A commission advance is not a loan. It is a process in which you and your Broker agree to sell all or a portion of the pending earned commission. Advance My Commission purchases the account receivable (earned commission) and advances you the approved amount for a fee. The advance allows you access to your commission before closing.
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Typically, funds will be disbursed within 24hrs.
The process from start to finish, is very quick and easy! Simply apply online and upload any requested documents. Once we have reviewed and approved your application, funding will usually occur within 24hrs. It's that simple!
The fee paid, includes a 15 day grace period. Once the grace period has expired, an additional fee per day will be added, as noted on the agreement. If the closing cancels, you may replace it with future earned commissions.
Funding may be done one of three ways: 1) a check payable to you, 2) wire transfer to your bank account, or 3) ACH deposit into your bank account.
No. A credit check is not done. We review each application, and approve the commission advance based on your history as a Realtor® and how strong the current sale looks.
Once the application process has been completed, Advance My Commission may request the following documents:
Advance My Commission will advance up to $12,500 upon approval.
As the proceeds from your commission advance are used for your real estate business, the commission advance fees may be tax deductible. It is recommended that you verify with your tax consultant.
Repayment of the commission advance occurs automatically when the sale closes. Advance My Commission sends a Commission Disbursement Instruction signed by your Broker to the settlement company to disburse the portion of the commission that was sold to Advance My Commission on the day of closing.
No. There is never any liability or risk on your Broker to repay the agent's advance. As commissions belong to the Broker, we will send your Broker the agreement authorizing the sale and assignment of the agent's portion of the commission, after any split with your Broker, to Advance My Commission. Your Broker is only responsible to direct any future earned commission by the agent to Advance My Commission.
Commission advances provide a more steady line of income. Rather than feeling the ups and downs of real estate, falling behind on business expenses, real estate agents are able to better control their cash flow and expenses throughout the year. The balance of cash flow and expenses now allow the agent to remain focused on marketing, more sales, and more listings.