinga real estate agent can still be exciting thanks to commission advance services. As you begin your search for the right commission advance company for your needs, it is important to understand the basics; have an idea of what you need or must do before you qualify for a commission advance.

That said, here are 5 important things you need for you to be eligible for such a deal.

  • A real estate agent license– Before you can get approved for a commission advance, the company might ask you to provide an active real estate agent license. Your commission advance company would want to know for sure if you a practicing real estate agent before approving your request. So, ensure that you have your license with you since it is a very important verification document in such a process.

 

  • A bank account–All the transactions from commission advance companies are wired electronically for security reasons. That said, do not expect to have the money handed to you inform of a check or cash. You must have a bank account that you can provide your company with for the money to be transferred.

 

  • A commission advance agreement – Different commission advance companies have different polices when it comes to their financing agreements. Therefore, before your deal is approved, you might have to sign an agreement document. What most real estate agents don’t know is that though commission advances are fast, easy and reliable, there needs to be some sort of collateral at the end of the day.

 

  • A pending sale– Since commission advances rely on pending sales, it is obvious that you can’t get one on a sale that is not happening. Regardless of how financially stressed you are, a commission advance has to be for a sale that is signed but still pending. At the end of the day, the pending sale is what acts as collateral in a commission advance.

 

  • Internet – More oftenthan not, you will communicate with yourcommissionadvance company online. Furthermore, application for an advance deal is done online. This basically means that you must find reliable internet access before you can begin the process. And since the internet is reliable and fast, it could take you less than 24 hours before the money is then sent straight to your account.

Published by Lucy Jones