If you are a new real estate agent or thinking becoming one, it is natural for you to want to understand how long it will take to receive your real estate agent commission. Here is the answer: you get paid after the successful completion of the deal. But there is one small catch – the time to close a real estate deal is never a fixed amount of time. The closing date might be the very soon after the signing of the Agreement of Purchase and Sale, or it may take several months.
While you are waiting for the deal to close and get your real estate agent commission, there will be bills to pay and new projects to be started. You can’t start a new project without money. You need money to sell real estate – for advertisements, listings, phone calls, transportation and other daily business and living expenses. If the time to close that deal seems too far into the future, you could find yourself in serious financial trouble.
Luckily for real estate agents in Canada, there is a service called a commission advance. This service is available only to real estate agents. You can apply for a commission advance as soon as the agreement is firm and in some cases, receive the money in your bank on the same day. But that’s not all. Commission advances are one of the most affordable short term cash flow options for real estate agents.
Here are some reasons why you should consider taking out a commission advance when you find yourself in a money crunch:
- Fast and Easy: While the commission from your sale may take months to arrive, your commission advance puts cash in your hand overnight or by the next business day. That’s how fast it works. The application process involves filling out our online form, which doesn’t take more than ten minutes, and sending your supporting documents and the Agreement of Purchase and Sale.
- Low Fees: Commission advances feature a low rate. Our discount fee is 75 cents per $1,000 advanced (purchased) per day. With AccessEasyFunds, there are no other fees.*
- No Upper Limit: There is no limit on the dollar amount you can receive as you can apply for up to 75% of your commission on commercial deals and up to 95% of your commission on other deals. *
Commission advances are popular among new as well as experienced real estate agents in Canada as a handy tool to solve their cash flow problems. To learn more about the AccessEasyFunds real estate commission advance process, visit our How it Works page.
