Have You Been Waiting For Your Commissions Too Long? Try a Commission Advance

 

Do you remember how excited you were the day you got your real estate license? Little did you know that you would have to wait eternally for getting one commission. It is indeed the most frustrating part of being a real estate agent. In case you are about to get your license, you should know how long it can take to get your first real estate agent commission.

Ideally, all agents have to wait until they have successfully closed the deal. This sounds simple, right? Wrong! The time it takes to close a deal is not constant. Today, it might take you one day to close a deal. The next project might take more than a month to close. It is that waiting period without knowing exactly when you can get your hands on the commission that gets to most realtors. While you are waiting, you will still have bills to pay and mortgage payments to make. Many realtors are right now thinking about trying new professions.

Are we trying to dissuade you from taking up your dream job? Absolutely not! We are here to make it easier for you. You should try going for the commission advance service. This service gives you an advance on your commission. It means that you do not have to wait until the deal closes. You can apply for an advance as soon as you get a word of agreement from a potential buyer. Just show your contract of sale and fill out an online application form. The company agents will validate and verify the documents. Then you will receive the agreement online. Authorize it with your broker, and you can get the money wired to your bank account. It is indeed as straightforward and fast as that!

How long is too long?

When you are waiting for the money that is rightfully yours, any amount of waiting is too long. For real estate agents, this waiting period can be between 2 weeks to a couple of months. In the meantime, there are mortgage payments, loan payments and credit card bills that will demand your attention. This waiting becomes intolerable since there is no guarantee when you will be getting the commission.

The biggest disadvantage you can face while waiting for your commission is accumulating debts. If you are unable to pay your creditors, your loan amount keeps accumulating penalties and the interests keep increasing. In the process of waiting for what you deserve, you end up compromising your credit score.

Unless you get your commission, you will not be able to start on your new project. A new open house costs money. You need money for advertising and marketing. Many times, real estate agents end up compromising on new projects just because their commission did not come through on time.

What is a smart way out of the waiting line?

You can opt for an advance on your commission. Do not be mistaken. It is not a loan. It is taking the money you already have. You can apply for an advance on your commission online. Pick a company that does not charge anything other than the minimum discount fee. The ideal discount fees for most businesses in this state is flat 10%. You can negotiate on the fee as well. There are no credit checks. Most of the times, you will get same day approval for your commission advance.

If you are a first timer, and you are getting cold feet, don’t start with selling the entire commission. You can sell just a portion of your commission for an advance. Most companies will usually provide a cash advance of 80%. However, the rules will vary with the closing dates.

What are the advantages of opting for an advance on your commission?

There can be nothing more compelling than getting money, which is rightfully yours, within 24-hours. However, there are many misconceptions about realtor commission advance. The next seven benefits of this process will certainly help you understand why more and more realtors are opting for this process in the U.S. –

• You receive an advance on your commission immediately after the purchase contract is signed.
• You can move forward with your next project. Invest in marketing and ways to increase ROI.
• Real estate income can be unpredictable thanks to the erratic nature of the commission payouts. You can now smoothen out the valleys and peaks of your income with the advance.
• You can pay your bills and make your tax payments on time with the advance payment.
• It is the most pocket-friendly and least risky option for all realtors. The lender cannot ask for money directly.
• If you don’t close the sale, you can pay the creditor with the commission from another sale.
• Most commission advance companies have a grace period. This 30-days grace period is enough to close the deal and pay the lending company.

More importantly, the commission advance cost can be tax deductible. The rules vary from state to state within the US. Therefore, it is always smart to check with your tax attorney or any tax professional before you make a commitment with any company.

How do I repay the creditors?

You do not have to pay a single penny directly. The repayment happens automatically after your sale closes. It is true even when you have taken out many advances on multiple commissions from more than one sale. The closing agents receive authorization from your broker. This instructs them to mail/send your portion of the commission directly to the advance commission company. This is a discreet process. None of your sellers or buyers will ever find out about your commission advance unless you mention it to them.

If you have almost closed a real estate deal, yet you have no idea when you are going to get your commission, try an advance commission specifically designed for real estate agents, brokers, and realtors. To find out more about the qualifying criteria, the percentage of advance and the exclusive discounts on the fee, keep your eye on https://bayareatitleloans.com/