Being a real estate agent may appear to look glamorous on the surface, but they too have problems just like in any other industry. Agents work hard in trying to make that sale and earn a commission. It’s a patient and frustrating game sometimes, but when you make that sale, it’s almost bittersweet. While it’s wonderful that you succeeded, you may have to wait a long time to get paid and rewarded for your success. This is where a real estate commission advance company can step in so an agent can get their money right away. Here’s a simple guide to choosing the right commission advance company to work with.
1. The Dreaded Credit Check
You want to work with a company that does not do any credit checks on you. Perhaps you may not have good credit. Lots of people don’t; it’s not against the law is it? However, this could be a stumbling block with some companies when it is totally unnecessary. Funding should be based solely on a pending commission based on a contract of sale. In essence, you are selling them this contract, so there is little to no risk to them. After all, you will only get the money when you pay them.
2. Beware Of Hidden Fees
If you become aware of any hidden fees, do not work with the company. There should not be any administrative fee, processing or application fee, no minimum fee or holdbacks of any kind. These are all red flags, so avoid that particular company. It should be a flat fee that you should be able to understand easily.
3. Speedy Approval
Very often, you can be approved on the same day or the next day. This is what you want. You will need to submit some documents, and any real estate commission advance company that is experienced and well-established with a good reputation will not need more than 24 hours to give its approval. The money can be sent directly into your bank account.
4. Plain & Straightforward Application
The online application process should be plain and straightforward. If you come across anything that is too complicated or causes you to go, “Hmmmm,” then do not deal with that company. You will be asked for certain documents which you can scan and email back or simply fax it back to the company.
5. There Should Be No Restrictions
If an application states that you can only apply for one a month or no more than three, or that you should have a minimum or the maximum limit is…whoa…stop right there! Don’t bother with them and find someone else. There should not be any restrictions whatsoever as to the deals you can apply for (or get approved for). Some commission advance companies may have certain conditions that you will have to meet. Be careful and be aware of this and stay clear of them.
Since you get your commissions pretty quickly, it helps regulate your personal finances. You can also put it back into your business quickly, instead of weeks or months of waiting. These advances can help you to do further marketing and help promote and increase your business.