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If you’re a real estate broker or agent, you know that waiting for commission can be frustrating. If you’re lucky, you get your commission in a few weeks, but sometimes it stretches into months and you’re stuck without a paycheck. Fortunately, companies exist that act as a third party and provide you with a commission advance before the closing so you’re not left in the lurch. It’s a safe, reliable process and only serves to make sure you don’t pay the price for someone else’s delays. How the Process Works When you decide to work with one of these companies, you’ll first need to put a property under contract so you know the deal is more or less set in stone. There will more likely than not be an application process, so be prepared to provide the company with your contact information, purchase agreement and additional documents, such as the MLS listing. Then, the company will want to know your history as an agent or broker and examine the transaction to make sure you’re a good candidate. If you are, you’ll receive an approval and offer for a commission advance, which can usually be claimed within 24 hours. Look for companies that keep the process easy and that don’t require things that will hold up the process like tons of signatures or a credit check. After the Sale You might be worried about how these companies get their money back, and that’s where your research is important. Look for a company that is paid back upon closing and not from your own pocket. This allows you to have more flexible cash flow and keep your real estate business up and running. Though you most likely won’t need this service for every transaction you make, it’s nice to know you have a reliable company ready to step in and get you a commission advance if the need arises.
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