Smart guide for real estate agents: Commission troubles and ingenious ways to overcome them
People often assume that real estate agents are living the life of their dreams. They drive fancy cars, wear neatly pressed suits, attend glam parties and look dapper all the time. Real estate agents must wake up looking that way because their schedules rarely give them the time to groom and shop! The truth is very different from that. Most real estate brokers and agents are too busy. A huge part of their lives includes their business and their clients.
When leading such a busy life, “small” inconveniences like delayed payments can mess up all plans. While the new agents consider payday loans, business loans and personal loans to meet the financial requisites of their professional and personal lives, the veterans turn to companies for realtor loans commissions.
When is a real estate agent or broker in trouble?
Thousands of agents and brokers opt for real estate commission advances each year. There is no reason not to! These advances offer instant money at flat fees, and they involve no hidden charges. However, is this process completely free of risk? Here we are, exploring the different situations where a real estate agent or a broker may fail to meet the requirements of their commission advance company –
- The deal falls through
- There are no deals to close shortly
- The settlement company refuses to pay the commission amount
Thankfully, there are safety nets!
The chances of a deal falling through are not as low as we would like it to be. The market is quite unpredictable, and it is possible for a buyer to back out. However, there are some situations where the seller is liable for the commission of the broker and the agency, even when they are not closing the deal.
- If the sellers change their minds and refuse to sell without any explanation.
- The seller’s spouse refuses to sign the final papers, although the spouse has signed the listing documents.
- They come up with new terms that are not included in the documents.
- The seller has a title including defects.
- The seller may commit fraud regarding the particular transaction, and he will still be liable to pay.
- Converses directly with the buyer to cancel the transaction.
The biggest benefit of opting for commission advances
These clauses have saved a lot of brokers and agents from time to time. Since the agents are selling a part of their pending commission to the advance commission company, they are transferring the responsibility of collecting the final payment from the settlement parties (the buyers and sellers). This makes the process a lot less complicated for the real estate professionals.
No matter how much cash advance you are looking for, always check a few companies and their online reviews before deciding on one. Just as customer satisfaction ratings affect the business of a real estate company, they also represent the business ethics and performance of a commission advance company.
Thank you,
Glenda, Charlie and David Cates
