Real estate is a very tricky industry and dealing with the right people makes all the difference. If you are a real estate agent, you are already aware how getting the right commission advance company is important. Unfortunately there are many commission advance companies and not all of them offer the same level of service. You therefore have to know what to look for so that you end up in the right hands. Good thing with a commission advance company is that it will save you the time that you would have waited before accessing your commission. Some of the factors to keep in mind when looking for a commission advance company include:
The company that you are dealing with should not have any hidden fees as the only fees that are rightfully charges are the discount fee. If you see there are other fees apart from the discount fee then that should be a red flag. Hidden fees can be in form of administrative fees, minimum fees, application fees, and wire fees among many others.
There are some companies that will do credit checks which may disadvantage you if you don’t have a very good credit score. Ideally, a good company should not give you funding based on credit checks but rather based on the contract of sale and a pending commission since they have nothing to lose.
Any real estate commission company should offer quick approval if possible same day approval. Since there is no much paper work that is needed, it should not take more than 24 hours to process your application and give you the commission advance.
For most companies, the application process is currently very simple and an online application is all that is needed. You should check to make sure that the company is clear on the requirements apart from the quick application form.
No minimum or maximum
When looking for an advance company, check to confirm that there is no minimum or maximum amount of commission that can be advanced. Tis will make sure that you are not inconvenienced just in case you may need a higher amount of advance than you had initially thought. The company should also not have minimum fees.
The number of deals that you can advance
It is common for a real estate agent to need the advancing of more than one deal at a time and hence you should look for a company that does not have a limit on the number of deals that can be advanced at a time. As much as there may be some companies that may have an issue with the number of advances outstanding at a certain time, a good established company should not have any issues with that. Each deal should be treated and assessed individually.
Just like anything else, landing a good advance company involves a lot of prior and thorough research as well as comparisons.